Thermax Income Statement

Financials in millions INR. Fiscal year is April - March.

Millions INR. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Revenue	103,319	103,887	93,235	80,898	61,283	47,913
Revenue Growth (YoY)	2.63%	11.43%	15.25%	32.01%	27.91%	-16.40%
Cost of Revenue	54,738	58,135	52,196	46,247	34,850	25,386
Gross Profit	48,582	45,752	41,039	34,651	26,433	22,526
Selling, General & Admin	13,915	12,987	11,743	9,568	8,151	7,611
Other Operating Expenses	25,109	23,646	21,304	19,070	14,048	11,355
Operating Expenses	41,014	38,218	34,400	29,806	23,331	20,111
Operating Income	7,568	7,534	6,639	4,846	3,102	2,415
Interest Expense	-1,124	-1,013	-737.7	-252.1	-134.7	-117.5
Interest & Investment Income	938.2	938.2	912.1	713	590.4	777.5
Earnings From Equity Investments	2.9	-2.4	-8.2	-2.3	1.3	-
Other Non Operating Income (Expenses)	1,708	1,324	1,121	600.3	276.2	126.5
EBT Excluding Unusual Items	9,094	8,782	7,927	5,905	3,835	3,202
Merger & Restructuring Charges	-6.9	-6.9	-	-	-	-196.5
Impairment of Goodwill	-	-	-	-	-	-328.8
Gain (Loss) on Sale of Assets	-26.3	-26.3	-8.8	-37.9	76.4	-7.6
Asset Writedown	-	-	-128.1	-	-	-
Legal Settlements	506.3	-	-506.3	-	-	-
Other Unusual Items	177.6	96.4	1,406	164	189.9	83.2
Pretax Income	9,745	8,845	8,690	6,031	4,101	2,752
Income Tax Expense	2,930	2,578	2,258	1,524	977.9	686.1
Earnings From Continuing Operations	6,814	6,267	6,432	4,507	3,123	2,066
Minority Interest in Earnings	5.4	77.7	20.9	-4.1	-	-
Net Income	6,820	6,345	6,453	4,503	3,123	2,066
Net Income to Common	6,820	6,345	6,453	4,503	3,123	2,066
Net Income Growth	10.16%	-1.68%	43.30%	44.18%	51.18%	-2.76%
Shares Outstanding (Basic)	113	113	113	113	113	113
Shares Outstanding (Diluted)	113	113	113	113	113	113
Shares Change (YoY)	-0.03%	0.01%	0.02%	-	0.02%	-
EPS (Basic)	60.54	56.33	57.30	39.98	27.73	18.34
EPS (Diluted)	60.52	56.31	57.28	39.98	27.73	18.34
EPS Growth	10.18%	-1.69%	43.27%	44.18%	51.17%	-2.76%
Free Cash Flow	-	1,401	-5,966	-2,047	2,409	6,861
Free Cash Flow Per Share	-	12.44	-52.96	-18.17	21.39	60.92
Dividend Per Share	-	14.000	12.000	10.000	9.000	7.000
Dividend Growth	-	16.67%	20.00%	11.11%	28.57%	-
Gross Margin	47.02%	44.04%	44.02%	42.83%	43.13%	47.02%
Operating Margin	7.32%	7.25%	7.12%	5.99%	5.06%	5.04%
Profit Margin	6.60%	6.11%	6.92%	5.57%	5.10%	4.31%
Free Cash Flow Margin	-	1.35%	-6.40%	-2.53%	3.93%	14.32%
EBITDA	9,144	8,954	7,851	5,862	4,085	3,424
EBITDA Margin	8.85%	8.62%	8.42%	7.25%	6.67%	7.15%
D&A For EBITDA	1,576	1,420	1,212	1,016	983	1,009
EBIT	7,568	7,534	6,639	4,846	3,102	2,415
EBIT Margin	7.32%	7.25%	7.12%	5.99%	5.06%	5.04%
Effective Tax Rate	30.07%	29.14%	25.98%	25.26%	23.84%	24.93%
Revenue as Reported	106,226	106,409	95,560	82,500	62,553	48,990

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.