Thermax Limited — quarter and year ended March 31, 2026
| Sr. No. | Particulars | Quarter ended Mar 31, 2026 (Refer note 1) | Dec 31, 2025 (Unaudited) | Mar 31, 2025 (Refer note 1) | Year ended Mar 31, 2026 (Audited) | Mar 31, 2025 (Audited) |
|---|---|---|---|---|---|---|
| 1 | Income: | |||||
| (a) | Revenue from operations (Refer note 5) | 3,428.04 | 2,634.68 | 3,046.40 | 10,694.15 | 10,369.26 |
| (b) | Other income (Refer note 4(1)(c) and 6) | 53.71 | 62.73 | 76.85 | 267.48 | 252.22 |
| Total income | 3,481.75 | 2,697.41 | 3,123.25 | 10,961.63 | 10,621.48 | |
| 2 | Expenses: | |||||
| (a) | Cost of raw materials and components consumed | 1,747.60 | 1,311.45 | 1,622.91 | 5,424.02 | 5,534.24 |
| (b) | Purchases of stock-in-trade | 54.87 | 39.77 | 58.41 | 184.67 | 193.19 |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 9.08 | 19.31 | 24.96 | (49.08) | 66.64 |
| (d) | Site expenses and contract labour charges | 435.78 | 355.25 | 346.97 | 1,396.11 | 1,210.76 |
| (e) | Net impairment losses on financial and contract assets | 13.38 | 11.02 | 16.53 | 42.82 | 80.53 |
| (f) | Employee benefits expense | 391.46 | 360.22 | 332.02 | 1,421.20 | 1,268.94 |
| (g) | Finance costs | 42.35 | 34.24 | 31.25 | 138.96 | 116.78 |
| (h) | Depreciation, amortisation and impairment expenses (Refer note 6) | 54.01 | 53.28 | 45.34 | 207.64 | 158.51 |
| (i) | Other expenses | 401.56 | 282.84 | 344.93 | 1,248.15 | 1,107.18 |
| Total expenses | 3,150.09 | 2,467.38 | 2,823.32 | 10,014.49 | 9,736.77 | |
| 3 | Profit before exceptional items, tax and share of loss of associates | 331.66 | 230.03 | 299.93 | 947.14 | 884.71 |
| 4 | Share of loss of associates (net of tax) | 0.01 | (0.11) | 0.71 | (0.41) | (0.24) |
| 5 | Profit before exceptional items and tax | 331.67 | 229.92 | 300.64 | 946.73 | 884.47 |
| 6 | Exceptional items (Refer note 7(a)) | 2.46 | 58.75 | – | 61.21 | – |
| 7 | Profit before tax | 334.13 | 288.67 | 300.64 | 1,007.94 | 884.47 |
| 8 | Tax expense: | |||||
| (a) | Current tax | 80.92 | 85.46 | 131.99 | 268.05 | 299.63 |
| (b) | Deferred tax | 8.81 | (1.80) | (36.90) | 19.63 | (41.86) |
| Total tax expense | 89.73 | 83.66 | 95.09 | 287.68 | 257.77 | |
| 9 | Net profit for the period/year before share of profit/(loss) attributable to non-controlling interests | 244.40 | 205.01 | 205.55 | 720.26 | 626.70 |
| 10 | Other comprehensive income/(loss), net of tax | |||||
| (a) | Items that will be reclassified subsequently to profit or loss | |||||
| – Net gain/(loss) on cash flow hedges | (59.99) | (5.84) | 9.93 | (92.15) | (5.50) | |
| – Exchange differences on translation of foreign operations | 25.65 | 7.76 | 3.69 | 71.58 | 10.08 | |
| (b) | Items that will not be reclassified subsequently to profit or loss | |||||
| – Re-measurements of defined benefit plan | 6.77 | 2.84 | 4.93 | 1.77 | (6.91) | |
| Total other comprehensive income/(loss) for the period/year | (27.57) | 4.76 | 18.55 | (18.80) | (2.33) | |
| 11 | Total comprehensive income for the period/year | 216.83 | 209.77 | 224.10 | 701.46 | 624.37 |
| 12 | Net profit/(loss) attributable to: | |||||
| – Equity share holders | 244.28 | 204.18 | 205.73 | 720.50 | 634.47 | |
| – Non-controlling interests | 0.12 | 0.83 | (0.18) | (0.24) | (7.77) | |
| 13 | Other comprehensive income/(loss), net of tax attributable to: | |||||
| – Equity share holders | (27.66) | 4.73 | 18.55 | (18.92) | (2.33) | |
| – Non-controlling interests* | 0.09 | 0.03 | 0 | 0.12 | 0 | |
| 14 | Total comprehensive income attributable to: | |||||
| – Equity share holders | 216.62 | 208.91 | 224.28 | 701.58 | 632.14 | |
| – Non-controlling interests | 0.21 | 0.86 | (0.18) | (0.12) | (7.77) | |
| 15 | Paid-up equity share capital (Face Value of Rs. 2/- each) | 22.53 | 22.53 | 22.53 | 22.53 | 22.53 |
| 16 | Other equity | 5,527.44 | 4,914.36 | |||
