Thermax Ltd
THERMAX
Capital Goods-Non Electrical Equipment
₹ 3,257
Price
₹ 38,809
Market Cap
Large Cap
57.83
P/E Ratio
📊 Score Snapshot
6.5 / 25
Performance
17.61 / 25
Valuation
1.67 / 20
Growth
7.0 / 30
Profitability
32.78 / 100
Avoid
🏢 Company Overview
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🤖 CARL Insights
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📈 Net Profit (Yearly)
📊 Sales (Yearly)
📉 Quarterly Sales Trend
📉 Quarterly Net Profit
📈 Yearly Ratios
| Metric | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 |
|---|---|---|---|---|---|---|---|---|
| Adj Cash EBITDA | 1,291 | 554.00 | 698.00 | 539.00 | 937.00 | 522.00 | 158.00 | 768.00 |
| Adj Cash EBITDA Margin | 12.83 | 6.24 | 8.98 | 9.17 | 19.13 | 9.18 | 2.70 | 18.00 |
| Adj Cash EBITDA To EBITDA | 1.11 | 0.54 | 0.92 | 1.00 | 2.02 | 1.04 | 0.26 | 1.56 |
| Adj Cash EPS | 63.88 | 18.85 | 32.24 | 26.65 | 53.61 | 19.92 | -16.42 | 42.52 |
| Adj Cash PAT | 753.87 | 222.49 | 385.01 | 317.09 | 640.11 | 236.83 | -195.34 | 505.42 |
| Adj Cash PAT To PAT | 1.21 | 0.32 | 0.86 | 1.00 | 3.83 | 1.10 | -0.77 | 2.19 |
| Adj Cash PE | 56.01 | 321.30 | 70.56 | 74.85 | 23.36 | 36.38 | - | 25.80 |
| Adj EPS | 53.05 | 58.82 | 37.53 | 26.73 | 14.00 | 18.07 | 21.32 | 19.43 |
| Adj EV To Cash EBITDA | 31.87 | 94.50 | 36.36 | 39.37 | 14.94 | 14.14 | 66.24 | 15.02 |
| Adj EV To EBITDA | 35.40 | 50.83 | 33.35 | 39.30 | 30.16 | 14.76 | 17.24 | 23.39 |
| Adj Number Of Shares | 11.91 | 11.91 | 11.91 | 11.90 | 11.94 | 11.89 | 11.90 | 11.91 |
| Adj PE | 67.55 | 83.63 | 60.68 | 74.61 | 77.22 | 40.16 | 37.87 | 56.45 |
| Adj Peg | - | 1.47 | 1.50 | 0.82 | - | - | 3.89 | 6.80 |
| Bvps | 415.03 | 372.80 | 325.02 | 293.53 | 272.36 | 254.67 | 253.36 | 227.96 |
| Cash Conversion Cycle | 24.00 | 29.00 | 21.00 | 8.00 | -11.00 | 28.00 | -10.00 | -3.00 |
| Cash ROCE | -0.64 | -7.65 | -2.91 | 9.33 | 22.45 | 9.44 | -6.67 | 14.09 |
| Cash Roic | -6.97 | -26.41 | -17.22 | 20.49 | 46.19 | 14.06 | -22.61 | 28.34 |
| Cash Revenue | 10,060 | 8,879 | 7,776 | 5,878 | 4,899 | 5,686 | 5,843 | 4,267 |
| Cash Revenue To Revenue | 0.97 | 0.95 | 0.96 | 0.96 | 1.02 | 0.99 | 0.98 | 0.96 |
| Dio | 45.00 | 53.00 | 60.00 | 76.00 | 58.00 | 54.00 | 56.00 | 57.00 |
| Dpo | 107.00 | 107.00 | 118.00 | 153.00 | 164.00 | 114.00 | 150.00 | 161.00 |
| Dso | 85.00 | 83.00 | 80.00 | 85.00 | 94.00 | 88.00 | 84.00 | 102.00 |
