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Thermax shares fall 2.09%, among top losers on Nifty Midcap 150 in early trade

With the stock currently trading at Rs 3,229, Thermax stock was among the top losers on the Nifty Midcap 150 index.

August 13, 2025 / 09:59 IST
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Shares of Thermax experienced a decline of 2.09% in Wednesday's early trading session, with the price at Rs 3,229. This movement places the stock among the top losers on the Nifty Midcap 150. Thermax is included as one of the stocks in the Nifty Midcap 150 index.

Financial Overview:

Consolidated Quarterly Performance:

The following table presents the consolidated quarterly financial performance of Thermax:

HeadingJun 2024Sep 2024Dec 2024Mar 2025Jun 2025
RevenueRs 2,184.41 CroreRs 2,611.59 CroreRs 2,507.76 CroreRs 3,084.93 CroreRs 2,150.18 Crore
Net ProfitRs 109.84 CroreRs 198.03 CroreRs 114.23 CroreRs 204.84 CroreRs 151.63 Crore
EPS10.2817.4910.2918.2713.53

The revenue for the quarter ending June 2025 was Rs 2,150.18 Crore, a decrease compared to Rs 2,184.41 Crore in June 2024. The net profit for the same period was Rs 151.63 Crore, an increase compared to Rs 109.84 Crore in June 2024.

Consolidated Yearly Performance:

The following table presents the consolidated yearly financial performance of Thermax:

Heading20212022202320242025
RevenueRs 4,791.25 CroreRs 6,128.33 CroreRs 8,089.81 CroreRs 9,323.46 CroreRs 10,388.69 Crore
Net ProfitRs 206.58 CroreRs 312.18 CroreRs 450.93 CroreRs 644.01 CroreRs 626.94 Crore
EPS18.3427.7339.9857.3056.33
BVPS288.76310.17343.71394.30438.25
ROE6.358.9411.6414.5312.85
Debt to Equity0.090.100.210.280.34

The revenue for the year ending March 2025 was Rs 10,388.69 Crore, an increase compared to Rs 9,323.46 Crore in March 2024. The net profit for the same period was Rs 626.94 Crore, a decrease compared to Rs 644.01 Crore in March 2024.

Income Statement:

The consolidated income statement data is as follows:

Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021
SalesRs 10,388 CroreRs 9,323 CroreRs 8,089 CroreRs 6,128 CroreRs 4,791 Crore
Other IncomeRs 252 CroreRs 232 CroreRs 160 CroreRs 127 CroreRs 107 Crore
Total IncomeRs 10,640 CroreRs 9,556 CroreRs 8,249 CroreRs 6,255 CroreRs 4,898 Crore
Total ExpenditureRs 9,639 CroreRs 8,598 CroreRs 7,609 CroreRs 5,820 CroreRs 4,603 Crore
EBITRs 1,001 CroreRs 957 CroreRs 640 CroreRs 435 CroreRs 295 Crore
InterestRs 116 CroreRs 87 CroreRs 37 CroreRs 25 CroreRs 20 Crore
TaxRs 257 CroreRs 225 CroreRs 152 CroreRs 97 CroreRs 68 Crore
Net ProfitRs 626 CroreRs 644 CroreRs 450 CroreRs 312 CroreRs 206 Crore

The quarterly consolidated income statement data is as follows:
Jun 2025Mar 2025Dec 2024Sep 2024Jun 2024
SalesRs 2,150 CroreRs 3,084 CroreRs 2,507 CroreRs 2,611 CroreRs 2,184 Crore
Other IncomeRs 65 CroreRs 76 CroreRs 31 CroreRs 59 CroreRs 84 Crore
Total IncomeRs 2,215 CroreRs 3,161 CroreRs 2,539 CroreRs 2,671 CroreRs 2,268 Crore
Total ExpenditureRs 1,973 CroreRs 2,830 CroreRs 2,353 CroreRs 2,375 CroreRs 2,079 Crore
EBITRs 241 CroreRs 331 CroreRs 185 CroreRs 295 CroreRs 189 Crore
InterestRs 30 CroreRs 31 CroreRs 28 CroreRs 29 CroreRs 27 Crore
TaxRs 60 CroreRs 95 CroreRs 42 CroreRs 68 CroreRs 51 Crore
Net ProfitRs 151 CroreRs 204 CroreRs 114 CroreRs 198 CroreRs 109 Crore
Cash Flow:

The consolidated cash flow data is as follows:

Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021
Operating ActivitiesRs 1,042 CroreRs 247 CroreRs 459 CroreRs 324 CroreRs 769 Crore
Investing ActivitiesRs -1,240 CroreRs -509 CroreRs -679 CroreRs -421 CroreRs -635 Crore
Financing ActivitiesRs 123 CroreRs 285 CroreRs 348 CroreRs -20 CroreRs 77 Crore
OthersRs 20 CroreRs -4 CroreRs 15 CroreRs 2 CroreRs 8 Crore
Net Cash FlowRs -53 CroreRs 19 CroreRs 144 CroreRs -115 CroreRs 219 Crore
Balance Sheet:

The consolidated balance sheet data is as follows:

Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021
Share CapitalRs 22 CroreRs 22 CroreRs 22 CroreRs 22 CroreRs 22 Crore
Reserves & SurplusRs 4,914 CroreRs 4,417 CroreRs 3,845 CroreRs 3,469 CroreRs 3,228 Crore
Current LiabilitiesRs 5,635 CroreRs 4,725 CroreRs 4,409 CroreRs 3,758 CroreRs 3,070 Crore
Other LiabilitiesRs 1,466 CroreRs 987 CroreRs 561 CroreRs 210 CroreRs 184 Crore
Total LiabilitiesRs 12,038 CroreRs 10,153 CroreRs 8,838 CroreRs 7,461 CroreRs 6,506 Crore
Fixed AssetsRs 3,288 CroreRs 2,427 CroreRs 1,678 CroreRs 1,236 CroreRs 1,263 Crore
Current AssetsRs 7,321 CroreRs 6,448 CroreRs 6,080 CroreRs 4,737 CroreRs 4,466 Crore
Other AssetsRs 1,427 CroreRs 1,277 CroreRs 1,079 CroreRs 1,487 CroreRs 777 Crore
Total AssetsRs 12,038 CroreRs 10,153 CroreRs 8,838 CroreRs 7,461 CroreRs 6,506 Crore
Contingent LiabilitiesRs 728 CroreRs 1,086 CroreRs 956 CroreRs 529 CroreRs 1,806 Crore
Financial Ratios:

Key financial ratios for Thermax are as follows:

RatioMar 2025Mar 2024Mar 2023Mar 2022Mar 2021
Basic EPS (Rs.)56.3357.3039.9827.7318.34
Diluted EPS (Rs.)56.3157.2839.9827.7318.34
Book Value [Excl. Reval Reserve]/Share (Rs.)438.25394.30343.71310.17288.76
Dividend/Share (Rs.)14.0012.0010.009.007.00
Face Value22222
Gross Profit Margin (%)11.1611.049.368.949.66
Operating Margin (%)9.649.457.927.107.27
Net Profit Margin (%)6.036.905.575.094.31
Return on Networth / Equity (%)12.8514.5311.648.946.35
ROCE (%)15.6416.2414.4611.7510.13
Return On Assets (%)5.276.355.094.183.17
Current Ratio (X)1.301.361.381.261.45
Quick Ratio (X)1.171.201.211.071.32
Debt to Equity (x)0.340.280.210.100.09
Interest Coverage Ratios (X)9.9311.7620.1621.7922.43
Asset Turnover Ratio (%)0.940.980.990.670.57
Inventory Turnover Ratio (X)13.816.705.996.044.66
3 Yr CAGR Sales (%)30.2039.5018.811.293.59
3 Yr CAGR Net Profit (%)41.7176.5645.69-2.22-10.22
P/E (x)64.8773.1657.3569.9373.26
P/B (x)8.3410.646.676.264.66
EV/EBITDA (x)35.9546.1433.6138.8029.21
P/S (x)3.965.073.193.573.16
Corporate Actions:

Thermax Limited has announced a technical tie-up with HydrogenPro ASA, as per an announcement under Regulation 30 of SEBI (LODR) Regulations, 2015.

The company has also communicated to shareholders regarding the Investor Education and Protection Fund Authority's 100 Days Campaign, "Saksham Niveshak".

The transcript of the earnings call held on August 1, 2025, is available on the exchanges.

The company announced a final dividend of Rs 14.00 per share (700%) on May 9, 2025, with an effective date of July 4, 2025.

A bonus issue of 2:1 was announced on May 29, 2003, with a record date of September 9, 2003, and an ex-bonus date of September 8, 2003.

A stock split was announced on January 31, 2006, with the old face value of Rs 10 split into a new face value of Rs 2. The ex-split date was March 31, 2006, and the record date was April 10, 2006.

Alpha Desk
first published: Aug 13, 2025 09:59 am

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