| 17 | Earnings per share (in Rupees) (not annual |
| Sr. No. | Particulars | Consolidated Mar 31, 2026 (Audited) | Mar 31, 2025 (Audited) | Standalone Mar 31, 2026 (Audited) | Mar 31, 2025 (Audited) |
|---|---|---|---|---|---|
| A | Assets | ||||
| I. | Non-current assets | ||||
| Property, plant and equipment | 2,640.07 | 2,441.52 | 929.20 | 888.64 | |
| Capital work-in-progress | 1,391.83 | 560.84 | 44.85 | 81.59 | |
| Right-of-use assets | 227.81 | 173.67 | 65.40 | 65.07 | |
| Goodwill | 80.19 | 80.19 | – | – | |
| Other intangible assets | 99.51 | 110.51 | 25.70 | 23.06 | |
| Intangible assets under development | 50.00 | 1.74 | 25.13 | 1.12 | |
| Financial assets | |||||
| (a) Investments | |||||
| – Investments in subsidiaries | – | – | 1,634.82 | 1,352.44 | |
| – Investments in associates | 9.30 | 9.71 | 10.00 | 10.00 | |
| – Other investments | 497.48 | 121.01 | 424.71 | 47.65 | |
| (b) Loans | 3.76 | 4.55 | 131.99 | 11.67 | |
| (c) Finance lease receivables | 249.10 | 228.96 | 0.83 | – | |
| (d) Other financial assets | 403.14 | 304.37 | 184.67 | 9.39 | |
| Contract assets | – | 158.61 | – | 142.46 | |
| Deferred tax assets (net) | 174.70 | 154.38 | 84.73 | 90.64 | |
| Income tax assets (net) | 155.46 | 143.79 | 83.01 | 90.81 | |
| Other non-current assets | 190.96 | 222.19 | 45.68 | 54.49 | |
| Total non-current assets | 6,173.31 | 4,716.04 | 3,690.72 | 2,869.03 | |
| II. | Current assets | ||||
| Inventories | 909.50 | 716.55 | 481.55 | 379.30 | |
| Financial assets | |||||
| (a) Investments | 1,276.74 | 1,567.92 | 711.65 | 1,295.40 | |
| (b) Trade receivables | 2,204.84 | 2,003.01 | 1,524.25 | 1,407.92 | |
| (c) Cash and cash equivalents | 674.45 | 416.55 | 100.14 | 117.05 | |
| (d) Other bank balances | 516.21 | 730.49 | 78.27 | 3.25 | |
| (e) Loans | 1.29 | 1.27 | 65.82 | 48.20 | |
| (f) Finance lease receivables | 39.34 | 37.41 | 0.28 | – | |
| (g) Other financial assets | 119.22 | 93.32 | 89.94 | 68.85 | |
| Contract assets | 773.08 | 481.95 | 496.99 | 229.01 | |
| Income tax assets (net) | 9.14 | 2.09 | – | – | |
| Other current assets | 584.99 | 636.39 | 318.59 | 486.14 | |
| Total current assets | 7,108.80 | 6,686.95 | 3,867.48 | 4,035.12 | |
| III. | Assets classified as held for sale | – | 9.10 | – | 10.00 |
| Total Assets | 13,282.11 | 11,412.09 | 7,558.20 | 6,914.15 | |
| B | Equity and Liabilities | ||||
| I. | Equity | ||||
| Equity share capital | 22.53 | 22.53 | 23.83 | 23.83 | |
| Other equity | 5,527.44 | 4,914.36 | 4,403.26 | 3,943.93 | |
| Equity attributable to owners of parent company | 5,549.97 | 4,936.89 | 4,427.09 | 3,967.76 | |
| Non controlling interests | 29.22 | 5.69 | – | – | |
| Total Equity | 5,579.19 | 4,942.58 | 4,427.09 | 3,967.76 | |
| II. | Non-current liabilities | ||||
| Financial liabilities: | |||||
| (a) Borrowings | 1,615.83 | 1,161.55 | 25.00 | 25.00 | |
| (b) Lease liabilities | 57.54 | 18.83 | 4.75 | 3.67 | |
| (c) Trade payables | – | – | – | – | |
| Total outstanding dues of micro and small enterprises | – | – | – | – | |
| Total outstanding dues of creditors other than micro and small enterprises | – | 54.37 | – | 52.52 | |
| (d) Other financial liabilities | 79.15 | 118.68 | – | – | |
| Provisions | 47.71 | 40.38 | 31.53 | 26.82 | |
| Deferred tax liabilities (net) | 40.15 | 30.04 | – | – | |
| Other non-current liabilities | 42.18 | 36.50 | – | – | |
| Total non-current liabilities | 1,882.56 | 1,460.35 | 61.28 | 108.01 | |
| III. | Current liabilities | ||||
| Financial liabilities: | |||||
| (a) Borrowings | 672.18 | 531.79 | 100.16 | 59.51 | |
| ( |
| Sr. No. | Particulars | Consolidated Mar 31, 2026 (Audited) | Consolidated Mar 31, 2025 (Audited) | Standalone Mar 31, 2026 (Audited) | Standalone Mar 31, 2025 (Audited) |
|---|---|---|---|---|---|
| A) | **Cash flows from operating activities |