Thermax Limited (NSE:THERMAX)

Thermax Cash Flow Statement

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

Operating Activities

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Net Income	5,882	7,205	6,345	6,453	4,503	3,123
Depreciation & Amortization	2,243	1,950	1,501	1,277	1,076	1,038
Other Amortization	126.5	126.5	84.2	75.8	92.5	94.8
Loss (Gain) From Sale of Assets	117	116.6	26.3	-1,252	37.9	-76.4
Asset Writedown & Restructuring Costs	-138.5	-	-	128.1	-	-
Loss (Gain) From Sale of Investments	-303.6	-386.1	-35.5	-239.6	-70.9	-487.3
Loss (Gain) on Equity Investments	1	4.1	2.4	8.2	2.3	-1.3
Stock-Based Compensation	54	48.9	58.4	48.8	25.2	-
Other Operating Activities	-2,257	-1,365	1,499	733.9	-442.4	-438
Change in Accounts Receivable	180.5	-1,937	-3,282	-4,440	-3,144	-2,497
Change in Inventory	-2,782	-1,735	813.2	-92.7	-286.2	-3,223
Change in Accounts Payable	3,333	3,038	1,525	690.1	385.8	3,550
Change in Other Net Operating Assets	1,881	-1,650	2,261	-917.1	2,417	2,165
Operating Cash Flow	8,338	5,416	10,798	2,473	4,596	3,247
Operating Cash Flow Growth	41.33%	-49.85%	336.63%	-46.19%	41.53%	-57.80%

Investing Activities

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Capital Expenditures	-10,959	-9,524	-9,020	-8,439	-6,642	-837.8
Sale of Property, Plant & Equipment	107.6	99.5	24.5	1,254	142.8	-
Cash Acquisitions	-34.7	-	-1,381	-	-	-
Investment in Securities	-5,706	1,821	-2,981	1,222	-992.9	-4,263
Other Investing Activities	2,428	1,733	638.4	871.6	695.5	885.3
Investing Cash Flow	-14,163	-5,871	-12,720	-5,092	-6,797	-4,216

Financing Activities

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Long-Term Debt Issued	-	14,692	12,939	9,686	8,104	761.9
Long-Term Debt Repaid	-	-9,387	-8,674	-5,481	-3,721	-44.7
Lease Payments	-248.7	-279.3	-62	-101.5	-98	-44.7
Net Debt Issued (Repaid)	10,402	5,305	4,265	4,205	4,383	717.2
Issuance of Common Stock	0.6	-	0.1	0.1	-	-
Common Dividends Paid	-2,253	-1,577	-1,352	-1,128	-1,021	-788.3
Other Financing Activities	-1,666	-1,252	-1,688	-223.4	123.4	-134.7
Financing Cash Flow	6,484	2,476	1,225	2,854	3,485	-205.8

Net Cash Flow

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Foreign Exchange Rate Adjustments	54.4	222.4	44.2	-44.7	158.7	20.8
Miscellaneous Cash Flow Adjustments	8.5	-	103.5	-	-	-
Net Cash Flow	720.7	2,244	-549.1	190.2	1,443	-1,154

Free Cash Flow

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Free Cash Flow	-2,621	-4,109	1,778	-5,966	-2,047	2,409
Free Cash Flow Growth	-	-	-	-	-	-64.89%
Free Cash Flow Margin	-2.36%	-3.84%	1.71%	-6.40%	-2.53%	3.93%
Free Cash Flow Per Share	-21.22	-36.46	15.78	-52.96	-18.17	21.39
Levered Free Cash Flow	-4,625	-2,999	225.48	-6,505	-2,323	2,941
Unlevered Free Cash Flow	-3,804	-2,239	858.6	-6,044	-2,165	3,025
Free Cash Flow After Leases	-2,870	-4,388	1,716	-6,068	-2,145	2,365

Additional Metrics

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Cash Interest Paid	1,853	1,619	1,758	820.9	255.7	134.7
Cash Income Tax Paid	3,464	3,495	1,857	1,863	1,512	1,030
Change in Working Capital	2,613	-2,285	1,317	-4,760	-628	-5.4

Data Source: S&P Global Market Intelligence Last updated: Nov 5, 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:

Nov 11, 2026

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