CSW Industrials (CSWI) 10-Q 30 Jan 25 2025 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2024	Jan. 27, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-37454
Entity Registrant Name	CSW INDUSTRIALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2266942
Entity Address, Address Line One	5420 Lyndon B. Johnson Freeway, Suite 500
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75240
City Area Code	214
Local Phone Number	884-3777
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	CSWI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,783,080
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001624794
Current Fiscal Year End Date	--03-31

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenues, net	$ 193,649	$ 174,967	$ 647,752	$ 581,980
Cost of revenues	(113,543)	(100,986)	(356,324)	(324,873)
Gross profit	80,106	73,981	291,428	257,107
Selling, general and administrative expenses	(50,511)	(46,400)	(155,224)	(142,327)
Operating income	29,595	27,581	136,204	114,780
Interest income (expense), net	1,976	(2,765)	(1,884)	(10,080)
Other expense, net	(298)	(8,428)	(716)	(6,188)
Income before income taxes	31,273	16,388	133,604	98,512
Provision for income taxes	(4,315)	(7,083)	(31,175)	(27,968)
Net income	26,958	9,305	102,429	70,544
Less: Income attributable to redeemable noncontrolling interest	(10)	(83)	(839)	(655)
Net income attributable to CSW Industrials, Inc.	$ 26,948	$ 9,222	$ 101,590	$ 69,889
Net income per share attributable to CSW Industrials, Inc.
Basic (in USD per share)	$ 1.60	$ 0.59	$ 6.32	$ 4.50
Diluted (in USD per share)	$ 1.60	$ 0.59	$ 6.30	$ 4.49
Weighted average number of shares outstanding:
Basic (in shares)	16,792	15,546	16,066	15,537
Diluted (in shares)	16,872	15,596	16,136	15,578

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 26,958	$ 9,305	$ 102,429	$ 70,544
Other comprehensive income (loss):
Foreign currency translation adjustments	(3,674)	1,231	(2,493)	(609)
Cash flow hedging activity, net of taxes of $0, $414, $295 and $(107), respectively	0	(1,558)	(1,111)	404
Pension and other postretirement effects, net of taxes of $0, $0, $0 and $(1), respectively	0	0	1	2
Other comprehensive loss	(3,674)	(327)	(3,603)	(203)
Comprehensive income	23,284	8,978	98,826	70,341
Less: Comprehensive income attributable to redeemable noncontrolling interest	(10)	(83)	(839)	(655)
Comprehensive income attributable to CSW Industrials, Inc.	$ 23,274	$ 8,895	$ 97,987	$ 69,686

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Cash flow hedging activity, taxes	$ 0	$ 295	$ 414	$ (107)
Pension and other postretirement effect, taxes	$ 0	$ 0	$ 0	$ (1)

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Current assets:
Cash and cash equivalents	$ 213,754	$ 22,156
Accounts receivable, net of allowance for expected credit losses of $1,295 and $908, respectively	114,825	142,665
Inventories, net	202,764	150,749
Prepaid expenses and other current assets	32,120	15,840
Total current assets	563,463	331,410
Property, plant and equipment, net of accumulated depreciation of $112,906 and $103,515, respectively	94,208	92,811
Goodwill	266,941	247,191
Intangible assets, net	355,256	318,819
Other assets	70,327	53,095
Total assets	1,350,195	1,043,326
Current liabilities:
Accounts payable	52,842	48,387
Accrued and other current liabilities	81,873	67,449
Current portion of long-term debt	0	0
Total current liabilities	134,715	115,836
Long-term debt	0	166,000
Retirement benefits payable	1,082	1,114
Other long-term liabilities	150,181	125,298
Total liabilities	285,978	408,248
Commitments and contingencies (See Note 13)
Redeemable noncontrolling interest	20,194	19,355
Equity:
Common shares	177	164
Preferred shares	0	0
Additional paid-in capital	497,906	137,253
Treasury shares, at cost (1,005 and 952 shares, respectively)	(115,367)	(95,643)
Retained earnings	674,036	583,075
Accumulated other comprehensive loss	(12,729)	(9,126)
Total equity	1,044,023	615,723
Total liabilities, redeemable noncontrolling interest and equity	$ 1,350,195	$ 1,043,326

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance for expected credit losses	$ 1,295	$ 908
Property, plant and equipment, accumulated depreciation	$ 112,906	$ 103,515
Common shares, par value (in USD per share)	$ 0.01	$ 0.01
Common shares, authorized (in shares)	50,000,000	50,000,000
Common shares, issued (in shares)	17,791,000	16,466,000
Preferred shares, par value (in USD per share)	$ 0.01	$ 0.01
Preferred shares, authorized (in shares)	10,000,000	10,000,000
Preferred shares, issued (in shares)	0	0
Treasury shares, at cost (in shares)	1,005,000	952,000

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Treasury Shares	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance at beginning of period at Mar. 31, 2023	$ 525,675	$ 163	$ (82,734)	$ 123,336	$ 493,319	$ (8,409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,805			2,805
Stock activity under stock plans	(2,864)		(2,864)
Reissuance of treasury shares	4,818		2,526	2,292
Net income	30,611				30,611
Dividends	(2,947)			18	(2,965)
Other comprehensive income (loss), net of tax	1,996					1,996
Balance at end of period at Jun. 30, 2023	560,094	163	(83,072)	128,451	520,965	(6,413)
Balance at beginning of period at Mar. 31, 2023	525,675	163	(82,734)	123,336	493,319	(8,409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	69,889
Other comprehensive income (loss), net of tax	(203)
Balance at end of period at Dec. 31, 2023	589,072	164	(91,016)	134,247	554,289	(8,612)
Balance at beginning of period at Jun. 30, 2023	560,094	163	(83,072)	128,451	520,965	(6,413)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	2,750			2,750
Repurchase of common shares	(1,147)		(1,147)
Net income	30,055				30,055
Dividends	(2,953)			23	(2,976)
Other comprehensive income (loss), net of tax	(1,872)					(1,872)
Balance at end of period at Sep. 30, 2023	586,927	163	(84,219)	131,224	548,044	(8,285)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,000			3,000
Stock activity under stock plans	(2,097)	1	(2,098)
Repurchase of common shares	(4,699)		(4,699)
Net income	9,222				9,222
Dividends	(2,954)			23	(2,977)
Other comprehensive income (loss), net of tax	(327)					(327)
Balance at end of period at Dec. 31, 2023	589,072	164	(91,016)	134,247	554,289	(8,612)
Balance at beginning of period at Mar. 31, 2024	615,723	164	(95,643)	137,253	583,075	(9,126)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,746			3,746
Stock activity under stock plans	(3,313)		(3,313)
Reissuance of treasury shares	4,159		1,211	2,948
Repurchase of common shares	(4,661)		(4,661)
Net income	38,591				38,591
Dividends	(3,262)			23	(3,285)
Other comprehensive income (loss), net of tax	(825)					(825)
Balance at end of period at Jun. 30, 2024	650,158	164	(102,406)	143,970	618,381	(9,951)
Balance at beginning of period at Mar. 31, 2024	615,723	164	(95,643)	137,253	583,075	(9,126)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	101,590
Other comprehensive income (loss), net of tax	(3,603)
Balance at end of period at Dec. 31, 2024	1,044,023	177	(115,367)	497,906	674,036	(12,729)
Balance at beginning of period at Jun. 30, 2024	650,158	164	(102,406)	143,970	618,381	(9,951)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,145			3,145
Repurchase of common shares	(4,230)		(4,230)
Net income	36,051				36,051
Dividends	(3,261)			26	(3,287)
Equity issuance	347,407	13		347,394
Other comprehensive income (loss), net of tax	896					896
Balance at end of period at Sep. 30, 2024	1,030,166	177	(106,636)	494,535	651,145	(9,055)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	3,345			3,345
Stock activity under stock plans	(3,916)		(3,916)
Repurchase of common shares	(4,815)		(4,815)
Net income	26,948				26,948
Dividends	(4,031)			26	(4,057)
Other comprehensive income (loss), net of tax	(3,674)					(3,674)
Balance at end of period at Dec. 31, 2024	$ 1,044,023	$ 177	$ (115,367)	$ 497,906	$ 674,036	$ (12,729)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 102,429	$ 70,544
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	10,714	10,077
Amortization of intangible and other assets	20,792	17,584
Provision for inventory reserves	1,779	2,541
Provision for doubtful accounts	946	544
Share-based compensation	10,237	8,555
Net gain on disposals of property, plant and equipment	(89)	(1,336)
Net pension benefit	49	50
Impairment of assets	0	90
Net deferred taxes	1,244	2,732
Changes in operating assets and liabilities:
Accounts receivable	32,316	17,846
Inventories	(42,536)	7,796
Prepaid expenses and other current assets	(17,174)	(6,720)
Other assets	1,565	1,066
Accounts payable and other current liabilities	21,372	9,601
Retirement benefits payable and other liabilities	(2,575)	944
Net cash provided by operating activities	141,069	141,914
Cash flows from investing activities:
Capital expenditures	(11,735)	(11,668)
Proceeds from sale of assets held for investment	0	1,665
Proceeds from sale of assets	153	157
Cash paid for investments	(2,500)	0
Cash paid for acquisitions	(84,491)	(5,284)
Net cash used in investing activities	(98,573)	(15,130)
Cash flows from financing activities:
Borrowings on line of credit	32,723	72,308
Repayments of line of credit and term loan	(198,723)	(172,308)
Purchase of treasury shares	(20,935)	(10,640)
Proceeds from equity issuance	347,407	0
Dividends	(10,554)	(8,855)
Net cash provided by (used in) financing activities	149,918	(119,495)
Effect of exchange rate changes on cash and equivalents	(816)	(756)
Net change in cash and cash equivalents	191,598	6,533
Cash and cash equivalents, beginning of period	22,156	18,455
Cash and cash equivalents, end of period	$ 213,754	$ 24,988

