Thermax Limited has announced its financial results for the quarter and half-year ended September 30, 2026. The company reported a consolidated operating revenue of ₹2,756 crore for the second quarter of FY 2026-27, an 11% increase compared to the previous fiscal year. Consolidated profit after tax (PAT) stood at ₹113 crore, a 5% decrease year-on-year. The standalone revenue increased by 13% to ₹1,712 crore, with profit after tax growing 16% to ₹263 crore.
Thermax Reports Strong Revenue Growth in Q2 FY27
Thermax Limited has released its unaudited financial results for the quarter and half-year ended September 30, 2026. The company demonstrated robust top-line growth, with consolidated operating revenue reaching ₹2,756 crore in the second quarter of FY 2026-27. This represents an 11% increase compared to the ₹2,474 crore recorded in the corresponding quarter of the previous fiscal year.
Financial Performance
On a consolidated basis, the company’s profit after tax (PAT) for the quarter was ₹113 crore, showing a decrease of 5% from ₹119 crore in the prior year’s second quarter. Profit before tax (PBT) stood at ₹169 crore, down by 3%. The decline in quarterly profitability was attributed to the Industrial Product Segment’s product mix and higher input costs, further impacted by a ₹15 crore impairment provision in a hybrid renewable energy project within the Green Solutions segment.
On a standalone basis, Thermax Limited posted an operating revenue of ₹1,712 crore for the quarter, marking a significant 13% increase from ₹1,510 crore in the corresponding quarter of the previous year. The standalone profit after tax saw a healthy growth of 16%, reaching ₹263 crore compared to ₹226 crore.
Order Book and New Initiatives
As of September 30, 2026, the consolidated order balance stood at ₹14,250 crore, up by 16% from the previous year’s corresponding quarter. However, order booking for the quarter was ₹3,259 crore, an 8% decrease from the prior year. On the standalone front, order booking was higher by 21% at ₹2,405 crore, with the order balance at ₹7,141 crore, a 2% increase.
During the quarter, Thermax launched the Thermax-i series of intelligent boilers and heaters at Boiler India 2026. The first product in this series, UltraPac-i, a biomass-fired boiler, has demonstrated fuel savings of up to 10% in pilot installations, offering potential for lower operating costs and reduced carbon emissions.
Consolidated Financial Summary (as of September 30, 2026)
Quarter Ended
- Total Income: ₹2,837.66 crore
- Total Expenses: ₹2,668.80 crore
- Profit before exceptional items, tax and share of gain/(loss) of associate: ₹168.86 crore
- Net profit: ₹113.11 crore
Half Year Ended
- Total Income: ₹5,208.58 crore
- Total Expenses: ₹4,997.58 crore
- Profit before exceptional items, tax and share of gain/(loss) of associate: ₹211.00 crore
- Net profit: ₹134.90 crore
Source: BSE
