Thermax Limited (NSE:THERMAX)

Thermax Revenue

Thermax had revenue of 27.56B INR in the quarter ending September 30, 2026, with 11.40% growth. This brings the company's total for the last twelve months to 111.21B, up 8.76% year-over-year. In the fiscal year ending March 31, 2026, Thermax had annual revenue of 106.94B with 3.13% growth. That makes Thermax the 6,911th largest company in the world by revenue and 257th in India.

• Revenue (ttm): 111.21B
• Revenue Growth: +8.76%
• P/S Ratio: 2.76
• Revenue / Employee: 28.07M
• Employees: 3,962
• Market Cap: 307.31B

Revenue Chart

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Revenue by Segment

By Segment

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• Industrial Products 50.96B 46.6%
• Industrial Infra 43.48B 39.8%
• Chemicals 7.58B 6.9%
• Green Solutions 7.32B 6.7%

By Geography

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• India 76.10B 71.2%
• Outside India 30.84B 28.8%

Fiscal year ended Mar 31, 2026 See the full Thermax breakdown

Revenue History

Fiscal Year End	Revenue	Change	Growth
Mar 31, 2026	106.94B	3.25B	3.13%
Mar 31, 2025	103.69B	10.46B	11.22%
Mar 31, 2024	93.23B	12.34B	15.25%
Mar 31, 2023	80.90B	19.61B	32.01%
Mar 31, 2022	61.28B	13.37B	27.91%

Data Source: S&P Global Market Intelligence Last updated: Nov 5, 2026

Revenue 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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