Shares of Thermax declined by 2.01% to Rs 3,384.60 in Thursday's session. This marks a notable change for the stock, which is included as one of the stocks in the NIFTY MIDCAP 150 index. The stock's movement reflects a decline from the previous day's close.
Thermax's consolidated financial performance reveals the following:
Financial Performance:
The revenue and net profit have seen fluctuations over the recent quarters. The following table displays the consolidated quarterly results:
| Heading | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|---|---|
| Revenue | Rs 2,184.41 Crore | Rs 2,611.59 Crore | Rs 2,507.76 Crore | Rs 3,084.93 Crore | Rs 2,150.18 Crore |
| Net Profit | Rs 109.84 Crore | Rs 198.03 Crore | Rs 114.23 Crore | Rs 204.84 Crore | Rs 151.63 Crore |
| EPS | 10.28 | 17.49 | 10.29 | 18.27 | 13.53 |
The revenue for the quarter ending March 2025 was Rs 3,084.93 Crore, which decreased to Rs 2,150.18 Crore for the quarter ending June 2025. The net profit for the quarter ending March 2025 was Rs 204.84 Crore, which decreased to Rs 151.63 Crore for the quarter ending June 2025.
The following table displays the consolidated yearly results:
| Heading | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | Rs 4,791.25 Crore | Rs 6,128.33 Crore | Rs 8,089.81 Crore | Rs 9,323.46 Crore | Rs 10,388.69 Crore |
| Net Profit | Rs 206.58 Crore | Rs 312.18 Crore | Rs 450.93 Crore | Rs 644.01 Crore | Rs 626.94 Crore |
| EPS | 18.34 | 27.73 | 39.98 | 57.30 | 56.33 |
| BVPS | 288.76 | 310.17 | 343.71 | 394.30 | 438.25 |
| ROE | 6.35 | 8.94 | 11.64 | 14.53 | 12.85 |
| Debt to Equity | 0.09 | 0.10 | 0.21 | 0.28 | 0.34 |
The revenue increased from Rs 9,323.46 Crore in 2024 to Rs 10,388.69 Crore in 2025. Net profit decreased from Rs 644.01 Crore in 2024 to Rs 626.94 Crore in 2025.
Income Statement:
The yearly income statement shows consistent growth in sales and total income. Key figures are summarized below:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Sales | Rs 10,388 Crore | Rs 9,323 Crore | Rs 8,089 Crore | Rs 6,128 Crore | Rs 4,791 Crore |
| Other Income | Rs 252 Crore | Rs 232 Crore | Rs 160 Crore | Rs 127 Crore | Rs 107 Crore |
| Total Income | Rs 10,640 Crore | Rs 9,556 Crore | Rs 8,249 Crore | Rs 6,255 Crore | Rs 4,898 Crore |
| Total Expenditure | Rs 9,639 Crore | Rs 8,598 Crore | Rs 7,609 Crore | Rs 5,820 Crore | Rs 4,603 Crore |
| EBIT | Rs 1,001 Crore | Rs 957 Crore | Rs 640 Crore | Rs 435 Crore | Rs 295 Crore |
| Interest | Rs 116 Crore | Rs 87 Crore | Rs 37 Crore | Rs 25 Crore | Rs 20 Crore |
| Tax | Rs 257 Crore | Rs 225 Crore | Rs 152 Crore | Rs 97 Crore | Rs 68 Crore |
| Net Profit | Rs 626 Crore | Rs 644 Crore | Rs 450 Crore | Rs 312 Crore | Rs 206 Crore |
The cash flow statement provides insights into the company's liquidity and financial activities:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Operating Activities | Rs 1,042 Crore | Rs 247 Crore | Rs 459 Crore | Rs 324 Crore | Rs 769 Crore |
| Investing Activities | Rs -1,240 Crore | Rs -509 Crore | Rs -679 Crore | Rs -421 Crore | Rs -635 Crore |
| Financing Activities | Rs 123 Crore | Rs 285 Crore | Rs 348 Crore | Rs -20 Crore | Rs 77 Crore |
| Others | Rs 20 Crore | Rs -4 Crore | Rs 15 Crore | Rs 2 Crore | Rs 8 Crore |
| Net Cash Flow | Rs -53 Crore | Rs 19 Crore | Rs 144 Crore | Rs -115 Crore | Rs 219 Crore |
