Thermax LimitedTHERMAXCorporate

Industrials Conglomerates Latest results: Jun 2026 15 quarters of data

₹3,326.80

MCap ₹37,476 Cr · P/E 63.5

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₹2,303 Cr

Sales · Jun 2026

+7.1% YoY

₹69 Cr

Operating Profit · Jun 2026

-69.5% YoY

3.0%

OPM % · Jun 2026

-71.4% YoY

₹22 Cr

Net Profit · Jun 2026

-85.6% YoY

₹2.24

EPS · Jun 2026

-83.4% YoY

📝 Thermax Limited — results explained

Quarter ended June 2026 (Q1 FY27)

Thermax Limited reported revenue of ₹2,303 crore for the quarter ended June 2026 (Q1 FY27), up 7.1% from ₹2,150 crore in the same quarter last year, and down 32.8% sequentially over the March 2026 quarter.

Net profit fell 85.6% year-on-year to ₹22 crore, from ₹151 crore. Earnings per share (EPS) came in at ₹2.24.

Operating profit stood at ₹69 crore — an operating margin (OPM) of 3.0%, compared with 10.5% in the year-ago quarter.

Full year and trailing twelve months

For the full year FY26, Thermax Limited posted revenue of ₹10,687 crore, a growth of 2.9% over FY25, with a net profit of ₹720 crore (up 14.9% year-on-year).

On a trailing-twelve-month (TTM) basis, revenue stands at ₹10,839 crore with a net profit of ₹590 crore.

Valuation snapshot

At the current price of ₹3,326.80, THERMAX has a market capitalisation of ₹37,476 crore and a trailing P/E of about 63.5.

Within the Conglomerates industry, it is the 3rd-largest of the 10 companies we track by market value.

Shareholding pattern

As of Mar 2026, promoters held 61.99%, foreign institutional investors (FIIs) 11.25%, domestic institutional investors (DIIs) 15.49%, public shareholders 5.82% of Thermax Limited.

📈 Share price & events

📊 Quarterly trend

₹ crore · OPM % on right axis

🎯 Key metrics

price-linked ratios use the latest close

Valuation

Market Cap ?

₹37,476 Cr

Current Price ?

₹3,326.8

P/E ?

63.50above ind

Industry P/E ?

54.80

P/B ?

6.75

P/S ?

3.46

P/FCF ?

-93.46

Enterprise Value ?

₹39,829 Cr

EV/EBITDA ?

45.81

PEG ?

4.54

Earnings Yield ?

1.6%

Dividend Yield ?

0.43%

Profitability & Returns

Sales (TTM) ?

₹10,839 Cr

OPM ?

8.0%

Profit after tax (TTM) ?

₹590 Cr

EPS (TTM) ?

₹52.39

ROCE ?

15.0%

ROE ?

10.6%

ROA ?

4.4%

Growth

Sales — latest qtr ?

₹2,303 Cr

PAT — latest qtr ?

₹22 Cr

YoY qtr sales growth ?

7.1%

YoY qtr profit growth ?

-85.6%

Sales growth (3y) ?

10%

Sales growth (5y) ?

17%

Profit growth (3y) ?

14%

Profit growth (5y) ?

23%

Financial Health

Debt ?

₹2,353 Cr

Debt to Equity ?

0.42

Interest Coverage ?

5.9

Current Ratio ?

N/A

Ownership

Promoter holding ?

61.99%

Change in promoter holding ?

0.00%

Pledged percentage ?

N/A

Market

Return 3 months ?

-28.6%

Return 6 months ?

-19.7%

🗓️ Quarterly results (15 quarters · ₹ Cr)

same fiscal quarter as Jun bestweakest per row · for costs (interest, NPAs) low is best Highlight

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	YoY %	QoQ %
Sales	2,049	2,311	1,933	2,302	2,324	2,764	2,184	2,612	2,508	3,085	2,150	2,474	2,635	3,428	2,303	+7.1%	-32.8%
Operating Profit	161	200	132	204	187	273	161	278	189	300	225	172	255	374	69	-69.5%	-81.7%
Other Income	42	58	2	66	185	55	84	60	32	78	66	85	63	56	68	+3.9%	+21.8%
Interest	9	14	13	20	27	28	27	29	29	31	30	32	34	42	35	+16.4%	-16.3%
Depreciation	29	29	29	33	36	50	36	42	35	45	49	51	53	54	60	+21.8%	+10.2%
Profit Before Tax	165	214	91	217	309	251	161	266	156	301	211	174	289	334	42	-80.1%	-87.4%
Net Profit	126	156	60	159	237	188	109	198	114	206	151	119	205	244	22	-85.6%	-91.1%
EPS	11.20	13.85	5.23	14.00	21.17	16.90	10.28	17.49	10.29	18.27	13.53	10.62	18.12	20.50	2.24	-83.4%	-89.1%
OPM %	7.9%	8.7%	6.8%	8.9%	8.0%	9.9%	7.4%	10.6%	7.5%	9.7%	10.5%	7.0%	9.7%	10.9%	3.0%	-71.4%	-72.5%

📆 Annual results (₹ Cr, FY = Apr–Mar)