ORGANIZATION AND OPERATIONS AND

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES	ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES CSW Industrials, Inc. (the “Company,” “CSWI,” “we,” “our” or “us”) is a diversified industrial growth company with a strategic focus on providing niche, value-added products in the end markets we serve. We operate in three business segments: Contractor Solutions, Specialized Reliability Solutions and Engineered Building Solutions. Our products include mechanical products for heating, ventilation, air conditioning and refrigeration (“HVAC/R”), plumbing products, grilles, registers and diffusers (“GRD”), building safety solutions and high-performance specialty lubricants and sealants. End markets that we serve include HVAC/R, architecturally-specified building products, plumbing, electrical, general industrial, energy, rail transportation and mining. Our manufacturing operations are concentrated in the United States (“U.S.”), Vietnam and Canada, and we have distribution operations in the U.S., Australia, Canada and the United Kingdom (“U.K.”). Our products are sold directly to end users or through designated channels in over 100 countries around the world, primarily including the U.S., Canada, the U.K. and Australia. Drawing on our innovative and proven technologies, we seek to deliver solutions primarily to contractors that place a premium on superior performance and reliability. We believe our brands are well-known in the specific end markets we serve and have a reputation for high quality. We rely on both organic growth and inorganic growth through acquisitions to provide an increasingly broad portfolio of performance optimizing solutions that meet our customers’ ever-changing needs. We have a successful record of making attractive, synergistic acquisitions in support of this objective, and we remain focused on identifying additional acquisition opportunities in our core end markets. Many of our products are used to protect the capital assets of our customers that are expensive to repair or replace and are critical to their operations. We have a source of recurring revenue from the maintenance, repair and overhaul and consumable nature of many of our products. We also provide some custom engineered products that strengthen and enhance our customer relationships. The reputation of our product portfolio is built on more than 100 well-respected brand names, such as AC Guard®, Air Sentry®, Balco®, Cover Guard®, Deacon®, Dust Free®, Falcon Stainless®, Greco®, Jet-Lube®, Kopr-Kote®, Leak Freeze®, Metacaulk®, No. 5®, OilSafe®, PF WaterWorks TM , PSP Products TM , RectorSeal®, Safe-T-Switch®, Shoemaker Manufacturing®, Smoke Guard®, TRUaire® and Whitmore®. Basis of Presentation The consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2024 (“Quarterly Report”), include all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements are for us and our consolidated subsidiaries, each of which is a wholly-owned subsidiary, except our 50% investment in a variable interest entity (“VIE”) for which we have determined that we are the primary beneficiary and therefore have consolidated into our financial statements. All significant intercompany transactions have been eliminated in consolidation. The consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of December 31, 2024, and the results of operations for the three and nine month periods ended December 31, 2024 and 2023. All adjustments are of a normal, recurring nature. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in CSWI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024 (the “Annual Report”). Accounting Policies We have consistently applied the accounting policies described in our Annual Report in preparing these consolidated financial statements. Accounting Developments Pronouncements not yet implemented In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. This ASU will be effective for our Form 10-K for fiscal 2025 and our Form 10-Q for the first quarter of fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU should be applied prospectively; however, retrospective application is also permitted. This ASU will be effective for our Form 10-K for fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures. Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. This ASU provides guidance to expand disclosures related to the disaggregation of income statement expenses. Also, this ASU requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses which includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. ASU 2025-01 is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. This ASU will be effective for our Form 10-K for fiscal 2028 and our Form 10-Q for the first quarter of 2029. We are currently evaluating the impact this ASU may have on our financial statement disclosures.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	ACQUISITIONS PF WaterWorks, L.P. On November 4, 2024, we acquired the assets of PF WaterWorks, L.P. (“PF WaterWorks”), based in Houston, Texas for an aggregate purchase price of $43.2 million, comprised of cash considerations of $40.0 million, an estimated working capital true-up adjustment of $2.2 million and contingent considerations initially measured at $1.0 million based on PF WaterWorks meeting defined financial targets over a period of 3.2 years. The cash consideration was funded with cash on hand. PF WaterWorks offers innovative, eco-friendly drain management solutions that expand upon, and are complimentary to, our existing plumbing product portfolio. As of the acquisition date, the estimated fair value of the contingent consideration was classified as a long-term liability of $1.0 million, which was determined using an option pricing model simulation that determines an average projected payment value across numerous iterations. During the three and nine months ended December 31, 2024, we incurred $1.1 million and $1.3 million, respectively, in transaction expenses in connection with the PF WaterWorks acquisition, which were included in selling, general and administrative expenses in the Consolidated Statements of Operations under the Contractor Solutions segment. The PF WaterWorks acquisition was accounted for as a business combination under FASB Accounting Standards Codification Topic 805, Business Combinations (“Topic 805”). The excess of the purchase price over the preliminary fair value of the identifiable assets acquired and liabilities assumed was $12.0 million allocated to goodwill, which represents the value expected to be obtained from owning products that are expanding our existing plumbing offerings and provide additional drain management solutions to our customers. The preliminary allocation of the fair value of the net assets acquired comprises customer lists ($22.8 million), trade name ($2.7 million), patent ($0.4 million), accounts receivable ($1.6 million), inventory ($4.2 million), other current assets ($0.1 million), equipment ($0.1 million) and other assets ($0.3 million), net of current liabilities ($0.9 million) and other liabilities ($0.1 million). Customer lists and patent are being amortized over 15 years and 5 years, respectively, while the trade name and goodwill are not being amortized. The Company’s evaluation of the facts and circumstances available as of November 4, 2024 to assign fair values to assets acquired is ongoing. We expect to finalize the purchase price allocation as soon as practicable, but no later than one year from the acquisition date. Goodwill and all intangible assets are deductible and amortized over 15 years for income tax purposes. PF WaterWorks activity has been included in our Contractor Solutions segment since the acquisition date. The disclosure of PF WaterWorks' post-acquisition revenue and net income is not practical due to integration activities since the acquisition date. No pro forma information has been provided due to immateriality. PSP Products, Inc. On August 1, 2024, we acquired the assets of PSP Products, Inc. (“PSP”), based in Manassas, Virginia for an aggregate purchase price of $47.1 million, comprised of cash consideration of $32.5 million, a working capital true-up adjustment of $7.0 million and contingent considerations initially measured at $7.6 million based on PSP meeting defined operational and financial targets over a period of 2.5 years. The cash consideration was funded with cash on hand and borrowings under our existing Revolving Credit Facility, as defined in Note 7. PSP offers a family of superior surge protection and load management products to our existing HVAC/R offerings. As of the acquisition date, the estimated fair value of the contingent consideration was classified as a long-term liability of $7.6 million, of which $0.6 million was determined using an option pricing model simulation that determines an average projected payment value across numerous iterations and $7.0 million was determined using a scenario-based analysis on forecasted future results. During the three and nine months ended December 31, 2024, we incurred less than $0.1 million and $0.3 million, respectively, in transaction expenses in connection with the PSP acquisition, which were included in selling, general and administrative expenses in the Consolidated Statements of Operations under the Contractor Solutions segment. The PSP acquisition was accounted for as a business combination under FASB Accounting Standards Codification Topic 805, Business Combinations (“Topic 805”). The excess of the purchase price over the preliminary fair value of the identifiable assets acquired and liabilities assumed was $9.0 million allocated to goodwill, which represents the value expected to be obtained from owning products that are complementary to our existing HVAC/R offerings and provide additional electrical offerings to our customers. The preliminary allocation of the fair value of the net assets acquired comprises customer lists ($24.5 million), trade name ($2.0 million), accounts receivable ($4.4 million), inventory ($8.9 million), other current asset ($0.3 million), equipment ($0.3 million) and other assets ($0.7 million), net of current liabilities ($2.6 million) and other liabilities ($0.4 million). Customer lists are being amortized over 15 years while the trade name and goodwill are not being amortized. The Company’s evaluation of the facts and circumstances available as of August 1, 2024, to assign fair values to assets acquired is ongoing. We expect to finalize the purchase price allocation as soon as practicable, but no later than one year from the acquisition date. Goodwill and all intangible assets are deductible and amortized over 15 years for income tax purposes. PSP activity has been included in our Contractor Solutions segment since the acquisition date. The disclosure of PSP's post-acquisition revenue and net income is not practical due to integration activities since the acquisition date. No pro forma information has been provided due to immateriality. Dust Free, LP On February 6, 2024, we acquired 100% of the outstanding equity of Dust Free, LP (“Dust Free”), based in Royse City, Texas, for an aggregate purchase price of $34.2 million (including $0.6 million cash acquired), comprised of cash consideration of $27.4 million (including a final working capital true-up receipt of $0.5 million) and contingent considerations initially measured at $6.8 million based on Dust Free meeting defined operational and financial targets over a period of 6 years. The cash consideration was funded with cash on hand and borrowings under our existing Revolving Credit Facility (as defined in Note 7). The Dust Free products offer residential and commercial indoor air quality and HVAC/R applications and supplement our Contractor Solutions segment’s existing product portfolio. As of the acquisition date, the estimated fair value of the contingent consideration was classified as a long-term liability of $6.8 million, of which $2.1 million was determined using an option pricing model simulation that determines an average projected payment value across numerous iterations and $4.7 million was determined using a scenario-based analysis on forecasted future results. During the year ended March 31, 2024, we incurred $0.7 million in transaction expenses in connection with the Dust Free acquisition, which were included in selling, general and administrative expenses in the Consolidated Statements of Operations under the Contractor Solutions segment.

CONSOLIDATION OF VARIABLE INTER

CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST	9 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST	CONSOLIDATION OF VARIABLE INTEREST ENTITY AND REDEEMABLE NONCONTROLLING INTEREST Whitmore Joint Venture On April 1, 2021, Whitmore Manufacturing, LLC (“Whitmore”), a wholly-owned subsidiary of CSWI, completed the formation of the joint venture (the “Whitmore JV”) with Pennzoil-Quaker State Company dba SOPUS Products, a wholly-owned subsidiary of Shell Oil Company that comprises Shell’s U.S. lubricants business. The Whitmore JV is deemed to be a VIE as the equity investors at risk, as a group, lack the characteristics of a controlling financial interest. The major factor that led to the conclusion that the Company is the primary beneficiary of this VIE is that Whitmore has the power to direct the most significant activities due to its ability to direct the manufacturing decisions of the Whitmore JV. Whitmore JV’s total net assets are presented below (in thousands): December 31, 2024 March 31, 2024 Cash $ 6,303 $ 5,909 Accounts receivable, net 6,691 8,094 Inventories, net 5,821 3,851 Prepaid expenses and other current assets 353 138 Property, plant and equipment, net 14,098 14,241 Intangible assets, net 5,061 5,669 Other assets 575 315 Total assets $ 38,902 $ 38,217 Accounts payable $ 4,869 $ 6,004 Accrued and other current liabilities 1,434 1,463 Other long-term liabilities 388 206 Total liabilities $ 6,691 $ 7,673 During the three and nine months ended December 31, 2024, the Whitmore JV generated net income of $0.0 million and $1.7 million, respectively. The Whitmore JV’s LLC Agreement contains a put option that gives either member the right to sell its 50% equity interest in the Whitmore JV to the other member at a dollar amount equivalent to 90% of the initiating member's equity interest determined based on the fair market value of the Whitmore JV’s net assets. This put option can be exercised, at either member’s discretion, by providing written notice to the other member during the month of July 2024 and every two years afterwards. No put option was provided in July 2024. This redeemable noncontrolling interest is recorded at the higher of the redemption value or carrying value each reporting period. Changes in redeemable noncontrolling interest for the nine-month period ended December 31, 2024 were as follows (in thousands): December 31, 2024 December 31, 2023 Balance at beginning of the year $ 19,355 $ 18,464 Net income attributable to redeemable noncontrolling interest 839 655 Ending balance $ 20,194 $ 19,119

INVENTORIES

INVENTORIES	9 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consist of the following (in thousands): December 31, 2024 March 31, 2024 Raw materials and supplies $ 57,062 $ 44,866 Work in process 6,376 5,194 Finished goods 148,958 109,695 Total inventories 212,396 159,755 Less: Obsolescence reserve (9,632) (9,006) Inventories, net $ 202,764 $ 150,749

