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 |
01-04-2026 |
| Date of end of financial year |
31-03-2027 |
| Date of board meeting when results were approved |
05-11-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed
to the exchange |
12-10-2026 |
| Description of presentation currency |
INR |
| Level of rounding used in financial results |
Lakhs |
| Reporting Type |
Quarterly |
| Reporting Quarter |
Second quarter |
| Nature of report standalone or consolidated |
Consolidated |
| Whether results are audited or unaudited for the quarter ended |
Unaudited |
| Whether results are audited or unaudited for the Year to date for current period ended/year ended |
Unaudited |
| Segment Reporting |
Multi segment |
| Description of single segment |
|
| Start date and time of board meeting |
05-11-2026 11:30:00 |
| End date and time of board meeting |
05-11-2026 16:50:00 |
| 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 |
Not applicable |
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 |
01-07-2026 |
01-04-2026 |
| B |
Date of end of reporting period |
30-09-2026 |
30-09-2026 |
| C |
Whether results are audited or unaudited |
Unaudited |
Unaudited |
| D |
Nature of report standalone or consolidated |
Consolidated |
Consolidated |
| 1 |
Income |
|
Revenue from operations |
2,75,587.00 |
5,05,860.00 |
|
Other income |
8,179.00 |
14,998.00 |
|
Total income |
2,83,766.00 |
5,20,858.00 |
| 2 |
Expenses |
| (a) |
Cost of materials consumed |
1,54,832.00 |
2,77,588.00 |
| (b) |
Purchases of stock-in-trade |
6,453.00 |
10,841.00 |
| (c) |
Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(11,849.00) |
(16,941.00) |
| (d) |
Employee benefit expense |
40,489.00 |
77,635.00 |
| (e) |
Finance costs |
3,692.00 |
7,207.00 |
| (f) |
Depreciation, depletion and amortisation expense
|
7,015.00 |
12,967.00 |
| (f) |
Other Expenses |
| 1 |
Site expenses and contract labour charges |
34,018.00 |
65,421.00 |
| 2 |
Net impairment (reversal)/loss on financial and contract assets |
(1,775.00) |
1,037.00 |
| 3 |
Other expenses |
34,005.00 |
64,003.00 |
|
Total other expenses |
66,248.00 |
1,30,461.00 |
|
Total expenses |
2,66,880.00 |
4,99,758.00 |
| 3 |
Total profit before exceptional items and tax |
16,886.00 |
21,100.00 |
| 4 |
Exceptional items |
0.00 |
0.00 |
| 5 |
Total profit before tax |
16,886.00 |
21,100.00 |
| 6 |
Tax expense |
|
| 7 |
Current tax |
6,376.00 |
9,057.00 |
| 8 |
Deferred tax |
(801.00) |
(1,447.00) |
| 9 |
Total tax expenses |
5,575.00 |
7,610.00 |
| 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 |
11,311.00 |
13,490.00 |
| 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 |
0.00 |
0.00 |
| 16 |
Total profit (loss) for period |
11,311.00 |
13,490.00 |
| 17 |
Other comprehensive income net of taxes |
(1,468.00) |
1,436.00 |
| 18 |
Total Comprehensive Income for the period |
9,843.00 |
14,926.00 |
| 19 |
Total profit or loss, attributable to
|
|
|
|
Profit or loss, attributable to owners of parent |
11,454.00 |
13,978.00 |
|
Total profit or loss, attributable to non-controlling interests |
(143.00) |
(488.00) |
| 20 |
Total Comprehensive income for the period attributable to |
|
|
|
Comprehensive income for the period attributable to owners of parent |
(1,469.00) |
1,432.00 |
|
Total comprehensive income for the period attributable to owners of parent non-controlling
interests |
1.00 |
4.00 |
| 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 |
|
|
| 23 |
Earnings per share |
|
| i |
Earnings per equity share for continuing operations |
|
|
Basic earnings (loss) per share from continuing operations |
10.17 |
12.41 |
|
Diluted earnings (loss) per share from continuing operations |
10.16 |
12.4 |
| 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 |
10.17 |
12.41 |
|
Diluted earnings (loss) per share from
