Thermax Ltd. Annual Results: Standalone & Consolidated Reports

Annual Results

Results Snapshot

Figures in Cr

Consolidate Annual Results

Mar'26

Mar'25

Mar'24

Mar'23

Mar'22

Mar'21

Mar'20

Net Sales

10,694.15

10,369.26

9,323.46

8,089.81

6,128.33

4,791.25

5,731.31

Other Operating Income

0.00

Total Operating income

10,694.15

10,369.26

9,323.46

8,089.81

6,128.33

4,791.25

5,731.31

Raw Material Cost

5,424.02

5,534.24

5,091.56

4,442.70

3,506.01

2,467.43

2,996.14

Purchase of Finished goods

184.67

193.19

162.99

152.73

121.55

83.36

104.12

(Increase) / Decrease In Stocks

-49.08

66.64

-34.99

29.25

-142.52

-12.16

-14.57

Employee Cost

1,421.20

1,268.94

1,148.29

954.17

812.93

758.76

799.02

Power Cost

0.00

Manufacturing Expenses

0.00

Selling and Distribution Expenses

0.00

Other Expenses

2,687.08

2,398.47

2,158.22

1,913.40

1,408.99

1,138.67

1,440.42

Total Expenditure (Excl Depreciation)

9,667.89

9,461.48

8,526.07

7,492.25

5,706.96

4,436.06

5,325.13

Operating Profit (PBDIT) excl Other Income

1,026.26

907.78

797.39

597.56

421.37

355.19

406.18

Other Income

267.48

252.22

232.57

160.18

127.01

107.74

100.00

Operating Profit (PBDIT)

1,293.74

1,160.00

1,029.96

757.74

548.38

462.93

506.18

Interest

138.96

116.78

87.59

37.59

25.17

20.64

15.02

Exceptional Items

61.21

0.00

75.49

0.00

-52.53

0.00

Gross Profit (PBDT)

1,215.99

1,043.22

1,017.86

720.15

523.21

389.76

491.16

Depreciation

207.64

158.51

148.08

116.86

113.24

114.57

116.63

Profit Before Tax

1,008.35

884.71

869.78

603.29

409.97

275.19

374.53

Tax

287.68

257.77

225.77

152.36

97.79

68.61

162.08

Provisions and contingencies

0.00

Profit After Tax

720.67

626.94

644.01

450.93

312.18

206.58

212.45

Extraordinary Items

0.00

Prior Period Expenses

0.00

Other Adjustments

0.00

Net Profit

720.67

626.94

644.01

450.93

312.18

206.58

212.45

Share in Profit of Associates

-0.41

-0.24

-0.82

-0.23

0.13

0.00

Minority Interest

0.24

7.77

2.09

-0.41

0.00

Other related items

0.00

Consolidated Net Profit

720.50

634.47

645.28

450.29

312.31

206.58

212.45

Equity Capital

22.53

22.52

Face Value

2.0

Reserves

5,527.44

4,914.36

4,417.28

3,845.55

3,469.97

3,228.87

3,005.38

Earnings per share (EPS)

63.96

56.32

57.31

39.99

27.74

18.35

18.87

Diluted Earnings per share

63.94

56.31

57.28

39.98

27.73

18.34

18.87

Operating Profit Margin (Excl OI)

9.6%

8.75%

8.55%

7.39%

6.88%

7.41%

7.09%

Gross Profit Margin

11.37%

10.06%

10.92%

8.9%

8.54%

8.13%

8.57%

PAT Margin

6.74%

6.04%

6.9%

5.57%

5.1%

4.31%

3.71%

Public Share Holdings (%)

0.0%

Pledged Promotor Holding (%)

0.0%

Annual Analysis Highlights

Net Sales

YoY Growth in year ended Mar 2026 is 3.13% vs 11.22% in Mar 2025

Consolidate Net Profit

YoY Growth in year ended Mar 2026 is 13.56% vs -1.68% in Mar 2025

Operating Profit (PBDIT) excl Other Income

YoY Growth in year ended Mar 2026 is 13.05% vs 13.84% in Mar 2025

Interest

YoY Growth in year ended Mar 2026 is 18.99% vs 33.33% in Mar 2025

Operating Profit Margin (Excl OI)