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amount of goodwill as of December 31, 2024 and March 31, 2024 were as follows (in thousands): Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Total Balance at March 31, 2024 $ 213,544 $ 9,358 $ 24,289 $ 247,191 Dust Free acquisition (724) — — (724) PSP acquisition 9,023 — — 9,023 PF WaterWorks acquisition 11,972 — — 11,972 Currency translation 20 (30) (511) (521) Balance at December 31, 2024 $ 233,835 $ 9,328 $ 23,778 $ 266,941 The following table provides information about our intangible assets (in thousands, except years): December 31, 2024 March 31, 2024 Weighted Avg Life (Years) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Finite-lived intangible assets: Patents 11 $ 17,634 $ (9,889) $ 15,084 $ (9,306) Customer lists and amortized trademarks 14 393,715 (120,673) 346,136 (103,407) Non-compete agreements 6 1,000 (595) 1,000 (453) Other 10 6,276 (3,017) 6,275 (2,649) $ 418,625 $ (134,174) $ 368,495 $ (115,815) Trade names and trademarks not being amortized: $ 70,805 $ — $ 66,139 $ — Amortization expenses for the three and nine months ended December 31, 2024 were $6.4 million and $18.3 million, respectively. Amortization expenses for the three and nine months ended December 31, 2023 were $5.7 million and $17.0 million, respectively. The following table shows the estimated future amortization for intangible assets, as of December 31, 2024, for the remainder of the current fiscal year and the next four fiscal years ending March 31 (in thousands): 2025 $ 6,518 2026 26,248 2027 25,170 2028 24,770 2029 24,693 Thereafter 177,052 Total $ 284,451

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Prior to September 17, 2024, we maintained the shareholder-approved 2015 Equity and Incentive Compensation Plan (the “2015 Plan”), which provided for the issuance of up to 1,230,000 shares of CSWI common stock through the grant of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units or other share-based awards, to employees, officers and non-employee directors. On August 15, 2024, our shareholders approved the 2024 Equity and Incentive Compensation Plan (the “2024 Plan”) and on September 17, 2024, we registered the offering of shares under the 2024 Plan on the Registration Statement on Form S-8 (the “2024 Plan Registration”). Following the 2024 Plan Registration, no further awards have been or will be granted under the 2015 Plan, and the 2015 Plan’s remaining share reserve for new awards was cancelled. Any awards previously granted under the 2015 Plan will remain outstanding and vest in accordance with their original terms and conditions. The 2024 Plan provides for the issuance of up to 850,000 shares of CSWI common stock through the grant of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units or other share-based awards, to employees, officers and non-employee directors. As of December 31, 2024, and due to awards granted under the 2015 Plan prior to the 2024 Plan Registration, as well as new grant activity under the 2024 Plan, 827,520 shares were reserved and available for issuance under the 2024 Plan. We recorded share-based compensation expense as follows for the three and nine months ended December 31, 2024 and 2023 (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Share-based compensation expense $ 3,345 $ 3,000 $ 10,237 $ 8,554 Related income tax benefit (a) (836) (750) (2,559) (2,139) Net share-based compensation expense $ 2,509 $ 2,250 $ 7,678 $ 6,415 (a) Income tax benefit is estimated using the statutory rate. Restricted share activity was as follows: Nine Months Ended December 31, 2024 Number of Shares Weighted Average Grant Date Fair Value Outstanding at March 31, 2024: 221,563 $ 166.62 Granted (a) 61,423 342.16 Vested (75,629) 168.35 Canceled (3,501) 178.31 Outstanding at December 31, 2024 203,856 $ 204.13 (a) Including incremental shares delivered to grant recipients as a result of performance-based awards vesting in excess of target (100%). During the restriction period, the holders of restricted shares are entitled to vote and receive dividends. Unvested restricted shares outstanding as of December 31, 2024 and 2023 included 95,225 and 96,814 shares (at target), respectively, with performance-based vesting provisions, and a vesting range of 0%-200% based on pre-defined performance targets with market conditions. Performance-based awards accrue dividend equivalents, which are settled upon (and to the extent of) vesting of the underlying award and do not have the right to vote until vested. Performance-based awards are earned upon the achievement of objective performance targets and are payable in common shares. Compensation expense is calculated based on the fair market value as determined by a Monte Carlo simulation and is recognized over a 36-month cliff vesting period. We granted no awards with performance-based vesting provisions during the three months ended December 31, 2024 and 2023. We granted 18,962 and 29,120 awards with performance-based vesting provisions during the nine months ended December 31, 2024 and 2023, respectively, with a vesting range of 0%-200%. At December 31, 2024, we had unrecognized compensation cost related to unvested restricted shares of $23.0 million, which will be amortized into net income over the remaining weighted average vesting period of approximately 2.1 years. The total fair value of restricted shares granted during the three months ended December 31, 2024 and 2023 was $7.1 million and $5.5 million, respectively. The total fair value of restricted shares granted during the nine months ended December 31, 2024 and 2023 was $14.3 million and $12.2 million, respectively. The total fair value of restricted shares vested during the three months ended December 31, 2024 and 2023 was $11.8 million and $6.3 million, respectively. The total fair value of restricted shares vested during the nine months ended December 31, 2024 and 2023 was $22.1 million and $14.7 million, respectively.

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Debt consists of the following (in thousands): December 31, 2024 March 31, 2024 Revolving Credit Facility, interest rate of 0.00% (a) and 6.68% (b) $ — $ 166,000 Less: Current portion — — Long-term debt $ — $ 166,000 (a) Interest rate effective on December 31, 2024 was not applicable due to there being no outstanding balance under the Revolving Credit Facility. (b) Represents the interest rate effective on March 31, 2024. Revolving Credit Facility As discussed in Note 8 to our consolidated financial statements included in our Annual Report, prior to December 2022, we maintained a $400.0 million revolving credit facility that contained a $25.0 million sublimit for the issuance of letters of credit and a $10.0 million sublimit for swingline loans, with an additional $150 million accordion feature (the “Second Credit Agreement”). The credit facility was scheduled to mature on May 18, 2026. The Company incurred a total of $2.3 million in underwriting fees, which are being amortized over the life of the Second Credit Agreement. Borrowings under the Second Credit Agreement bore interest at either base rate plus between 0.25% to 1.5% or LIBOR plus between 1.25% to 2.5%, based on the Company’s leverage ratio calculated on a quarterly basis. The base rate was described in the Second Credit Agreement as the highest of (i) the Federal funds effective rate plus 0.50%, (ii) the prime rate quoted by The Wall Street Journal, and (iii) the one-month LIBOR rate plus 1.00%. We paid a commitment fee between 0.15% to 0.4% based on the Company’s leverage ratio for the unutilized portion of this facility. Interest and commitment fees were payable at least quarterly and the outstanding principal balance was due at the maturity date. The Second Credit Agreement was secured by a first priority lien on all tangible and intangible assets and stock issued by the Company and its domestic subsidiaries, subject to specified exceptions, and 65% of the voting equity interests in its first-tier foreign subsidiaries. On December 15, 2022, the Company entered into an Incremental Assumption Agreement No. 1 and Amendment No. 2 to the Second Credit Agreement (the “Second Amendment”) to utilize a portion of the accordion feature, thus increasing the commitment from $400.0 million to $500.0 million, and concurrently reducing the available incremental accordion by a corresponding amount (the term “Revolving Credit Facility” as used throughout this document refers to the Second Credit Agreement and the Second Amendment, as applicable). The Second Amendment also replaced the LIBOR Rate with individualized metrics based on the specific denomination of borrowings, including a metric based on Term SOFR (as defined in the Second Credit Agreement) for borrowings denominated in U.S. Dol lars. The Company incurred a total of $0.7 million in underwriting fees, which are being amortized over the remaining term of the Second Credit Agreement. During the nine months ended December 31, 2024, we borrowed $32.7 million and repaid $198.3 million under the Revolving Credit Facility. As of December 31, 2024 and March 31, 2024, we had $0.0 million and $166.0 million, respectively, in our outstanding balance, which resulted in borrowing capacity under the Revolving Credit Facility of $498.7 million (net of credit utilization) and $334.0 million, respectively. The financial covenants contained in the Second Credit Agreement require the maintenance of a maximum leverage ratio of 3.00 to 1.00, subject to a temporary increase to 3.75 to 1.00 for 18 months following the consummation of permitted acquisitions with consideration in excess of certain threshold amounts set forth in the Second Credit Agreement. The Second Credit Agreement also requires the maintenance of a minimum fixed charge coverage ratio of 1.25 to 1.00, the calculations and terms of which are defined in the Second Credit Agreement. Covenant compliance is tested quarterly, and we were in compliance with all covenants as of December 31, 2024. Interest payments on the first $100.0 million borrowing under the Revolving Credit Facility were hedged under an interest rate swap agreement as described in Note 9 until September 2024, when the balance of the Revolving Credit Facility was paid off using a portion of the proceeds from the equity offering as discussed in Note 11 and the hedge was terminated as described in Note 9.

LEASES

LEASES	9 Months Ended
	Dec. 31, 2024
Leases [Abstract]
LEASES	LEASES We have operating leases for manufacturing facilities, offices, warehouses, vehicles and certain equipment. Our leases have remaining lease terms of 1 year to 23 years, s ome of which include escalation clauses and/or options to extend or terminate the leases. We do not currently have any financing lease arrangements. Three Months Ended December 31, Nine Months Ended December 31, (in thousands) 2024 2023 2024 2023 Components of Operating Lease Expenses Operating lease expense (a) $ 3,258 $ 2,426 $ 9,605 $ 7,704 Short-term lease expense 245 179 695 514 Total operating lease expense $ 3,503 $ 2,605 $ 10,300 $ 8,218 (a) Included in cost of revenues and selling, general and administrative expenses (in thousands) December 31, 2024 March 31, 2024 Operating Lease Assets and Liabilities Right-of-use assets, net (b) $ 61,487 $ 44,491 Short-term lease liabilities (c) $ 10,532 $ 9,443 Long-term lease liabilities (c) 58,171 39,922 Total operating lease liabilities $ 68,703 $ 49,365 (b) Included in other assets (c) Included in accrued and other current liabilities and other long-term liabilities Nine Months Ended December 31, (in thousands) 2024 2023 Supplemental Cash Flow Cash paid for amounts included in the measurement of operating lease liabilities (a) $ 9,486 $ 8,460 Increase in right-of-use assets obtained in exchange for new or renewed operating lease obligations 26,973 1,868 Decrease in right-of-use assets and operating lease liabilities due to lease modification, remeasurement or termination 3,123 15,371 (a) Included in our Consolidated Statements of Cash Flows under operating activities in net income and accounts payable and other current liabilities Other Information for Operating Leases Weighted average remaining lease term (in years) 7.25 6.44 Weighted average discount rate 5.2 % 2.7 % Maturities of operating lease liabilities were as follows (in thousands): Year Ending March 31, 2025 (excluding the nine months ended December 31, 2024) $ 3,491 2026 13,500 2027 12,880 2028 11,334 2029 9,863 Thereafter 33,510 Total lease liabilities 84,578 Less: Imputed interest (15,875) Present value of lease liabilities $ 68,703

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING	9 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING	DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING From time to time, we enter into interest rate swap agreements to hedge exposure to floating interest rates on certain portions of our debt. On February 7, 2023, we entered into an interest rate swap to hedge our exposure to variability in cash flows from interest payments on the first $100.0 million of borrowings under our Revolving Credit Facility. This interest rate swap fixed the one-month SOFR rate at 3.85% for the first $100.0 million borrowing under our Revolving Credit Facility and was scheduled to expire on May 18, 2026. In September 2024, upon the payoff of the outstanding Revolving Credit Facility balance, we terminated the interest rate swap and incurred a cash payment of $0.4 million, which was reported in our Consolidated Statements of Income in interest expense, net. As of December 31, 2024 and March 31, 2024, we had $0.0 million and $100.0 million, respectively, of notional amount outstanding designated as an interest rate swap with third parties. The fair value of the interest rate swap designated as a hedging instrument is summarized below (in thousands): December 31, 2024 March 31, 2024 Current derivative asset $ — $ 1,186 Non-current derivative asset — 221 The impact of changes in fair value of the interest rate swap is included in Note 15.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share for the three and nine months ended December 31, 2024 and 2023 (amounts in thousands, except per share data): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Net income $ 26,958 $ 9,305 $ 102,429 $ 70,544 Less: Net income attributable to redeemable noncontrolling interest (10) (83) (839) (655) Net income attributable to CSW Industrials, Inc. $ 26,948 $ 9,222 $ 101,590 $ 69,889 Weighted average shares: Common stock 16,705 15,443 15,969 15,430 Participating securities 87 103 97 107 Denominator for basic earnings per common share 16,792 15,546 16,066 15,537 Potentially dilutive securities 80 50 70 41 Denominator for diluted earnings per common share 16,872 15,596 16,136 15,578 Net income per share attributable to CSW Industrials, Inc.: Basic $ 1.60 $ 0.59 $ 6.32 $ 4.50 Diluted $ 1.60 $ 0.59 $ 6.30 $ 4.49

