Integrated Filing — IndAS
General information about company
| Scrip Code |
500411 |
| NSE Symbol |
THERMAX |
| MSEI Symbol |
NOTLISTED |
| ISIN |
INE152A01029 |
| Name of company |
THERMAX LIMITED |
| Type of company |
Main Board |
| Class of security |
Equity |
| Date of start of financial year |
01-04-2025 |
| Date of end of financial year |
31-03-2026 |
| Date of board meeting when results were approved |
07-05-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed
to the exchange |
16-04-2026 |
| Description of presentation currency |
INR |
| Level of rounding used in financial results |
Lakhs |
| Reporting Type |
Quarterly |
| Reporting Quarter |
Fourth quarter |
| Nature of report standalone or consolidated |
Consolidated |
| Whether results are audited or unaudited for the quarter ended |
Audited |
| Whether results are audited or unaudited for the Year to date for current period ended/year ended |
Audited |
| Segment Reporting |
Multi segment |
| Description of single segment |
|
| Start date and time of board meeting |
07-05-2026 11:50:00 |
| End date and time of board meeting |
07-05-2026 16:55:00 |
| Whether cash flow statement is applicable on company |
Yes |
| Type of cash flow statement |
Cash Flow Indirect |
| Declaration of unmodified opinion or statement on impact of audit qualification |
Declaration of unmodified opinion |
Financial Results Ind-AS
Amount in (Lakhs)
| Particulars |
3 months/ 6 months ended (dd-mm-yyyy) |
Year to date figures for current period ended (dd-mm-yyyy) |
| A |
Date of start of reporting period |
01-01-2026 |
01-04-2025 |
| B |
Date of end of reporting period |
31-03-2026 |
31-03-2026 |
| C |
Whether results are audited or unaudited |
Audited |
Audited |
| D |
Nature of report standalone or consolidated |
Consolidated |
Consolidated |
| 1 |
Income |
|
Revenue from operations |
3,42,804.00 |
10,69,415.00 |
|
Other income |
5,371.00 |
26,748.00 |
|
Total income |
3,48,175.00 |
10,96,163.00 |
| 2 |
Expenses |
| (a) |
Cost of materials consumed |
1,74,760.00 |
5,42,402.00 |
| (b) |
Purchases of stock-in-trade |
5,487.00 |
18,467.00 |
| (c) |
Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
908.00 |
(4,908.00) |
| (d) |
Employee benefit expense |
39,146.00 |
1,42,120.00 |
| (e) |
Finance costs |
4,235.00 |
13,896.00 |
| (f) |
Depreciation, depletion and amortisation expense
|
5,401.00 |
20,764.00 |
| (f) |
Other Expenses |
| 1 |
Site expenses and contract labour charges |
43,578.00 |
1,39,611.00 |
| 2 |
Net impairment losses on financial and contract assets |
1,338.00 |
4,282.00 |
| 3 |
Other expenses |
40,156.00 |
1,24,816.00 |
|
Total other expenses |
85,072.00 |
2,68,709.00 |
|
Total expenses |
3,15,009.00 |
10,01,450.00 |
| 3 |
Total profit before exceptional items and tax |
33,166.00 |
94,713.00 |
| 4 |
Exceptional items |
246.00 |
6,121.00 |
| 5 |
Total profit before tax |
33,412.00 |
1,00,834.00 |
| 6 |
Tax expense |
|
| 7 |
Current tax |
8,092.00 |
26,805.00 |
| 8 |
Deferred tax |
881.00 |
1,963.00 |
| 9 |
Total tax expenses |
8,973.00 |
28,768.00 |
| 10 |
Net movement in regulatory deferral account balances related to profit or loss and
the related deferred tax movement |
0.00 |
0.00 |
| 11 |
Net Profit Loss for the period from
continuing operations |
24,439.00 |
72,066.00 |
| 12 |
Profit (loss) from discontinued operations before tax |
0.00 |
0.00 |
| 13 |
Tax expense of discontinued operations |
0.00 |
0.00 |
| 14 |
Net profit (loss) from discontinued