| Dividend Yield | 0.38 | 0.25 | 0.41 | 0.43 | 0.50 | 0.92 | 0.68 | 0.51 |
| EV | 41,138 | 52,352 | 25,377 | 21,221 | 13,995 | 7,380 | 10,465 | 11,533 |
| EV To EBITDA | 35.31 | 54.82 | 33.17 | 39.89 | 27.07 | 14.91 | 15.01 | 23.35 |
| EV To Fcff | - | - | - | 84.78 | 20.39 | 29.41 | - | 35.09 |
| Fcfe | 307.87 | 78.49 | 290.01 | 416.09 | 767.11 | 274.83 | -335.34 | 387.42 |
| Fcfe Margin | 3.06 | 0.88 | 3.73 | 7.08 | 15.66 | 4.83 | -5.74 | 9.08 |
| Fcfe To Adj PAT | 0.49 | 0.11 | 0.65 | 1.31 | 4.59 | 1.28 | -1.32 | 1.68 |
| Fcff | -218.32 | -570.80 | -244.02 | 250.30 | 686.40 | 250.98 | -325.66 | 328.66 |
| Fcff Margin | -2.17 | -6.43 | -3.14 | 4.26 | 14.01 | 4.41 | -5.57 | 7.70 |
| Fcff To NOPAT | -0.41 | -1.19 | -0.67 | 1.10 | 3.78 | 1.57 | -1.13 | 1.91 |
| Market Cap | 42,280 | 53,815 | 27,306 | 23,284 | 15,840 | 8,506 | 11,423 | 13,065 |
| PB | 8.55 | 12.12 | 7.05 | 6.67 | 4.87 | 2.81 | 3.79 | 4.81 |
| PE | 66.67 | 83.44 | 60.67 | 74.65 | 76.51 | 40.12 | 35.15 | 56.31 |
| Peg | - | 1.93 | 1.37 | 1.46 | - | - | 0.87 | 13.87 |
| PS | 4.07 | 5.77 | 3.38 | 3.80 | 3.31 | 1.48 | 1.91 | 2.93 |
| ROCE | 11.50 | 12.53 | 11.25 | 8.74 | 7.68 | 6.65 | 13.16 | 8.51 |
| ROE | 13.32 | 16.81 | 12.17 | 9.43 | 5.32 | 7.11 | 8.85 | 8.77 |
| Roic | 17.01 | 22.22 | 25.55 | 18.69 | 12.21 | 8.96 | 20.09 | 14.80 |
| Share Price | 3,550 | 4,518 | 2,293 | 1,957 | 1,327 | 715.40 | 959.95 | 1,097 |
📊 Quarterly Results
| Metric | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 | Mar 2023 | Dec 2022 | Sep 2022 | Jun 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,474 | 2,150 | 3,085 | 2,508 | 2,612 | 2,184 | 2,764 | 2,324 | 2,302 | 1,933 | 2,311 | 2,049 | 2,075 | 1,654 |
| Interest | 32.00 | 30.00 | 31.00 | 29.00 | 29.00 | 27.00 | 28.00 | 27.00 | 20.00 | 13.00 | 14.00 | 9.00 | 8.00 | 7.00 |
| Expenses - | 2,302 | 1,925 | 2,785 | 2,319 | 2,334 | 2,044 | 2,491 | 2,137 | 2,098 | 1,801 | 2,111 | 1,888 | 1,935 | 1,559 |
| Other Income - | 85.00 | 66.00 | 78.00 | 32.00 | 60.00 | 84.00 | 55.00 | 58.00 | 66.00 | 53.00 | 58.00 | 42.00 | 40.00 | 21.00 |
| Exceptional Items | - | - | - | - | - | - | - | 126.00 | - | -51.00 | - | - | - | - |
| Depreciation | 51.00 | 49.00 | 45.00 | 35.00 | 42.00 | 36.00 | 50.00 | 36.00 | 33.00 | 29.00 | 29.00 | 29.00 | 30.00 | 29.00 |