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Dec. 31, 2024
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY Common Stock December 31, 2024 December 31, 2023 Common Stock Treasury Stock Common Stock Treasury Stock Balance at beginning of the year 16,465,776 952,394 16,377,820 902,157 Vesting of performance shares and restricted stock units 39,928 14,381 54,713 20,713 Reissuance of treasury shares — (17,186) — (35,477) Restricted stock awards activities 19,967 10,639 31,545 11,840 Share repurchases — 44,858 — 32,345 Equity issuance 1,265,000 — — — Ending balance 17,790,671 1,005,086 16,464,078 931,578 Equity Offering In September 2024, the Company completed a follow-on equity offering, and issued and sold a total of 1,265,000 shares of our common stock to the public, including shares issued pursuant to the underwriters' full exercise of their over-allotment option, at an offering a price of $285 per share. We received proceeds of $347.4 million, net of underwriting fees and discounts and expenses incurred directly related to the offering. We used a portion of the proceeds to pay off the outstanding balance of our Revolving Credit Facility, as discussed in Note 7, and we plan to use the remainder of the proceeds for general corporate purposes, including potential future acquisitions. Share Repurchase Program On December 16, 2022, we announced that our Board of Directors authorized a program to repurchase up to $100.0 million of our common stock over a two-year period. On November 18, 2024, we announced that our Board of Directors authorized a new $200.0 million share repurchase program, which replaced the previously announced $100.0 million program. Under the current repurchase program, shares may be repurchased from time to time in the open market or in privately negotiated transactions. Repurchases will be made at our discretion, based on ongoing assessments of the capital needs of the business, the market price of our common stock and general market conditions. Our Board of Directors has established an expiration date of December 31, 2026, for completion of the current repurchase program; however, such program may be limited or terminated at any time at our discretion without notice. Under the current $200.0 million repurchase program, a total of 5,705 shares were repurchased during the three months ended December 31, 2024 for $2.2 million . Under the prior $100.0 million repurchase program, 6,703 and 39,153 shares were repurchased for the three and nine months ended December 31, 2024 for $2.6 million and $11.5 million, respectively. 25,914 and 32,345 shares were repurchased for the three and nine months ended December 31, 2023 for $4.7 million and $5.8 million , respectively. In connection with the vesting of share awards, 10,737 and 25,020 shares for $3.9 million and $7.2 million, respectively, were tendered by employees to satisfy minimum tax withholding requirements during the three and nine months ended December 31, 2024, respectively. 11,939 and 32,553 shares for $2.1 million and $5.0 million, respectively, were tendered by employees to satisfy minimum tax withholding requirements during the three and nine months ended December 31, 2023, respectively. Dividends On April 14, 2023, we announced a quarterly dividend increase to $0.19 per share. On April 12, 2024, we announced a quarterly dividend increase to $0.21 per share. On October 11, 2024, we announced another quarterly dividend increase to $0.24 per share. Total dividends of $4.0 million and $2.9 million were paid during the three months ended December 31, 2024 and 2023, respectively. Total dividends of $10.6 million and $8.9 million were paid during the nine months ended December 31, 2024 and 2023, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The carrying amounts of cash, accounts receivable, net and accounts payable approximate their fair values at December 31, 2024 and March 31, 2024 due to their short-term nature. Cash equivalents generally consist of money market funds invested with a reputable and highly diversified global bank in instruments issued or guaranteed by the U.S. Treasury. The fair value of these cash equivalents is based on quoted market price, which is a Level I input. The carrying value of our debt (discussed in Note 7) approximates fair value as it bears interest at variable rates. The fair value of the interest rate swap contract (as discussed in Note 9) is determined using Level II inputs. The long-term investments with no readily determinable fair value are measured using the alternative for fair value and the investment's carrying value is reported at cost, adjusted for impairments or any observable price changes in ordinary transactions with identical or similar investments. As of December 31, 2024 and March 31, 2024, the long-term investments reported in the balance sheets were $2.9 million and $0.4 million, respectively. The redeemable noncontrolling interest is recorded at the higher of the redemption value or carrying value each reporting period. The redemption value of the redeemable noncontrolling interest is estimated using a discounted cash flow analysis, which requires management judgment with respect to future revenue, operating margins, growth rates and discount rates and is classified as Level III under the fair value hierarchy. The redemption value of the redeemable noncontrolling interest is discussed in Note 3. The fair value of the contingent consideration liability related to acquisitions is determined using either a scenario-based analysis on forecasted future results or an option pricing model simulation that determines an average projected payment value across numerous iterations. The contingent consideration liability is recorded at fair value on the acquisition date and is remeasured quarterly based on the then assessed fair value. The increases or decreases in the fair value of the contingent consideration can result from changes in future operations, forecasted revenue and assumed discount rates. The fair value measurement is based on significant inputs that are not observable in the market and is classified as Level III under the fair value hierarchy. As of December 31, 2024 and March 31, 2024, the contingent consideration liability reported in the balance sheets was $16.0 million and $7.2 million, respectively.

CONTINGENCIES

CONTINGENCIES	9 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES From time to time, we are involved in various claims and legal actions that arise in the ordinary course of business. There are no matters pending, whether individually or in the aggregate, that we currently believe have a reasonable possibility of having a material impact to our business, consolidated financial position, results of operations or cash flows.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended December 31, 2024, we earned $31.3 million from operations before taxes and provided for income taxes of $4.3 million, resulting in an effective tax rate of 13.8%. For the nine months ended December 31, 2024, we earned $133.6 million from operations before taxes and provided for income taxes of $31.2 million, resulting in an effective tax rate of 23.3%. The provision for income taxes differed from the statutory rate for the three and nine months ended December 31, 2024 primarily due to state income tax (net of federal benefit), executive compensation limitations, and provision for global intangible low-taxed income (“GILTI”); offset by release of uncertain tax positions (“UTP”) due to lapse of statute, excess tax deductions related to equity compensation, foreign currency rate impact on the cumulative unrepatriated foreign earnings, foreign tax credits and foreign-derived intangible income (“FDII”). In connection with the T.A. Industries, Inc. (“TRUaire”) acquisition that closed in December 2020, the Company recognized a UTP of $17.3 million related to pre-acquisition tax periods. In addition, in accordance with the tax indemnification provided by the seller to the Company for up to $12.5 million related to UTPs taken in pre-acquisition years, we recognized a tax indemnification asset of $12.5 million, $5 million of which was released in the three months ended March 31, 2021. During the three months ended December 31, 2023, the remaining $7.5 million tax indemnification asset expired and was recognized as non-cash other expense on the statement of income, which is not deductible for income tax purposes. During the three months ended December 31, 2024, $2.7 million of the UTP accrual (including penalties and interests accrued post-acquisition) was released due to the expiration of the tax statutes and was recorded as an income tax benefit. As of December 31, 2024, the UTP accrual related to TRUaire's pre-acquisition tax periods was $12.7 million and is expected to be released in the future as the statutes on the open tax years expire. In connection with the Falcon Stainless, Inc. (“Falcon”) acquisition that closed in October 2022, the Company recognized a UTP of $3.0 million related to pre-acquisition tax periods. In addition, in accordance with the tax indemnification provided by the seller to the Company for up to $4.5 million related to UTPs taken in pre-acquisition years, we recognized an initial tax indemnification asset of $3.0 million, which will either be settled or expire upon the closure of the tax statutes for the pre-acquisition periods. During the three months ended December 31, 2024, as a result of the statue expiration, $0.9 million UTP was released and the related $0.9 million tax indemnification asset expired concurrently and was recognized as non-cash other expense on the statement of income, which is not deductible for income tax purposes. During the three months ended December 31, 2023, as a result of the statute expiration, $1.0 million UTP was released and the related $1.0 million tax indemnification asset expired concurrently and was recognized as non-cash other expense on the statement of income. As of December 31, 2024, the UTP reserves and offsetting indemnification asset related to Falcon's pre-acquisition period were $1.8 million. The Falcon UTP reserves and offsetting indemnification asset will either be settled or expire upon the closure of the tax statutes for the pre-acquisition period. For the three months ended December 31, 2023, we earned $16.4 million from operations before taxes and provided for income taxes of $7.1 million, resulting in an effective tax rate of 43.2%. For the nine months ended December 31, 2023, we earned $98.5 million from operations before taxes and provided for income taxes of $28.0 million, resulting in an effective tax rate of 28.4%. The provision for income taxes differed from the statutory rate for the three and nine months ended December 31, 2023 primarily due to the tax impact on the aforementioned release of the indemnification assets, the release of UTPs, the impact of US federal provision to return adjustments, state income tax (net of federal benefit), executive compensation limitations, and the inclusions related to foreign operations. The Company expects $6.2 million of reserves for UTPs to either be settled or expire within the next 12 months as the statutes of limitations expire. The Organization for Economic Cooperation and Development introduced a framework under pillar two ("Pillar Two"), which includes a global minimum tax rate of 15% that applies to fiscal years starting on or after January 1, 2024, with certain remaining provisions to be effective in 2025. Certain jurisdictions in which we do business have enacted laws implementing Pillar Two. Based on our current forecast, we do not expect the Pillar Two rules to apply to the Company in the near term. We are monitoring these developments and do not believe these rules will have a material impact on our financial condition and/or consolidated results.

