Thermax profitability ratios

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

Margins
Returns						FY22 and earlierEvery year the company has filed comes with Alpha Plus.
	13.7%	13.7%	13.5%	15.5%	12.2%
	5.7%	5.7%	5.7%	6.8%	5.5%
	11.8%	11.8%	12.7%	13.2%	11.8%
	7.8%	9.9%	11.4%	12.5%	12.7%
	8.0%	9.6%	8.7%	8.6%	7.4%
	7.7%	7.7%	7.2%	7.0%	5.9%
	—	22.7%	9.4%	13.7%	—
	7.7%	9.4%	8.5%	9.3%	7.5%
	5.4%	6.7%	6.0%	6.9%	5.6%
	5.5%	6.7%	6.1%	6.9%	5.6%
	−3.8%	−3.8%	1.4%	−6.4%	−2.4%
Additional
	29.6%	28.5%	29.1%	26.0%	25.3%
	—	21.9%	21.6%	17.5%	22.7%
	13.7%	10.7%	10.6%	12.8%	9.5%

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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
Returns
Return on Common Equity	12.24	15.53	13.53	13.74	13.74
Return on Assets	5.53	6.77	5.65	5.69	5.69
Return on Capital Employed	11.82	13.17	12.67	11.81	11.81
Return on Invested Capital	12.67	12.50	11.42	9.89	7.76
Margins
EBITDA Margin	7.39	8.55	8.74	9.60	8.02
Operating Margin	5.94	6.96	7.21	7.65	7.65
Incremental Operating Margin	—	13.67	9.38	22.70	—
Pretax Margin	7.46	9.33	8.52	9.43	7.74
Net Income Margin	5.57	6.90	6.03	6.74	5.45
Net Income to Common Margin	5.57	6.92	6.11	6.74	5.47
FCF Margin	-2.35	-6.40	1.35	-3.84	-3.84
Additional
Effective Tax Rate	25.25	25.96	29.14	28.53	29.57
Dvd Payout Ratio	22.66	17.53	21.58	21.89	—
Sustainable Growth Rate	9.47	12.81	10.61	10.73	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%.