| Profit Before Tax | 174.00 | 211.00 | 301.00 | 156.00 | 266.00 | 161.00 | 251.00 | 309.00 | 217.00 | 91.00 | 214.00 | 165.00 | 142.00 | 81.00 |
| Tax % | 31.61 | 28.44 | 31.56 | 26.92 | 25.56 | 32.30 | 25.10 | 23.30 | 26.73 | 34.07 | 27.10 | 23.64 | 23.24 | 27.16 |
| Net Profit - | 119.00 | 151.00 | 206.00 | 114.00 | 198.00 | 109.00 | 188.00 | 237.00 | 159.00 | 60.00 | 156.00 | 126.00 | 109.00 | 59.00 |
| Minority Share | - | 1.00 | - | 2.00 | -1.00 | 6.00 | 3.00 | 1.00 | -1.00 | -1.00 | - | - | - | - |
| Exceptional Items At | - | - | - | - | - | - | - | 97.00 | - | -33.00 | - | - | - | - |
| Profit Excl Exceptional | 119.00 | 151.00 | 206.00 | 114.00 | 198.00 | 109.00 | 188.00 | 140.00 | 159.00 | 93.00 | 156.00 | 126.00 | 109.00 | 59.00 |
| Profit For PE | 120.00 | 151.00 | 206.00 | 114.00 | 197.00 | 109.00 | 188.00 | 140.00 | 158.00 | 91.00 | 156.00 | 126.00 | 109.00 | 59.00 |
| Profit For EPS | 120.00 | 152.00 | 206.00 | 116.00 | 197.00 | 116.00 | 190.00 | 238.00 | 158.00 | 59.00 | 156.00 | 126.00 | 109.00 | 59.00 |
| EPS In Rs | 10.04 | 12.79 | 17.27 | 9.73 | 16.54 | 9.72 | 15.97 | 20.00 | 13.24 | 4.94 | 13.09 | 10.59 | 9.16 | 4.95 |
| PAT Margin % | 4.81 | 7.02 | 6.68 | 4.55 | 7.58 | 4.99 | 6.80 | 10.20 | 6.91 | 3.10 | 6.75 | 6.15 | 5.25 | 3.57 |
| PBT Margin | 7.03 | 9.81 | 9.76 | 6.22 | 10.18 | 7.37 | 9.08 | 13.30 | 9.43 | 4.71 | 9.26 | 8.05 | 6.84 | 4.90 |
| Tax | 55.00 | 60.00 | 95.00 | 42.00 | 68.00 | 52.00 | 63.00 | 72.00 | 58.00 | 31.00 | 58.00 | 39.00 | 33.00 | 22.00 |
| Yoy Profit Growth % | -39.00 | 38.00 | 10.00 | -19.00 | 25.00 | 20.00 | 20.00 | 11.00 | 45.00 | 55.00 | 52.00 | 59.00 | 24.00 | 39.00 |
| Adj Ebit | 206.00 | 242.00 | 333.00 | 186.00 | 296.00 | 188.00 | 278.00 | 209.00 | 237.00 | 156.00 | 229.00 | 174.00 | 150.00 | 87.00 |
| Adj EBITDA | 257.00 | 291.00 | 378.00 | 221.00 | 338.00 | 224.00 | 328.00 | 245.00 | 270.00 | 185.00 | 258.00 | 203.00 | 180.00 | 116.00 |
| Adj EBITDA Margin | 10.39 | 13.53 | 12.25 | 8.81 | 12.94 | 10.26 | 11.87 | 10.54 | 11.73 | 9.57 | 11.16 | 9.91 | 8.67 | 7.01 |
| Adj Ebit Margin | 8.33 | 11.26 | 10.79 | 7.42 | 11.33 | 8.61 | 10.06 | 8.99 | 10.30 | 8.07 | 9.91 | 8.49 | 7.23 | 5.26 |
| Adj PAT | 119.00 | 151.00 | 206.00 | 114.00 | 198.00 | 109.00 | 188.00 | 333.64 | 159.00 | 26.38 | 156.00 | 126.00 | 109.00 | 59.00 |
| Adj PAT Margin | 4.81 | 7.02 | 6.68 | 4.55 | 7.58 | 4.99 | 6.80 | 14.36 | 6.91 | 1.36 | 6.75 | 6.15 | 5.25 | 3.57 |
