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Thermax Limited THERMAX.NS · INR

Industrials · NSE · 🇮🇳 India

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2,785.90

+1.44%

Close of 9 Nov 2026, in INR

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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.

At a glance

Figures in INR, from our data supplier.

FY2025

Revenue

₹103.89bn

FY2016FY2025

Net income

₹6.34bn

FY2016FY2025

Free cash flow

₹1.50bn

FY2016FY2025

Shareholders' equity

₹49.37bn

FY2016FY2025

Income statement

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue₹103.89bn₹93.23bn₹80.90bn₹61.28bn₹47.91bn₹57.31bn₹59.73bn₹44.86bn₹45.90bn₹52.66bn
Gross profit₹44.59bn₹39.91bn₹33.64bn₹25.40bn₹21.83bn₹25.61bn₹25.52bn₹20.55bn₹21.69bn₹23.48bn
Operating income₹7.53bn₹6.00bn₹4.85bn₹3.01bn₹1.89bn₹2.85bn₹2.78bn₹3.22bn₹3.35bn₹3.62bn
Net income₹6.34bn₹6.45bn₹4.50bn₹3.12bn₹2.07bn₹2.12bn₹3.25bn₹2.32bn₹2.23bn₹2.82bn
Diluted earnings per share56.3157.2940.0027.7218.3618.8628.8820.6019.8023.69

Balance sheet

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Total assets₹120.38bn₹101.53bn₹88.39bn₹74.61bn₹65.07bn₹59.56bn₹68.00bn₹59.45bn₹50.60bn₹51.81bn
Cash and short-term investments₹27.12bn₹23.38bn₹25.24bn₹17.19bn₹20.54bn₹12.91bn₹11.43bn₹15.10bn₹10.20bn₹11.63bn
Total liabilities₹71.01bn₹57.13bn₹49.71bn₹39.69bn₹32.55bn₹29.28bn₹37.86bn₹32.30bn₹25.23bn₹27.65bn
Debt₹16.64bn₹12.19bn₹8.01bn₹3.46bn₹3.12bn₹2.21bn₹2.20bn₹2.17bn₹1.31bn₹1.72bn
Shareholders' equity₹49.37bn₹44.40bn₹38.68bn₹34.92bn₹32.51bn₹30.28bn₹30.14bn₹27.15bn₹25.38bn₹24.16bn
Shares outstanding113m113m113m113m113m113m113m113m113m119m

Cash flow

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash from operations₹10.53bn₹2.47bn₹4.60bn₹3.25bn₹7.69bn₹3.43bn−₹1.15bn₹5.34bn₹3.35bn₹2.53bn
Capital spending−₹9.03bn−₹8.44bn−₹6.50bn−₹837.8m−₹833.7m−₹480.0m−₹1.55bn−₹2.00bn−₹1.19bn−₹1.32bn
Free cash flow₹1.50bn−₹5.97bn−₹1.90bn₹2.41bn₹6.86bn₹2.95bn−₹2.70bn₹3.33bn₹2.16bn₹1.20bn
Dividends paid−₹1.35bn−₹1.13bn−₹1.02bn−₹788.3m—−₹1.90bn−₹812.9m−₹823.9m−₹823.4m−₹958.4m

Latest quarters

By quarter end

Dec 2025Sept 2025Jun 2025Mar 2025Dec 2024Sept 2024Jun 2024Mar 2024
Revenue₹26.35bn₹24.74bn₹21.50bn₹30.85bn₹25.08bn₹26.12bn₹21.84bn₹27.64bn
Gross profit₹12.64bn₹11.64bn₹10.90bn₹13.40bn₹11.08bn₹11.71bn₹9.56bn₹11.90bn
Operating income₹2.76bn₹1.21bn₹1.76bn₹2.54bn₹1.54bn₹2.36bn₹1.05bn₹2.36bn
Net income₹2.04bn₹1.20bn₹1.52bn₹2.06bn₹1.16bn₹1.97bn₹1.16bn₹1.90bn
Diluted earnings per share18.1210.6213.5218.2610.2917.4910.2816.87
Cash from operations—₹633.0m—₹5.37bn—₹5.16bn—₹726.0m
Capital spending—−₹3.96bn—−₹3.71bn—−₹5.32bn—−₹3.91bn
Free cash flow—−₹3.33bn—₹1.66bn—−₹152.0m—−₹3.19bn
Total assets—₹121.88bn—₹120.38bn—₹109.69bn—₹101.53bn
Cash and short-term investments—₹25.93bn—₹27.22bn—₹29.43bn—₹23.38bn
Debt—₹14.20bn—₹16.64bn—₹11.66bn—₹12.19bn
Shareholders' equity—₹50.52bn—₹49.37bn—₹46.20bn—₹44.40bn

Growth per year

Compound annual rate

3 years5 years10 years
Revenue19.2%12.6%7.0%
Operating income35.8%21.4%8.4%
Net income26.7%24.5%11.7%

Average margins

Over each period

1 year3 years5 years10 years
Gross margin42.9%42.3%43.0%43.8%
Operating margin6.9%6.3%5.9%6.1%
Net margin6.5%6.0%5.5%5.3%

Valuation history

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Price to earnings53.470.577.070.697.548.337.855.063.131.3
Price to sales3.34.94.33.64.21.82.12.83.11.7

Dividends and splits

Per share, in the currency the company pays

Paid for 31 years. Last went ex-dividend on 3 Jul 2026.

FY2026FY2025FY2024FY2023FY2022FY2020FY2019FY2018
Paid in the year14.0012.0010.009.007.0014.006.006.00
  • 10-for-2 split · 31 Mar 2006

Sources and methodology

Data on this tab
Our data supplier
Chart on the Overview
TradingView

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