continuing and discontinued operations |
10.16 |
12.4 |
| 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 |
01-04-2026 |
| Date of end of reporting period |
30-09-2026 |
| Whether results are audited or unaudited |
Unaudited |
| Nature of report standalone or consolidated |
Consolidated |
|
Assets |
| 1 |
Non-current assets |
|
Property, plant and equipment |
2,82,588.00 |
|
Capital work-in-progress |
1,79,790.00 |
|
Investment property |
0.00 |
|
Goodwill |
10,778.00 |
|
Other intangible assets |
11,564.00 |
|
Intangible assets under development |
5,371.00 |
|
Biological assets other than bearer plants |
0.00 |
|
Investments accounted for using equity method |
0.00 |
|
Non-current financial assets |
|
|
Non-current investments |
20,609.00 |
|
Trade receivables, non-current |
0.00 |
|
Loans, non-current |
319.00 |
|
Other non-current financial assets |
|
| 1 |
Finance lease receivables |
24,163.00 |
| 2 |
Other financial assets |
10,920.00 |
|
Total of other non-current financial assets |
35,083.00 |
|
Total non-current financial assets |
56,011.00 |
|
Deferred tax assets (net) |
17,268.00 |
|
Other non-current assets |
|
| 1 |
Income tax assets (net) |
21,789.00 |
| 2 |
Other non-current assets |
13,684.00 |
|
Total of other non-current assets |
35,473.00 |
|
Total non-current assets |
5,98,843.00 |
| 2 |
Current assets |
|
|
Inventories |
1,20,455.00 |
|
Current financial asset |
|
|
Current investments |
2,07,002.00 |
|
Trade receivables, current |
1,77,481.00 |
|
Cash and cash equivalents |
60,284.00 |
|
Bank balance other than cash and cash equivalents |
38,076.00 |
|
Loans, current |
90.00 |
|
Other current financial assets |
|
|
Total of other current financial assets |
34,375.00 |
|
Total current financial assets |
5,17,308.00 |
|
Current tax assets (net) |
879.00 |
|
Other current assets |
|
| 1 |
Contract assets |
84,932.00 |
| 2 |
Other current assets |
71,695.00 |
|
Total of other current assets |
1,56,627.00 |
|
Total current assets |
7,95,269.00 |
| 3 |
Non-current assets classified as held for sale |
|
| 4 |
Regulatory deferral account debit balances and related deferred tax Assets |
|
|
Total assets |
13,94,112.00 |
|
Equity and liabilities |
|
| 1 |
Equity |
|
|
Equity attributable to owners of parent |
|
|
Equity share capital |
2,253.00 |
|
Other equity |
5,46,186.00 |
|
Total equity attributable to owners of parent |
5,48,439.00 |
|
Non controlling interest |
3,390.00 |
|
Total equity |
5,51,829.00 |
| 2 |
Liabilities |
|
|
Non-current liabilities |
|
|
Non-current financial liabilities |
|
|
Borrowings, non-current |
2,08,174.00 |
|
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 |
5,609.00 |
| 2 |
Other financial liabilities |
12,207.00 |
|
Total of other non-current financial liabilities |
17,816.00 |
|
Total non-current financial liabilities |
2,25,990.00 |
|
Provisions, non-current |
4,172.00 |
|
Deferred tax liabilities (net) |
3,346.00 |
|
Deferred government grants, Non-current |
0.00 |
|
Other non-current liabilities |
|
| 1 |
Other non-current liabilities |
4,985.00 |
|
Total of other non-current liabilities |
4,985.00 |
|
Total non-current liabilities |
2,38,493.00 |
|
Current liabilities |
|
|
Current financial liabilities |
|
|
Borrowings, current |
75,986.00 |
|
Trade payables, current |
|
|
(A) Total outstanding dues of micro enterprises and small enterprises |
79,232.00 |
|
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises |
1,11,835.00 |
|
Total Trade payable |
1,91,067.00 |
|
Other current financial liabilities |
|
| 1 |
Lease liabilities |
831.00 |
| 2 |
Other financial liabilities |
30,612.00 |
|
Total of other current financial liabilities |
31,443.00 |
|
Total current financial liabilities |
2,98,496.00 |
|
Other current liabilities |
2,65,199.00 |
| 1 |
Other current liabilities |
