Flash Finance

Thermax LimitedTHERMAXCorporate

Industrials Conglomerates Latest results: Jun 2026 15 quarters of data
Consolidated Standalone
₹3,326.80
MCap ₹37,476 Cr · P/E 64.1
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AI-assisted data: figures and text on this page are extracted from public quarterly filings with AI assistance, checked automatically and overseen by our editorial team (human in the loop). They may still contain errors or omissions. Verify critical numbers against official company / SEBI / NSE / BSE filings before making any decision. Educational information only, not financial advice.
₹1,303 Cr
Sales · Jun 2026
+10.2% YoY
₹-28 Cr
Operating Profit · Jun 2026
-150.7% YoY
-2.1%
OPM % · Jun 2026
-145.7% YoY
₹-18 Cr
Net Profit · Jun 2026
-138.9% YoY
₹-1.52
EPS · Jun 2026
-139.0% YoY

📝 Thermax Limited — results explained

Quarter ended June 2026 (Q1 FY27)

Thermax Limited reported revenue of ₹1,303 crore for the quarter ended June 2026 (Q1 FY27), up 10.2% from ₹1,183 crore in the same quarter last year, and down 41.5% sequentially over the March 2026 quarter.

The company reported a net loss of ₹18 crore, against a net profit of ₹46 crore in the same quarter last year. Earnings per share (EPS) came in at ₹-1.52.

Operating profit stood at ₹-28 crore — an operating margin (OPM) of -2.1%, compared with 4.6% in the year-ago quarter.

Full year and trailing twelve months

For the full year FY26, Thermax Limited posted revenue of ₹6,512 crore, a growth of 4.1% over FY25, with a net profit of ₹649 crore (up 13.4% year-on-year).

On a trailing-twelve-month (TTM) basis, revenue stands at ₹6,633 crore with a net profit of ₹584 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 64.1.

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 ?
64.14above ind
Industry P/E ?
54.80
P/B ?
8.47
P/S ?
5.65
P/FCF ?
135.78
Enterprise Value ?
₹37,608 Cr
EV/EBITDA ?
81.37
PEG ?
3.05
Earnings Yield ?
1.0%
Dividend Yield ?
0.43%
Profitability & Returns
Sales (TTM) ?
₹6,633 Cr
OPM ?
7.0%
Profit after tax (TTM) ?
₹584 Cr
EPS (TTM) ?
₹51.87
ROCE ?
17.0%
ROE ?
13.2%
ROA ?
7.7%
Growth
Sales — latest qtr ?
₹1,303 Cr
PAT — latest qtr ?
₹-18 Cr
YoY qtr sales growth ?
10.2%
YoY qtr profit growth ?
-138.9%
Sales growth (3y) ?
8%
Sales growth (5y) ?
16%
Profit growth (3y) ?
21%
Profit growth (5y) ?
22%
Financial Health
Debt ?
₹132 Cr
Debt to Equity ?
0.03
Interest Coverage ?
18.0
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
Metric Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026 YoY % QoQ %
Sales 1,3311,4901,1611,4441,4801,7381,3111,5191,4531,9721,1831,5051,5992,2261,303 +10.2% -41.5%
Operating Profit 981461101411211357212711021755106139245-28 -150.7% -111.3%
Other Income —53-1-161615269374114935178393535 +1.2% +0.8%
Interest 575667688935886 +73.2% -26.4%
Depreciation 191818181819192019202426272026 +7.8% +30.2%
Profit Before Tax 1121745910225816111613612433762253227252-24 -139.4% -109.7%
Net Profit 9012244642011298610810327546226175201-18 -138.9% -109.0%
EPS 7.5510.253.685.4116.8410.797.229.068.6623.093.9018.9614.7316.87-1.52 -139.0% -109.0%
OPM % 7.4% 9.8% 9.5% 9.8% 8.2% 7.8% 5.5% 8.4% 7.6% 11.0% 4.6% 7.0% 8.7% 11.0% -2.1% -145.7% -119.1%

📆 Annual results (₹ Cr, FY = Apr–Mar)

