Thermax Limited (BOM:500411)

Thermax Cash Flow Statement

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

Operating Activities

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Net Income	7,205	6,345	6,453	4,503	3,123
Depreciation & Amortization	2,076	1,501	1,277	1,076	1,038
Other Amortization	-	84.2	75.8	92.5	94.8
Loss (Gain) From Sale of Assets	116.6	26.3	-1,252	37.9	-76.4
Asset Writedown & Restructuring Costs	-	-	128.1	-	-
Loss (Gain) From Sale of Investments	-386.1	-373.7	-239.6	-70.9	-487.3
Loss (Gain) on Equity Investments	4.1	2.4	8.2	2.3	-1.3
Stock-Based Compensation	48.9	58.4	48.8	25.2	-
Other Operating Activities	-1,365	1,495	733.9	-442.4	-438
Change in Accounts Receivable	-1,937	-3,294	-4,440	-3,144	-2,497
Change in Inventory	-1,735	775.9	-92.7	-286.2	-3,223
Change in Accounts Payable	3,038	1,548	690.1	385.8	3,550
Change in Other Net Operating Assets	-1,650	2,260	-917.1	2,417	2,165
Operating Cash Flow	5,416	10,428	2,473	4,596	3,247
Operating Cash Flow Growth	-48.07%	321.67%	-46.19%	41.53%	-57.80%

Investing Activities

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Capital Expenditures	-9,524	-9,027	-8,439	-6,642	-837.8
Sale of Property, Plant & Equipment	99.5	24.5	1,254	142.8	-
Cash Acquisitions	-	-1,381	-	-	-
Investment in Securities	1,821	-2,661	1,222	-992.9	-4,263
Other Investing Activities	1,733	638.4	871.6	695.5	885.3
Investing Cash Flow	-5,871	-12,406	-5,092	-6,797	-4,216

Financing Activities

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Long-Term Debt Issued	14,692	12,948	9,686	8,104	761.9
Long-Term Debt Repaid	-9,387	-8,673	-5,481	-3,721	-44.7
Net Debt Issued (Repaid)	5,305	4,275	4,205	4,383	717.2
Issuance of Common Stock	-	0.1	0.1	-	-
Common Dividends Paid	-1,577	-1,352	-1,128	-1,021	-788.3
Other Financing Activities	-1,252	-1,688	-223.4	123.4	-134.7
Financing Cash Flow	2,476	1,236	2,854	3,485	-205.8

Net Cash Flow

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Foreign Exchange Rate Adjustments	222.4	100.8	-44.7	158.7	20.8
Miscellaneous Cash Flow Adjustments	-	103.5	-	-	-
Net Cash Flow	2,244	-537.8	190.2	1,443	-1,154

Free Cash Flow

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Free Cash Flow	-4,109	1,401	-5,966	-2,047	2,409
Free Cash Flow Growth	-	-	-	-	-64.89%
Free Cash Flow Margin	-3.84%	1.35%	-6.40%	-2.53%	3.93%
Free Cash Flow Per Share	-36.46	12.44	-52.96	-18.17	21.39
Levered Free Cash Flow	-3,111	212.08	-6,505	-2,323	2,941
Unlevered Free Cash Flow	-2,243	845.2	-6,044	-2,165	3,025

Additional Metrics

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Cash Interest Paid	1,619	1,758	820.9	255.7	134.7
Cash Income Tax Paid	3,495	1,861	1,863	1,512	1,030
Change in Working Capital	-2,285	1,289	-4,760	-628	-5.4

Data Source: S&P Global Market Intelligence Last updated: Jun 30, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Aug 2, 2026

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