Thermax cash flow

Latest FY26

Cash from operations: ₹542cr−48.1% on FY25
Capital spending: ₹952cr+5.5% on FY25
Free cash flow: −₹411cr₹140 cr in FY25
Cash from financing: ₹248cr+100.4% on FY25

₹ crore except per share

Tap a line for its trend	Last 12Mto Jun 2026	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus

Changes in working capital
Adjustments to reconcile profit — non-cash items						FY22 and earlierEvery year the company has filed comes with Alpha Plus.
	—	208	159	148	117
	—	66.6	80.5	59.1	40.7
	—	139	154	95.9	38.0
	—	−142	−67.6	−87.2	−69.6
	—	−80.5	−118	−83.1	−44.9
	—	4.9	5.8	4.9	2.5
	—	−1.0	4.1	−5.6	−0.3
	—	0.9	0.0	0.0	0.0
	—	−82.8	0.0	33.8	−13.0
	—	0.0	−14.5	−126	0.0
	—	−174	77.6	−9.3	−28.6
	—	−194	−329	−444	−314
	—	0.0	−360	−49.4	−109
	—	−189	0.0	0.0	0.0
	—	−112	19.5	−181	−104
	—	304	155	69.0	38.6
	—	131	3.6	44.1	13.7
	—	0.0	12.3	0.0	0.0
	—	12.9	520	60.9	450
	—	−7.3	43.0	34.0	−9.1
Cash from operating activities
	839	1,008	885	870	603
	—	−117	344	−436	7.5
	—	891	1,229	434	611
	—	349	186	186	151
	—	542	1,043	247	460
Cash from investing activities
	—	952	903	844	650
	—	10.0	0.0	0.0	0.0
	—	0.0	2.5	125	0.0
	—	5,845	0.0	0.0	89.3
	—	6,017	0.0	0.0	0.0
	—	0.0	138	3.5	10.0
	—	10.0	0.0	0.0	0.0
	—	136	63.8	87.2	69.6
	—	37.2	−266	126	0.0
	—	−587	−1,241	−509	−680
Cash from financing activities
	—	0.0	0.0	0.0	0.0
	—	1,469	1,295	969	448
	—	911	861	538	0.0
	—	0.0	6.1	10.2	9.8
	—	162	176	82.1	25.6
	—	158	135	113	102
	—	8.8	7.0	59.8	37.9
	—	248	124	285	349
	—	202	−74.2	23.5	128
	—	22.2	0.0	−4.5	15.9
	—	224	−74.2	19.0	144
	—	636	—	467	448
Reference items
	870	1,026	908	797	598
	8.0%	9.6%	8.7%	8.6%	7.4%
	−411	−411	140	−597	−190
	—	21.9	402	−233	—
	−₹36.47	−₹36.47	₹12.44	−₹52.96	−₹16.90
	—	0.75×	1.66×	0.38×	1.02×
	—	349	186	186	151
	—	162	176	82.1	25.6

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From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

alphave

THERMAX₹3,193.10

Thermax Ltd.