OTHER COMPREHENSIVE INCOME (LOS

OTHER COMPREHENSIVE INCOME (LOSS)	9 Months Ended
	Dec. 31, 2024
Equity [Abstract]
OTHER COMPREHENSIVE INCOME (LOSS)	OTHER COMPREHENSIVE INCOME (LOSS) The following table provides an analysis of the changes in accumulated other comprehensive income (loss) (in thousands): Three Months Ended 2024 2023 Currency translation adjustments: Balance at beginning of period $ (8,956) $ (10,030) Adjustments for foreign currency translation (3,674) 1,231 Balance at end of period $ (12,630) $ (8,799) Interest rate swaps: Balance at beginning of period $ — $ 1,848 Unrealized gains (losses), net of taxes of $0 and $331, respectively (a) — (1,244) Reclassification of losses included in interest expense, net, net of taxes of $0 and $83, respectively — (314) Other comprehensive income (loss) — (1,558) Balance at end of period $ — $ 290 Defined benefit plans: Balance at beginning of period $ (99) $ (103) Amortization of net gains, net of taxes of $0 and $0, respectively (b) — — Balance at end of period $ (99) $ (103) Nine Months Ended December 31, 2024 2023 Currency translation adjustments: Balance at beginning of period $ (10,137) $ (8,190) Adjustments for foreign currency translation (2,493) (609) Balance at end of period $ (12,630) $ (8,799) Interest rate swaps: Balance at beginning of period $ 1,111 $ (114) Unrealized gains (losses), net of taxes of $153 and $(336), respectively (a) (577) 1,265 Reclassification of losses included in interest expense, net, net of taxes of $142 and $229, respectively (534) (861) Other comprehensive income (loss) (1,111) 404 Balance at end of period $ — $ 290 Defined benefit plans: Balance at beginning of period $ (100) $ (105) Amortization of net gains, net of taxes of $0 and $(1), respectively (b) 1 2 Balance at end of period $ (99) $ (103) (a) Unrealized gain (loss) is reclassified to earnings as underlying cash interest settlements are made or received. As discussed in Note 9, the interest rate swap was terminated in September 2024. As such, no gain or loss is expected to be recognized over the next twelve months.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Refer to Note 19 to our consolidated financial statements included in our Annual Report for a description of our disaggregation of revenues. Disaggregation of revenues reconciled to our reportable segments is as follows (in thousands): Three Months Ended December 31, 2024 Nine Months Ended December 31, 2024 Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Total Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Total Build-to-order $ — $ — $ 25,422 $ 25,422 $ — $ — $ 81,255 $ 81,255 Book-and-ship 130,292 34,537 3,398 168,227 445,594 109,771 11,132 566,497 Net revenues $ 130,292 $ 34,537 $ 28,820 $ 193,649 $ 445,594 $ 109,771 $ 92,387 $ 647,752 Three Months Ended December 31, 2023 Nine Months Ended December 31, 2023 Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Total Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Total Build-to-order $ — $ — $ 24,167 $ 24,167 $ — $ — $ 73,463 $ 73,463 Book-and-ship 113,434 33,672 3,694 150,800 389,392 107,929 11,196 508,517 Net revenues $ 113,434 $ 33,672 $ 27,861 $ 174,967 $ 389,392 $ 107,929 $ 84,659 $ 581,980 As of December 31, 2024 and March 31, 2024, accounts receivable balances were $114.8 million and $142.7 million, respectively. As of December 31, 2023 and March 31, 2023, accounts receivable balances were $104.5 million and $122.8 million, respectively. Contract Balances Contract liabilities, which are included in accrued and other current liabilities in our consolidated balance sheets were as follows (in thousands): December 31, 2024 December 31, 2023 Balance at beginning of the year: $ 548 $ 637 Revenue recognized during the period (411) (574) New contracts and revenue added to existing contracts during the period 588 585 Ending balance $ 725 $ 648

SEGMENTS

SEGMENTS	9 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS As discussed in Note 20 to our consolidated financial statements in our Annual Report, we conduct our operations through three reportable segments: • Contractor Solutions • Specialized Reliability Solutions • Engineered Building Solutions The following is a summary of the financial information of our reporting segments reconciled to the amounts reported in the consolidated financial statements (in thousands). Three Months Ended December 31, 2024: (in thousands) Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 130,292 $ 34,537 $ 28,820 $ 193,649 $ — $ 193,649 Intersegment revenue 1,859 30 — 1,889 (1,889) — Operating income 26,756 5,238 3,645 35,639 (6,044) 29,595 Three Months Ended December 31, 2023: (in thousands) Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 113,434 $ 33,672 $ 27,861 $ 174,967 $ — $ 174,967 Intersegment revenue 1,978 40 — 2,018 (2,018) — Operating income 25,751 3,740 3,537 33,028 (5,447) 27,581 Nine months ended December 31, 2024: (in thousands) Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 445,594 $ 109,772 $ 92,386 $ 647,752 $ — $ 647,752 Intersegment revenue 5,809 121 — 5,930 (5,930) — Operating income 122,894 18,208 15,451 156,553 (20,349) 136,204 Nine months ended December 31, 2023: (in thousands) Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 389,392 $ 107,929 $ 84,659 $ 581,980 $ — $ 581,980 Intersegment revenue 5,876 108 — 5,984 (5,984) — Operating income 104,443 15,534 13,029 133,006 (18,226) 114,780

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income	$ 26,948	$ 36,051	$ 38,591	$ 9,222	$ 30,055	$ 30,611	$ 101,590	$ 69,889

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
James Perry [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the fiscal quarter ended December 31, 2024, the following directors and officers of the Company adopted Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K promulgated under the Exchange Act) that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act: • James Perry, the Company’s Executive Vice President and Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement on November 4, 2024. Under Mr. Perry’s trading arrangement, he may sell an aggregate of up to 1,740 shares of the Company’s common stock, which are intended to be sold on a monthly basis in equal installments, to the extent practicable. Any sales under the trading arrangement will be made during the period beginning February 13, 2025 and ending January 30, 2026.
Name	James Perry
Title	Executive Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 4, 2024
Arrangement Duration	351 days
Aggregate Available	1,740	1,740

ORGANIZATION AND OPERATIONS A_2

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements included in this Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2024 (“Quarterly Report”), include all revenues, costs, assets and liabilities directly attributable to CSWI and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements are for us and our consolidated subsidiaries, each of which is a wholly-owned subsidiary, except our 50% investment in a variable interest entity (“VIE”) for which we have determined that we are the primary beneficiary and therefore have consolidated into our financial statements. All significant intercompany transactions have been eliminated in consolidation. The consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present a fair statement of CSWI’s financial position as of December 31, 2024, and the results of operations for the three and nine month periods ended December 31, 2024 and 2023. All adjustments are of a normal, recurring nature. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in CSWI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024 (the “Annual Report”).
Accounting Developments	Accounting Developments Pronouncements not yet implemented In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the amendments should be applied retrospectively. This ASU will be effective for our Form 10-K for fiscal 2025 and our Form 10-Q for the first quarter of fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU should be applied prospectively; however, retrospective application is also permitted. This ASU will be effective for our Form 10-K for fiscal 2026. We are currently evaluating the impact this ASU may have on our financial statement disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures. Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. This ASU provides guidance to expand disclosures related to the disaggregation of income statement expenses. Also, this ASU requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses which includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. ASU 2025-01 is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. This ASU will be effective for our Form 10-K for fiscal 2028 and our Form 10-Q for the first quarter of 2029. We are currently evaluating the impact this ASU may have on our financial statement disclosures.

CONSOLIDATION OF VARIABLE INT_2

CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST (Tables)	9 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	Whitmore JV’s total net assets are presented below (in thousands): December 31, 2024 March 31, 2024 Cash $ 6,303 $ 5,909 Accounts receivable, net 6,691 8,094 Inventories, net 5,821 3,851 Prepaid expenses and other current assets 353 138 Property, plant and equipment, net 14,098 14,241 Intangible assets, net 5,061 5,669 Other assets 575 315 Total assets $ 38,902 $ 38,217 Accounts payable $ 4,869 $ 6,004 Accrued and other current liabilities 1,434 1,463 Other long-term liabilities 388 206 Total liabilities $ 6,691 $ 7,673
Schedule of Changes in Redeemable Noncontrolling Interest	Changes in redeemable noncontrolling interest for the nine-month period ended December 31, 2024 were as follows (in thousands): December 31, 2024 December 31, 2023 Balance at beginning of the year $ 19,355 $ 18,464 Net income attributable to redeemable noncontrolling interest 839 655 Ending balance $ 20,194 $ 19,119

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following (in thousands): December 31, 2024 March 31, 2024 Raw materials and supplies $ 57,062 $ 44,866 Work in process 6,376 5,194 Finished goods 148,958 109,695 Total inventories 212,396 159,755 Less: Obsolescence reserve (9,632) (9,006) Inventories, net $ 202,764 $ 150,749

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The changes in the carrying amount of goodwill as of December 31, 2024 and March 31, 2024 were as follows (in thousands): Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Total Balance at March 31, 2024 $ 213,544 $ 9,358 $ 24,289 $ 247,191 Dust Free acquisition (724) — — (724) PSP acquisition 9,023 — — 9,023 PF WaterWorks acquisition 11,972 — — 11,972 Currency translation 20 (30) (511) (521) Balance at December 31, 2024 $ 233,835 $ 9,328 $ 23,778 $ 266,941
Schedule of Intangible Assets	The following table provides information about our intangible assets (in thousands, except years): December 31, 2024 March 31, 2024 Weighted Avg Life (Years) Gross Amount Accumulated Amortization Gross Amount Accumulated Amortization Finite-lived intangible assets: Patents 11 $ 17,634 $ (9,889) $ 15,084 $ (9,306) Customer lists and amortized trademarks 14 393,715 (120,673) 346,136 (103,407) Non-compete agreements 6 1,000 (595) 1,000 (453) Other 10 6,276 (3,017) 6,275 (2,649) $ 418,625 $ (134,174) $ 368,495 $ (115,815) Trade names and trademarks not being amortized: $ 70,805 $ — $ 66,139 $ —
Schedule of Estimated Future Amortization for Intangible Assets	The following table shows the estimated future amortization for intangible assets, as of December 31, 2024, for the remainder of the current fiscal year and the next four fiscal years ending March 31 (in thousands): 2025 $ 6,518 2026 26,248 2027 25,170 2028 24,770 2029 24,693 Thereafter 177,052 Total $ 284,451

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation Expense	We recorded share-based compensation expense as follows for the three and nine months ended December 31, 2024 and 2023 (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Share-based compensation expense $ 3,345 $ 3,000 $ 10,237 $ 8,554 Related income tax benefit (a) (836) (750) (2,559) (2,139) Net share-based compensation expense $ 2,509 $ 2,250 $ 7,678 $ 6,415 (a) Income tax benefit is estimated using the statutory rate.
Schedule of Restricted Share Activity	Restricted share activity was as follows: Nine Months Ended December 31, 2024 Number of Shares Weighted Average Grant Date Fair Value Outstanding at March 31, 2024: 221,563 $ 166.62 Granted (a) 61,423 342.16 Vested (75,629) 168.35 Canceled (3,501) 178.31 Outstanding at December 31, 2024 203,856 $ 204.13 (a) Including incremental shares delivered to grant recipients as a result of performance-based awards vesting in excess of target (100%).

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Debt consists of the following (in thousands): December 31, 2024 March 31, 2024 Revolving Credit Facility, interest rate of 0.00% (a) and 6.68% (b) $ — $ 166,000 Less: Current portion — — Long-term debt $ — $ 166,000 (a) Interest rate effective on December 31, 2024 was not applicable due to there being no outstanding balance under the Revolving Credit Facility. (b) Represents the interest rate effective on March 31, 2024.