operation after tax |
0.00 |
0.00 |
| 15 |
Share of profit (loss) of associates and joint ventures accounted for using equity
method |
1.00 |
(40.00) |
| 16 |
Total profit (loss) for period |
24,440.00 |
72,026.00 |
| 17 |
Other comprehensive income net of taxes |
(2,757.00) |
(1,880.00) |
| 18 |
Total Comprehensive Income for the period |
21,683.00 |
70,146.00 |
| 19 |
Total profit or loss, attributable to
|
|
|
|
Profit or loss, attributable to owners of parent |
24,428.00 |
72,050.00 |
|
Total profit or loss, attributable to non-controlling interests |
12.00 |
(24.00) |
| 20 |
Total Comprehensive income for the period attributable to |
|
|
|
Comprehensive income for the period attributable to owners of parent |
(2,766.00) |
(1,892.00) |
|
Total comprehensive income for the period attributable to owners of parent non-controlling
interests |
9.00 |
12.00 |
| 21 |
Details of equity share capital |
|
|
Paid-up equity share capital |
2,253.00 |
2,253.00 |
|
Face value of equity share capital |
2 |
2 |
| 27 |
Details of debt securities |
|
| 22 |
Reserves excluding revaluation reserve |
|
5,52,744.00 |
| 23 |
Earnings per share |
|
| i |
Earnings per equity share for continuing operations |
|
|
Basic earnings (loss) per share from continuing operations |
21.68 |
63.95 |
|
Diluted earnings (loss) per share from continuing operations |
21.68 |
63.94 |
| ii |
Earnings per equity share for discontinued operations |
|
|
Basic earnings (loss) per share from discontinued operations |
0 |
0 |
|
Diluted earnings (loss) per share from discontinued operations |
0 |
0 |
| ii |
Earnings per equity share |
|
|
Basic earnings (loss) per share from continuing
and discontinued operations |
21.68 |
63.95 |
|
Diluted earnings (loss) per share from
continuing and discontinued operations |
21.68 |
63.94 |
| 24 |
Debt equity ratio |
|
|
| 25 |
Debt service coverage ratio |
|
|
| 26 |
Interest service coverage ratio |
|
|
| 27 |
Disclosure of notes on financial results |
|
Remarks
Statement of Asset and Liabilities
Amount in (Lakhs)
| Particulars |
Year ended (dd-mm-yyyy) |
| Date of start of reporting period |
01-04-2025 |
| Date of end of reporting period |
31-03-2026 |
| Whether results are audited or unaudited |
Audited |
| Nature of report standalone or consolidated |
Consolidated |
|
Assets |
| 1 |
Non-current assets |
|
Property, plant and equipment |
2,86,788.00 |
|
Capital work-in-progress |
1,39,183.00 |
|
Investment property |
0.00 |
|
Goodwill |
8,019.00 |
|
Other intangible assets |
9,951.00 |
|
Intangible assets under development |
5,000.00 |
|
Biological assets other than bearer plants |
0.00 |
|
Investments accounted for using equity method |
930.00 |
|
Non-current financial assets |
|
|
Non-current investments |
49,748.00 |
|
Trade receivables, non-current |
0.00 |
|
Loans, non-current |
376.00 |
|
Other non-current financial assets |
|
| 1 |
Finance lease receivables |
24,910.00 |
| 2 |
Other financial assets |
40,314.00 |
|
Total of other non-current financial assets |
65,224.00 |
|
Total non-current financial assets |
1,15,348.00 |
|
Deferred tax assets (net) |
17,470.00 |
|
Other non-current assets |
|
| 1 |
Other non-current assets |
19,096.00 |
| 2 |
Income tax assets (net) |
15,546.00 |
|
Total of other non-current assets |
34,642.00 |
|
Total non-current assets |
6,17,331.00 |
| 2 |
Current assets |
|
|
Inventories |
90,950.00 |
|
Current financial asset |
|
|
Current investments |