· Capital Goods & Defence

₹ CrorePeersBHEL TRITURBINE AIAENG APARINDS ESCORTS HONAUT PREMIERENE KEIMcap ₹35,970 Cr

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In ₹ Crore except Per Share 12 Months Ending	FY23 31/03/2023	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/06/2026
Adjustments to Reconcile Profit — Non-cash Items
+ Depreciation & Amortisation	116.9	148.1	158.5	207.6	—
+ Impairment Loss / (Reversal)	40.7	59.1	80.5	66.6	—
+ Finance Costs	38.0	95.9	154.0	139.0	—
+ Interest Income	-69.6	-87.2	-67.6	-141.8	—
+ Fair Value (Gains) / Losses	-44.9	-83.1	-117.9	-80.5	—
+ Share-based Payments	2.5	4.9	5.8	4.9	—
+ Unrealised FX (Gain) / Loss	-0.3	-5.6	4.1	-1.0	—
+ Undistributed Profits of Associates	0.0	0.0	0.0	0.9	—
+ Other Non-cash Items	-13.0	33.8	0.0	-82.8	—
+ Other Reconciling Items	0.0	-126.1	-14.5	0.0	—
Changes in Working Capital
+ Inventories	-28.6	-9.3	77.6	-173.5	—
+ Trade Receivables — Current	-314.4	-444.0	-329.4	-193.7	—
+ Other Financial Assets — Current	-109.4	-49.4	-360.3	0.0	—
+ Other Financial Assets — Non-current	0.0	0.0	0.0	-189.2	—
+ Other Current Assets	-103.7	-181.3	19.5	-112.2	—
+ Trade Payables — Current	38.6	69.0	154.8	303.8	—
+ Other Financial Liabilities — Current	13.7	44.1	3.6	130.9	—
+ Other Financial Liabilities — Non-current	0.0	0.0	12.3	0.0	—
+ Other Current Liabilities	450.0	60.9	520.1	12.9	—
+ Provisions — Current	-9.1	34.0	43.0	-7.3	—
Cash from Operating Activities
Profit Before Tax (per I/S)	603.3	869.8	884.7	1,008.3	838.8
+ Total Adjustments (incl. Working Capital)	7.5	-436.2	344.2	-117.3	—
Cash from Operations (pre-tax)	610.8	433.6	1,228.9	891.0	—
+ Income Taxes Paid	151.2	186.3	186.1	349.5	—
Cash from Operating Activities	459.6	247.3	1,042.8	541.5	—
Cash from Investing Activities
+ Acq of Fixed Assets (Capex)	649.9	843.9	902.7	952.4	—
+ Disp of Fixed Assets	0.0	0.0	0.0	10.0	—
+ Disp of Investment Property	0.0	125.4	2.5	0.0	—
+ Acq of Other Long-term Assets	89.3	0.0	0.0	5,844.6	—
+ Disp of Other Long-term Assets	0.0	0.0	0.0	6,016.7	—
+ Purchase of Investments (Equity / Debt)	10.0	3.5	138.1	0.0	—
+ Sale of Investments (Equity / Debt)	0.0	0.0	0.0	10.0	—
+ Interest Received — Investing	69.6	87.2	63.8	136.1	—
+ Other Inflows / (Outflows) — Investing	0.0	125.7	-266.1	37.2	—
Cash from Investing Activities	-679.7	-509.2	-1,240.6	-587.1	—
Cash from Financing Activities
+ Proceeds from Other Equity Instruments	0.0	0.0	0.0	0.0	—
+ Proceeds from Borrowings	448.1	968.6	1,294.8	1,469.2	—
+ Repayment of Borrowings	0.0	537.9	861.2	910.7	—
+ Payment of Lease Liabilities	9.8	10.2	6.1	0.0	—
+ Interest Paid	25.6	82.1	175.8	161.9	—
+ Dividends Paid	102.1	112.8	135.2	157.7	—
+ Other Inflows / (Outflows) — Financing	37.9	59.8	7.0	8.8	—
Cash from Financing Activities	348.5	285.4	123.6	247.6	—
Net Changes in Cash (pre-FX)	128.4	23.5	-74.2	202.1	—
+ Effect of FX Rate Changes on Cash	15.9	-4.5	0.0	22.2	—
Net Changes in Cash	144.3	19.0	-74.2	224.4	—
Closing Cash	447.7	466.8	—	636.2	—
Reference Items
EBITDA	597.6	797.4	907.8	1,026.3	869.8
EBITDA Margin %	7.39	8.55	8.74	9.60	8.02
Free Cash Flow (CFO − Capex)	-190.4	-596.6	140.1	-410.9	-410.9
Free Cash Flow to Equity	—	-233.3	401.8	21.9	—
Free Cash Flow per Basic Share	-16.90	-52.96	12.44	-36.47	-36.47
Cash Flow to Net Income	1.02	0.38	1.66	0.75	—
Cash Paid for Taxes	151.2	186.3	186.1	349.5	—
Cash Paid for Interest	25.6	82.1	175.8	161.9	—

As filed, sign as filed: a payment tagged as a positive magnitude in the filing stays positive here, so read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown — depth follows the filer, so a thin statement means a thin filing. Total Adjustments is the filer's own grand total of the reconciliation and spans BOTH the non-cash items and the working-capital block; Profit Before Tax plus it equals Cash from Operations (pre-tax). It can be reported when its components are not, so it is never a sum of the rows above it. No consensus estimates → no Est columns. Click any row to chart it.

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Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.