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Components of Operating Lease Expense, Operating Lease Assets and Liabilities, Supplemental Cash Flow, and Other Information	We have operating leases for manufacturing facilities, offices, warehouses, vehicles and certain equipment. Our leases have remaining lease terms of 1 year to 23 years, s ome of which include escalation clauses and/or options to extend or terminate the leases. We do not currently have any financing lease arrangements. Three Months Ended December 31, Nine Months Ended December 31, (in thousands) 2024 2023 2024 2023 Components of Operating Lease Expenses Operating lease expense (a) $ 3,258 $ 2,426 $ 9,605 $ 7,704 Short-term lease expense 245 179 695 514 Total operating lease expense $ 3,503 $ 2,605 $ 10,300 $ 8,218 (a) Included in cost of revenues and selling, general and administrative expenses (in thousands) December 31, 2024 March 31, 2024 Operating Lease Assets and Liabilities Right-of-use assets, net (b) $ 61,487 $ 44,491 Short-term lease liabilities (c) $ 10,532 $ 9,443 Long-term lease liabilities (c) 58,171 39,922 Total operating lease liabilities $ 68,703 $ 49,365 (b) Included in other assets (c) Included in accrued and other current liabilities and other long-term liabilities Nine Months Ended December 31, (in thousands) 2024 2023 Supplemental Cash Flow Cash paid for amounts included in the measurement of operating lease liabilities (a) $ 9,486 $ 8,460 Increase in right-of-use assets obtained in exchange for new or renewed operating lease obligations 26,973 1,868 Decrease in right-of-use assets and operating lease liabilities due to lease modification, remeasurement or termination 3,123 15,371 (a) Included in our Consolidated Statements of Cash Flows under operating activities in net income and accounts payable and other current liabilities Other Information for Operating Leases Weighted average remaining lease term (in years) 7.25 6.44 Weighted average discount rate 5.2 % 2.7 %
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities were as follows (in thousands): Year Ending March 31, 2025 (excluding the nine months ended December 31, 2024) $ 3,491 2026 13,500 2027 12,880 2028 11,334 2029 9,863 Thereafter 33,510 Total lease liabilities 84,578 Less: Imputed interest (15,875) Present value of lease liabilities $ 68,703

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING (Tables)	9 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivatives	The fair value of the interest rate swap designated as a hedging instrument is summarized below (in thousands): December 31, 2024 March 31, 2024 Current derivative asset $ — $ 1,186 Non-current derivative asset — 221

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Earnings Per Share	The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted earnings per share for the three and nine months ended December 31, 2024 and 2023 (amounts in thousands, except per share data): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Net income $ 26,958 $ 9,305 $ 102,429 $ 70,544 Less: Net income attributable to redeemable noncontrolling interest (10) (83) (839) (655) Net income attributable to CSW Industrials, Inc. $ 26,948 $ 9,222 $ 101,590 $ 69,889 Weighted average shares: Common stock 16,705 15,443 15,969 15,430 Participating securities 87 103 97 107 Denominator for basic earnings per common share 16,792 15,546 16,066 15,537 Potentially dilutive securities 80 50 70 41 Denominator for diluted earnings per common share 16,872 15,596 16,136 15,578 Net income per share attributable to CSW Industrials, Inc.: Basic $ 1.60 $ 0.59 $ 6.32 $ 4.50 Diluted $ 1.60 $ 0.59 $ 6.30 $ 4.49

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	9 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Stockholders Equity	Common Stock December 31, 2024 December 31, 2023 Common Stock Treasury Stock Common Stock Treasury Stock Balance at beginning of the year 16,465,776 952,394 16,377,820 902,157 Vesting of performance shares and restricted stock units 39,928 14,381 54,713 20,713 Reissuance of treasury shares — (17,186) — (35,477) Restricted stock awards activities 19,967 10,639 31,545 11,840 Share repurchases — 44,858 — 32,345 Equity issuance 1,265,000 — — — Ending balance 17,790,671 1,005,086 16,464,078 931,578

OTHER COMPREHENSIVE INCOME (L_2

OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	9 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Analysis of Changes in Accumulated Other Comprehensive Income (Loss)	The following table provides an analysis of the changes in accumulated other comprehensive income (loss) (in thousands): Three Months Ended 2024 2023 Currency translation adjustments: Balance at beginning of period $ (8,956) $ (10,030) Adjustments for foreign currency translation (3,674) 1,231 Balance at end of period $ (12,630) $ (8,799) Interest rate swaps: Balance at beginning of period $ — $ 1,848 Unrealized gains (losses), net of taxes of $0 and $331, respectively (a) — (1,244) Reclassification of losses included in interest expense, net, net of taxes of $0 and $83, respectively — (314) Other comprehensive income (loss) — (1,558) Balance at end of period $ — $ 290 Defined benefit plans: Balance at beginning of period $ (99) $ (103) Amortization of net gains, net of taxes of $0 and $0, respectively (b) — — Balance at end of period $ (99) $ (103) Nine Months Ended December 31, 2024 2023 Currency translation adjustments: Balance at beginning of period $ (10,137) $ (8,190) Adjustments for foreign currency translation (2,493) (609) Balance at end of period $ (12,630) $ (8,799) Interest rate swaps: Balance at beginning of period $ 1,111 $ (114) Unrealized gains (losses), net of taxes of $153 and $(336), respectively (a) (577) 1,265 Reclassification of losses included in interest expense, net, net of taxes of $142 and $229, respectively (534) (861) Other comprehensive income (loss) (1,111) 404 Balance at end of period $ — $ 290 Defined benefit plans: Balance at beginning of period $ (100) $ (105) Amortization of net gains, net of taxes of $0 and $(1), respectively (b) 1 2 Balance at end of period $ (99) $ (103) (a) Unrealized gain (loss) is reclassified to earnings as underlying cash interest settlements are made or received. As discussed in Note 9, the interest rate swap was terminated in September 2024. As such, no gain or loss is expected to be recognized over the next twelve months.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Disaggregation of revenues reconciled to our reportable segments is as follows (in thousands): Three Months Ended December 31, 2024 Nine Months Ended December 31, 2024 Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Total Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Total Build-to-order $ — $ — $ 25,422 $ 25,422 $ — $ — $ 81,255 $ 81,255 Book-and-ship 130,292 34,537 3,398 168,227 445,594 109,771 11,132 566,497 Net revenues $ 130,292 $ 34,537 $ 28,820 $ 193,649 $ 445,594 $ 109,771 $ 92,387 $ 647,752 Three Months Ended December 31, 2023 Nine Months Ended December 31, 2023 Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Total Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Total Build-to-order $ — $ — $ 24,167 $ 24,167 $ — $ — $ 73,463 $ 73,463 Book-and-ship 113,434 33,672 3,694 150,800 389,392 107,929 11,196 508,517 Net revenues $ 113,434 $ 33,672 $ 27,861 $ 174,967 $ 389,392 $ 107,929 $ 84,659 $ 581,980
Schedule of Contract Liabilities	Contract liabilities, which are included in accrued and other current liabilities in our consolidated balance sheets were as follows (in thousands): December 31, 2024 December 31, 2023 Balance at beginning of the year: $ 548 $ 637 Revenue recognized during the period (411) (574) New contracts and revenue added to existing contracts during the period 588 585 Ending balance $ 725 $ 648

SEGMENTS (Tables)

SEGMENTS (Tables)	9 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segments	The following is a summary of the financial information of our reporting segments reconciled to the amounts reported in the consolidated financial statements (in thousands). Three Months Ended December 31, 2024: (in thousands) Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 130,292 $ 34,537 $ 28,820 $ 193,649 $ — $ 193,649 Intersegment revenue 1,859 30 — 1,889 (1,889) — Operating income 26,756 5,238 3,645 35,639 (6,044) 29,595 Three Months Ended December 31, 2023: (in thousands) Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 113,434 $ 33,672 $ 27,861 $ 174,967 $ — $ 174,967 Intersegment revenue 1,978 40 — 2,018 (2,018) — Operating income 25,751 3,740 3,537 33,028 (5,447) 27,581 Nine months ended December 31, 2024: (in thousands) Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 445,594 $ 109,772 $ 92,386 $ 647,752 $ — $ 647,752 Intersegment revenue 5,809 121 — 5,930 (5,930) — Operating income 122,894 18,208 15,451 156,553 (20,349) 136,204 Nine months ended December 31, 2023: (in thousands) Contractor Solutions Specialized Reliability Solutions Engineered Building Solutions Subtotal - Reportable Segments Eliminations and Other Total Revenues, net to external customers $ 389,392 $ 107,929 $ 84,659 $ 581,980 $ — $ 581,980 Intersegment revenue 5,876 108 — 5,984 (5,984) — Operating income 104,443 15,534 13,029 133,006 (18,226) 114,780

ORGANIZATION AND OPERATIONS A_3

ORGANIZATION AND OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES - Additional Information (Details)	9 Months Ended
	Dec. 31, 2024 segment country brand
Accounting Policies [Abstract]
Number of reportable segments | segment	3
Number of countries | country	100
Highly respected industrial brands (more than) | brand	100

ACQUISITIONS - Additional Infor

ACQUISITIONS - Additional Information (Details) - USD ($) $ in Thousands				3 Months Ended	9 Months Ended		12 Months Ended
	Nov. 04, 2024	Aug. 01, 2024	Feb. 06, 2024	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Business Acquisition [Line Items]
Cash paid for acquisitions					$ 84,491	$ 5,284
Goodwill				$ 266,941	266,941		$ 247,191
PF WaterWorks, L.P.
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 43,200
Cash paid for acquisitions	40,000
Business combination consideration transferred working capital adjustment	2,200
Noncurrent contingent consideration	$ 1,000
Business combination target period	3 years 2 months 12 days
Transaction expenses incurred				1,100	1,300
Goodwill	$ 12,000
Fair value of accounts receivable acquired	1,600
Fair value of inventory acquired	4,200
Fair value of other current asset	100
Fair value of other current assets acquired	100
Fair value of other assets	300
Fair value of current liabilities acquired	900
Other liabilities	$ 100
Assets acquired, amortization period	15 years
PF WaterWorks, L.P. | Trademarks
Business Acquisition [Line Items]
Indefinitely lived intangible assets acquired	$ 2,700
PF WaterWorks, L.P. | Patents
Business Acquisition [Line Items]
Indefinitely lived intangible assets acquired	400
PF WaterWorks, L.P. | Customer Lists
Business Acquisition [Line Items]
Finite lived intangible assets acquired	$ 22,800
Assets acquired, amortization period	15 years
PF WaterWorks, L.P. | Patents
Business Acquisition [Line Items]
Assets acquired, amortization period	5 years
PSP Products, Inc.
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 47,100
Cash paid for acquisitions		32,500
Business combination consideration transferred working capital adjustment		7,000
Noncurrent contingent consideration		$ 7,600
Business combination target period		2 years 6 months
Transaction expenses incurred				$ 100	$ 300
Goodwill		$ 9,000
Fair value of accounts receivable acquired		4,400
Fair value of inventory acquired		8,900
Fair value of other current asset		300
Fair value of other current assets acquired		300
Fair value of other assets		700
Fair value of current liabilities acquired		2,600
Other liabilities		$ 400
Assets acquired, amortization period		15 years
PSP Products, Inc. | Trademarks
Business Acquisition [Line Items]
Indefinitely lived intangible assets acquired		$ 2,000
PSP Products, Inc. | Customer Lists
Business Acquisition [Line Items]
Finite lived intangible assets acquired		$ 24,500
Assets acquired, amortization period		15 years
PSP Products, Inc. | Valuation Technique, Option Pricing Model
Business Acquisition [Line Items]
Noncurrent contingent consideration		$ 600
PSP Products, Inc. | Valuation Technique, Consensus Pricing Model
Business Acquisition [Line Items]
Noncurrent contingent consideration		$ 7,000
Dust Free, LP
Business Acquisition [Line Items]
Business combination, consideration transferred			$ 34,200
Cash paid for acquisitions			27,400
Noncurrent contingent consideration			$ 6,800
Business combination target period			6 years
Transaction expenses incurred							$ 700
Goodwill			$ 3,200
Fair value of accounts receivable acquired			2,900
Fair value of inventory acquired			4,100
Fair value of other current asset			400
Fair value of other current assets acquired			3,600
Fair value of current liabilities acquired			$ 2,300
Assets acquired, amortization period			15 years
Percent of outstanding equity acquired			100%
Cash acquired from acquisition			$ 600
Working capital adjustment			500
Cash and equivalents			600
Dust Free, LP | Trademarks
Business Acquisition [Line Items]
Indefinitely lived intangible assets acquired			1,600
Fair value of the assets acquired, indefinite-lived			1,000
Dust Free, LP | Customer Lists
Business Acquisition [Line Items]
Finite lived intangible assets acquired			$ 20,100
Assets acquired, amortization period			15 years
Dust Free, LP | Trade Names
Business Acquisition [Line Items]
Finite lived intangible assets acquired			$ 600
Assets acquired, amortization period			2 years
Dust Free, LP | Valuation Technique, Option Pricing Model
Business Acquisition [Line Items]
Noncurrent contingent consideration			$ 2,100
Dust Free, LP | Valuation Technique, Consensus Pricing Model
Business Acquisition [Line Items]
Noncurrent contingent consideration			$ 4,700