1,27,674.00 |
|
Trade receivables, current |
2,20,484.00 |
|
Cash and cash equivalents |
67,445.00 |
|
Bank balance other than cash and cash equivalents |
51,621.00 |
|
Loans, current |
129.00 |
|
Other current financial assets |
|
|
Total of other current financial assets |
15,856.00 |
|
Total current financial assets |
4,83,209.00 |
|
Current tax assets (net) |
914.00 |
|
Other current assets |
|
| 1 |
Contract assets |
77,308.00 |
| 2 |
Other current assets |
58,499.00 |
|
Total of other current assets |
1,35,807.00 |
|
Total current assets |
7,10,880.00 |
| 3 |
Non-current assets classified as held for sale |
0.00 |
| 4 |
Regulatory deferral account debit balances and related deferred tax Assets |
0.00 |
|
Total assets |
13,28,211.00 |
|
Equity and liabilities |
|
| 1 |
Equity |
|
|
Equity attributable to owners of parent |
|
|
Equity share capital |
2,253.00 |
|
Other equity |
5,52,744.00 |
|
Total equity attributable to owners of parent |
5,54,997.00 |
|
Non controlling interest |
2,922.00 |
|
Total equity |
5,57,919.00 |
| 2 |
Liabilities |
|
|
Non-current liabilities |
|
|
Non-current financial liabilities |
|
|
Borrowings, non-current |
1,61,583.00 |
|
Trade payables, non-current |
|
|
(A) Total outstanding dues of micro enterprises and small enterprises |
0.00 |
|
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises |
0.00 |
|
Total Trade payable |
0.00 |
|
Other non-current financial liabilities |
|
| 1 |
Lease liabilities |
5,754.00 |
| 2 |
Other financial liabilities |
7,915.00 |
|
Total of other non-current financial liabilities |
13,669.00 |
|
Total non-current financial liabilities |
1,75,252.00 |
|
Provisions, non-current |
4,771.00 |
|
Deferred tax liabilities (net) |
4,015.00 |
|
Deferred government grants, Non-current |
0.00 |
|
Other non-current liabilities |
|
| 1 |
Other non-current liabilities |
4,218.00 |
|
Total of other non-current liabilities |
4,218.00 |
|
Total non-current liabilities |
1,88,256.00 |
|
Current liabilities |
|
|
Current financial liabilities |
|
|
Borrowings, current |
67,218.00 |
|
Trade payables, current |
|
|
(A) Total outstanding dues of micro enterprises and small enterprises |
93,815.00 |
|
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises |
1,11,923.00 |
|
Total Trade payable |
2,05,738.00 |
|
Other current financial liabilities |
|
| 1 |
Lease liabilities |
698.00 |
| 2 |
Other financial liabilities |
61,636.00 |
|
Total of other current financial liabilities |
62,334.00 |
|
Total current financial liabilities |
3,35,290.00 |
|
Other current liabilities |
2,11,054.00 |
| 1 |
Other current liabilities |
2,11,054.00 |
|
Total of other current liabilities |
2,11,054.00 |
|
Provisions, current |
32,454.00 |
|
Current tax liabilities (Net) |
3,238.00 |
|
Deferred government grants, Current |
|
|
Total current liabilities |
5,82,036.00 |
| 3 |
Liabilities directly associated with assets in disposal group classified as held for sale |
|
| 4 |
Regulatory deferral account credit balances and related deferred tax liability |
|
|
Total liabilities |
7,70,292.00 |
|
Total equity and liabilites |
13,28,211.00 |
|
Disclosure of notes on assets and liabilities |
|
Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results
Amount in (Lakhs)
| Particulars |
3 months/ 6 month ended (dd-mm-yyyy) |
Year to date figures for current period
ended (dd-mm-yyyy) |
| Date of start of reporting period |
01-01-2026 |
01-04-2025 |