| Ebit | 206.00 | 242.00 | 333.00 | 186.00 | 296.00 | 188.00 | 278.00 | 83.00 | 237.00 | 207.00 | 229.00 | 174.00 | 150.00 | 87.00 |
| EBITDA | 257.00 | 291.00 | 378.00 | 221.00 | 338.00 | 224.00 | 328.00 | 119.00 | 270.00 | 236.00 | 258.00 | 203.00 | 180.00 | 116.00 |
| EBITDA Margin | 10.39 | 13.53 | 12.25 | 8.81 | 12.94 | 10.26 | 11.87 | 5.12 | 11.73 | 12.21 | 11.16 | 9.91 | 8.67 | 7.01 |
| Ebit Margin | 8.33 | 11.26 | 10.79 | 7.42 | 11.33 | 8.61 | 10.06 | 3.57 | 10.30 | 10.71 | 9.91 | 8.49 | 7.23 | 5.26 |
| NOPAT | 82.75 | 125.95 | 174.52 | 112.54 | 175.68 | 70.41 | 167.03 | 115.82 | 125.29 | 67.91 | 124.66 | 100.80 | 84.44 | 48.07 |
| NOPAT Margin | 3.34 | 5.86 | 5.66 | 4.49 | 6.73 | 3.22 | 6.04 | 4.98 | 5.44 | 3.51 | 5.39 | 4.92 | 4.07 | 2.91 |
| Operating Profit | 121.00 | 176.00 | 255.00 | 154.00 | 236.00 | 104.00 | 223.00 | 151.00 | 171.00 | 103.00 | 171.00 | 132.00 | 110.00 | 66.00 |
| Operating Profit Margin | 4.89 | 8.19 | 8.27 | 6.14 | 9.04 | 4.76 | 8.07 | 6.50 | 7.43 | 5.33 | 7.40 | 6.44 | 5.30 | 3.99 |
💰 Profit & Loss
| Metric | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 | Mar 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10,389 | 9,323 | 8,090 | 6,128 | 4,791 | 5,731 | 5,973 | 4,465 | 4,483 | 5,145 | 5,304 | 5,081 |
| Interest | 117.00 | 88.00 | 38.00 | 25.00 | 21.00 | 15.00 | 14.00 | 13.00 | 10.00 | 12.00 | 82.00 | 39.00 |
| Expenses - | 9,479 | 8,526 | 7,489 | 5,715 | 4,435 | 5,331 | 5,516 | 4,088 | 4,049 | 4,712 | 4,842 | 4,631 |
| Other Income - | 252.00 | 233.00 | 160.00 | 127.00 | 108.00 | 100.00 | 150.00 | 116.00 | 114.00 | 122.00 | 87.00 | 49.00 |
| Exceptional Items | -3.00 | 75.00 | -4.00 | 8.00 | -53.00 | 5.00 | -90.00 | -1.00 | -19.00 | -4.00 | -14.00 | 21.00 |
| Depreciation | 159.00 | 148.00 | 117.00 | 113.00 | 115.00 | 117.00 | 92.00 | 82.00 | 82.00 | 72.00 | 134.00 | 92.00 |
| Profit Before Tax | 884.00 | 869.00 | 603.00 | 410.00 | 275.00 | 375.00 | 410.00 | 397.00 | 438.00 | 467.00 | 319.00 | 389.00 |
| Tax % | 29.07 | 26.01 | 25.21 | 23.90 | 24.73 | 43.47 | 20.73 | 41.81 | 50.68 | 39.61 | 53.61 | 43.44 |
| Net Profit - | 627.00 | 643.00 | 451.00 | 312.00 | 207.00 | 212.00 | 325.00 | 231.00 | 216.00 | 282.00 | 148.00 | 220.00 |
| Profit From Associates | - | - | - | - | - | - | - | - | -65.00 | -41.00 | - | - |
