Thermax Financial Statements

Thermax (THERMAX) reported revenue of ₹109.62B in FY2026 with net income of ₹7.20B. Total assets stood at ₹132.82B. Net worth was ₹55.50B (₹5,550 Cr) and free cash flow was -₹4.11B.

Thermax Income Statement

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FY 2025 – FY 2026

Item	Chart	2025	2026
Revenue		106.41B	109.62B
Cost of Rev. Cost of Revenue		-58.14B	-55.60B
Gross Profit		48.27B	54.02B
SGA Sales, General & Admin		-36.67B	-41.08B
Op. Income Operating Income		10.01B	10.86B
PBT Profit Before Tax		8.84B	10.08B
Net Income		6.27B	7.20B
Dil. Shares Diluted Shares		112.67M	112.68M
Diluted EPS		56.31	63.94

Figures in ₹ — millions (M), billions (B), trillions (T). EPS is earnings per share.

Understanding the Income Statement

The income statement shows Thermax's revenue and expenses over a period. Revenue minus costs gives gross profit; after operating expenses, interest, and taxes, the remainder is net income. Diluted EPS divides net income by all shares that could exist if options and convertibles were exercised.

Thermax Balance Sheet

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FY 2025 – FY 2026

Item	Chart	2025	2026
Curr. assets Total current assets		66.87B	71.09B
Non-curr. assets Total non-current assets		47.25B	61.73B
Total assets		114.12B	132.82B
Curr. liabilities Total current liabilities		50.09B	58.20B
Non-curr. liab. Total non-current liabilities		14.60B	18.83B
Total liabilities		64.70B	77.03B
Total equity		49.43B	55.79B
Total liab. & eq. Total liabilities & equity		114.12B	132.82B

Figures in ₹ — millions (M), billions (B), trillions (T).

Understanding the Balance Sheet

The balance sheet captures Thermax's financial position at a point in time — what it owns (assets), what it owes (liabilities), and the residual value to shareholders (equity). Total assets always equals total liabilities plus equity.

Thermax Cash Flow Statement

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FY 2025 – FY 2026

Item	Chart	2025	2026
Net Income		8.84B	10.08B
Operating CF Cash flow Operating Activities		10.80B	5.42B
Capex Investments in PPE		-9.02B	-9.52B
Investing CF Cash flow Investing Activities		-12.72B	-5.87B
Dividend Paid		-1.35B	-1.58B
Financing CF Cash flow Financing Activities		1.23B	2.48B
Cash (start) Cash at beginning of period		4.67B	4.12B
Cash (end) Cash at end of period		4.12B	6.36B
FCF Free Cash Flow		1.78B	-4.11B

Figures in ₹ — millions (M), billions (B), trillions (T).

Understanding Cash Flow

The cash flow statement tracks how Thermax's cash moves through operations, investing, and financing activities. Free cash flow — operating cash minus capital expenditure — shows what is available to return to shareholders.

Data from audited consolidated filings. For educational purposes only — not investment advice. Last update: Mar-2026