Thermax Limited (THERMAX)
₹3,326.80 +1.62% last close, 16 Oct
Q2 FY27 results
📅 Next results: 05 Nov 2026 (board meeting)Thermax Limited's board meets on 5 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Thermax's revenue was ₹2,303 Cr (+7.1% year on year, -32.8% on the previous quarter), and net profit ₹21.8 Cr (-85.6% year on year); the operating margin was 3.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,303 | +7.1% | -32.8% |
| Operating profit | ₹68.6 | -69.5% | -81.7% |
| Net profit | ₹21.8 | -85.6% | -91.1% |
| EPS (₹) | 2.24 | -83.4% | -89.1% |
| Operating margin | 3.0% | — | — |
THERMAX delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 68.85% of the THERMAX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.88%. The price rose 1.62% on that unusually high delivery, the pattern the delivery dashboard labels accumulation.
Delivery in the last 5 sessions: 46.3% · 41.3% · 58.5% · 54.2% · 68.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Thermax Limited responded to media reports dated October 9, 2026, regarding a potential strategic partner for its wholly owned green energy subsidiary, First Energy Private Limited (FEPL). The company confirmed it is evaluating strategic opportunities to attract a growth partner to strengthen its renewable portfolio, but stated there is no disclosable event yet under Regulation 30. Thermax also noted the recent appointment of Basant Jain as CEO of FEPL to drive execution across solar, wind, hybrid, and battery storage solutions.
- Clarification issued on media report published on October 9, 2026, titled 'Thermax Scouts for a Partner to Charge Up its Green Energy Unit'
- Company confirms it is evaluating strategic opportunities to attract a growth partner for 100% subsidiary FEPL
- Appointed Basant Jain as CEO of FEPL to accelerate the next phase of renewable portfolio growth
- Thermax confirmed no formal disclosable material transaction under Regulation 30 has been finalized at this stage
Thermax has completed the acquisition of the remaining 49% stake in TSA Process Equipments for a cash consideration of ₹42 crore, making it a wholly owned subsidiary. Thermax previously acquired a 51% stake in February 2024 for ₹71 crore. TSA operates in high-purity water solutions and reported FY26 turnover of ₹166.99 crore and PAT of ₹6.65 crore. The transaction size is small relative to Thermax's TTM revenue of ₹10,839 crore and market cap of ₹38,890 crore.
- Acquired balance 49% equity stake for a cash consideration of ₹42 Crores
- TSA Process Equipments becomes a 100% wholly owned subsidiary
- Target reported FY26 turnover of ₹166.99 Cr, up from ₹129.65 Cr in FY25 and ₹121.83 Cr in FY24
- Target net worth stood at ₹44.99 Cr with FY26 PAT of ₹6.65 Cr
Thermax Limited's wholly owned subsidiary, Thermax Engineering Construction Company Limited (TECC), has incorporated a step-down subsidiary named Thermax Botswana Proprietary Limited on September 14, 2026. The new entity is 100% owned and will provide support services for boilers and power plants in Botswana. An initial capital infusion of BWP 10,000 (Botswana Pula) will be made in cash in due course. Given the minimal capital outlay relative to Thermax's TTM revenue of Rs 10,839 Cr, this is an administrative entity setup for regional project execution.
- Incorporated wholly owned step-down subsidiary Thermax Botswana Proprietary Limited on September 14, 2026
- 100% shareholding held via wholly owned subsidiary Thermax Engineering Construction Company Limited (TECC)
- Capital infusion of BWP 10,000 to be subscribed in cash in due course
- Target business is to provide support services for Boilers & Power Plants in Botswana
Thermax Limited has officially released the transcript of its Q1 FY 2026-27 analyst conference call held on July 31, 2026. The company currently operates with a TTM revenue of Rs 10,687 Cr and a market capitalization of Rs 45,770 Cr. This filing is a standard regulatory requirement to ensure all shareholders have access to the detailed management commentary provided during the earnings call. The transcript likely covers progress on the company's 12-15% growth target and its transition toward green energy solutions.
- Official transcript for the Q1 FY 2026-27 earnings call held on July 31, 2026, is now public.
- Company maintains a TTM revenue base of Rs 10,687 Cr with an operating profit margin of 9.6%.