| Date of end of reporting
period |
31-03-2026 |
31-03-2026 |
| Whether results are audited
or unaudited |
Audited |
Audited |
| Nature of report standalone or
consolidated |
Consolidated |
Consolidated |
| 1 |
Segment Revenue (Income) |
|
(net sale/income from each segment should
be disclosed) |
| 1 |
a. Industrial Products |
1,66,284.00 |
5,09,609.00 |
| 2 |
b. Industrial Infra |
1,46,929.00 |
4,34,805.00 |
| 3 |
c. Green Solutions |
20,374.00 |
73,224.00 |
| 4 |
d. Chemical |
19,315.00 |
75,759.00 |
|
Total Segment Revenue |
3,52,902.00 |
10,93,397.00 |
|
Less: Inter segment revenue |
10,098.00 |
23,982.00 |
|
Revenue from operations |
3,42,804.00 |
10,69,415.00 |
| 2 |
Segment Result |
|
Profit (+) / Loss (-) before tax and
interest from each segment |
| 1 |
a. Industrial Products |
22,564.00 |
54,000.00 |
| 2 |
b. Industrial Infra |
9,589.00 |
21,751.00 |
| 3 |
c. Green Solutions |
(2,903.00) |
17.00 |
| 4 |
d. Chemical |
952.00 |
5,357.00 |
|
Total Profit before tax |
30,202.00 |
81,125.00 |
|
i. Finance cost |
1,135.00 |
3,570.00 |
|
ii. Other Unallocable Expenditure net off Unallocable income |
(4,346.00) |
(23,239.00) |
|
Profit before tax |
33,413.00 |
1,00,794.00 |
| 3 |
(Segment Asset - Segment Liabilities)
|
|
Segment Asset |
| 1 |
a. Industrial Products |
2,53,530.00 |
2,53,530.00 |
| 2 |
b. Industrial Infra |
2,47,288.00 |
2,47,288.00 |
| 3 |
c. Green Solutions |
3,38,304.00 |
3,38,304.00 |
| 4 |
d. Chemical |
94,479.00 |
94,479.00 |
|
Total Segment Asset |
9,33,601.00 |
9,33,601.00 |
|
Un-allocable Assets |
3,94,610.00 |
3,94,610.00 |
|
Net Segment Asset |
13,28,211.00 |
13,28,211.00 |
| 4 |
Segment Liabilities |
|
Segment Liabilities |
| 1 |
a. Industrial Products |
2,22,028.00 |
2,22,028.00 |
| 2 |
b. Industrial Infra |
2,31,276.00 |
2,31,276.00 |
| 3 |
c. Green Solutions |
2,66,090.00 |
2,66,090.00 |
| 4 |
d. Chemical |
8,324.00 |
8,324.00 |
|
Total Segment Liabilities |
7,27,718.00 |
7,27,718.00 |
|
Un-allocable Liabilities |
42,574.00 |
42,574.00 |
|
Net Segment Liabilities |
7,70,292.00 |
7,70,292.00 |
|
Disclosure of notes on segments |
|
Other Comprehensive Income
Amount in (Lakhs)
| Particulars |
3 months/ 6 months ended (dd-mm-yyyy) |
Year to date figures for current period ended (dd-mm-yyyy) |
| A |
Date of start of reporting period |
01-01-2026 |
01-04-2025 |
| B |
Date of end of reporting period |
31-03-2026 |
31-03-2026 |
| C |
Whether results are audited or unaudited |
Audited |
Audited |
| D |
Nature of report standalone or consolidated |
Consolidated |
Consolidated |
|
Other comprehensive income [Abstract] |
|
| 1 |
Amount of items that will not be reclassified to profit and loss |
|
| 1 |
Re-measurement gain on defined benefit plan |
902.00 |
236.00 |
|
Total Amount of items that will not be reclassified to profit and loss |
902.00 |
236.00 |
| 2 |
Income tax relating to items that will not be reclassified to profit or loss |
225.00 |
59.00 |
| 3 |
Amount of items that will be reclassified to profit and loss |
|
| 1 |
Exchange differences on translating of foreign operations |
2,565.00 |
7,158.00 |
| 2 |
Net gain/(loss) on cash flow hedges |
(8,027.00) |
(12,316.00) |
|
Total Amount of items that will be reclassified to profit and loss |
(5,462.00) |
(5,158.00) |
| 4 |
Income tax relating to items that will be reclassified to profit or loss |
(2,028.00) |
(3,101.00) |
| 5 |
Total Other comprehensive income |
(2,757.00) |
(1,880.00) |
Cash flow statement, indirect
