Financials Thermax Limited

Equities

THERMAX

INE152A01029

Industrial Machinery & Equipment

Market Closed - NSE India S.E. Other stock markets 05:19:47 20/01/2026 pm IST			5-day change	1st Jan Change
2,921.40 ^INR	-0.55%		-0.95%	-3.35%

16/01	Thermax Limited Announces Resignation of Executive Vice President and Chief Human Resources Officer Jasmeet Bhatia, Effective January 16, 2026	CI
06/01	IIFL Downgrades Thermax to Reduce from Add; Price Target is INR2,644	MT

Projected Income Statement: Thermax Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	47,912	61,283	80,898	93,235	1,03,887	1,07,884	1,26,067	1,43,889
Change	-	27.91%	32.01%	15.25%	11.43%	3.85%	16.85%	14.14%
EBITDA ¹	3,552	4,214	5,976	7,966	9,075	9,626	12,878	15,570
Change	-	18.63%	41.81%	33.3%	13.93%	6.06%	33.79%	20.9%
EBIT ¹	2,406	3,081	4,807	6,485	7,490	7,632	10,611	12,909
Change	-	28.06%	56.01%	34.91%	15.5%	1.9%	39.02%	21.67%
Interest Paid ¹	-206.4	-251.7	-375.9	-875.9	-1,168	-1,336	-1,442	-1,582
Earnings before Tax (EBT) ¹	2,752	4,101	6,031	8,690	8,845	8,972	11,625	14,202
Change	-	49.02%	47.05%	44.09%	1.78%	1.44%	29.57%	22.16%
Net income ¹	2,066	3,123	4,503	6,453	6,345	6,494	8,690	10,634
Change	-	51.18%	44.18%	43.3%	-1.68%	2.36%	33.81%	22.37%
Announcement Date	25/05/21	20/05/22	17/05/23	10/05/24	09/05/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2
Net sales ¹	6,649	11,412	14,106	15,745	10,524	14,693	16,147	19,919	16,545	20,753	20,492	23,108	19,330	23,025	23,244	27,637	21,844	26,116	25,078	30,849	21,502	28,008	27,451	34,835	24,871	29,448
Change	-	71.62%	23.61%	11.62%	-33.16%	39.62%	9.9%	23.36%	-16.94%	25.43%	-1.25%	12.76%	-16.35%	19.12%	0.95%	18.9%	-20.96%	19.56%	-3.98%	23.02%	-30.3%	30.26%	-1.99%	26.9%	-28.6%	18.4%
EBITDA ¹	-113.9	793.4	1,476	1,397	630.4	1,100	1,131	1,352	960.3	1,406	1,608	1,999	1,318	2,044	1,874	2,733	1,412	2,779	1,890	3,004	2,249	2,620	2,354	3,830	2,589	2,710
Change	-	796.58%	86.01%	-5.37%	-54.86%	74.51%	2.81%	19.56%	-28.98%	46.36%	14.42%	24.3%	-34.06%	55.05%	-8.29%	45.82%	-48.35%	96.91%	-32%	58.94%	-25.12%	16.49%	-10.16%	62.69%	-32.39%	4.67%
EBIT ¹	-394.1	506.6	1,185	1,109	356.5	825.9	841.3	1,058	674.8	1,108	1,318	1,705	1,024	1,714	1,516	2,234	1,051	2,359	1,539	2,550	1,760	1,900	1,801	2,214	2,039	2,140
Change	-	228.55%	133.93%	-6.46%	-67.84%	131.67%	1.86%	25.71%	-36.2%	64.12%	18.96%	29.38%	-39.92%	67.38%	-11.57%	47.39%	-52.95%	124.38%	-34.74%	65.7%	-30.98%	7.92%	-5.18%	22.9%	-7.88%	4.95%
Charge d'intérêts ¹	-40	-46.9	-56.5	-63	-47.8	-50.5	-52.6	-100.8	-	-	-	-	-	-	-266.1	-278.1	-274.8	-293.9	-286.6	-312.5	-302	-1,395	-358	-413	-	-
Earnings before Tax (EBT) ¹	-224.9	440.9	1,132	1,404	562.6	1,143	1,080	1,315	813.8	1,424	1,650	2,144	1,425	2,175	3,092	2,509	1,613	2,662	1,563	3,006	2,115	2,371	2,034	3,543	-	-
Change	-	296.04%	156.77%	24%	-59.92%	103.15%	-5.47%	21.72%	-38.12%	74.96%	15.85%	29.95%	-33.52%	52.62%	42.16%	-18.86%	-35.7%	65.05%	-41.31%	92.38%	-29.66%	12.13%	-14.24%	74.22%	-	-