| Minority Share | 8.00 | 2.00 | - | - | - | - | - | 1.00 | 7.00 | - | 62.00 | 26.00 |
| Exceptional Items At | -2.00 | 55.00 | -3.00 | 6.00 | -39.00 | 3.00 | -48.00 | -1.00 | -12.00 | -2.00 | -5.00 | 11.00 |
| Profit Excl Exceptional | 628.00 | 588.00 | 454.00 | 306.00 | 245.00 | 209.00 | 373.00 | 232.00 | 228.00 | 285.00 | 153.00 | 208.00 |
| Profit For PE | 628.00 | 588.00 | 453.00 | 306.00 | 245.00 | 209.00 | 373.00 | 232.00 | 228.00 | 285.00 | 153.00 | 208.00 |
| Profit For EPS | 634.00 | 645.00 | 450.00 | 312.00 | 207.00 | 212.00 | 325.00 | 232.00 | 223.00 | 282.00 | 210.00 | 246.00 |
| EPS In Rs | 53.25 | 54.15 | 37.79 | 26.21 | 17.34 | 17.83 | 27.31 | 19.48 | 18.72 | 23.69 | 17.60 | 20.64 |
| Dividend Payout % | 25.00 | 21.00 | 25.00 | 32.00 | 38.00 | 37.00 | 24.00 | 29.00 | 30.00 | 24.00 | 40.00 | 29.00 |
| PAT Margin % | 6.04 | 6.90 | 5.57 | 5.09 | 4.32 | 3.70 | 5.44 | 5.17 | 4.82 | 5.48 | 2.79 | 4.33 |
| PBT Margin | 8.51 | 9.32 | 7.45 | 6.69 | 5.74 | 6.54 | 6.86 | 8.89 | 9.77 | 9.08 | 6.01 | 7.66 |
| Tax | 257.00 | 226.00 | 152.00 | 98.00 | 68.00 | 163.00 | 85.00 | 166.00 | 222.00 | 185.00 | 171.00 | 169.00 |
| Adj Ebit | 1,003 | 882.00 | 644.00 | 427.00 | 349.00 | 383.00 | 515.00 | 411.00 | 466.00 | 483.00 | 415.00 | 407.00 |
| Adj EBITDA | 1,162 | 1,030 | 761.00 | 540.00 | 464.00 | 500.00 | 607.00 | 493.00 | 548.00 | 555.00 | 549.00 | 499.00 |
| Adj EBITDA Margin | 11.18 | 11.05 | 9.41 | 8.81 | 9.68 | 8.72 | 10.16 | 11.04 | 12.22 | 10.79 | 10.35 | 9.82 |
| Adj Ebit Margin | 9.65 | 9.46 | 7.96 | 6.97 | 7.28 | 6.68 | 8.62 | 9.20 | 10.39 | 9.39 | 7.82 | 8.01 |
| Adj PAT | 624.87 | 698.49 | 448.01 | 318.09 | 167.11 | 214.83 | 253.66 | 230.42 | 206.63 | 279.58 | 141.51 | 231.88 |
| Adj PAT Margin | 6.01 | 7.49 | 5.54 | 5.19 | 3.49 | 3.75 | 4.25 | 5.16 | 4.61 | 5.43 | 2.67 | 4.56 |
| Ebit | 1,006 | 807.00 | 648.00 | 419.00 | 402.00 | 378.00 | 605.00 | 412.00 | 485.00 | 487.00 | 429.00 | 386.00 |
| EBITDA | 1,165 | 955.00 | 765.00 | 532.00 | 517.00 | 495.00 | 697.00 | 494.00 | 567.00 | 559.00 | 563.00 | 478.00 |
| EBITDA Margin | 11.21 | 10.24 | 9.46 | 8.68 | 10.79 | 8.64 | 11.67 | 11.06 | 12.65 | 10.86 | 10.61 | 9.41 |
| Ebit Margin | 9.68 | 8.66 | 8.01 | 6.84 | 8.39 | 6.60 | 10.13 | 9.23 | 10.82 | 9.47 | 8.09 | 7.60 |
| NOPAT | 532.68 | 480.20 | 361.98 | 228.30 | 181.40 | 159.98 | 289.34 | 171.66 | 173.61 | 218.01 | 152.16 | 202.48 |