- Management continues to target a 12-15% growth rate driven by green energy and chemical segment scaling.
Thermax Limited has received shareholder approval at its 45th Annual General Meeting for the re-appointment of Dr. Ravi Shankar Gopinath as a Non-Executive Independent Director. His second term will span five years, effective from November 10, 2026, through November 9, 2031. Dr. Gopinath, currently the Chief Strategy Officer at AVEVA plc, brings extensive experience in chemical engineering and industrial software, aligning with Thermax's focus on green energy and chemical segment growth. This is a routine governance move ensuring board continuity.
- Re-appointment for a second term of 5 consecutive years approved by shareholders.
- New term effective from November 10, 2026, until November 9, 2031.
- Dr. Gopinath holds a Ph.D. in Chemical Engineering and was previously MD & CEO of Geometric Ltd (2006-2009).
- Approval was finalized at the 45th Annual General Meeting held on July 30, 2026.
Thermax Limited shareholders have approved all five resolutions at the 45th Annual General Meeting held on July 30, 2026. Key approvals include the adoption of FY26 financial statements and a total dividend of Rs 20 per share (Rs 14 regular and Rs 6 special). The re-appointment of Mr. Ashish Bhandari as Director and Dr. Ravi Shankar Gopinath as Independent Director were also confirmed with over 99% majority. Voting participation was robust, with institutional turnout at approximately 85.27%.
- Total dividend of Rs 20 per share approved, comprising a Rs 14 regular and Rs 6 special dividend
- Resolution for adoption of FY26 Audited Financial Statements passed with 99.9465% votes in favour
- Institutional voting participation recorded at 85.2697% for the re-appointment of directors
- Re-appointment of Dr. Ravi Shankar Gopinath as Independent Director approved with 99.7756% majority
- Cut-off date for determining voting eligibility was July 23, 2026
Thermax Limited has released the audio recording of its investor conference call held on July 31, 2026. This is a routine regulatory disclosure following the company's recent performance updates. The call provides management commentary on the company's TTM revenue of Rs 10,687 Cr and its strategic shift toward green energy solutions. Investors can access the recording via the company's website to understand the execution status of the Buildtech and TSA Process Equipments acquisitions.
- Investor conference call conducted on July 31, 2026, at 11:00 a.m. IST
- Recording link published in compliance with Regulation 30 of SEBI LODR
- Follows the initial scheduling intimation sent to exchanges on July 21, 2026
- Management likely discussed the 12-15% expected growth rate and green energy transition
Thermax reported a sharp 86% YoY decline in consolidated PAT to ₹22 crore for Q1 FY27, primarily dragged down by a ₹91 crore cost overrun in a single Industrial Infra project. Despite the profit hit, the company's order balance remains robust at ₹14,045 crore, marking a 23% YoY increase and representing approximately 1.3x TTM revenue. Revenue grew moderately by 7% YoY to ₹2,303 crore. A notable shift in the order book mix shows Data Centers now contributing 17%, highlighting a new growth vertical alongside traditional sectors like Chemicals and Metals.
- Consolidated PAT fell 86% YoY to ₹22 crore from ₹151 crore in the previous year.
- Order balance reached a record ₹14,045 crore, up 23% from ₹11,376 crore in Q1 FY26.
- Industrial Infra segment reported a PBIT loss of ₹71 crore due to a specific ₹91 crore project cost overrun.
- Data Centers emerged as a key growth driver, accounting for 17% of the current order book.
- Chemicals segment showed resilience with PBIT increasing to ₹26 crore from ₹16 crore YoY.
Thermax reported a significant bottom-line miss for Q1 FY27, with PAT falling 86% YoY to Rs 22 Cr. The decline was primarily driven by a Rs 91 Cr cost overrun in a single project within the Industrial Infra segment, causing PBT margins to collapse from 9.8% to 1.8%. However, the order book remains a silver lining, growing 23% YoY to Rs 14,045 Cr, which provides strong revenue visibility at approximately 1.3x TTM revenue. Revenue for the quarter grew moderately by 7% to Rs 2,303 Cr.