Metric	FY25	FY26	TTM	YoY %
Sales	₹10,389 Cr	₹10,687 Cr	₹10,839 Cr	+2.9%
Operating Profit	₹928 Cr	₹1,026 Cr	₹869 Cr	+10.5%
OPM %	8.93%	9.60%	8.02%	+7.5%
NPM %	6.03%	6.74%	5.44%	+11.8%
Other Income	₹253 Cr	₹270 Cr	₹272 Cr	+6.5%
Depreciation	₹158 Cr	₹208 Cr	₹218 Cr	+31.3%
Interest	₹116 Cr	₹139 Cr	₹144 Cr	+19.4%
EBIT	₹770 Cr	₹818 Cr	₹651 Cr	+6.3%
PBT	₹884 Cr	₹1,008 Cr	₹838 Cr	+13.9%
Tax	₹111 Cr	₹198 Cr	₹158 Cr	+78.7%
Net Profit	₹627 Cr	₹720 Cr	₹590 Cr	+14.9%
EPS	₹56.33	₹62.77	₹51.48	+11.4%
Material Cost	₹2,836 Cr	₹3,799 Cr	₹4,006 Cr	+34.0%
Employee Cost	₹646 Cr	₹1,030 Cr	₹1,072 Cr	+59.5%
Extraordinary Items	—	₹59 Cr	₹59 Cr	—

🏛️ Balance Sheet (latest 4 periods)

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026	% Chg
Equity Capital	23	23	23	23	+0.0%
Reserves	3,846	4,417	4,914	5,527	+12.5%
Borrowings	831	1,277	1,718	2,353	+37.0%
Other Liabilities	4,137	4,424	5,353	5,380	+0.5%
Total Liabilities	8,836	10,141	12,008	13,282	+10.6%
Fixed Assets	1,248	1,906	2,806	3,098	+10.4%
CWIP	434	525	563	1,392	+147.2%
Investments	1,626	1,765	1,699	1,784	+5.0%
Other Assets	5,528	5,945	6,941	7,009	+1.0%
Total Assets	8,836	10,141	12,008	13,282	+10.6%

💧 Cash Flow (latest 4 periods)

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026	% Chg
CFO/OP	102%	54%	135%	87%	-35.6%
Cash from Operating Activity	460	247	1,043	542	-48.0%
Cash from Investing Activity	-664	-514	-1,220	-587	+51.9%
Cash from Financing Activity	349	285	124	248	+100.0%
Net Cash Flow	144	19	-54	202	+474.1%
Free Cash Flow	-190	-471	143	-401	-380.4%

➗ Ratios (latest 4 periods)

Metric	Mar 2023	Mar 2024	Mar 2025	Mar 2026	% Chg
Debtor Days	80	83	85	75	-11.8%
Inventory Days	60	53	45	60	+33.3%
Days Payable	118	107	107	135	+26.2%
Cash Conversion Cycle	21	29	24	-0	-100.0%
Working Capital Days	-39	-24	-37	3	+108.1%
ROCE %	15%	17%	16%	15%	-6.2%

👥 Shareholding (latest 4 periods)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	% Chg
Promoters	61.99%	61.99%	61.99%	61.99%	+0.0%
FIIs	16.02%	13.44%	12.36%	11.25%	-9.0%
DIIs	11.74%	13.95%	14.84%	15.49%	+4.4%
Public	4.77%	5.16%	5.35%	5.82%	+8.8%
Others	5.47%	5.46%	5.46%	5.46%	+0.0%
No. of Shareholders	62,986	71,208	77,455	89,964	+16.2%

⚖️ Peer comparison

Industry: Conglomerates · 10 companies · full page →

#	Company	CMP	MCap (Cr)	P/E	Sales TTM	NP TTM	OPM%	NPM%	Sales YoY%	NP YoY%	Qtr Rev Δ%	Qtr NP Δ%
1	SRF SRF	₹2,482.40	73,580	34.0	17,001	2,162	22.5%	12.7%	7.4%	46.7%	31.8%	75.5%
2	TIINDIA Tube Investments	₹2,600.10	50,331	76.2	23,754	1,109	9.5%	4.7%	17.4%	6.4%	17.1%	-3.0%
3	THERMAX Thermax	₹3,610.50	40,672	59.5	10,839	590	8.0%	5.4%	2.9%	14.9%	7.1%	-85.6%
4	GODREJIND Godrej Industries	₹1,129.90	38,061	32.6	23,225	2,210	10.4%	9.5%	13.1%	29.8%	22.2%	-27.8%
5	3MINDIA 3M India	₹30,190.00	34,009	68.5	4,595	497	17.5%	10.8%	6.5%	-18.7%	20.2%	21.3%
6	CARBORUNIV Carborundum Universal	₹1,076.50	20,508	109.4	5,414	187	10.9%	3.5%	19.0%	-51.0%	17.0%	33.0%
7	BEML BEML	₹2,030.50	16,912	94.8	4,536	179	7.7%	3.9%	8.2%	-51.6%	29.3%	57.9%
8	NAVA Nava	₹552.00	15,639	19.3	4,310	972	36.9%	22.6%	7.7%	-27.6%	1.6%	-16.6%
9	DCMSHRIRAM DCM Shriram	₹1,000.00	15,485	10.9	13,840	1,436	11.1%	10.4%	6.3%	41.8%	9.3%	508.3%
10	JSWHL JSW Holdings	₹11,293.00	12,533	—	—	—	—	—	—	—	25.7%	-27.4%

❓ Frequently asked questions

What was Thermax Limited's revenue in Q1 FY27?

What was Thermax Limited's net profit in Q1 FY27?