Thermax Financial Results
- Market cap
- ₹36,456 crore
- P/E
- 61.4
- P/B
- 6.57
- ROE
- 13.7%
- Dividend yield
- 0.62%
For the year ended Mar 2020, Thermax reported revenue of ₹5,731 crore and net profit of ₹212 crore, against ₹4,791 crore and ₹207 crore a year earlier.
Thermax annual profit and loss
Financial years, newest first. TTM = trailing twelve months.
| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,731 | 4,791 | 6,128 | 8,034 | 9,237 | 10,268 | 10,643 | 10,837 |
| Expenses | 5,325 | 4,436 | 5,707 | 7,387 | 8,410 | 9,259 | 9,482 | 9,490 |
| Operating profit | 406 | 355 | 421 | 647 | 827 | 1,009 | 1,161 | 1,347 |
| Operating margin % | 7% | 7% | 7% | 8% | 9% | 10% | 11% | 12% |
| Other income | 100 | 55 | 127 | 110 | 276 | 148 | 190 | -146 |
| Interest | 15 | 21 | 25 | 37 | 86 | 114 | 135 | 144 |
| Depreciation | 117 | 115 | 113 | 117 | 148 | 159 | 208 | 218 |
| Profit before tax | 375 | 275 | 410 | 603 | 869 | 884 | 1,008 | 839 |
| Tax % | 43% | 25% | 24% | 25% | 26% | 29% | 29% | 30% |
| Net profit | 212 | 207 | 312 | 451 | 643 | 627 | 720 | 591 |
| EPS (₹) | 18.87 | 18.34 | 27.73 | 39.98 | 57.30 | 56.33 | 63.96 | 52.67 |
| Dividend payout % | — | — | — | — | — | — | — | — |
Source: Company filings (consolidated), in ₹ crore. Data as of 7 October 2026. How this data is compiled.
Thermax financial results — frequently asked questions
What is Thermax's annual revenue and net profit?
For the financial year ended Mar 2020, Thermax's revenue was ₹5,731 crore and net profit ₹212 crore; net profit rose 2.42% from ₹207 crore in Mar 2021.
How fast has Thermax grown over three years?
From Mar 2023 to Mar 2020, Thermax's revenue grew at a compound annual rate of -10.6% and net profit at -22.2%. Past growth does not indicate future results.
What is the EPS of Thermax?
Annual EPS for Mar 2020 was ₹18.87.
Are these figures consolidated or standalone?
They are consolidated figures as reported by the company, in ₹ crore. Trailing-twelve-month and half-year columns are labelled separately and are not counted as financial years.
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