Quarterly Results Results Snapshot
YoYQoQ
Figures in Cr
Consolidate Quarterly Results
Mar'26
Dec'25
Sep'25
Jun'25
Mar'25
Dec'24
Sep'24
Net Sales
3,428.04
2,634.68
2,473.90
2,157.53
3,046.40
2,528.72
2,615.69
Other Operating Income
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total Operating income
3,428.04
2,634.68
2,473.90
2,157.53
3,046.40
2,528.72
2,615.69
Raw Material Cost
1,747.60
1,311.45
1,335.55
1,029.42
1,622.91
1,363.25
1,400.01
Purchase of Finished goods
54.87
39.77
47.81
42.22
58.41
53.79
43.59
(Increase) / Decrease In Stocks
9.08
19.31
-73.54
-3.93
24.96
3.38
0.95
Employee Cost
391.46
360.22
340.50
329.02
332.02
322.68
322.90
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
850.72
649.11
651.55
535.70
708.43
596.63
570.27
Total Expenditure (Excl Depreciation)
3,053.73
2,379.86
2,301.87
1,932.43
2,746.73
2,339.73
2,337.72
Operating Profit (PBDIT) excl Other Income
374.31
254.82
172.03
225.10
299.67
188.99
277.97
Other Income
53.71
62.73
85.41
65.63
76.85
31.51
59.77
Operating Profit (PBDIT)
428.02
317.55
257.44
290.73
376.52
220.50
337.74
Interest
42.35
34.24
32.17
30.20
31.25
28.66
29.39
Exceptional Items
2.46
58.75
0.00
0.00
0.00
0.00
0.00
Gross Profit (PBDT)
388.13
342.06
225.27
260.53
345.27
191.84
308.35
Depreciation
54.01
53.28
51.47
48.88
45.34
35.07
42.07
Profit Before Tax
334.13
288.67
173.67
211.47
300.64
156.27
266.25
Tax
89.73
83.66
54.27
60.02
95.09
42.54
68.25
Provisions and contingencies
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Profit After Tax
244.39
205.12
119.53
151.63
204.84
114.23
198.03
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
244.39
205.12
119.53
151.63
204.84
114.23
198.03
Share in Profit of Associates
0.01
-0.11
-0.13
-0.18
0.71
-0.50
-0.03
Minority Interest
0.12
0.83
-0.26
-0.93
-0.18
-2.17
0.97
Other related items
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Consolidated Net Profit
244.28
204.18
119.66
152.38
205.73
115.90
197.03
Equity Capital
22.53
22.53
22.53
22.53
22.53
22.53
22.53
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)
21.68
18.13
10.62
13.53
18.26
10.29
17.49
Diluted Earnings per share
21.68
18.12
10.62
13.52
18.26
10.29
17.49
Operating Profit Margin (Excl OI)
10.92%
9.67%
6.95%
10.43%
9.84%
7.47%
10.63%
Gross Profit Margin
11.32%
12.98%
9.11%
12.08%
11.33%
7.59%
11.79%
PAT Margin
7.13%
7.78%
4.83%
7.02%
6.75%
4.5%
7.57%
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 Mar 2026 is 12.53% vs 10.23% in Mar 2025
Consolidate Net Profit
YoY Growth in quarter ended Mar 2026 is 18.74% vs 8.09% in Mar 2025
Operating Profit (PBDIT) excl Other Income
YoY Growth in quarter ended Mar 2026 is 24.91% vs 9.71% in Mar 2025
Interest
YoY Growth in quarter ended Mar 2026 is 35.52% vs 12.37% in Mar 2025
Operating Profit Margin (Excl OI)
YoY Growth in quarter ended Mar 2026 has improved from Mar 2025
Compare Quarterly Results Of Thermax With
Figures in Cr
Consolidate Quarterly Results
Change(INR)
Change(%)
Net Sales
3,428.04
4,236.09
-808.05
-19.08%
Other Operating Income
0.00
0.00
0.00
Total Operating income
3,428.04
4,236.09
-808.05
-19.08%
Raw Material Cost
1,747.60
3,015.66
-1,268.06
-42.05%
Purchase of Finished goods
54.87
0.00
54.87
(Increase) / Decrease In Stocks
9.08
-258.49
267.57
103.51%
Employee Cost
391.46
292.13
99.33
34.00%
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
850.72
448.30
402.42
89.77%
Total Expenditure (Excl Depreciation)
3,053.73
3,497.60
-443.87
-12.69%
Operating Profit (PBDIT) excl Other Income
374.31
738.49
-364.18
-49.31%
Other Income
53.71
22.52
31.19
138.50%
Operating Profit (PBDIT)
428.02
761.01
-332.99
-43.76%
Interest
42.35
114.26
-71.91
-62.94%
Exceptional Items
2.46
0.00
2.46
Gross Profit (PBDT)
388.13
646.75
-258.62
-39.99%
Depreciation
54.01
80.00
-25.99
-32.49%
Profit Before Tax
334.13
566.75
-232.62
-41.04%
Tax
89.73
121.47
-31.74
-26.13%
Provisions and contingencies
0.00
0.00
0.00
Profit After Tax
244.39
445.28
-200.89
-45.12%
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
244.39
445.28
-200.89
-45.12%
Share in Profit of Associates
0.01
0.00
0.01
Minority Interest
0.12
0.00
0.12
Other related items
0.00
0.00
0.00
Consolidated Net Profit
244.28
445.28
-201.00
-45.14%
Equity Capital
22.53
2,744.51
-2,721.98
-99.18%
Face Value
2.00
2.00
0.00
Reserves
0.00
0.00
0.00
Earnings per share (EPS)
21.68
0.32
21.36
6,675.00%
Diluted Earnings per share
21.68
0.32
21.36
6,675.00%
Operating Profit Margin (Excl OI)
10.92%
17.47%
0.00
-6.55%
Gross Profit Margin
11.32%
15.30%
0.00
-3.98%
PAT Margin
7.13%
10.53%
0.00
-3.40%
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 3,428.04 Cr
in Mar 2026Figures in Cr
QoQ Growth in quarter ended Mar 2026 is 30.11% vs 6.50% in Dec 2025
YoY Growth in quarter ended Mar 2026 is 12.53% vs 10.23% in Mar 2025
Quarterly - Consolidate Net Profit
Consolidate Net Profit 244.28 Cr
in Mar 2026Figures in Cr
QoQ Growth in quarter ended Mar 2026 is 19.64% vs 70.63% in Dec 2025
YoY Growth in quarter ended Mar 2026 is 18.74% vs 8.09% in Mar 2025
Quarterly - Operating Profit (PBDIT)
Operating Profit (PBDIT) 374.31 Cr
in Mar 2026Figures in Cr
QoQ Growth in quarter ended Mar 2026 is 46.89% vs 48.13% in Dec 2025
YoY Growth in quarter ended Mar 2026 is 24.91% vs 9.71% in Mar 2025
Quarterly - Interest
Interest 42.35 Cr
in Mar 2026Figures in Cr
QoQ Growth in quarter ended Mar 2026 is 23.69% vs 6.43% in Dec 2025
YoY Growth in quarter ended Mar 2026 is 35.52% vs 12.37% in Mar 2025
Quarterly - Operating Profit Margin (Excl OI)
Operating Profit Margin (Excl OI) 10.92%
in Mar 2026Figures in %
QoQ Growth in quarter ended Mar 2026 has improved from Dec 2025
YoY Growth in quarter ended Mar 2026 has improved from Mar 2025
InfinHub Market Technologies FZ-LLC, Building-2, Unit 112, Dubai Internet City, Dubai, United Arab Emirates
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