Business Segments Thermax Limited

Equities

THERMAX

INE152A01029

Industrial Machinery & Equipment

Delayed NSE India S.E. Other stock markets 01:41:41 09/02/2026 pm IST			5-day change	1st Jan Change
2,890.80 ^INR	+0.63%		+2.22%	-4.30%

06/02	ICICIdirect.com Upgrades Thermax to Buy from Hold, Price Target is INR3,400	MT
05/02	Thermax Limited, Q3 2026 Earnings Call, Feb 05, 2026

Sales 2025 by Business Segment

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Sales 2025 by Geography

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Historical Breakdown of Revenue by Business Segments

Operating Income: Breakdown by Business Segment

Breakdown by Business Segment (INR)

Fiscal Period: March	2021	2022	2023	2024	2025
Heavy Construction
Industrial Infra	-	-	3.93TCr	4.46TCr	4.71TCr
Total Assets	-	-	2.55TCr	2.71TCr	2.99TCr
D&A	-	-	33Cr	30Cr	20Cr
Operating Income	-	-	216.77Cr	208.91Cr	110.08Cr
Green Solutions	-	-	362.71Cr	507.06Cr	689.88Cr
Total Assets	-	-	956.61Cr	1.69TCr	2.32TCr
D&A	-	-	2.35Cr	25Cr	42Cr
Operating Income	-	-	15Cr	45Cr	-86L
Industrial Heating, Ventilation, Air Conditioning, and Refrigeration Equipment and Supplies
Industrial Products	-	-	3.34TCr	4.06TCr	4.53TCr
Total Assets	-	-	1.69TCr	2.07TCr	2.43TCr
D&A	-	-	35Cr	47Cr	46Cr
Operating Income	-	-	273.92Cr	397.01Cr	529.03Cr
Energy	3.63TCr	4.43TCr	-	-	-
Total Assets	2.76TCr	3.25TCr	-	-	-
CAPEX	-	-	-	-	-
D&A	73Cr	65Cr	-	-	-
Operating Income	217.71Cr	285.5Cr	-	-	-
Plastic and Synthetic Resins
Chemical	429.45Cr	538.51Cr	672.83Cr	663.35Cr	762.83Cr
Total Assets	415.06Cr	477.52Cr	498.18Cr	592.47Cr	896.31Cr
D&A	17Cr	19Cr	22Cr	23Cr	28Cr
Operating Income	103.38Cr	62Cr	86Cr	123.78Cr	122.26Cr
Total Assets	-	-	-	-	-
D&A	-	-	-	-	-
Operating Income	-	-	-	-	-
Corporate	-	-	-	-	-
Total Assets	-	-	-	-	-
Operating Income	-	-	-	-	-
Inter Segment Revenue	-60Cr	-138.37Cr	-211.26Cr	-357.37Cr	-307.57Cr
Total Assets	-	-	-153.96Cr	-180.85Cr	-242.88Cr
D&A	19Cr	23Cr	24Cr	23Cr	23Cr
Total Assets	234.46Cr	1.48TCr	1.63TCr	1.77TCr	1.7TCr
Total Assets	-	-	-	-	-
Total Assets	1.94TCr	953.5Cr	1.13TCr	975.32Cr	1.15TCr
Total Assets	163.85Cr	124Cr	128.74Cr	87Cr	122.99Cr
Total Assets	-	-	-	-	-
Total Assets	165.69Cr	194.34Cr	220.83Cr	209.55Cr	145.88Cr
Total Assets	307.56Cr	271.67Cr	194.68Cr	233.82Cr	267.52Cr
Total Assets	-	-	-	-	248.65Cr
Industrial Filtration Systems
Environment	794.13Cr	1.29TCr	-	-	-
Total Assets	521.21Cr	710.89Cr	-	-	-
CAPEX	-	-	-	-	-
D&A	5.94Cr	5.66Cr	-	-	-
Operating Income	38Cr	43Cr	-	-	-

Geographical Revenue Distribution History

Geographical breakdown of sales (INR)

Fiscal Period: March	2021	2022	2023	2024	2025
India	3.12TCr	4.51TCr	6.04TCr	7.26TCr	8.06TCr
Total Assets	1.37TCr	1.38TCr	2TCr	2.69TCr	3.61TCr
CAPEX	-	-	-	-	-
Outside India	1.68TCr	1.62TCr	2.05TCr	2.06TCr	2.33TCr
Total Assets	148.01Cr	149.05Cr	131.79Cr	134.72Cr	138.53Cr
CAPEX	-	-	-	-	-