CONSOLIDATION OF VARIABLE INT_3

CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Variable Interest Entity [Line Items]
Cash	$ 213,754	$ 22,156
Inventories, net	202,764	150,749
Prepaid expenses and other current assets	32,120	15,840
Property, plant and equipment, net	94,208	92,811
Total assets	1,350,195	1,043,326
Other long-term liabilities	150,181	125,298
Total liabilities	285,978	408,248
Variable Interest Entity
Variable Interest Entity [Line Items]
Cash	6,303	5,909
Accounts receivable, net	6,691	8,094
Inventories, net	5,821	3,851
Prepaid expenses and other current assets	353	138
Property, plant and equipment, net	14,098	14,241
Intangible assets, net	5,061	5,669
Other assets	575	315
Total assets	38,902	38,217
Accounts payable	4,869	6,004
Accrued and other current liabilities	1,434	1,463
Other long-term liabilities	388	206
Total liabilities	$ 6,691	$ 7,673

CONSOLIDATION OF VARIABLE INT_4

CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
	Apr. 01, 2021	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Net income		$ 26,948	$ 36,051	$ 38,591	$ 9,222	$ 30,055	$ 30,611	$ 101,590	$ 69,889
Variable Interest Entity
Variable Interest Entity [Line Items]
Net income		$ 0						$ 1,700
Interest sold (in percent)	50%
Initiating member's equity interest	90%

CONSOLIDATION OF VARIABLE INT_5

CONSOLIDATION OF VARIABLE INTEREST ENTITIES AND REDEEMABLE NONCONTROLLING INTEREST - Changes In Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 19,355
Ending balance	20,194
Variable Interest Entity
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	19,355	$ 18,464
Net income attributable to redeemable noncontrolling interest	839	655
Ending balance	$ 20,194	$ 19,119

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 57,062	$ 44,866
Work in process	6,376	5,194
Finished goods	148,958	109,695
Total inventories	212,396	159,755
Less: Obsolescence reserve	(9,632)	(9,006)
Inventories, net	$ 202,764	$ 150,749

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2024
Goodwill [Roll Forward]
Balance at beginning of period		$ 247,191
Currency translation		(521)
Balance at end of period	$ 266,941	266,941
Dust Free, LP
Goodwill [Roll Forward]
Dust Free acquisition		(724)
PSP Products, Inc.
Goodwill [Roll Forward]
PSP acquisition		9,023
PF WaterWorks acquisition
Goodwill [Roll Forward]
Dust Free acquisition	11,972
Contractor Solutions
Goodwill [Roll Forward]
Balance at beginning of period		213,544
Currency translation		20
Balance at end of period	233,835	233,835
Contractor Solutions | Dust Free, LP
Goodwill [Roll Forward]
Dust Free acquisition		(724)
Contractor Solutions | PSP Products, Inc.
Goodwill [Roll Forward]
PSP acquisition		9,023
Contractor Solutions | PF WaterWorks acquisition
Goodwill [Roll Forward]
Dust Free acquisition	11,972
Specialized Reliability Solutions
Goodwill [Roll Forward]
Balance at beginning of period		9,358
Currency translation		(30)
Balance at end of period	9,328	9,328
Specialized Reliability Solutions | Dust Free, LP
Goodwill [Roll Forward]
Dust Free acquisition		0
Specialized Reliability Solutions | PSP Products, Inc.
Goodwill [Roll Forward]
PSP acquisition		0
Specialized Reliability Solutions | PF WaterWorks acquisition
Goodwill [Roll Forward]
Dust Free acquisition	0
Engineered Building Solutions
Goodwill [Roll Forward]
Balance at beginning of period		24,289
Currency translation		(511)
Balance at end of period	23,778	23,778
Engineered Building Solutions | Dust Free, LP
Goodwill [Roll Forward]
Dust Free acquisition		0
Engineered Building Solutions | PSP Products, Inc.
Goodwill [Roll Forward]
PSP acquisition		$ 0
Engineered Building Solutions | PF WaterWorks acquisition
Goodwill [Roll Forward]
Dust Free acquisition	$ 0

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 418,625	$ 368,495
Accumulated Amortization	(134,174)	(115,815)
Trademarks and Trade Names
Indefinite-lived Intangible Assets [Line Items]
Gross Amount	$ 70,805	66,139
Patents
Finite-Lived Intangible Assets [Line Items]
Weighted Avg Life (Years)	11 years
Gross Amount	$ 17,634	15,084
Accumulated Amortization	$ (9,889)	(9,306)
Customer lists and amortized trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Avg Life (Years)	14 years
Gross Amount	$ 393,715	346,136
Accumulated Amortization	$ (120,673)	(103,407)
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Weighted Avg Life (Years)	6 years
Gross Amount	$ 1,000	1,000
Accumulated Amortization	$ (595)	(453)
Other
Finite-Lived Intangible Assets [Line Items]
Weighted Avg Life (Years)	10 years
Gross Amount	$ 6,276	6,275
Accumulated Amortization	$ (3,017)	$ (2,649)

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense of intangible assets	$ 6.4	$ 5.7	$ 18.3	$ 17

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Future Amortization (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 6,518
2026	26,248
2027	25,170
2028	24,770
2029	24,693
Thereafter	177,052
Total	$ 284,451

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details) - Stock Compensation Plan - shares	Dec. 31, 2024	Sep. 16, 2024
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock granted (in shares)		1,230,000
2024 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock granted (in shares)	850,000
Shares available for issuance (in shares)	827,520

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation (Details) - Restricted Stock - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,345	$ 3,000	$ 10,237	$ 8,554
Related income tax benefit	(836)	(750)	(2,559)	(2,139)
Net share-based compensation expense	$ 2,509	$ 2,250	$ 7,678	$ 6,415

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted Share Activity (Details) - Restricted Stock	9 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of Shares
Outstanding at beginning of period (in shares) | shares	221,563
Granted (in shares) | shares	61,423
Vested (in shares) | shares	(75,629)
Canceled (in shares) | shares	(3,501)
Outstanding at end of period (in shares) | shares	203,856
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in USD per share) | $ / shares	$ 166.62
Granted (in USD per share) | $ / shares	342.16
Vested (in USD per share) | $ / shares	168.35
Canceled (in USD per share) | $ / shares	178.31
Outstanding at end of period (in USD per share) | $ / shares	$ 204.13

SHARE-BASED COMPENSATION (Restr

SHARE-BASED COMPENSATION (Restricted Stock Activity) - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Restricted Stock Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (in shares)	95,225	96,814	95,225	96,814
Restricted Stock Performance Shares | Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			36 months
Granted (in shares)	0	0	18,962	29,120
Restricted Stock Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range			0%
Restricted Stock Performance Shares | Minimum | Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range			0%
Restricted Stock Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range			200%
Restricted Stock Performance Shares | Maximum | Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based vesting range			200%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted shares outstanding (in shares)	203,856		203,856		221,563
Granted (in shares)			61,423
Unrecognized compensation costs related to unvested restricted shares	$ 23		$ 23
Weighted average vesting period			2 years 1 month 6 days
Fair value of restricted shares granted	7.1	$ 5.5	$ 14.3	$ 12.2
Fair value of restricted shares vested	$ 11.8	$ 6.3	$ 22.1	$ 14.7

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Less: Current portion	$ 0	$ 0
Long-term debt	$ 0	$ 166,000
Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	0%	6.68%
Long term debt	$ 0	$ 166,000

LONG-TERM DEBT AND COMMITMENTS

LONG-TERM DEBT AND COMMITMENTS - Revolving Credit Agreement (Details) - USD ($)		9 Months Ended
	May 18, 2021	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024	Feb. 07, 2023	Dec. 15, 2022	Dec. 14, 2022
Debt Instrument [Line Items]
Borrowings on line of credit		$ 32,723,000	$ 72,308,000
Repayments of long-term debt		198,723,000	$ 172,308,000
Interest Rate Swap
Debt Instrument [Line Items]
Amount of hedged item		100,000,000			$ 100,000,000
Line of Credit
Debt Instrument [Line Items]
Maximum leverage ratio	3
Revolving Credit Facility
Debt Instrument [Line Items]
Percentage of voting equity interests in first-tier foreign subsidiaries	0.65
Long term debt		0		$ 166,000,000
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Spread on interest rate	1%
Revolving Credit Facility | Federal Funds Effective Rate
Debt Instrument [Line Items]
Spread on interest rate	0.50%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 400,000,000					$ 500,000,000	$ 400,000,000
Line of credit facility, accordion feature	150,000,000
Debt discount and issuance costs	$ 2,300,000					$ 700,000
Borrowings on line of credit		32,700,000
Repayments of long-term debt		198,300,000
Long term debt		0		166,000,000
Line of credit facility, remaining borrowing capacity		$ 498,700,000		$ 334,000,000
Maximum leverage ratio	3.75
Duration of temporary increase for maximum leverage ratio	18 months
Minimum fixed charge coverage ratio	1.25
Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.15%
Revolving Credit Facility | Line of Credit | Minimum | Prime Rate
Debt Instrument [Line Items]
Spread on interest rate	0.25%
Revolving Credit Facility | Line of Credit | Minimum | London Interbank Offered Rate
Debt Instrument [Line Items]
Spread on interest rate	1.25%
Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.40%
Revolving Credit Facility | Line of Credit | Maximum | Prime Rate
Debt Instrument [Line Items]
Spread on interest rate	1.50%
Revolving Credit Facility | Line of Credit | Maximum | London Interbank Offered Rate
Debt Instrument [Line Items]
Spread on interest rate	2.50%
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,000,000
Swingline Loans | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 10,000,000

LEASES - Additional Information

LEASES - Additional Information (Details)	Dec. 31, 2024
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	23 years

LEASES - Components of Operatin

LEASES - Components of Operating Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease expense	$ 3,258	$ 2,426	$ 9,605	$ 7,704
Short-term lease expense	245	179	695	514
Total operating lease expense	$ 3,503	$ 2,605	$ 10,300	$ 8,218

LEASES - Operating Lease Assets

LEASES - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Leases [Abstract]
Right-of-use assets, net	$ 61,487	$ 44,491
Short-term lease liabilities	10,532	9,443
Long-term lease liabilities	58,171	39,922
Total operating lease liabilities	$ 68,703	$ 49,365
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued and other current liabilities	Accrued and other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 9,486	$ 8,460
Increase in right-of-use assets obtained in exchange for new or renewed operating lease obligations	26,973	1,868
Decrease in right-of-use assets and operating lease liabilities due to lease modification, remeasurement or termination	$ 3,123	$ 15,371

