Thermax Balance Sheet

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
Cash & Equivalents	-	4,177	4,866	4,528	3,108	4,613
Short-Term Investments	-	9,114	8,040	13,074	8,063	14,749
Trading Asset Securities	-	13,909	10,476	7,635	6,022	1,153
Cash & Short-Term Investments	25,258	27,200	23,382	25,238	17,193	20,515
Cash Growth	-14.19%	16.33%	-7.35%	46.79%	-16.20%	59.56%
Accounts Receivable	-	31,446	26,280	22,693	18,343	15,500
Other Receivables	-	571.2	352.3	93.5	348.8	392.2
Receivables	-	32,029	26,643	22,811	18,712	15,909
Inventory	-	7,203	7,649	7,556	7,270	4,047
Prepaid Expenses	-	319.2	301.4	242.3	246.9	190.4
Other Current Assets	-	6,468	6,506	4,954	3,957	4,003
Total Current Assets	-	73,220	64,481	60,802	47,378	44,665
Property, Plant & Equipment	-	31,760	23,938	16,497	11,985	12,312
Long-Term Investments	-	3,728	4,520	2,731	7,924	1,781
Goodwill	-	801.9	30.3	30.3	30.3	30.3
Other Intangible Assets	-	1,123	340.4	291.9	375.2	320.2
Long-Term Accounts Receivable	-	3,876	3,212	2,429	2,594	1,619
Long-Term Deferred Tax Assets	-	1,544	1,086	1,086	1,302	1,610
Other Long-Term Assets	-	4,283	3,880	4,472	2,971	2,667
Total Assets	-	120,380	101,530	88,386	74,611	65,069
Accounts Payable	-	16,966	15,329	14,979	14,598	11,380
Accrued Expenses	-	3,387	3,039	2,552	1,995	1,875
Short-Term Debt	-	4,837	4,132	3,633	2,836	2,846
Current Portion of Long-Term Debt	-	480.8	532.8	247.1	177.5	123.6
Current Portion of Leases	-	54.9	50.7	52.5	41.6	38.6
Current Income Taxes Payable	-	912.1	410.5	244.4	233.9	251.1
Current Unearned Revenue	-	26,165	21,067	20,509	16,135	12,687
Other Current Liabilities	-	3,548	2,692	1,875	1,565	1,505
Total Current Liabilities	-	56,351	47,254	44,092	37,581	30,707
Long-Term Debt	-	11,616	7,895	4,225	614.2	221.6
Long-Term Leases	-	188.3	164.1	147.4	81.3	66.1
Long-Term Unearned Revenue	-	581	486.5	371.5	559.1	838.1
Pension & Post-Retirement Benefits	-	53.3	83.2	46.9	-	-
Long-Term Deferred Tax Liabilities	-	300.4	122.8	29.1	30.9	70.1
Other Long-Term Liabilities	-	1,865	1,127	771.9	820	652.4
Total Liabilities	-	70,954	57,132	49,684	39,686	32,555
Common Stock	-	238.3	238.3	238.3	238.3	238.3
Additional Paid-In Capital	-	645.5	587.1	572.8	572.8	572.8
Retained Earnings	-	45,799	41,460	35,769	32,146	29,775
Treasury Stock	-	-13	-13.1	-13.1	-13.1	-13.1
Comprehensive Income & Other	-	2,699	2,126	2,114	1,981	1,941
Total Common Equity	50,524	49,369	44,398	38,681	34,925	32,514
Minority Interest	-	56.9	-	21.5	-	-
Shareholders' Equity	50,604	49,426	44,398	38,702	34,925	32,514
Total Liabilities & Equity	-	120,380	101,530	88,386	74,611	65,069
Total Debt	18,108	17,177	12,774	8,306	3,751	3,296
Net Cash (Debt)	7,150	10,024	10,607	16,932	13,442	17,219
Net Cash Growth	-51.30%	-5.50%	-37.35%	25.96%	-21.93%	66.59%
Net Cash Per Share	63.45	88.96	94.16	150.32	119.34	152.90
Filing Date Shares Outstanding	112.68	112.64	112.62	112.61	112.61	112.61
Total Common Shares Outstanding	112.68	112.64	112.62	112.61	112.61	112.61
Working Capital	-	16,869	17,227	16,710	9,797	13,958
Book Value Per Share	448.41	438.29	394.23	343.48	310.13	288.72
Tangible Book Value	48,475	47,445	44,027	38,359	34,519	32,163
Tangible Book Value Per Share	430.22	421.20	390.93	340.62	306.53	285.61
Land	-	310.8	198.2	189.4	119.7	75.7
Buildings	-	9,311	8,048	7,721	7,852	7,871
Machinery	-	25,814	18,669	11,312	10,273	10,122
Construction In Progress	-	5,608	5,194	4,338	443.2	210.6
Order Backlog	-	103,370	93,550	97,520	88,120	52,270

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