Thermax Limited has released its investor presentation for the first quarter of FY2026-27. The company reported a 2% growth in its order booking to ₹2,809 crore. Revenue stood at ₹2,303 crore, with Profit After Tax (PAT) at ₹22 crore. The presentation highlights performance across various business segments, including Industrial Products, Industrial Infra, Green Solutions, and Chemicals.
Thermax Q1 FY2026-27 Financial Highlights
Thermax Limited has unveiled its performance indicators for the first quarter of the financial year 2026-27 (Q1 FY27). The company’s order booking saw a 2% increase, reaching ₹2,809 crore. Order balance also showed significant growth, up by 23% to ₹14,045 crore. Operating revenue for the quarter was ₹2,303 crore, reflecting a 7% rise. Profit Before Tax (PBT) was recorded at ₹42 crore, with Profit After Tax (PAT) at ₹22 crore, showing a substantial year-on-year increase of 80% and 86% respectively.
Key Business Segment Performance
The growth in order booking and balance is primarily attributed to improved performance in TBWES, Industrial Products, and Green Solutions. The Industrial Products segment secured an order worth more than ₹400 crore for the supply of boiler pressure parts for a data centre project in the USA. The Industrial Infra segment’s order booking and backlog have declined due to lower demand, though performance was impacted by a ₹91 crore increase in estimated cost to complete provision for a specific project.
In the Green Solutions segment, order booking saw a significant 149% increase, reaching ₹382 crore, with order balance up by 17%. This segment’s performance was driven by business improvements at TOESL. The Chemicals segment recorded order booking of ₹169 crore, a 1% decrease, with order balance up by 45%. Chemicals segment profitability has improved due to higher volumes and a better product mix, although the Green Solutions business incurred project overrun costs impacting margins.
Order Book Analysis
The order book status reveals that Chemicals represent 19% of the total, followed by Engineering at 13%, and Metals & Mining at 11%. Food & Beverages account for 10%, while Power contributes 7%. The company notes that data centres are gaining traction as a high-potential growth sector. Consistent order demand is observed across chemicals, F&B, and metal & mining sectors.
Consolidated Performance Indicators (Q1 FY27 vs Q1 FY26)
Consolidated performance indicators show an increase in Order Booking from ₹2,749 crore to ₹2,809 crore and Order Balance from ₹11,376 crore to ₹14,045 crore. Revenue grew from ₹2,158 crore to ₹2,303 crore. PBT Before Exceptional Items and Tax decreased from ₹211 crore to ₹42 crore, with the PBT percentage dropping from 9.8% to 1.8%. PAT increased from ₹151 crore to ₹22 crore, with PAT percentage decreasing from 7.0% to 0.9%.
Source: BSE
