Thermax announced its Q2 FY26 results, highlighting a 5% decrease in revenue to ₹2,474 crore. Despite the revenue dip, the company’s order book grew by 6% to ₹3,551 crore. Profit After Tax (PAT) saw a 40% decline. The Industrial Products segment showed improved order booking, while the Industrial Infra segment experienced lower bookings compared to the previous year.
Financial Performance Overview
In Q2 FY26, Thermax reported an order book of ₹3,551 crore, a 6% increase compared to the previous year. However, revenue decreased by 5% to ₹2,474 crore. The Profit After Tax (PAT) was reported at ₹119 crore, reflecting a 40% decrease. Cash and Investments stood at ₹2,739 crore, a 4% increase.
Segmental Performance
Order booking for Industrial Products improved, driven by better performance in water desalination and environmental equipment orders. The Industrial Infra segment experienced a decrease in order bookings due to large orders in the prior year. The Green Solutions segment saw significant growth, primarily due to a change in reporting methodology. The water treatment chemicals business continued to drive profitability, securing new orders valued at ₹12 crore.
Order Book Details
A significant portion of the order inflows came from the Metals & Mining sector, with strong growth also noted in the Power and Petrochem sectors. The Food & Beverages sector showed an increase in orders, while the Sugar/Distillery sector experienced a decline. Notable wins were achieved across various company sectors.
Strategic Developments
During the quarter, Thermax ventured into the biofuels space with initial 1G ethanol orders and successfully retrofitted a 300 MWe boiler for co-firing with blast-furnace gas and coal for a leading steel major.
Operational Highlights
TBSPL commissioned and dispatched the first cascade of 22 TPD CBG plants from Indore and Kota. TOESL deployed a 16 TPH biomass boiler at Bengaluru, contributing to potential CO2 emission reductions of approximately 20,000 tonnes annually. A dry flue gas desulphurisation (FGD) system was commissioned for a major carbon black producer to reduce SOx and NOx emissions.
Source: BSE