Amount in (Lakhs)
| Particulars |
Year ended (dd-mm-yyyy) |
| A |
Date of start of reporting period |
01-04-2025 |
| B |
Date of end of reporting period |
31-03-2026 |
| C |
Whether results are audited or unaudited |
Audited |
| D |
Nature of report standalone or consolidated |
Consolidated |
|
Statement of cash flows |
|
|
Cash flows from used in operating
activities |
|
|
Profit before tax |
1,00,834.00 |
|
Adjustments for reconcile profit (loss) |
|
|
Adjustments for finance costs |
13,896.00 |
|
Adjustments for decrease (increase) in inventories |
(17,351.00) |
|
Adjustments for decrease (increase) in trade receivables, current |
(19,371.00) |
|
Adjustments for decrease (increase) in trade receivables, non-current
|
0.00 |
|
Adjustments for decrease (increase) in other current assets |
(11,218.00) |
|
Adjustments for decrease (increase) in other non-current assets |
0.00 |
|
Adjustments for other financial assets, non-current |
(18,924.00) |
|
Adjustments for other financial assets, current |
0.00 |
|
Adjustments for other bank balances |
0.00 |
|
Adjustments for increase (decrease) in trade payables, current |
30,376.00 |
|
Adjustments for increase (decrease) in trade payables, non-current |
0.00 |
|
Adjustments for increase (decrease) in other current liabilities |
1,285.00 |
|
Adjustments for increase (decrease) in other non-current liabilities
|
0.00 |
|
Adjustments for depreciation and amortisation expense |
20,764.00 |
|
Adjustments for impairment loss reversal of impairment loss recognised
in profit or loss |
6,663.00 |
|
Adjustments for provisions, current |
(734.00) |
|
Adjustments for provisions, non-current |
0.00 |
|
Adjustments for other financial liabilities, current |
13,092.00 |
|
Adjustments for other financial liabilities, non-current |
0.00 |
|
Adjustments for unrealised foreign exchange losses gains |
(103.00) |
|
Adjustments for dividend income |
0.00 |
|
Adjustments for interest income |
14,177.00 |
|
Adjustments for share-based payments |
489.00 |
|
Adjustments for fair value losses (gains) |
(8,053.00) |
|
Adjustments for undistributed profits of associates |
90.00 |
|
Other adjustments for which cash effects are investing or financing
cash flow |
0.00 |
|
Other adjustments to reconcile profit (loss) |
0.00 |
|
Other adjustments for non-cash items |
(8,275.00) |
|
Share of profit and loss from partnership firm or association of
persons or limited liability partnerships |
0.00 |
|
Total adjustments for reconcile
profit (loss) |
(11,731.00) |
|
Net cash flows from (used in)
operations |
89,103.00 |
|
Dividends received |
0.00 |
|
Interest paid |
0.00 |
|
Interest received |
0.00 |
|
Income taxes paid (refund) |
34,949.00 |
|
Other inflows (outflows) of cash |
0.00 |
|
Net cash flows from (used in)
operating activities |
54,154.00 |
|
Cash flows from used in
investing activities |
|
|
Cash flows from losing control of subsidiaries or other businesses |
0.00 |
|
Cash flows used in obtaining control of subsidiaries or other businesses |
0.00 |
|
Other cash receipts from sales of equity or debt instruments of other
entities |
1,000.00 |
|
Other cash payments to acquire equity or debt instruments of other entities
|
0.00 |
|
Other cash receipts from sales of interests in joint ventures |
0.00 |
|
Other cash payments to acquire interests in joint ventures |
0.00 |
|
Cash receipts from share of profits of partnership firm or association of
persons or limited liability partnerships |
