Quarterly Results Results Snapshot
YoYQoQ
Figures in Cr
Consolidate Quarterly Results
Dec'25
Sep'25
Jun'25
Mar'25
Dec'24
Sep'24
Jun'24
Net Sales
2,634.68
2,473.90
2,157.53
3,084.93
2,528.72
2,615.69
2,184.41
Other Operating Income
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total Operating income
2,634.68
2,473.90
2,157.53
3,084.93
2,528.72
2,615.69
2,184.41
Raw Material Cost
1,311.45
1,335.55
1,029.42
1,661.44
1,363.25
1,400.01
1,154.03
Purchase of Finished goods
39.77
47.81
42.22
58.41
53.79
43.59
37.40
(Increase) / Decrease In Stocks
19.31
-73.54
-3.93
24.96
3.38
0.95
37.35
Employee Cost
360.22
340.50
329.02
332.02
322.68
322.90
291.34
Power Cost
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Manufacturing Expenses
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Selling and Distribution Expenses
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Other Expenses
649.11
651.55
535.70
708.43
596.63
570.27
523.14
Total Expenditure (Excl Depreciation)
2,379.86
2,301.87
1,932.43
2,785.26
2,339.73
2,337.72
2,043.26
Operating Profit (PBDIT) excl Other Income
254.82
172.03
225.10
299.67
188.99
277.97
141.15
Other Income
62.73
85.41
65.63
76.85
31.51
59.77
84.09
Operating Profit (PBDIT)
317.55
257.44
290.73
376.52
220.50
337.74
225.24
Interest
34.24
32.17
30.20
31.25
28.66
29.39
27.48
Exceptional Items
58.75
0.00
0.00
0.00
0.00
0.00
0.00
Gross Profit (PBDT)
342.06
225.27
260.53
345.27
191.84
308.35
197.76
Depreciation
53.28
51.47
48.88
45.34
35.07
42.07
36.03
Profit Before Tax
288.67
173.67
211.47
300.64
156.27
266.25
161.31
Tax
83.66
54.27
60.02
95.09
42.54
68.25
51.89
Provisions and contingencies
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Profit After Tax
205.12
119.53
151.63
204.84
114.23
198.03
109.84
Extraordinary Items
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Prior Period Expenses
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Other Adjustments
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Net Profit
205.12
119.53
151.63
204.84
114.23
198.03
109.84
Share in Profit of Associates
-0.11
-0.13
-0.18
0.71
-0.50
-0.03
-0.42
Minority Interest
0.83
-0.26
-0.93
-0.18
-2.17
0.97
-6.39
Other related items
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Consolidated Net Profit
204.18
119.66
152.38
205.73
115.90
197.03
115.81
Equity Capital
22.53
22.53
22.53
22.53
22.53
22.53
22.52
Face Value
2.0
2.0
2.0
2.0
2.0
2.0
2.0
Reserves
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Earnings per share (EPS)
18.13
10.62
13.53
18.26
10.29
17.49
10.29
Diluted Earnings per share
18.12
10.62
13.52
18.26
10.29
17.49
10.28
Operating Profit Margin (Excl OI)
9.67%
6.95%
10.43%
9.71%
7.47%
10.63%
6.46%
Gross Profit Margin
12.98%
9.11%
12.08%
11.19%
7.59%
11.79%
9.05%
PAT Margin
7.78%
4.83%
7.02%
6.66%
4.5%
7.57%
5.01%
Public Share Holdings (%)
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Pledged Promotor Holding (%)
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Quarterly Analysis Highlights - YoY
Net Sales
YoY Growth in quarter ended Dec 2025 is 4.19% vs 8.79% in Dec 2024
Consolidate Net Profit
YoY Growth in quarter ended Dec 2025 is 76.17% vs -51.37% in Dec 2024
Operating Profit (PBDIT) excl Other Income
YoY Growth in quarter ended Dec 2025 is 34.83% vs 0.84% in Dec 2024
Interest
YoY Growth in quarter ended Dec 2025 is 19.47% vs 7.70% in Dec 2024