LEASES - Other Information for

LEASES - Other Information for Operating Leases (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (in years)	7 years 3 months	6 years 5 months 8 days
Weighted average discount rate	5.20%	2.70%

LEASES - Maturities of Operatin

LEASES - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Leases [Abstract]
Year Ending March 31, 2025 (excluding the nine months ended December 31, 2024)	$ 3,491
2026	13,500
2027	12,880
2028	11,334
2029	9,863
Thereafter	33,510
Total lease liabilities	84,578
Less: Imputed interest	(15,875)
Present value of lease liabilities	$ 68,703	$ 49,365

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Additional Information (Details) - Interest Rate Swap - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2024	Dec. 31, 2024	Mar. 31, 2024	Feb. 07, 2023
Derivative [Line Items]
Amount of hedged item		$ 100		$ 100
Derivative, fixed interest rate				3.85%
Payment for hedge	$ 0.4
Notional amount		$ 0	$ 100

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGE ACCOUNTING - Fair Value of Derivatives (Details) - Hedging Instrument - Interest Rate Swap - USD ($) $ in Thousands	Dec. 31, 2024	Mar. 31, 2024
Derivatives, Fair Value [Line Items]
Current derivative asset	$ 0	$ 1,186
Non-current derivative asset	$ 0	$ 221

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 26,958			$ 9,305			$ 102,429	$ 70,544
Less: Net income attributable to redeemable noncontrolling interest	(10)			(83)			(839)	(655)
Net income attributable to CSW Industrials, Inc.	$ 26,948	$ 36,051	$ 38,591	$ 9,222	$ 30,055	$ 30,611	$ 101,590	$ 69,889
Weighted average shares:
Common stock (in shares)	16,705			15,443			15,969	15,430
Participating securities (in shares)	87			103			97	107
Denominator for basic earnings per common share (in shares)	16,792			15,546			16,066	15,537
Potentially dilutive securities (in shares)	80			50			70	41
Denominator for diluted earnings per common share (in shares)	16,872			15,596			16,136	15,578
Net income per share attributable to CSW Industrials, Inc.:
Basic (in USD per share)	$ 1.60			$ 0.59			$ 6.32	$ 4.50
Diluted (in USD per share)	$ 1.60			$ 0.59			$ 6.30	$ 4.49

SHAREHOLDERS' EQUITY - Schedule

SHAREHOLDERS' EQUITY - Schedule of Stockholders Equity (Details) - shares	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Balance at beginning of the year (in shares)	952,000
Ending balance (in shares)	1,005,000
Common Stock
Class of Stock [Line Items]
Balance at beginning of the year (in shares)	16,465,776	16,377,820
Reissuance of treasury shares (in shares)	0	0
Share repurchases (in shares)	0	0
Ending balance (in shares)	17,790,671	16,464,078
Treasury Stock
Class of Stock [Line Items]
Balance at beginning of the year (in shares)	952,394	902,157
Reissuance of treasury shares (in shares)	(17,186)	(35,477)
Share repurchases (in shares)	44,858	32,345
Ending balance (in shares)	1,005,086	931,578
Vesting of performance shares and restricted stock units | Common Stock
Class of Stock [Line Items]
Vesting of performance shares (in shares)	39,928	54,713
Vesting of performance shares and restricted stock units | Treasury Stock
Class of Stock [Line Items]
Vesting of performance shares (in shares)	14,381	20,713
Restricted Stock | Common Stock
Class of Stock [Line Items]
Restricted stock awards activities (in shares)	19,967	31,545
Restricted Stock | Treasury Stock
Class of Stock [Line Items]
Restricted stock awards activities (in shares)	10,639	11,840
Equity | Common Stock
Class of Stock [Line Items]
Equity issuance (in shares)	1,265,000	0
Equity | Treasury Stock
Class of Stock [Line Items]
Equity issuance (in shares)	0	0

SHAREHOLDERS' EQUITY - Addition

SHAREHOLDERS' EQUITY - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended				9 Months Ended
	Jan. 16, 2025	Dec. 16, 2022	Sep. 30, 2024	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Nov. 18, 2024	Oct. 30, 2020
Equity, Class of Treasury Stock [Line Items]
Shares sold in offering (in shares)			1,265,000
Offering price per share (in USD per share)			$ 285
Consideration received			$ 347,400,000
Shares withheld for tax withholding obligation (in shares)				10,737		11,939		25,020	32,553
Payment of tax withholding				$ 3,900,000		$ 2,100,000		$ 7,200,000	$ 5,000,000
Dividend declared (in USD per share)					$ 0.21		$ 0.19
Dividends paid				$ 4,000,000		$ 2,900,000		$ 10,600,000	$ 8,900,000
Approved quarterly dividend rate (in USD per share)				$ 0.24
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividend declared (in USD per share)	$ 0.24
2022 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program authorized amount		$ 100,000,000									$ 100,000,000
Share repurchase program term		2 years
Shares repurchased (in shares)				6,703		25,914		39,153	32,345
Shares repurchased, amount				$ 2,600,000		$ 4,700,000		$ 11,500,000	$ 5,800,000
2024 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Share repurchase program authorized amount										$ 200,000,000
Shares repurchased (in shares)				5,705
Shares repurchased, amount				$ 2,200,000

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2024	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Contingent consideration	$ 16	$ 7.2
Long-term investments	$ 2.9	$ 0.4

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Oct. 31, 2022	Dec. 31, 2020	Dec. 15, 2020
Income Tax Examination [Line Items]
Income (loss) from continuing operations before income taxes	$ 31,273	$ 16,388		$ 133,604	$ 98,512
Provision for income taxes	$ 4,315	$ 7,083		$ 31,175	$ 27,968
Effective tax rate	13.80%	43.20%		23.30%	28.40%
Decrease in unrecognized tax benefits is reasonably possible	$ 6,200			$ 6,200
T.A. Industries (TRUaire)
Income Tax Examination [Line Items]
Tax contingency reserves	12,700			12,700			$ 17,300
Indemnification assets, range of outcomes, value, high								$ 12,500
Indemnification assets, amount as of acquisition date								$ 12,500
Indemnification assets, release in period	2,700	$ 7,500	$ 5,000
Falcon Stainless, Inc
Income Tax Examination [Line Items]
Indemnification assets, range of outcomes, value, high						$ 4,500
Indemnification assets, amount as of acquisition date						3,000
Indemnification assets, release in period	900	$ 1,000
Unrecognized tax benefits	$ 1,800			$ 1,800		$ 3,000

OTHER COMPREHENSIVE INCOME (L_3

OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,030,166	$ 650,158	$ 615,723	$ 586,927	$ 560,094	$ 525,675	$ 615,723	$ 525,675
Adjustments for foreign currency translation	(3,674)	896	(825)	(327)	(1,872)	1,996	(3,603)	(203)
Balance at end of period	1,044,023	1,030,166	650,158	589,072	586,927	560,094	1,044,023	589,072
Currency translation adjustments:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(8,956)		(10,137)	(10,030)		(8,190)	(10,137)	(8,190)
Adjustments for foreign currency translation	(3,674)			1,231			(2,493)	(609)
Balance at end of period	(12,630)	(8,956)		(8,799)	(10,030)		(12,630)	(8,799)
Interest rate swaps:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	0		1,111	1,848		(114)	1,111	(114)
Adjustments for foreign currency translation	0			(1,558)			(1,111)	404
Unrealized gains (losses), net of taxes	0			(1,244)			(577)	1,265
Reclassification of losses (gains) included in interest expense, net of taxes	0			(314)			(534)	(861)
Balance at end of period	0	0		290	1,848		0	290
Interest rate swaps, unrealized gain, tax	0			331			153	(336)
Reclassification from AOCI, current period, tax	0			83			142	229
Defined benefit plans:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(99)		$ (100)	(103)		$ (105)	(100)	(105)
Balance at end of period	(99)	$ (99)		(103)	$ (103)		(99)	(103)
Defined benefit plans, Amortization of net gains, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification of losses (gains) included in interest expense, net of taxes	0			0			1	2
Reclassification from AOCI, current period, tax	$ 0			$ 0			$ 0	$ (1)

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net revenues	$ 193,649	$ 174,967	$ 647,752	$ 581,980
Accounts receivable	114,825	104,500	114,825	104,500	$ 142,665	$ 122,800
Change in Contract Liabilities [Roll Forward]
Balance at beginning of period			548	637
Revenue recognized during the period			(411)	(574)
New contracts and revenue added to existing contracts during the period			588	585
Balance at end of period	725	648	725	648
Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	25,422	24,167	81,255	73,463
Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	168,227	150,800	566,497	508,517
Contractor Solutions
Disaggregation of Revenue [Line Items]
Net revenues	130,292	113,434	445,594	389,392
Contractor Solutions | Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Contractor Solutions | Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	130,292	113,434	445,594	389,392
Specialized Reliability Solutions
Disaggregation of Revenue [Line Items]
Net revenues	34,537	33,672	109,771	107,929
Specialized Reliability Solutions | Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0	0
Specialized Reliability Solutions | Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	34,537	33,672	109,771	107,929
Engineered Building Solutions
Disaggregation of Revenue [Line Items]
Net revenues	28,820	27,861	92,387	84,659
Engineered Building Solutions | Build-to-order
Disaggregation of Revenue [Line Items]
Net revenues	25,422	24,167	81,255	73,463
Engineered Building Solutions | Book-and-ship
Disaggregation of Revenue [Line Items]
Net revenues	$ 3,398	$ 3,694	$ 11,132	$ 11,196

SEGMENTS - Additional Informati

SEGMENTS - Additional Information (Details)	9 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

SEGMENTS (Details)

SEGMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues, net	$ 193,649	$ 174,967	$ 647,752	$ 581,980
Operating income	29,595	27,581	136,204	114,780
Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	130,292	113,434	445,594	389,392
Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	34,537	33,672	109,771	107,929
Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	28,820	27,861	92,387	84,659
Reportable Segments
Segment Reporting Information [Line Items]
Revenues, net	193,649	174,967	647,752	581,980
Operating income	35,639	33,028	156,553	133,006
Reportable Segments | Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	130,292	113,434	445,594	389,392
Operating income	26,756	25,751	122,894	104,443
Reportable Segments | Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	34,537	33,672	109,772	107,929
Operating income	5,238	3,740	18,208	15,534
Reportable Segments | Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	28,820	27,861	92,386	84,659
Operating income	3,645	3,537	15,451	13,029
Intersegment revenue
Segment Reporting Information [Line Items]
Revenues, net	1,889	2,018	5,930	5,984
Intersegment revenue | Contractor Solutions
Segment Reporting Information [Line Items]
Revenues, net	1,859	1,978	5,809	5,876
Intersegment revenue | Specialized Reliability Solutions
Segment Reporting Information [Line Items]
Revenues, net	30	40	121	108
Intersegment revenue | Engineered Building Solutions
Segment Reporting Information [Line Items]
Revenues, net	0	0	0	0
Eliminations and Other, excluding Intersegment revenue
Segment Reporting Information [Line Items]
Revenues, net	0	0	0	0
Eliminations and Other
Segment Reporting Information [Line Items]
Revenues, net	(1,889)	(2,018)	(5,930)	(5,984)
Operating income	$ (6,044)	$ (5,447)	$ (20,349)	$ (18,226)