Annual Results Results Snapshot
Figures in Cr
Consolidated - Balance Sheet Results
Mar'26
Mar'25
Mar'24
Mar'23
Mar'22
Mar'21
EQUITY AND LIABILITIES
No of Months
12
12
12
12
12
12
Share Capital
22.53
22.53
22.52
22.52
22.52
22.52
Share Warrants & Outstandings
Total Reserve
5,527.44
4,914.36
4,417.28
3,845.55
3,469.97
3,228.87
Shareholder's Funds
5,549.97
4,936.89
4,439.80
3,868.07
3,492.49
3,251.39
Minority Interest
29.22
5.69
0.00
2.15
0.00
0.00
Long-Term Borrowings
1,615.83
1,161.55
789.48
422.52
61.42
22.16
Secured Loans
1,590.83
1,136.37
789.48
422.52
61.42
22.16
Unsecured Loans
25.00
25.18
0.00
0.00
0.00
0.00
Deferred Tax Assets / Liabilities
-134.55
-124.34
-96.27
-105.71
-127.12
-154.03
Other Long Term Liabilities
178.87
174.01
95.52
64.62
65.99
96.86
Long Term Trade Payables
0.00
54.37
48.15
30.75
47.64
32.94
Long Term Provisions
47.71
40.38
42.43
38.40
32.41
25.86
Total Non-Current Liabilities
1,707.86
1,305.97
879.31
450.58
80.34
23.79
Current Liabilities
Trade Payables
2,057.38
1,692.88
1,532.89
1,497.86
1,459.76
1,138.01
Other Current Liabilities
2,766.26
2,410.40
2,420.67
2,319.60
1,797.51
1,442.24
Short Term Borrowings
672.18
531.79
466.47
388.02
294.00
295.26
Short Term Provisions
324.54
374.09
305.32
203.71
206.80
195.14
Total Current Liabilities
5,820.36
5,009.16
4,725.35
4,409.19
3,758.07
3,070.65
Total Liabilities
13,107.41
11,257.71
10,044.46
8,729.99
7,330.90
6,345.83
ASSETS
Non-Current Assets
0.00
0.00
0.00
0.00
0.00
0.00
Gross Block
4,437.12
4,064.02
3,031.39
2,272.45
2,169.46
2,147.15
Less: Accumulated Depreciation
1,617.35
1,431.80
1,298.31
1,200.34
1,137.96
1,072.51
Less : Impairment of Assets
0.00
0.00
0.00
0.00
0.00
0.00
Net Block
2,819.77
2,632.22
1,733.08
1,072.11
1,031.50
1,074.64
Lease Adjustment
0.00
0.00
0.00
0.00
0.00
0.00
Capital Work in Progress
1,391.83
560.84
519.35
433.77
44.32
21.06
Intangible assets under development
50.00
1.74
5.44
0.00
0.00
3.10
Pre-operative Expenses pending
0.00
0.00
0.00
0.00
0.00
0.00
Assets in transit
0.00
0.00
0.00
0.00
0.00
0.00
Non Current Investments
506.78
130.72
401.63
233.21
709.99
119.21
Long Term Loans & Advances
463.94
408.86
374.20
430.34
301.85
272.49
Other Non Current Assets
538.48
662.71
389.64
312.24
342.21
221.47
Total Non-Current Assets
5,998.61
4,570.76
3,596.38
2,657.73
2,593.11
1,879.37
Current Assets Loans & Advances
Current Investments
1,276.74
1,567.92
1,363.46
1,392.87
766.54
115.25
Inventories
909.50
716.55
764.90
755.63
727.01
404.74
Sundry Debtors
2,204.84
2,003.01
2,116.43
1,762.06
1,423.72
1,237.10
Cash and Bank
1,190.66
1,147.04
975.32
1,131.58
953.50
1,939.20
Other Current Assets
925.93
825.84
763.53
537.85
486.74
386.60
Short Term Loans and Advances
601.13
426.59
464.44
492.27
380.28
383.57
Total Current Assets
7,108.80
6,686.95
6,448.08
6,072.26
4,737.79
4,466.46
Net Current Assets (Including Current Investments)
1,288.44
1,677.79
1,722.73
1,663.07
979.72
1,395.81
Total Current Assets Excluding Current Investments
5,832.06
5,119.03
5,084.62
4,679.39
3,971.25
4,351.21
Miscellaneous Expenses not written off
0.00
0.00
0.00
0.00
0.00
0.00
Total Assets
13,107.41
11,257.71
10,044.46
8,729.99
7,330.90
6,345.83
Contingent Liabilities
371.71
456.55
406.67
491.52
490.96
465.31
Total Debt
2,288.01
1,693.34
1,255.95
810.54
355.42
317.42
Book Value per share (adjusted)
492.67
438.25
394.3
343.52
310.17
288.76
Balance Sheet Analysis Highlights
Borrowings
YoY Growth in year ended Mar 2026 is 35.12% vs 34.83% in Mar 2025
Other Long Term Liabilities
YoY Growth in year ended Mar 2026 is 2.79% vs 82.17% in Mar 2025
Fixed Assets
YoY Growth in year ended Mar 2026 is 31.90% vs 41.76% in Mar 2025
