THERMAX Financial Statement Analysis
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The Revenues of THERMAX have increased by 11.22% YoY .
The Earnings Per Share (EPS) of THERMAX has increased by 13.57 % YoY. |
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THERMAX Last 5 Annual Financial Results
[BOM: 500411|NSE : THERMAX]
| Consolidated | Mar2026 | Mar2025 | Mar2024 | Mar2023 | Mar2022 |
|---|---|---|---|---|---|
| Revenues | ₹10,369 Cr | ₹9,323 Cr | ₹8,090 Cr | ₹6,128 Cr | ₹4,791 Cr |
| Expenses | ₹9,461 Cr | ₹8,528 Cr | ₹7,492 Cr | ₹5,724 Cr | ₹4,436 Cr |
| Operating Profit (Excl OI) | ₹908 Cr | ₹796 Cr | ₹598 Cr | ₹404 Cr | ₹355 Cr |
| Other Income | ₹252 Cr | ₹234 Cr | ₹160 Cr | ₹144 Cr | ₹108 Cr |
| Interest | ₹117 Cr | ₹88 Cr | ₹38 Cr | ₹25 Cr | ₹21 Cr |
| Depreciation | ₹159 Cr | ₹148 Cr | ₹117 Cr | ₹113 Cr | ₹115 Cr |
| Profit Before Tax | ₹884 Cr | ₹869 Cr | ₹603 Cr | ₹410 Cr | ₹275 Cr |
| Profit After Tax | ₹627 Cr | ₹643 Cr | ₹451 Cr | ₹312 Cr | ₹207 Cr |
| Consolidated Net Profit | ₹634 Cr | ₹645 Cr | ₹450 Cr | ₹312 Cr | ₹207 Cr |
| Earnings Per Share (Rs) | ₹63.96 | ₹56.32 | ₹57.31 | ₹39.99 | ₹27.74 |
| PAT Margin (%) | 6.74 | 6.04 | 6.90 | 5.57 | 5.10 |
| ROE(%) | 13.76 | 13.38 | 15.50 | 12.25 | 9.26 |
| ROCE(%) | 15.85 | 16.25 | 18.44 | 15.03 | 11.74 |
| Total Debt/Equity(x) | 0.41 | 0.34 | 0.28 | 0.21 | 0.10 |
Key Financials |
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| Market Cap | : | ₹ 53,014.2 Cr |
| Revenue (TTM) | : | ₹ 10,686.8 Cr |
| Net Profit(TTM) | : | ₹ 720.7 Cr |
| EPS (TTM) | : | ₹ 60.5 |
| P/E (TTM) | : | 73.6 |
| Industry Peers & Returns | 1W | 1M | 1Y |
| THERMAX | -8% | -7.8% | 16.2% |
| BHARAT HEAVY ELECTRICALS | 0.6% | 3.3% | 66.6% |
| KIRLOSKAR OIL ENGINES | 2.8% | -8.1% | 137.4% |
| TRIVENI TURBINE | 0.7% | -6.8% | -8.4% |
| JYOTI CNC AUTOMATION | 0% | 5.6% | -22% |
| INOX INDIA | -4.9% | 6% | 61.9% |
| AZAD ENGINEERING | 2.6% | 20.8% | 49.4% |
| TEGA INDUSTRIES | -7.5% | -12.6% | -19.4% |
| ELECON ENGINEERING COMPANY | -5.8% | -18.8% | -29.9% |
THERMAX Revenues
[BOM: 500411|NSE : THERMAX]
| Y-o-Y | 11.22 % |
| 5 Yr CAGR | 21.29 % |
| Years | Revenues | % Change | |
|---|---|---|---|
| Mar2026 | ₹10,369 Cr | 11.22 | |
| Mar2025 | ₹9,323 Cr | 15.25 | |
| Mar2024 | ₹8,090 Cr | 32.01 | |
| Mar2023 | ₹6,128 Cr | 27.91 | |
| Mar2022 | ₹4,791 Cr | - | |
THERMAX Operating Profit
[BOM: 500411|NSE : THERMAX]
| Y-o-Y | 14.08 % |
| 5 Yr CAGR | 26.44 % |
| Years | Operating Profit | % Change | |
|---|---|---|---|
| Mar2026 | ₹908 Cr | 14.08 | |
| Mar2025 | ₹796 Cr | 33.17 | |
| Mar2024 | ₹598 Cr | 47.79 | |
| Mar2023 | ₹404 Cr | 13.83 | |
| Mar2022 | ₹355 Cr | - | |
| Operating Margins | |
|---|---|
| Y-o-Y | 2.46 % |