| NOPAT Margin | 5.13 | 5.15 | 4.47 | 3.73 | 3.79 | 2.79 | 4.84 | 3.84 | 3.87 | 4.24 | 2.87 | 3.99 |
| Operating Profit | 751.00 | 649.00 | 484.00 | 300.00 | 241.00 | 283.00 | 365.00 | 295.00 | 352.00 | 361.00 | 328.00 | 358.00 |
| Operating Profit Margin | 7.23 | 6.96 | 5.98 | 4.90 | 5.03 | 4.94 | 6.11 | 6.61 | 7.85 | 7.02 | 6.18 | 7.05 |
🏦 Balance Sheet
| Metric | Sep 2025 | Mar 2025 | Sep 2024 | Mar 2024 | Sep 2023 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 |
|---|---|---|---|---|---|---|---|---|---|---|
| Accumulated Depreciation | - | 1,463 | - | 1,322 | - | 1,221 | 1,157 | 1,086 | 972.00 | 924.00 |
| Advance From Customers | - | 1,469 | - | 1,261 | - | 1,301 | 1,175 | 888.00 | 893.00 | 1,458 |
| Average Capital Employed | 6,487 | 6,188 | 5,584 | 5,209 | - | 4,280 | 3,720 | 3,419 | 3,256 | 3,102 |
| Average Invested Capital | 3,417 | 3,132 | 2,704 | 2,161 | - | 1,417 | 1,222 | 1,486 | 1,785 | 1,440 |
| Average Total Assets | 11,578 | 11,074 | 10,141 | 9,488 | - | 8,147 | 6,979 | 6,226 | 6,370 | 6,360 |
| Average Total Equity | 4,844 | 4,692 | 4,310 | 4,156 | - | 3,682 | 3,372 | 3,140 | 3,022 | 2,865 |
| Cwip | 682.00 | 563.00 | 781.00 | 525.00 | 264.00 | 434.00 | 44.00 | 24.00 | 56.00 | 40.00 |
| Capital Employed | 6,871 | 6,660 | 6,103 | 5,717 | 5,066 | 4,701 | 3,860 | 3,580 | 3,258 | 3,255 |
| Cash Equivalents | 1,294 | 1,155 | 767.00 | 975.00 | 998.00 | 1,132 | 954.00 | 1,939 | 481.00 | 369.00 |
| Fixed Assets | 2,984 | 2,806 | 2,077 | 1,906 | 1,899 | 1,248 | 1,195 | 1,242 | 1,283 | 1,312 |
| Gross Block | - | 4,268 | - | 3,228 | - | 2,469 | 2,352 | 2,328 | 2,255 | 2,236 |
| Inventory | 918.00 | 720.00 | 818.00 | 765.00 | 757.00 | 756.00 | 727.00 | 405.00 | 455.00 | 509.00 |
| Invested Capital | 3,770 | 3,578 | 3,064 | 2,685 | 2,345 | 1,637 | 1,197 | 1,246 | 1,726 | 1,844 |
| Investments | 1,455 | 1,699 | 1,891 | 1,765 | 1,723 | 1,626 | 1,477 | 234.00 | 875.00 | 829.00 |
| Lease Liabilities | 53.00 | 24.00 | 23.00 | 21.00 | 18.00 | 20.00 | 12.00 | 10.00 | - | - |
| Loans N Advances | 352.00 | 229.00 | 382.00 | 306.00 | - | 323.00 | 248.00 | 170.00 | 186.00 | 224.00 |
| Long Term Borrowings | 1,376 | 1,162 | 1,148 | 789.00 | 678.00 | 423.00 | 61.00 | 22.00 | 33.00 | 35.00 |
| Net Debt | -938.00 | -1,136 | -1,183 | -1,463 | -1,647 | -1,927 | -2,063 | -1,845 | -1,126 | -958.00 |