Metric FY25 FY26 TTM YoY %
Sales ₹6,254 Cr ₹6,512 Cr ₹6,633 Cr +4.1%
Operating Profit ₹526 Cr ₹545 Cr ₹462 Cr +3.4%
OPM % 8.42% 8.36% 6.97% -0.7%
NPM % 9.15% 9.96% 8.81% +8.9%
Other Income ₹296 Cr ₹287 Cr ₹287 Cr -3.3%
Depreciation ₹78 Cr ₹97 Cr ₹99 Cr +23.7%
Interest ₹32 Cr ₹25 Cr ₹27 Cr -21.7%
EBIT ₹448 Cr ₹448 Cr ₹364 Cr -0.1%
PBT ₹713 Cr ₹795 Cr ₹709 Cr +11.5%
Tax ₹49 Cr ₹95 Cr ₹73 Cr +95.2%
Net Profit ₹572 Cr ₹649 Cr ₹584 Cr +13.4%
EPS ₹48.03 ₹54.46 ₹49.04 +13.4%
Material Cost ₹1,657 Cr ₹2,371 Cr ₹2,517 Cr +43.0%
Employee Cost ₹397 Cr ₹623 Cr ₹642 Cr +56.8%
Extraordinary Items ₹94 Cr ₹85 Cr ₹85 Cr -8.9%

🏛️ Balance Sheet (latest 4 periods)

Metric Mar 2023Mar 2024Mar 2025Mar 2026 % Chg
Equity Capital 24242424 +0.0%
Reserves 3,1943,5133,9444,403 +11.6%
Borrowings 22431490132 +46.7%
Other Liabilities 2,7092,8973,1882,999 -5.9%
Total Liabilities 6,1516,7477,2467,558 +4.3%
Fixed Assets 7147509771,045 +7.0%
CWIP 451128345 -45.8%
Investments 2,2702,3932,7052,781 +2.8%
Other Assets 3,1233,4933,4813,687 +5.9%
Total Assets 6,1516,7477,2467,558 +4.3%

💧 Cash Flow (latest 4 periods)

Metric Mar 2023Mar 2024Mar 2025Mar 2026 % Chg
Cash from Operating Activity 41991374416 +11.2%
Cash from Investing Activity -338103-126-287 -127.8%
Cash from Financing Activity -81-51-394-146 +62.9%
Net Cash Flow -0143-145-17 +88.3%
Free Cash Flow 36961106276 +160.4%
CFO/OP 140%44%83%110% +32.5%

➗ Ratios (latest 4 periods)

Metric Mar 2023Mar 2024Mar 2025Mar 2026 % Chg
Debtor Days 86949685 -11.5%
Inventory Days 48444049 +22.5%
Days Payable 127119115146 +27.0%
Cash Conversion Cycle 71921-11 -152.4%
Working Capital Days -40-25-1335 +369.2%
ROCE % 14%17%17%17% +0.0%

👥 Shareholding (latest 4 periods)

Metric Jun 2025Sep 2025Dec 2025Mar 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 62,98671,20877,45589,964 +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?
Thermax Limited reported revenue of ₹1,303 crore for the quarter ended June 2026 (Q1 FY27), up 10.2% from ₹1,183 crore in the same quarter last year, and down 41.5% sequentially over the March 2026 quarter.
What was Thermax Limited's net profit in Q1 FY27?
The company reported a net loss of ₹18 crore, against a net profit of ₹46 crore in the same quarter last year. Earnings per share (EPS) came in at ₹-1.52.
What is THERMAX's market capitalisation and P/E ratio?
At the current price of ₹3,326.80, THERMAX has a market capitalisation of ₹37,476 crore and a trailing P/E of about 64.1.
Who owns Thermax Limited? (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.
TTM ends 2026-06-30. Amounts are ₹ crore unless stated otherwise. Figures are extracted by AI from public quarterly filings; gaps are filled from public market data. Live price refreshed about twice a day from exchange data. Educational information only — not financial advice.
⚠️ How this site is made: Market data pages are computed automatically from NSE/BSE publications and company filings; news articles and announcement analyses are written with AI assistance, with a human in the loop: our editors review what the AI produces. Both can contain errors. Verify with the original sources before any investment decision. Not investment advice; Flash Finance is not SEBI-registered. How we use AI