Thermax Limited has informed the Exchange that Board of Directors at its meeting held on May 09, 2025, recommended Final Dividend of Rs. 14 per equity share.
THERMAX · price
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On the reaction day the stock moved 2.0 pts less than Nifty Midcap 150 and 4.4 pts less than its Heavy Electrical Equipment peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Thermax Limited's Board approved audited consolidated financial results for Q4 and FY ending March 31, 2025. Consolidated revenue from operations rose to Rs. 10,388.69 crore (up from Rs. 9,323.46 crore in FY24), while net profit was Rs. 626.70 crore (slightly lower than Rs. 643.19 crore in FY24) and EPS stood at Rs. 56.33. Standalone performance was stronger with revenue at Rs. 6,254.07 crore and net profit of Rs. 572.14 crore (up ~31% YoY). The Board recommended a final dividend of Rs. 14 per share (700% on face value of Rs. 2), with record date July 4, 2025. The statutory auditors issued an unmodified opinion but flagged two Emphasis of Matters: an Arbitral Award of Rs. 218.45 crore (GTG dispute) and excise demand of Rs. 1,385.47 crore pending in Supreme Court.
The 700% dividend is a strong shareholder return signal. The slight YoY dip in consolidated net profit despite revenue growth and the highlighted emphasis-of-matter items (Rs. 218 cr arbitration and Rs. 1,385 cr excise dispute) are key watchpoints that may temper short-term sentiment, though the company has not made full provisions, indicating management's confidence in favourable outcomes.