2,65,199.00 |
|
Total of other current liabilities |
2,65,199.00 |
|
Provisions, current |
36,715.00 |
|
Current tax liabilities (Net) |
3,380.00 |
|
Deferred government grants, Current |
|
|
Total current liabilities |
6,03,790.00 |
| 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 |
8,42,283.00 |
|
Total equity and liabilites |
13,94,112.00 |
|
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 |
01-07-2026 |
01-04-2026 |
| Date of end of reporting
period |
30-09-2026 |
30-09-2026 |
| Whether results are audited
or unaudited |
Unaudited |
Unaudited |
| 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 |
1,30,365.00 |
2,36,181.00 |
| 2 |
b. Industrial Infra |
1,00,623.00 |
1,81,800.00 |
| 3 |
c. Green Solutions |
28,798.00 |
53,508.00 |
| 4 |
d. Chemicals |
22,553.00 |
45,506.00 |
|
Total Segment Revenue |
2,82,339.00 |
5,16,995.00 |
|
Less: Inter segment revenue |
6,752.00 |
11,135.00 |
|
Revenue from operations |
2,75,587.00 |
5,05,860.00 |
| 2 |
Segment Result |
|
Profit (+) / Loss (-) before tax and
interest from each segment |
| 1 |
a. Industrial Products |
7,942.00 |
14,360.00 |
| 2 |
b. Industrial Infra |
5,599.00 |
(1,156.00) |
| 3 |
c. Green Solutions |
(2,502.00) |
(4,498.00) |
| 4 |
d. Chemicals |
1,466.00 |
4,030.00 |
|
Total Profit before tax |
12,505.00 |
12,736.00 |
|
i. Finance cost |
878.00 |
1,653.00 |
|
ii. Other Unallocable Expenditure net off Unallocable income |
(5,259.00) |
(10,017.00) |
|
Profit before tax |
16,886.00 |
21,100.00 |
| 3 |
(Segment Asset - Segment Liabilities)
|
|
Segment Asset |
| 1 |
a. Industrial Products |
2,52,835.00 |
2,52,835.00 |
| 2 |
b. Industrial Infra |
2,30,709.00 |
2,30,709.00 |
| 3 |
c. Green Solutions |
3,95,446.00 |
3,95,446.00 |
| 4 |
d. Chemicals |
1,00,836.00 |
1,00,836.00 |
|
Total Segment Asset |
9,79,826.00 |
9,79,826.00 |
|
Un-allocable Assets |
4,14,286.00 |
4,14,286.00 |
|
Net Segment Asset |
13,94,112.00 |
13,94,112.00 |
| 4 |
Segment Liabilities |
|
Segment Liabilities |
| 1 |
a. Industrial Products |
2,15,258.00 |
2,15,258.00 |
| 2 |
b. Industrial Infra |
2,57,570.00 |
2,57,570.00 |
| 3 |
c. Green Solutions |
3,26,575.00 |
3,26,575.00 |
| 4 |
d. Chemicals |
11,885.00 |
11,885.00 |
|
Total Segment Liabilities |
8,11,288.00 |
8,11,288.00 |
|
Un-allocable Liabilities |
30,995.00 |
30,995.00 |
|
Net Segment Liabilities |
8,42,283.00 |
8,42,283.00 |
|
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 |
01-07-2026 |
01-04-2026 |
| B |
Date of end of reporting period |
30-09-2026 |
30-09-2026 |
| C |
Whether results are audited or unaudited |
Unaudited |
Unaudited |
| 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 |
(1,605.00) |
(1,602.00) |
|
Total Amount of items that will not be reclassified to profit and loss |
(1,605.00) |
(1,602.00) |
| 2 |
Income tax relating to items that will not be reclassified to profit or loss |
(405.00) |
(404.00) |
| 3 |
Amount of items that will be reclassified to profit and loss |
|
| 1 |
Exchange differences on translating of foreign operations |
690.00 |
(450.00) |
| 2 |
Net gain/(loss) on cash flow hedges |
(1,029.00) |
4,149.00 |
|
Total Amount of items that will be reclassified to profit and loss |
(339.00) |
3,699.00 |
| 4 |
Income tax relating to items that will be reclassified to profit or loss |
(71.00) |
1,065.00 |
| 5 |
Total Other comprehensive income |
(1,468.00) |
1,436.00 |
Cash flow statement, indirect
Amount in (Lakhs)
| Particulars |
Year ended (dd-mm-yyyy) |
| A |
Date of start of reporting period |
01-04-2026 |
| B |
Date of end of reporting period |
30-09-2026 |
| C |
Whether results are audited or unaudited |
Unaudited |
| D |
Nature of report standalone or consolidated |
Consolidated |
|
Statement of cash flows |
|
|
Cash flows from used in operating
activities |
|
|
Profit before tax |
