Thermax Balance Sheet

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

Millions INR. Fiscal year is Apr - Mar.

Assets

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep '26 Sep 30, 2026	Mar '26 Mar 31, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Cash & Equivalents	9,836	6,745	4,166	4,866	4,528	3,108
Short-Term Investments	20,700	7,753	9,133	8,040	13,074	8,063
Trading Asset Securities	-	10,109	13,909	10,476	7,635	6,022
Cash & Short-Term Investments	30,536	24,607	27,207	23,382	25,238	17,193
Cash Growth	20.90%	-9.56%	16.36%	-7.35%	46.79%	-16.20%
Accounts Receivable	26,612	30,173	25,224	26,280	22,693	18,343
Other Receivables	87.9	800.3	571.2	352.3	93.5	348.8
Receivables	26,709	30,986	25,808	26,643	22,811	18,712
Inventory	12,046	9,095	7,166	7,649	7,556	7,270
Prepaid Expenses	-	430.8	319.2	301.4	242.3	246.9
Other Current Assets	10,236	5,970	6,461	6,506	4,954	3,957
Total Current Assets	79,527	71,088	66,961	64,481	60,802	47,378
Property, Plant & Equipment	46,238	42,597	31,760	23,938	16,497	11,985
Long-Term Investments	2,061	7,969	3,713	4,520	2,731	7,924
Goodwill	1,078	801.9	801.9	30.3	30.3	30.3
Other Intangible Assets	1,694	1,495	1,123	340.4	291.9	375.2
Long-Term Accounts Receivable	2,416	2,491	3,876	3,212	2,429	2,594
Long-Term Deferred Tax Assets	1,727	1,747	1,544	1,086	1,086	1,302
Other Long-Term Assets	4,639	4,595	4,298	3,880	4,472	2,971
Total Assets	139,411	132,821	114,121	101,530	88,386	74,611

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep '26 Sep 30, 2026	Mar '26 Mar 31, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Accounts Payable	19,107	20,574	16,929	15,329	14,979	14,598
Accrued Expenses	-	3,430	3,387	3,039	2,552	1,995
Short-Term Debt	-	6,046	4,837	4,132	3,633	2,836
Current Portion of Long-Term Debt	7,599	675.5	480.8	532.8	247.1	177.5
Current Portion of Leases	83.1	69.8	54.9	50.7	52.5	41.6
Current Income Taxes Payable	338	323.8	912.1	410.5	244.4	233.9
Current Unearned Revenue	-	20,221	19,943	21,067	20,509	16,135
Other Current Liabilities	33,253	6,863	3,548	2,692	1,875	1,565
Total Current Liabilities	60,379	58,204	50,092	47,254	44,092	37,581
Long-Term Debt	20,817	16,158	11,616	7,895	4,225	614.2
Long-Term Leases	560.9	575.4	188.3	164.1	147.4	81.3
Long-Term Unearned Revenue	498.5	708.1	581	486.5	371.5	559.1
Pension & Post-Retirement Benefits	-	67.4	53.3	83.2	46.9	-
Long-Term Deferred Tax Liabilities	334.6	401.5	300.4	122.8	29.1	30.9
Other Long-Term Liabilities	1,638	914.9	1,865	1,127	771.9	820
Total Liabilities	84,228	77,029	64,695	57,132	49,684	39,686

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep '26 Sep 30, 2026	Mar '26 Mar 31, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Common Stock	225.3	238.3	238.3	238.3	238.3	238.3
Additional Paid-In Capital	-	671.7	645.5	587.1	572.8	572.8
Retained Earnings	-	52,087	45,799	41,460	35,769	32,146
Treasury Stock	-	-13	-13	-13.1	-13.1	-13.1
Comprehensive Income & Other	54,619	2,516	2,699	2,126	2,114	1,981
Total Common Equity	54,844	55,500	49,369	44,398	38,681	34,925
Minority Interest	339	292.2	56.9	-	21.5	-
Shareholders' Equity	55,183	55,792	49,426	44,398	38,702	34,925
Total Liabilities & Equity	139,411	132,821	114,121	101,530	88,386	74,611

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep '26 Sep 30, 2026	Mar '26 Mar 31, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Total Debt	29,060	23,525	17,177	12,774	8,306	3,751
Net Cash (Debt)	1,476	1,081	10,031	10,607	16,932	13,442
Net Cash Growth	-79.35%	-89.22%	-5.44%	-37.35%	25.96%	-21.93%
Net Cash Per Share	11.95	9.60	89.03	94.16	150.32	119.34
Filing Date Shares Outstanding	112.63	112.65	112.64	112.62	112.61	112.61
Total Common Shares Outstanding	112.63	112.65	112.64	112.62	112.61	112.61
Working Capital	19,148	12,884	16,869	17,227	16,710	9,797
Book Value Per Share	486.96	492.68	438.29	394.23	343.48	310.13
Tangible Book Value	52,073	53,203	47,445	44,027	38,359	34,519
Tangible Book Value Per Share	462.35	472.29	421.20	390.93	340.62	306.53
Land	-	400.5	310.8	198.2	189.4	119.7
Buildings	-	9,765	9,311	8,048	7,721	7,852
Machinery	-	28,888	25,814	18,669	11,312	10,273
Construction In Progress	-	13,918	5,608	5,194	4,338	443.2
Order Backlog	-	136,040	106,930	101,110	97,520	88,120