Investments
YoY Growth in year ended Mar 2026 is 287.68% vs -67.45% in Mar 2025
Current Assets
YoY Growth in year ended Mar 2026 is 6.31% vs 3.70% in Mar 2025
Compare Balance Sheet Results of Thermax
Figures in Cr
Consolidated - Balance Sheet Results
Change(INR)
Change(%)
No of Months
12
12
EQUITY AND LIABILITIES
Share Capital
22.53
2,731.79
-2,709.26
-99.18%
Share Warrants & Outstandings
Total Reserve
5,527.44
3,251.36
2,276.08
70.00%
Shareholder's Funds
5,549.97
6,105.72
-555.75
-9.10%
Minority Interest
29.22
0.00
29.22
0.00%
Long-Term Borrowings
1,615.83
129.19
1,486.64
1,150.74%
Secured Loans
1,590.83
129.19
1,461.64
1,131.39%
Unsecured Loans
25.00
0.00
25.00
0.00%
Deferred Tax Assets / Liabilities
-134.55
-644.55
510.00
79.12%
Other Long Term Liabilities
178.87
655.06
-476.19
-72.69%
Long Term Trade Payables
0.00
0.00
0.00
0.00%
Long Term Provisions
47.71
154.98
-107.27
-69.22%
Total Non-Current Liabilities
1,707.86
294.68
1,413.18
479.56%
Current Liabilities
Trade Payables
2,057.38
2,935.14
-877.76
-29.91%
Other Current Liabilities
2,766.26
2,261.63
504.63
22.31%
Short Term Borrowings
672.18
154.14
518.04
336.08%
Short Term Provisions
324.54
563.73
-239.19
-42.43%
Total Current Liabilities
5,820.36
5,914.64
-94.28
-1.59%
Total Liabilities
13,107.41
12,315.04
792.37
6.43%
ASSETS
Non-Current Assets
0.00
0.00
0.00
0.00%
Gross Block
4,437.12
3,571.12
866.00
24.25%
Less: Accumulated Depreciation
1,617.35
1,903.76
-286.41
-15.04%
Less : Impairment of Assets
0.00
0.00
0.00
0.00%
Net Block
2,819.77
1,667.36
1,152.41
69.12%
Lease Adjustment
0.00
0.00
0.00
0.00%
Capital Work in Progress
1,391.83
88.67
1,303.16
1,469.67%
Intangible assets under development
50.00
16.43
33.57
204.32%
Pre-operative Expenses pending
0.00
0.00
0.00
0.00%
Assets in transit
0.00
0.00
0.00
0.00%
Non Current Investments
506.78
25.78
481.00
1,865.79%
Long Term Loans & Advances
463.94
103.80
360.14
346.96%
Other Non Current Assets
538.48
1,074.84
-536.36
-49.90%
Total Non-Current Assets
5,998.61
3,063.33
2,935.28
95.82%
Current Assets Loans & Advances
Current Investments
1,276.74
42.91
1,233.83
2,875.39%
Inventories
909.50
3,233.55
-2,324.05
-71.87%
Sundry Debtors
2,204.84
3,866.35
-1,661.51
-42.97%
Cash and Bank
1,190.66
1,112.83
77.83
6.99%
Other Current Assets
925.93
173.26
752.67
434.42%
Short Term Loans and Advances
601.13
822.81
-221.68
-26.94%
Total Current Assets
7,108.80
9,251.71
-2,142.91
-23.16%
Net Current Assets (Including Current Investments)
1,288.44
3,337.07
-2,048.63
-61.39%
Total Current Assets Excluding Current Investments
5,832.06
9,208.80
-3,376.74
-36.67%
Miscellaneous Expenses not written off
0.00
0.00
0.00
0.00%
Total Assets
13,107.41
12,315.04
792.37
6.43%
Contingent Liabilities
371.71
236.24
135.47
57.34%
Total Debt
2,288.01
0.00
2,288.01
0.00%
Book Value per share (adjusted)
492.67
0.00
492.67
0.00%
Annual - Borrowings
Borrowings 2,288.01 Cr
in Mar 2026Figures in Cr
YoY Growth in year ended Mar 2026 is 35.12% vs 34.83% in Mar 2025
Annual - Other Long Term Liabilities
Other Long Term Liabilities 178.87 Cr
in Mar 2026Figures in Cr
YoY Growth in year ended Mar 2026 is 2.79% vs 82.17% in Mar 2025
Annual - Fixed Assets
Fixed Assets 4,211.60 Cr
in Mar 2026Figures in Cr
YoY Growth in year ended Mar 2026 is 31.90% vs 41.76% in Mar 2025
Annual - Investments
Investments 506.78 Cr
in Mar 2026Figures in Cr
YoY Growth in year ended Mar 2026 is 287.68% vs -67.45% in Mar 2025
Annual - Current Assets
Current Assets 7,108.80 Cr
in Mar 2026Figures in Cr
YoY Growth in year ended Mar 2026 is 6.31% vs 3.70% in Mar 2025
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