Operating Profit Margin (Excl OI)
YoY Growth in quarter ended Dec 2025 has improved from Dec 2024
Compare Quarterly Results Of Thermax With
Figures in Cr
Consolidate Quarterly Results
Change(INR)
Change(%)
Net Sales
2,634.68
3,870.78
-1,236.10
-31.93%
Other Operating Income
0.00
0.00
0.00
Total Operating income
2,634.68
3,870.78
-1,236.10
-31.93%
Raw Material Cost
1,311.45
2,428.27
-1,116.82
-45.99%
Purchase of Finished goods
39.77
0.00
39.77
(Increase) / Decrease In Stocks
19.31
-1.59
20.90
1,314.47%
Employee Cost
360.22
291.33
68.89
23.65%
Power Cost
0.00
0.00
0.00
Manufacturing Expenses
0.00
0.00
0.00
Selling and Distribution Expenses
0.00
0.00
0.00
Other Expenses
649.11
431.93
217.18
50.28%
Total Expenditure (Excl Depreciation)
2,379.86
3,149.94
-770.08
-24.45%
Operating Profit (PBDIT) excl Other Income
254.82
720.84
-466.02
-64.65%
Other Income
62.73
26.55
36.18
136.27%
Operating Profit (PBDIT)
317.55
747.39
-429.84
-57.51%
Interest
34.24
109.66
-75.42
-68.78%
Exceptional Items
58.75
0.00
58.75
Gross Profit (PBDT)
342.06
637.73
-295.67
-46.36%
Depreciation
53.28
75.23
-21.95
-29.18%
Profit Before Tax
288.67
562.50
-273.83
-48.68%
Tax
83.66
-716.94
800.60
111.67%
Provisions and contingencies
0.00
0.00
0.00
Profit After Tax
205.12
1,279.44
-1,074.32
-83.97%
Extraordinary Items
0.00
0.00
0.00
Prior Period Expenses
0.00
0.00
0.00
Other Adjustments
0.00
0.00
0.00
Net Profit
205.12
1,279.44
-1,074.32
-83.97%
Share in Profit of Associates
-0.11
0.00
-0.11
Minority Interest
0.83
0.00
0.83
Other related items
0.00
0.00
0.00
Consolidated Net Profit
204.18
1,279.44
-1,075.26
-84.04%
Equity Capital
22.53
2,743.76
-2,721.23
-99.18%
Face Value
2.00
2.00
0.00
Reserves
0.00
0.00
0.00
Earnings per share (EPS)
18.13
0.93
17.20
1,849.46%
Diluted Earnings per share
18.12
0.93
17.19
1,848.39%
Operating Profit Margin (Excl OI)
9.67%
18.65%
0.00
-8.98%
Gross Profit Margin
12.98%
16.50%
0.00
-3.52%
PAT Margin
7.78%
33.10%
0.00
-25.32%
Public Share Holdings (%)
0.00%
0.00%
0.00
0.00%
Pledged Promotor Holding (%)
0.00%
0.00%
0.00
0.00%
Quarterly - Net Sales
Net Sales 2,634.68 Cr
in Dec 2025Figures in Cr
QoQ Growth in quarter ended Dec 2025 is 6.50% vs 14.66% in Sep 2025
YoY Growth in quarter ended Dec 2025 is 4.19% vs 8.79% in Dec 2024
Quarterly - Consolidate Net Profit
Consolidate Net Profit 204.18 Cr
in Dec 2025Figures in Cr
QoQ Growth in quarter ended Dec 2025 is 70.63% vs -21.47% in Sep 2025
YoY Growth in quarter ended Dec 2025 is 76.17% vs -51.37% in Dec 2024
Quarterly - Operating Profit (PBDIT)
Operating Profit (PBDIT) 254.82 Cr
in Dec 2025Figures in Cr
QoQ Growth in quarter ended Dec 2025 is 48.13% vs -23.58% in Sep 2025
YoY Growth in quarter ended Dec 2025 is 34.83% vs 0.84% in Dec 2024
Quarterly - Interest
Interest 34.24 Cr
in Dec 2025Figures in Cr
QoQ Growth in quarter ended Dec 2025 is 6.43% vs 6.52% in Sep 2025
YoY Growth in quarter ended Dec 2025 is 19.47% vs 7.70% in Dec 2024
Quarterly - Operating Profit Margin (Excl OI)
Operating Profit Margin (Excl OI) 9.67%
in Dec 2025Figures in %
QoQ Growth in quarter ended Dec 2025 has improved from Sep 2025
YoY Growth in quarter ended Dec 2025 has improved from Dec 2024
InfinHub Market Technologies FZ-LLC, Building-2, Unit 112, Dubai Internet City, Dubai, United Arab Emirates
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