21,100.00 |
|
Adjustments for reconcile profit (loss) |
|
|
Adjustments for finance costs |
7,207.00 |
|
Adjustments for decrease (increase) in inventories |
(29,556.00) |
|
Adjustments for decrease (increase) in trade receivables, current |
46,547.00 |
|
Adjustments for decrease (increase) in trade receivables, non-current
|
0.00 |
|
Adjustments for decrease (increase) in other current assets |
0.00 |
|
Adjustments for decrease (increase) in other non-current assets |
(26,283.00) |
|
Adjustments for other financial assets, non-current |
0.00 |
|
Adjustments for other financial assets, current |
2,754.00 |
|
Adjustments for other bank balances |
0.00 |
|
Adjustments for increase (decrease) in trade payables, current |
(13,010.00) |
|
Adjustments for increase (decrease) in trade payables, non-current |
0.00 |
|
Adjustments for increase (decrease) in other current liabilities |
54,884.00 |
|
Adjustments for increase (decrease) in other non-current liabilities
|
0.00 |
|
Adjustments for depreciation and amortisation expense |
12,967.00 |
|
Adjustments for impairment loss reversal of impairment loss recognised
in profit or loss |
1,037.00 |
|
Adjustments for provisions, current |
1,297.00 |
|
Adjustments for provisions, non-current |
0.00 |
|
Adjustments for other financial liabilities, current |
(13,656.00) |
|
Adjustments for other financial liabilities, non-current |
0.00 |
|
Adjustments for unrealised foreign exchange losses gains |
(697.00) |
|
Adjustments for dividend income |
0.00 |
|
Adjustments for interest income |
8,246.00 |
|
Adjustments for share-based payments |
304.00 |
|
Adjustments for fair value losses (gains) |
(3,844.00) |
|
Adjustments for undistributed profits of associates |
0.00 |
|
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 |
(1,294.00) |
|
Share of profit and loss from partnership firm or association of
persons or limited liability partnerships |
0.00 |
|
Total adjustments for reconcile
profit (loss) |
30,411.00 |
|
Net cash flows from (used in)
operations |
51,511.00 |
|
Dividends received |
0.00 |
|
Interest paid |
0.00 |
|
Interest received |
0.00 |
|
Income taxes paid (refund) |
15,025.00 |
|
Other inflows (outflows) of cash |
0.00 |
|
Net cash flows from (used in)
operating activities |
36,486.00 |
|
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 |
347.00 |
|
Other cash receipts from sales of equity or debt instruments of other
entities |
0.00 |
|
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 |
199.00 |
|
Purchase of property, plant and equipment |
52,960.00 |
|
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 |
0.00 |
|
Purchase of other long-term assets |
0.00 |
|
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 |
10,746.00 |
|
Income taxes paid (refund) |
0.00 |
|
Other inflows (outflows) of cash |
(22,278.00) |
|
Net cash flows from (used in)
investing activities |
(64,640.00) |
|
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 |
7.00 |
|
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 |
75,566.00 |
|
Repayments of borrowings |
18,207.00 |
|
Payments of lease liabilities |
133.00 |
|
Dividends paid |
22,531.00 |
|
Interest paid |
10,081.00 |
|
Income taxes paid (refund) |
0.00 |
|
Other inflows (outflows) of cash |
(1,006.00) |
|
Net cash flows from (used in)
financing activities |
23,615.00 |
|
Net increase (decrease) in cash
and cash equivalents before effect of exchange rate changes |
(4,539.00) |
|
Effect of exchange rate changes
on cash and cash equivalents |
|
|
Effect of exchange rate changes on cash and cash equivalents |
58.00 |
|
Net increase (decrease) in cash
and cash equivalents |
(4,481.00) |
|
Cash and cash equivalents cash flow statement at beginning of period
|
63,705.00 |
|
Cash and cash equivalents cash
flow statement at end of period |
59,224.00 |