- Order balance grew 23% YoY to Rs 14,045 Cr, representing 131% of TTM revenue
- PAT declined 86% to Rs 22 Cr, impacted by a Rs 91 Cr one-time project cost overrun
- Green Solutions segment order booking surged 149% YoY to Rs 382 Cr
- Industrial Infra segment reported a PBIT loss of Rs 71 Cr compared to a profit of Rs 71 Cr in Q1 FY26
- Chemicals segment revenue grew 33% YoY to Rs 230 Cr with resilient gross margins
Thermax held its 45th AGM, approving a total dividend of ₹20 per share for FY26, including a ₹6 special dividend. While the company reported a record order backlog of ₹14,045 Cr (up 23% YoY), the Q1 FY27 consolidated PAT plummeted 86% YoY to ₹22 Cr from ₹151 Cr. Management highlighted execution challenges in the FEPL segment and underperformance in Chemicals, alongside a concerning report of four fatalities. Despite the earnings hit, order bookings for FY26 grew 34.2% to ₹13,871 Cr, driven by green energy and data center cooling solutions.
- Approved total dividend of ₹20 per share (1000% on ₹2 face value) for FY26.
- Q1 FY27 consolidated PAT fell 86% YoY to ₹22 Cr despite a 7% increase in revenue to ₹2,303 Cr.
- Order backlog reached a record ₹14,045 Cr as of June 2026, up 23% from ₹11,376 Cr YoY.
- International revenue for FY26 stood at ₹3,084 Cr, contributing 29% to total sales.
- Management reported 4 fatalities and noted that governance is under review following these safety concerns.
Thermax reported a sharp 85% YoY decline in consolidated PAT to ₹22 cr for Q1 FY27, primarily due to a ₹91 cr cost overrun in a single Industrial Infra project. While revenue grew 7% to ₹2,303 cr, the bottom line was also impacted by the absence of a ₹56 cr subsidiary incentive received in the previous year. On a positive note, the order book remains robust at ₹14,045 cr, up 23% YoY. Simultaneously, the board approved merging wholly-owned subsidiaries Thermax Cooling Solutions and the EPC business of Thermax Bioenergy (turnover ₹239.35 cr) into the parent company to simplify the group structure.
- Consolidated PAT fell 85% to ₹22 cr from ₹151 cr in the corresponding quarter of the previous year.
- A specific project cost overrun of ₹91 cr in the Industrial Infra segment significantly dragged down quarterly margins.
- Order balance as of June 30, 2026, stood at ₹14,045 cr, a 23% increase YoY.
- The demerged EPC business turnover of ₹239.35 cr represents 3.67% of the parent company's FY26 turnover.
- Secured a major order worth over ₹400 cr for boiler pressure parts for a US-based data center project.
Thermax reported a weak Q1 FY27 with consolidated PAT falling 85% YoY to ₹22 Cr, primarily due to a ₹91 Cr cost overrun in a single Industrial Infra project. While revenue grew 7% to ₹2,303 Cr, the bottom line was further pressured by lower export sales and the absence of a ₹56 Cr one-time incentive received in the previous year. Positively, the order book remains robust at ₹14,045 Cr, up 23% YoY. The board also approved the merger of two wholly-owned subsidiaries, including the EPC business of Thermax Bioenergy (₹239.35 Cr turnover), to simplify the corporate structure.
- Consolidated PAT declined 85% to ₹22 Cr from ₹151 Cr in the corresponding quarter of the previous year.
- Profitability was hit by a ₹91 Cr estimated cost overrun in one specific project within the Industrial Infra segment.
- Order balance grew 23% YoY to ₹14,045 Cr, supported by a new ₹400 Cr order for a USA data center project.
- The EPC business of Thermax Bioenergy Solutions, with a turnover of ₹239.35 Cr (3.67% of parent FY26 turnover), will be demerged into the parent company.
- Consolidated operating revenue increased 7% to ₹2,303 Cr compared to ₹2,158 Cr in Q1 FY26.
Thermax reported a sharp 85% YoY decline in consolidated PAT to ₹22 crore for Q1 FY27, primarily due to a ₹91 crore cost overrun in a single Industrial Infra project. Despite the profit hit, revenue grew 7% YoY to ₹2,303 crore, and the order balance remains robust at ₹14,045 crore (up 23% YoY). Simultaneously, the board approved the merger of wholly-owned subsidiaries Thermax Cooling Solutions and the EPC business of Thermax Bioenergy Solutions into the parent company to simplify the corporate structure and reduce administrative costs.