Net income ¹	-152.7	312.4	832.6	1,074	424	879.2	794.5	1,025	589.5	1,092	1,262	1,560	588.8	1,586	2,383	1,903	1,158	1,970	1,159	2,057	1,524	1,771	1,538	1,900	-	-
Change	-	304.58%	166.52%	28.93%	-60.5%	107.36%	-9.63%	29.06%	-42.51%	85.17%	15.6%	23.62%	-62.25%	169.36%	50.28%	-20.14%	-39.15%	70.13%	-41.18%	77.51%	-25.93%	16.19%	-13.12%	23.48%	-	-
Announcement Date	12/08/20	04/11/20	03/02/21	25/05/21	05/08/21	10/11/21	04/02/22	20/05/22	02/08/22	11/11/22	07/02/23	17/05/23	01/08/23	03/11/23	08/02/24	10/05/24	01/08/24	13/11/24	04/02/25	09/05/25	31/07/25	-	-	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Thermax Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-16,341	-5,981	-3,210	2,806	5,388	12,927	-691	12,567
Change	-	63.4%	46.33%	187.41%	92.02%	139.92%	-105.35%	1,918.67%
Announcement Date	25/05/21	20/05/22	17/05/23	10/05/24	09/05/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Thermax Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	833.7	837.8	6,499	7,185	9,002	6,894	6,240	4,598
Change	-	0.49%	675.77%	10.55%	25.29%	-23.42%	-9.49%	-26.31%
Free Cash Flow (FCF) ¹	6,861	2,413	-1,904	-5,966	1,401	7,114	4,471	6,480
Change	-	-64.83%	-178.9%	-213.39%	123.48%	407.68%	-37.15%	44.95%
Announcement Date	25/05/21	20/05/22	17/05/23	10/05/24	09/05/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Thermax Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	7.41%	6.88%	7.39%	8.54%	8.74%	8.92%	10.22%	10.82%
EBIT Margin (%)	5.02%	5.03%	5.94%	6.96%	7.21%	7.07%	8.42%	8.97%
EBT Margin (%)	5.74%	6.69%	7.45%	9.32%	8.51%	8.32%	9.22%	9.87%
Net margin (%)	4.31%	5.1%	5.57%	6.92%	6.11%	6.02%	6.89%	7.39%
FCF margin (%)	14.32%	3.94%	-2.35%	-6.4%	1.35%	6.59%	3.55%	4.5%
FCF / Net Income (%)	332.13%	77.26%	-42.28%	-92.46%	22.08%	109.54%	51.45%	60.94%
Profitability
ROA	3.32%	4.47%	5.52%	-	5.72%	5.2%	6.67%	7.48%
ROE	6.58%	9.26%	12.24%	15.5%	13.53%	12.5%	15.07%	16.31%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	0.35x	0.59x	1.34x	-	0.81x
Debt / Free cash flow	-	-	-	-0.47x	3.85x	1.82x	-	1.94x
Capital Intensity
CAPEX / Current Assets (%)	1.74%	1.37%	8.03%	7.71%	8.67%	6.39%	4.95%	3.2%
CAPEX / EBITDA (%)	23.47%	19.88%	108.77%	90.2%	99.19%	71.62%	48.45%	29.53%
CAPEX / FCF (%)	12.15%	34.72%	-341.39%	-120.43%	642.46%	96.91%	139.58%	70.96%
Items per share
Cash flow per share ¹	68.33	28.84	40.8	21.95	92.55	64.28	77.84	92.13
Change	-	-57.8%	41.49%	-46.2%	321.59%	-30.54%	21.09%	18.35%
Dividend per Share ¹	7	9	10	12	14	14.48	17.14	21.27
Change	-	28.57%	11.11%	20%	16.67%	3.44%	18.35%	24.1%
Book Value Per Share ¹	288.8	310.2	343.4	394.2	438.2	464.5	520.5	585.9
Change	-	7.42%	10.72%	14.79%	11.15%	6.01%	12.06%	12.56%
EPS ¹	18.34	27.73	39.98	57.28	56.31	56.43	75.9	92.39
Change	-	51.2%	44.18%	43.27%	-1.69%	0.21%	34.49%	21.74%
Nbr of stocks (in thousands)	1,12,615	1,12,615	1,12,615	1,12,615	1,12,621	1,12,640	1,12,640	1,12,640
Announcement Date	25/05/21	20/05/22	17/05/23	10/05/24	09/05/25	-	-	-