0.00 |
|
Cash payment for investment in partnership firm or association of persons or
limited liability partnerships |
0.00 |
|
Proceeds from sales of property, plant and equipment |
995.00 |
|
Purchase of property, plant and equipment |
95,240.00 |
|
Proceeds from sales of investment property |
0.00 |
|
Purchase of investment property |
0.00 |
|
Proceeds from sales of intangible assets |
0.00 |
|
Purchase of intangible assets |
0.00 |
|
Proceeds from sales of intangible assets under development |
0.00 |
|
Purchase of intangible assets under development |
0.00 |
|
Proceeds from sales of goodwill |
0.00 |
|
Purchase of goodwill |
0.00 |
|
Proceeds from biological assets other than bearer plants |
0.00 |
|
Purchase of biological assets other than bearer plants |
0.00 |
|
Proceeds from government grants |
0.00 |
|
Proceeds from sales of other long-term assets |
6,01,666.00 |
|
Purchase of other long-term assets |
5,84,458.00 |
|
Cash advances and loans made to other parties |
0.00 |
|
Cash receipts from repayment of advances and loans made to other parties |
0.00 |
|
Cash payments for future contracts, forward contracts, option contracts and
swap contracts |
0.00 |
|
Cash receipts from future contracts, forward contracts, option contracts and
swap contracts |
0.00 |
|
Dividends received |
0.00 |
|
Interest received |
13,612.00 |
|
Income taxes paid (refund) |
0.00 |
|
Other inflows (outflows) of cash |
3,719.00 |
|
Net cash flows from (used in)
investing activities |
(58,706.00) |
|
Cash flows from used in
financing activities |
|
|
Proceeds from changes in ownership interests in subsidiaries |
0.00 |
|
Payments from changes in ownership interests in subsidiaries |
0.00 |
|
Proceeds from issuing shares |
0.00 |
|
Proceeds from issuing other equity instruments |
0.00 |
|
Payments to acquire or redeem entity's shares |
0.00 |
|
Payments of other equity instruments |
0.00 |
|
Proceeds from exercise of stock options |
0.00 |
|
Proceeds from issuing debentures notes bonds etc |
0.00 |
|
Proceeds from borrowings |
1,46,919.00 |
|
Repayments of borrowings |
91,073.00 |
|
Payments of lease liabilities |
0.00 |
|
Dividends paid |
15,769.00 |
|
Interest paid |
16,188.00 |
|
Income taxes paid (refund) |
0.00 |
|
Other inflows (outflows) of cash |
875.00 |
|
Net cash flows from (used in)
financing activities |
24,764.00 |
|
Net increase (decrease) in cash
and cash equivalents before effect of exchange rate changes |
20,212.00 |
|
Effect of exchange rate changes
on cash and cash equivalents |
|
|
Effect of exchange rate changes on cash and cash equivalents |
2,224.00 |
|
Net increase (decrease) in cash
and cash equivalents |
22,436.00 |
|
Cash and cash equivalents cash flow statement at beginning of period
|
41,184.00 |
|
Cash and cash equivalents cash
flow statement at end of period |
63,620.00 |
Details of Impact of Audit Qualification
Amount in (Lakhs)
| Whether results are audited or unaudited |
Audited |
| Declaration of unmodified opinion or statement on impact of audit qualification |
Declaration of unmodified opinion |
| Auditor's opinion |
|
| Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015:
The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified
opinion for the period on Standalone results |
Yes |
| Sr No. |
Audit firm's name |
Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI |
Certificate valid upto |
| 1 |
Price Waterhouse Chartered Accountants LLP |
Yes |
30-11-2026 |