THERMAX IN EQUITY
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| ₹ CR · FY | FY22 | FY23 | FY24 | FY25 | FY26 | Sep'26 | YOY |
|---|---|---|---|---|---|---|---|
| Profit & loss | |||||||
| Revenue | 6,128 | 8,090 | 9,323 | 10,387 | 10,774 | — | — |
| Operating profit | 414 | 601 | 797 | 910 | 1,038 | — | — |
| OPM % | 6.8% | 7.4% | 8.5% | 8.8% | 9.6% | — | |
| Interest | 25 | 38 | 88 | 117 | 139 | — | — |
| Profit before tax | 410 | 603 | 869 | 884 | 1,008 | — | — |
| Net profit | 312 | 451 | 643 | 627 | 720 | — | — |
| NPM % | 5.1% | 5.6% | 6.9% | 6.0% | 6.7% | — | |
| Balance sheet & cash | |||||||
| Total assets | 7,458 | 8,836 | 10,141 | 11,382 | 13,242 | 13,941 | +5.3% |
| Equity | 3,493 | 3,869 | 4,440 | 4,937 | 5,550 | 5,485 | −1.2% |
| Debt | 368 | 831 | 1,277 | 1,718 | 2,353 | 2,906 | +23.5% |
| Cash from ops | 325 | 460 | 247 | 1,080 | 542 | — | — |
| Capex | — | — | — | — | — | — | — |
| CHECK | RESULT | VALUE |
|---|---|---|
| Net profit positive | n/a | — |
| Operating cash flow positive | n/a | — |
| ROA improved | n/a | 5.4% → — |
| Cash from ops > net profit | n/a | — |
| Leverage fell | ✗ FAIL | 0.18 → 0.21 |
| Current ratio improved | n/a | — → — |
| Gross margin improved | n/a | 9.6% → — |
| Asset turnover improved | n/a | 0.81 → — |
| Interest cover above 3× | n/a | — |
| ₹ CR · QUARTER | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | YOY |
|---|---|---|---|---|---|---|---|---|---|
| Profit & loss | |||||||||
| Revenue | 2,529 | 3,046 | 2,158 | 2,474 | 2,635 | 3,428 | 2,303 | 2,756 | +11.4% |
| Operating profit | 188 | 300 | 225 | 172 | 255 | 374 | 69 | 194 | +12.8% |
| OPM % | 7.4% | 9.8% | 10.4% | 7.0% | 9.7% | 10.9% | 3.0% | 7.0% | |
| Interest | 29 | 31 | 30 | 32 | 34 | 42 | 35 | 37 | +15.6% |
| Profit before tax | 156 | 301 | 211 | 174 | 289 | 334 | 42 | 169 | −2.9% |
| Net profit | 114 | 206 | 151 | 119 | 205 | 244 | 22 | 113 | −5% |
| NPM % | 4.5% | 6.8% | 7.0% | 4.8% | 7.8% | 7.1% | 1.0% | 4.1% |