| Net Working Capital | 104.00 | 209.00 | 206.00 | 254.00 | 182.00 | -45.00 | -42.00 | -20.00 | 387.00 | 492.00 |
| Non Controlling Interest | 8.00 | 6.00 | 8.00 | - | 4.00 | 2.00 | - | - | - | - |
| Other Asset Items | 2,329 | 2,419 | 2,135 | 1,783 | 1,834 | 1,556 | 1,390 | 1,248 | 1,229 | 2,129 |
| Other Borrowings | - | - | - | - | - | - | - | 12.00 | 19.00 | 20.00 |
| Other Liability Items | 3,756 | 2,182 | 3,307 | 1,630 | 2,800 | 1,336 | 963.00 | 894.00 | 840.00 | 706.00 |
| Reserves | 5,030 | 4,914 | 4,597 | 4,417 | 3,966 | 3,846 | 3,470 | 3,229 | 3,005 | 2,992 |
| Share Capital | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 | 23.00 |
| Short Term Borrowings | 382.00 | 532.00 | 304.00 | 466.00 | 378.00 | 388.00 | 294.00 | 283.00 | 178.00 | 185.00 |
| Short Term Loans And Advances | - | - | - | 14.00 | 1.00 | 16.00 | 15.00 | 10.00 | 10.00 | 11.00 |
| Total Assets | 12,188 | 12,008 | 10,969 | 10,141 | 9,313 | 8,836 | 7,458 | 6,500 | 5,951 | 6,790 |
| Total Borrowings | 1,811 | 1,718 | 1,475 | 1,277 | 1,074 | 831.00 | 368.00 | 328.00 | 230.00 | 240.00 |
| Total Equity | 5,061 | 4,943 | 4,628 | 4,440 | 3,993 | 3,871 | 3,493 | 3,252 | 3,028 | 3,015 |
| Total Equity And Liabilities | 12,188 | 12,008 | 10,969 | 10,141 | 9,313 | 8,836 | 7,458 | 6,500 | 5,951 | 6,790 |
| Total Liabilities | 7,127 | 7,065 | 6,341 | 5,701 | 5,320 | 4,965 | 3,965 | 3,248 | 2,923 | 3,775 |
| Trade Payables | 1,561 | 1,697 | 1,559 | 1,533 | 1,447 | 1,498 | 1,460 | 1,138 | 960.00 | 1,371 |
| Trade Receivables | 2,174 | 2,418 | 2,119 | 2,116 | 1,837 | 1,762 | 1,424 | 1,237 | 1,386 | 1,378 |
💵 Cash Flows
| Metric | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 |
|---|---|---|---|---|---|---|---|---|
| Cash From Financing Activity | 124.00 | 285.00 | 349.00 | -21.00 | 77.00 | -232.00 | -65.00 | -20.00 |
| Cash From Investing Activity | -1,220 | -514.00 | -664.00 | -420.00 | -627.00 | -140.00 | 266.00 | -507.00 |
| Cash From Operating Activity | 1,043 | 247.00 | 460.00 | 325.00 | 769.00 | 326.00 | -115.00 | 534.00 |
| Cash Paid For Acquisition Of Companies | -138.00 | - | - | - | - | - | - | - |
| Cash Paid For Investment In Subsidaries And Associates | - | -4.00 | -10.00 | -6.00 | - | - | -103.00 | - |
| Cash Paid For Loan Advances | - | - | - | - | - | - | - | - |
