Thermax DuPont analysis

Profitability Growth Credit Liquidity Working capital Dividend yield DuPont CAGR

Per cent unless marked ×

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

5-step DuPont — ROE = tax burden × interest burden × EBIT margin × turnover × leverage						FY22 and earlierEvery year the company has filed comes with Alpha Plus.
	0.70×	0.71×	0.71×	0.74×	0.75×
	1.29×	1.23×	1.18×	1.34×	1.26×
	6.0%	7.7%	7.2%	7.0%	5.9%
	0.84×	0.84×	0.94×	0.98×	0.99×
	2.38×	2.38×	2.44×	2.29×	2.28×
	10.9%	13.5%	13.8%	15.5%	12.6%
	13.7%	13.7%	13.5%	15.5%	12.2%

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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

Profitability Growth Credit Liquidity Working Capital Yield Analysis DuPont

Ratios — % unless marked × 12 Months Ending	FY23 31/03/2023	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/06/2026
5-Step DuPont — ROE = Tax Burden × Interest Burden × EBIT Margin × Turnover × Leverage
Tax Burden (Net Income/Pretax) ×	0.75	0.74	0.71	0.71	0.70
Interest Burden (Pretax/EBIT) ×	1.26	1.34	1.18	1.23	1.29
EBIT Margin %	5.94	6.96	7.21	7.65	6.01
Asset Turnover ×	0.99	0.98	0.94	0.84	0.84
Financial Leverage (Assets/Equity) ×	2.28	2.29	2.44	2.38	2.38
ROE (5-step product, year-end total equity) %	12.60	15.46	13.81	13.47	10.90
ROE (owners' profit / average owners' equity) %	12.24	15.53	13.53	13.74	13.74

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%.