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:
| 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 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:
| 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 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 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 quarterly consolidated income statement data is as follows:
| Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | |
|---|---|---|---|---|---|
| Sales | Rs 2,150 Crore | Rs 3,084 Crore | Rs 2,507 Crore | Rs 2,611 Crore | Rs 2,184 Crore |
| Other Income | Rs 65 Crore | Rs 76 Crore | Rs 31 Crore | Rs 59 Crore | Rs 84 Crore |
| Total Income | Rs 2,215 Crore | Rs 3,161 Crore | Rs 2,539 Crore | Rs 2,671 Crore | Rs 2,268 Crore |
| Total Expenditure | Rs 1,973 Crore | Rs 2,830 Crore | Rs 2,353 Crore | Rs 2,375 Crore | Rs 2,079 Crore |
| EBIT | Rs 241 Crore | Rs 331 Crore | Rs 185 Crore | Rs 295 Crore | Rs 189 Crore |
| Interest | Rs 30 Crore | Rs 31 Crore | Rs 28 Crore | Rs 29 Crore | Rs 27 Crore |
| Tax | Rs 60 Crore | Rs 95 Crore | Rs 42 Crore | Rs 68 Crore | Rs 51 Crore |
| Net Profit | Rs 151 Crore | Rs 204 Crore | Rs 114 Crore | Rs 198 Crore | Rs 109 Crore |
The consolidated cash flow data is as follows:
| 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 consolidated balance sheet data is as follows:
| 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:
| Ratio | 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 [Excl. Reval Reserve]/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 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.
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