- Consolidated PAT declined 85% YoY to ₹22 crore from ₹151 crore in the previous year.
- Recognized a ₹91 crore cost overrun in one specific project within the Industrial Infra segment.
- Order balance grew 23% YoY to ₹14,045 crore as of June 30, 2026.
- Secured a significant new order exceeding ₹400 crore for a data center project in the USA.
- The demerged EPC business turnover of ₹239.35 crore represents 3.67% of the company's FY26 turnover.
Thermax reported a weak Q1 FY27 with consolidated PAT falling 85% YoY to ₹22 crore, primarily due to a ₹91 crore cost overrun in a specific Industrial Infra project. While consolidated revenue grew 7% YoY to ₹2,303 crore, profitability was further pressured by lower export sales in the Industrial Products segment. On a positive note, the order balance remains robust at ₹14,045 crore, up 23% YoY, providing strong revenue visibility. The board also approved the merger of two wholly-owned subsidiaries to simplify the group structure and improve financial ratios.
- Consolidated PAT declined 85% to ₹22 crore from ₹151 crore in the previous year's quarter.
- Profitability was hit by a ₹91 crore cost overrun in one specific project within the Industrial Infra segment.
- Order balance grew 23% YoY to ₹14,045 crore, representing approximately 131% of TTM revenue.
- Secured a significant order exceeding ₹400 crore for boiler pressure parts for a US-based data center project.
- Board approved merging the EPC business of Thermax Bioenergy (₹239.35 crore turnover) and Thermax Cooling Solutions into the parent company.
Thermax Limited has scheduled its post-results conference call for the quarter ended June 30, 2026, on July 31, 2026, at 11:00 AM IST. The call will feature top management, including MD & CEO Ashish Bhandari and Group CFO Rajendran Arunachalam. This follows a period where the company reported a TTM revenue of ₹10,687 Cr and a TTM PAT of ₹720 Cr. Investors will be looking for updates on the company's green energy transition and the integration of recent acquisitions like Buildtech Products India.
- Conference call scheduled for July 31, 2026, at 11:00 hrs IST to discuss Q1 FY27 results.
- Management participation confirmed for MD & CEO Ashish Bhandari and Group CFO Rajendran Arunachalam.
- The call follows the quarter ended June 30, 2026, providing the first look at FY27 performance.
- Thermax maintains a significant market presence with a TTM revenue of ₹10,687 Cr and a market cap of ₹54,021 Cr.
Financial Performance
Revenue Growth by Segment
Consolidated revenue rose 11% YoY to Rs 10,641 Cr in FY25. Segment performance: Industrial Products grew 11.7% to Rs 4,529 Cr; Industrial Infra grew 5.8% to Rs 4,715 Cr; Green Solutions grew 36% to Rs 690 Cr; Chemicals grew 15% to Rs 763 Cr.
Geographic Revenue Split
Overseas markets contribute 30-35% of total revenue, providing geographical stability. Domestic India operations remain the primary driver, though international focus is increasing to diversify revenue streams.
Profitability Margins
Operating margins improved from 8% in FY23 to 9.4% in FY24, reaching 9.6% in FY25. Industrial Products reported a healthy 11.7% PBIT margin, while Industrial Infra margins declined from 4.7% to 2.3% due to higher technology intervention costs in bio-CNG projects.
EBITDA Margin
Operating margin stood at 9.6% in FY25, a 20 bps improvement YoY. The company aims for a sustained double-digit margin of over 12% through cost optimization and higher-margin product mixes.
Capital Expenditure
Planned investment of Rs 800-850 Cr in green energy subsidiaries FEPL and TOESL over the medium term to expand solar, wind, and biomass capabilities.
Credit Rating & Borrowing
Maintains a 'Stable' credit profile with CRISIL. The company is net debt-free with a cash surplus of Rs 2,800 Cr as of March 2025. Bank limit utilization averaged 48-58%.
Operational Drivers
Raw Materials
Steel, specialized components, and chemical feedstocks. Commodity price fluctuations directly impact the project business due to fixed-price contract structures.
