THERMAX Financial Statement Analysis
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The Revenues of THERMAX have increased by 15.25% YoY .
The Earnings Per Share (EPS) of THERMAX has decreased by -1.73 % YoY. |
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| REVENUES |
| OPERATING MARGIN |
| PROFIT AFTER TAX |
| EPS |
| ROCE |
THERMAX Last 5 Annual Financial Results
[BOM: 500411|NSE : THERMAX]
| Consolidated | Mar2025 | Mar2024 | Mar2023 | Mar2022 | Mar2021 |
|---|---|---|---|---|---|
| Revenues | ₹9,323 Cr | ₹8,090 Cr | ₹6,128 Cr | ₹4,791 Cr | ₹5,748 Cr |
| Expenses | ₹8,528 Cr | ₹7,492 Cr | ₹5,724 Cr | ₹4,436 Cr | ₹5,348 Cr |
| Operating Profit (Excl OI) | ₹796 Cr | ₹598 Cr | ₹404 Cr | ₹355 Cr | ₹401 Cr |
| Other Income | ₹234 Cr | ₹160 Cr | ₹144 Cr | ₹108 Cr | ₹105 Cr |
| Interest | ₹88 Cr | ₹38 Cr | ₹25 Cr | ₹21 Cr | ₹15 Cr |
| Depreciation | ₹148 Cr | ₹117 Cr | ₹113 Cr | ₹115 Cr | ₹117 Cr |
| Profit Before Tax | ₹869 Cr | ₹603 Cr | ₹410 Cr | ₹275 Cr | ₹375 Cr |
| Profit After Tax | ₹643 Cr | ₹451 Cr | ₹312 Cr | ₹207 Cr | ₹212 Cr |
| Consolidated Net Profit | ₹645 Cr | ₹450 Cr | ₹312 Cr | ₹207 Cr | ₹212 Cr |
| Earnings Per Share (Rs) | ₹56.32 | ₹57.31 | ₹39.99 | ₹27.74 | ₹18.35 |
| PAT Margin (%) | 6.03 | 6.90 | 5.57 | 5.10 | 4.31 |
| ROE(%) | 13.38 | 15.50 | 12.25 | 9.26 | 6.58 |
| ROCE(%) | 16.25 | 18.44 | 15.03 | 11.74 | 8.67 |
| Total Debt/Equity(x) | 0.34 | 0.28 | 0.21 | 0.10 | 0.10 |
Key Financials |
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| Market Cap | : | ₹ 41,007.8 Cr |
| Revenue (TTM) | : | ₹ 10,388.7 Cr |
| Net Profit(TTM) | : | ₹ 626.9 Cr |
| EPS (TTM) | : | ₹ 52.6 |
| P/E (TTM) | : | 65.4 |
| Industry Peers & Returns | 1W | 1M | 1Y |
| THERMAX | -0.5% | -3.1% | -34.9% |
| BHARAT HEAVY ELECTRICALS | -0.3% | 1.5% | -21.1% |
| JYOTI CNC AUTOMATION | -0.3% | -10.1% | -16% |
| TRIVENI TURBINE | 1.3% | 7.9% | 2.8% |
| KIRLOSKAR BROTHERS | -2.3% | 17.1% | -6.5% |
| ELECON ENGINEERING COMPANY | -2% | -6.5% | -1.7% |
| PRAJ INDUSTRIES | -1.1% | -2.9% | -32.2% |
| KIRLOSKAR OIL ENGINES | 10.5% | 4.4% | -32.8% |
| TEGA INDUSTRIES | 3.2% | 17.9% | -7.3% |
THERMAX Revenues
[BOM: 500411|NSE : THERMAX]
| Y-o-Y | 15.25 % |
| 5 Yr CAGR | 12.85 % |
| Years | Revenues | % Change | |
|---|---|---|---|
| Mar2025 | ₹9,323 Cr | 15.25 | |
| Mar2024 | ₹8,090 Cr | 32.01 | |
| Mar2023 | ₹6,128 Cr | 27.91 | |
| Mar2022 | ₹4,791 Cr | -16.65 | |
| Mar2021 | ₹5,748 Cr | - | |
THERMAX Operating Profit
[BOM: 500411|NSE : THERMAX]
| Y-o-Y | 33.17 % |
| 5 Yr CAGR | 18.71 % |
| Years | Operating Profit | % Change | |
|---|---|---|---|
| Mar2025 | ₹796 Cr | 33.17 | |
| Mar2024 | ₹598 Cr | 47.79 | |
| Mar2023 | ₹404 Cr | 13.83 | |
| Mar2022 | ₹355 Cr | -11.36 | |
| Mar2021 | ₹401 Cr | - | |