YoY Growth in year ended Mar 2026 has improved from Mar 2025

Compare Annual Results Of Thermax With

Select Peers

Figures in Cr

Consolidate Annual Results

Change(INR)

Change(%)

Net Sales

10,694.15

10,889.74

-195.59

-1.80%

Other Operating Income

0.00

Total Operating income

10,694.15

10,889.74

-195.59

-1.80%

Raw Material Cost

5,424.02

7,139.17

-1,715.15

-24.02%

Purchase of Finished goods

184.67

0.00

184.67

(Increase) / Decrease In Stocks

-49.08

-252.57

203.49

80.57%

Employee Cost

1,421.20

941.53

479.67

50.95%

Power Cost

0.00

Manufacturing Expenses

0.00

Selling and Distribution Expenses

0.00

Other Expenses

2,687.08

1,204.38

1,482.70

123.11%

Total Expenditure (Excl Depreciation)

9,667.89

9,032.51

635.38

7.03%

Operating Profit (PBDIT) excl Other Income

1,026.26

1,857.23

-830.97

-44.74%

Other Income

267.48

103.39

164.09

158.71%

Operating Profit (PBDIT)

1,293.74

1,960.62

-666.88

-34.01%

Interest

138.96

254.80

-115.84

-45.46%

Exceptional Items

61.21

0.00

61.21

Gross Profit (PBDT)

1,215.99

1,705.82

-489.83

-28.72%

Depreciation

207.64

259.19

-51.55

-19.89%

Profit Before Tax

1,008.35

1,446.63

-438.28

-30.30%

Tax

287.68

-625.00

912.68

146.03%

Provisions and contingencies

0.00

Profit After Tax

720.67

2,071.63

-1,350.96

-65.21%

Extraordinary Items

0.00

Prior Period Expenses

0.00

Other Adjustments

0.00

Net Profit

720.67

2,071.63

-1,350.96

-65.21%

Share in Profit of Associates

-0.41

0.00

-0.41

Minority Interest

0.24

0.00

0.24

Other related items

0.00

Consolidated Net Profit

720.50

2,071.63

-1,351.13

-65.22%

Equity Capital

22.53

2,731.79

-2,709.26

-99.18%

Face Value

2.00

0.00

Reserves

5,527.44

3,373.93

2,153.51

63.83%

Earnings per share (EPS)

63.96

1.52

62.44

4,107.89%

Diluted Earnings per share

63.94

1.51

62.43

4,134.44%

Operating Profit Margin (Excl OI)

9.60%

17.12%

0.00

-7.52%

Gross Profit Margin

11.37%

15.72%

0.00

-4.35%

PAT Margin

6.74%

19.09%

0.00

-12.35%

Public Share Holdings (%)

0.00%

0.00

0.00%

Pledged Promotor Holding (%)

0.00%

0.00

0.00%

Annual - Net Sales

Net Sales 10,694.15 Cr

in Mar 2026

Figures in Cr

YoY Growth in year ended Mar 2026 is 3.13% vs 11.22% in Mar 2025

Annual - Consolidate Net Profit

Consolidate Net Profit 720.50 Cr

in Mar 2026

Figures in Cr

YoY Growth in year ended Mar 2026 is 13.56% vs -1.68% in Mar 2025

Annual - Operating Profit (PBDIT)

Operating Profit (PBDIT) 1,026.26 Cr

in Mar 2026

Figures in Cr

YoY Growth in year ended Mar 2026 is 13.05% vs 13.84% in Mar 2025

Annual - Interest

Interest 138.96 Cr

in Mar 2026

Figures in Cr

YoY Growth in year ended Mar 2026 is 18.99% vs 33.33% in Mar 2025

Annual - Operating Profit Margin (Excl OI)

Operating Profit Margin (Excl OI) 9.60%

in Mar 2026

Figures in %

YoY Growth in year ended Mar 2026 has improved from Mar 2025