Import Sources
Global sourcing strategy utilized to mitigate local price volatility; specific countries not listed but includes international procurement for Danstoker (Denmark) and PT TII (Indonesia).
Capacity Expansion
Expanding green energy portfolio through FEPL and TOESL; acquired Buildtech Products India (100% stake for Rs 72 Cr) and TSA Process Equipments (51% stake for Rs 71 Cr) to expand chemical and process equipment capacity.
Raw Material Costs
Raw material costs are managed through centralized purchasing and back-to-back order placement. Margins remain vulnerable to commodity price volatility which historically kept margins in the 7-9% range.
Manufacturing Efficiency
Lost time injury frequency rate is at nil for employees. Digital transformation via IIoT and remote assistance is being implemented to enhance operational efficiency.
Logistics & Distribution
Logistics costs are impacted by global crises like the Red Sea disruption, which significantly affects the delivery timelines and costs for the Chemicals and Industrial Products segments.
Strategic Growth
Expected Growth Rate
12-15%
Growth Strategy
Growth is driven by a transition to green energy solutions (Solar, Wind, Biomass), scaling the Chemicals segment with a 3x growth target for Q1 FY26, and aggressive expansion in the construction chemicals market via the Buildtech acquisition which targets 50% sales growth.
Products & Services
Vapour absorption chillers, low and medium-capacity boilers, electrostatic precipitators, air pollution control systems, water treatment plants, ion exchange resins, and construction chemicals like admixtures and waterproofing solutions.
Brand Portfolio
Thermax, Danstoker, TOESL (Thermax Onsite Energy Solutions Limited), FEPL (First Energy Private Limited), Buildtech Products.
New Products/Services
Bio-CNG projects and electric boilers for the European market. Buildtech is launching new admixtures and resin capsules for highway and metro rail segments.
Market Expansion
Targeting the European grid integration with electric boilers and expanding the US market presence despite municipal project delays in election years.
Market Share & Ranking
Leading player in vapour absorption chillers, low-to-medium capacity boilers, and electrostatic precipitators.
Strategic Alliances
Joint ventures and subsidiaries like FEPL and TOESL for build-own-operate (BOO) models in renewable energy.
External Factors
Industry Trends
The industry is shifting toward decarbonization and energy transition. Thermax is positioning itself as a 'trusted partner in energy transition' with a focus on biomass, waste-to-energy, and green hydrogen readiness.
Competitive Landscape
Faces intense competition from established international players and aggressive local manufacturers in cost-sensitive segments like packaged water treatment.
Competitive Moat
Moat is built on technological leadership in cooling and heating, a robust service network, and a net debt-free balance sheet. Sustainability is driven by long-term (10-25 year) opex-based contracts in Green Solutions.
Macro Economic Sensitivity
Highly sensitive to industrial Capex cycles and global fuel prices. Lower fossil fuel prices (coal/gas) reduce the cost advantage of Thermax’s renewable energy solutions.
Consumer Behavior
Industrial customers are increasingly shifting toward 'Green Utilities' as a service (Opex model) rather than Capex-heavy equipment purchases.
Geopolitical Risks
Exposure to US tariffs in the chemicals and chillers segments is being monitored, though currently deemed not material. Ukraine-Russia war and Red Sea crisis remain active risks to international revenue.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental emission norms and municipal project regulations, particularly in the US and European markets.
Environmental Compliance
Scope 1 and 2 emissions reduced by 36% YoY. The company is aligning with global emission standards to drive demand for its air pollution control and biomass products.
Risk Analysis
Key Uncertainties
Execution complexity of large-scale projects and volatility in biomass feedstock prices could impact margins by 2-3%.
Geographic Concentration Risk
Domestic India accounts for 65-70% of revenue; international exposure is concentrated in Europe, SE Asia, and the USA.
Third Party Dependencies
High reliance on biomass suppliers for TOESL projects; mitigated by diversifying feedstock and establishing briquetting facilities.
Technology Obsolescence Risk
Risk of technology shifts in the bio-CNG segment; mitigated by high investment in technology intervention and digital IIoT solutions.
Credit & Counterparty Risk
Customer default risk in long-term contracts is mitigated by selecting high-quality off-takers and having the ability to tap alternate off-takers for renewable power.