| Operating Margins | |
|---|---|
| Y-o-Y | 15.56 % |
| 5 Yr CAGR | 5.21 % |
| Years | Operating Margin% | % Change | |
|---|---|---|---|
| Mar2025 | 8.54% | 15.56 | |
| Mar2024 | 7.39% | 11.97 | |
| Mar2023 | 6.6% | -10.93 | |
| Mar2022 | 7.41% | 6.31 | |
| Mar2021 | 6.97% | - | |
THERMAX Profit After Tax
[BOM: 500411|NSE : THERMAX]
| Y-o-Y | 43.30 % |
| 5 Yr CAGR | 32.01 % |
| Years | Profit After Tax | % Change | |
|---|---|---|---|
| Mar2025 | ₹645 Cr | 43.30 | |
| Mar2024 | ₹450 Cr | 44.18 | |
| Mar2023 | ₹312 Cr | 51.18 | |
| Mar2022 | ₹207 Cr | -2.76 | |
| Mar2021 | ₹212 Cr | - | |
| PAT Margins | |
|---|---|
| Y-o-Y | -12.61 % |
| 5 Yr CAGR | 8.76 % |
| Years | PAT Margin(%) | % Change | |
|---|---|---|---|
| Mar2025 | 6.03 % | -12.61 | |
| Mar2024 | 6.9 % | 23.88 | |
| Mar2023 | 5.57 % | 9.22 | |
| Mar2022 | 5.1 % | 18.33 | |
| Mar2021 | 4.31 % | - | |
THERMAX Earnings Per Share (EPS)
[BOM: 500411|NSE : THERMAX]
| Y-o-Y | -1.73 % |
| 5 Yr CAGR | 32.36 % |
| Years | EPS | % Change | |
|---|---|---|---|
| Mar2025 | ₹56 | -1.73 | |
| Mar2024 | ₹57 | 43.31 | |
| Mar2023 | ₹40 | 44.16 | |
| Mar2022 | ₹28 | 51.17 | |
| Mar2021 | ₹18 | - | |
THERMAX Return on Capital Employed (ROCE)
[BOM: 500411|NSE : THERMAX]
| Y-o-Y | -11.88 % |
| 5 Yr CAGR | 17.01 % |
| Years | ROCE | % Change | |
|---|---|---|---|
| Mar2025 | 16.25% | -11.88 | |
| Mar2024 | 18.44% | 22.69 | |
| Mar2023 | 15.03% | 28.02 | |
| Mar2022 | 11.74% | 35.41 | |
| Mar2021 | 8.67% | - | |
THERMAX Share Price vs Sensex
| Current Share Price | : | ₹3,440.3 |
| Current MarketCap | : | ₹ 41,007.8 Cr |
| Updated EOD on | : | Jul 14,2025 |
| Share Price Returns(%) | 1 Week | 1 Month | 1 Year |
| THERMAX | -0.5% |
-3.1% |
-34.9% |
| SENSEX | -1.4% |
0.7% |
2.4% |
THERMAX related INDICES
| BSE Indices | 1W | 1M | 1Y |
|---|---|---|---|
| BSE ALLCAP | 6.4% | 8.9% | 7.5% |
| BSE MIDSMALLCAP | 4.7% | 9% | 8.4% |
| BSE LARGEMIDCAP | 4.5% | 7.2% | 8.3% |
| BSE 500 SHARIAH | 4.3% | 4.3% | 1.1% |
| BSE POWER | 0.6% | 1.9% | -14.7% |
| NSE Indices | 1W | 1M | 1Y |
|---|---|---|---|
| NIFTY 500 EQUAL WEIGHT | 0.1% | 1.9% | -0.1% |
| NIFTY MIDSMALLCAP 400 | -0.3% | 1.9% | 1.5% |
| NIFTY500 LARGEMIDSMALL EQUAL-CAP WEIGHTED INDEX | -0.5% | 1.7% | 1.4% |
| NIFTY MIDCAP 150 | -0.7% | 1.2% | 2% |
| NIFTY500 MULTICAP 50:25:25 | -0.7% | 1.5% | 1.3% |
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FAQ about THERMAX Financials
How the annual revenues of THERMAX have changed ?
The Revenues of THERMAX have increased by 15.25% YoY .
How the Earnings per Share (EPS) of THERMAX have changed?
The Earnings Per Share (EPS) of THERMAX has decreased by -1.73 % YoY .
Check out Intrinsic Value of Peers of THERMAX
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