| 5 Yr CAGR | 4.24 % |
| Years | Operating Margin% | % Change | |
|---|---|---|---|
| Mar2026 | 8.75% | 2.46 | |
| Mar2025 | 8.54% | 15.56 | |
| Mar2024 | 7.39% | 11.97 | |
| Mar2023 | 6.6% | -10.93 | |
| Mar2022 | 7.41% | - | |
THERMAX Profit After Tax
[BOM: 500411|NSE : THERMAX]
| Y-o-Y | -1.68 % |
| 5 Yr CAGR | 32.38 % |
| Years | Profit After Tax | % Change | |
|---|---|---|---|
| Mar2026 | ₹634 Cr | -1.68 | |
| Mar2025 | ₹645 Cr | 43.30 | |
| Mar2024 | ₹450 Cr | 44.18 | |
| Mar2023 | ₹312 Cr | 51.18 | |
| Mar2022 | ₹207 Cr | - | |
| PAT Margins | |
|---|---|
| Y-o-Y | 11.59 % |
| 5 Yr CAGR | 7.22 % |
| Years | PAT Margin(%) | % Change | |
|---|---|---|---|
| Mar2026 | 6.74 % | 11.59 | |
| Mar2025 | 6.04 % | -12.46 | |
| Mar2024 | 6.9 % | 23.88 | |
| Mar2023 | 5.57 % | 9.22 | |
| Mar2022 | 5.1 % | - | |
THERMAX Earnings Per Share (EPS)
[BOM: 500411|NSE : THERMAX]
| Y-o-Y | 13.57 % |
| 5 Yr CAGR | 23.23 % |
| Years | EPS | % Change | |
|---|---|---|---|
| Mar2026 | ₹64 | 13.57 | |
| Mar2025 | ₹56 | -1.73 | |
| Mar2024 | ₹57 | 43.31 | |
| Mar2023 | ₹40 | 44.16 | |
| Mar2022 | ₹28 | - | |
THERMAX Return on Capital Employed (ROCE)
[BOM: 500411|NSE : THERMAX]
| Y-o-Y | -2.46 % |
| 5 Yr CAGR | 7.79 % |
| Years | ROCE | % Change | |
|---|---|---|---|
| Mar2026 | 15.85% | -2.46 | |
| Mar2025 | 16.25% | -11.88 | |
| Mar2024 | 18.44% | 22.69 | |
| Mar2023 | 15.03% | 28.02 | |
| Mar2022 | 11.74% | - | |
THERMAX Share Price vs Sensex
| Current Share Price | : | ₹4,447.5 |
| Current MarketCap | : | ₹ 53,014.2 Cr |
| Updated EOD on | : | Jul 27,2026 |
| Share Price Returns(%) | 1 Week | 1 Month | 1 Year |
| THERMAX | -8% |
-7.8% |
16.2% |
| SENSEX | -1.1% |
-0.2% |
-6.6% |
THERMAX related INDICES
| BSE Indices | 1W | 1M | 1Y |
|---|---|---|---|
| BSE CAPITAL GOODS | -0.6% | -4.4% | 9.3% |
| BSE INDUSTRIALS | -0.7% | -4.6% | 6.6% |
| BSE 1000 | -0.8% | 0.2% | -1.2% |
| BSE 250 LARGEMIDCAP INDEX | -0.8% | 0.3% | -1.4% |
| BSE 150 MIDCAP INDEX | -0.8% | 1% | 3.2% |
| NSE Indices | 1W | 1M | 1Y |
|---|---|---|---|
| NIFTY MIDSMALLCAP400 MOMENTUM QUALITY 100 INDEX | -0.4% | -1% | -0.4% |
| NIFTY500 SHARIAH | -0.4% | 0.6% | -4.2% |
| NIFTY MIDCAP 150 | -0.7% | 0.3% | 4.2% |
| NIFTY MIDCAP150 MOMENTUM 50 | -0.7% | -2.8% | -0.5% |
| NIFTY 500 EQUAL WEIGHT | -0.7% | 0.3% | 0.3% |
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FAQ about THERMAX Financials
How the annual revenues of THERMAX have changed ?
The Revenues of THERMAX have increased by 11.22% YoY .
How the Earnings per Share (EPS) of THERMAX have changed?
The Earnings Per Share (EPS) of THERMAX has increased by 13.57 % YoY .
Check out Intrinsic Value of Peers of THERMAX
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