The balance sheet reflects the company's assets, liabilities, and equity:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Share Capital | Rs 22 Crore | Rs 22 Crore | Rs 22 Crore | Rs 22 Crore | Rs 22 Crore |
| Reserves & Surplus | Rs 4,914 Crore | Rs 4,417 Crore | Rs 3,845 Crore | Rs 3,469 Crore | Rs 3,228 Crore |
| Current Liabilities | Rs 5,635 Crore | Rs 4,725 Crore | Rs 4,409 Crore | Rs 3,758 Crore | Rs 3,070 Crore |
| Other Liabilities | Rs 1,466 Crore | Rs 987 Crore | Rs 561 Crore | Rs 210 Crore | Rs 184 Crore |
| Total Liabilities | Rs 12,038 Crore | Rs 10,153 Crore | Rs 8,838 Crore | Rs 7,461 Crore | Rs 6,506 Crore |
| Fixed Assets | Rs 3,288 Crore | Rs 2,427 Crore | Rs 1,678 Crore | Rs 1,236 Crore | Rs 1,263 Crore |
| Current Assets | Rs 7,321 Crore | Rs 6,448 Crore | Rs 6,080 Crore | Rs 4,737 Crore | Rs 4,466 Crore |
| Other Assets | Rs 1,427 Crore | Rs 1,277 Crore | Rs 1,079 Crore | Rs 1,487 Crore | Rs 777 Crore |
| Total Assets | Rs 12,038 Crore | Rs 10,153 Crore | Rs 8,838 Crore | Rs 7,461 Crore | Rs 6,506 Crore |
| Contingent Liabilities | Rs 728 Crore | Rs 1,086 Crore | Rs 956 Crore | Rs 529 Crore | Rs 1,806 Crore |
Key financial ratios for Thermax are as follows:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Basic EPS (Rs.) | 56.33 | 57.30 | 39.98 | 27.73 | 18.34 |
| Diluted Eps (Rs.) | 56.31 | 57.28 | 39.98 | 27.73 | 18.34 |
| Book Value /Share (Rs.) | 438.25 | 394.30 | 343.71 | 310.17 | 288.76 |
| Dividend/Share (Rs.) | 14.00 | 12.00 | 10.00 | 9.00 | 7.00 |
| Face Value | 2 | 2 | 2 | 2 | 2 |
| Gross Profit Margin (%) | 11.16 | 11.04 | 9.36 | 8.94 | 9.66 |
| Operating Margin (%) | 9.64 | 9.45 | 7.92 | 7.10 | 7.27 |
| Net Profit Margin (%) | 6.03 | 6.90 | 5.57 | 5.09 | 4.31 |
| Return on Networth / Equity (%) | 12.85 | 14.53 | 11.64 | 8.94 | 6.35 |
| ROCE (%) | 15.64 | 16.24 | 14.46 | 11.75 | 10.13 |
| Return On Assets (%) | 5.27 | 6.35 | 5.09 | 4.18 | 3.17 |
| Current Ratio (X) | 1.30 | 1.36 | 1.38 | 1.26 | 1.45 |
| Quick Ratio (X) | 1.17 | 1.20 | 1.21 | 1.07 | 1.32 |
| Debt to Equity (x) | 0.34 | 0.28 | 0.21 | 0.10 | 0.09 |
| Interest Coverage Ratios (X) | 9.93 | 11.76 | 20.16 | 21.79 | 22.43 |
| Asset Turnover Ratio (%) | 0.94 | 0.98 | 0.99 | 0.67 | 0.57 |
| Inventory Turnover Ratio (X) | 13.81 | 6.70 | 5.99 | 6.04 | 4.66 |
| 3 Yr CAGR Sales (%) | 30.20 | 39.50 | 18.81 | 1.29 | 3.59 |
| 3 Yr CAGR Net Profit (%) | 41.71 | 76.56 | 45.69 | -2.22 | -10.22 |
| P/E (x) | 64.87 | 73.16 | 57.35 | 69.93 | 73.26 |
| P/B (x) | 8.34 | 10.64 | 6.67 | 6.26 | 4.66 |
| EV/EBITDA (x) | 35.95 | 46.14 | 33.61 | 38.80 | 29.21 |
| P/S (x) | 3.96 | 5.07 | 3.19 | 3.57 | 3.16 |
Thermax announced the transcript of earnings call held on Friday August 1, 2025. The shareholders approved the appointment of Secretarial Auditors and Auditors at the AGM held on July 31, 2025.
The company announced a final dividend of Rs 14 per share on May 9, 2025, with an effective date of July 4, 2025. Thermax had a bonus issue on September 8, 2003, with a ratio of 2:1. The company had a stock split on March 31, 2006, with old FV of 10 and new FV of 2.
Moneycontrol analysis on August 1, 2025, indicated a bullish sentiment for the stock.
With the stock currently trading at Rs 3,384.60, Thermax has experienced a downturn in today's session.
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