| Cash Paid For Purchase Of Fixed Assets | -903.00 | -844.00 | -664.00 | -84.00 | -83.00 | -48.00 | -155.00 | -200.00 |
| Cash Paid For Purchase Of Investments | -4,188 | -3,303 | -2,525 | - | - | - | - | -344.00 |
| Cash Paid For Repayment Of Borrowings | -861.00 | -538.00 | -362.00 | - | - | -31.00 | - | - |
| Cash Received From Borrowings | 1,295 | 969.00 | 810.00 | 76.00 | 95.00 | - | 26.00 | - |
| Cash Received From Sale Of Fixed Assets | 2.00 | 125.00 | 14.00 | - | - | - | - | - |
| Cash Received From Sale Of Investments | 4,363 | 3,005 | 2,592 | - | 651.00 | 1.00 | 547.00 | - |
| Change In Inventory | 78.00 | -9.00 | -29.00 | -322.00 | 49.00 | 54.00 | -140.00 | -83.00 |
| Change In Other Working Capital Items | 226.00 | -92.00 | 242.00 | 216.00 | 126.00 | 411.00 | -507.00 | 549.00 |
| Change In Payables | 155.00 | 69.00 | 39.00 | 355.00 | 190.00 | -398.00 | 329.00 | 6.00 |
| Change In Receivables | -329.00 | -444.00 | -314.00 | -250.00 | 108.00 | -45.00 | -130.00 | -198.00 |
| Change In Working Capital | 129.00 | -476.00 | -63.00 | -1.00 | 473.00 | 22.00 | -449.00 | 275.00 |
| Direct Taxes Paid | -186.00 | -186.00 | -151.00 | -103.00 | -94.00 | -131.00 | -187.00 | -177.00 |
| Dividends Paid | -135.00 | -113.00 | -102.00 | -79.00 | - | -190.00 | -81.00 | -82.00 |
| Dividends Received | - | - | - | - | - | - | - | - |
| Interest Paid | -176.00 | -82.00 | -26.00 | -13.00 | -12.00 | -9.00 | -10.00 | -7.00 |
| Interest Received | 64.00 | 87.00 | 70.00 | 89.00 | - | - | - | 13.00 |
| Investment Income | - | - | - | - | 27.00 | 24.00 | 20.00 | - |
| Net Cash Flow | -54.00 | 19.00 | 144.00 | -115.00 | 220.00 | -47.00 | 85.00 | 7.00 |
| Other Cash Financing Items Paid | 1.00 | 50.00 | 28.00 | -4.00 | -6.00 | -3.00 | - | 69.00 |
| Other Cash Investing Items Paid | -421.00 | 419.00 | -140.00 | -418.00 | -1,221 | -117.00 | -43.00 | 25.00 |
| Profit From Operations | 1,100 | 910.00 | 674.00 | 428.00 | 390.00 | 435.00 | 520.00 | 436.00 |
🧾 Shareholding Pattern
| Nse Code | Date | Promoters | Fii | Dii | Public | Others |
|---|---|---|---|---|---|---|
| Thermax | 2025-09-30 | - | 13.44 | 13.95 | 5.16 | 5.46 |
| Thermax | 2025-06-30 | - | 16.02 | 11.74 | 4.77 | 5.47 |
| Thermax | 2025-03-31 | - | 15.86 | 12.25 | 4.43 | 5.47 |
| Thermax | 2024-12-31 | - | 15.49 | 12.66 | 4.39 | 5.47 |
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