Thermax announced its Q2 FY26 results, reporting a consolidated operating revenue of Rs. 2,474 crore, a 5% decrease YoY. Consolidated profit after tax (PAT) decreased by 40% to Rs. 119 crore. The order book grew by 6% to Rs. 12,300 crore. Project cost overruns in the Industrial Infra segment, including Rs. 42 crore of additional cost provisions, impacted profits.
Q2 FY26 Financial Performance
Thermax reported a consolidated operating revenue of Rs. 2,474 crore in Q2 FY26, compared to Rs. 2,616 crore in the same quarter last year, a 5% decrease. The consolidated profit after tax (PAT) was Rs. 119 crore, a 40% decrease from Rs. 198 crore in Q2 FY25. Profit before tax (PBT) decreased by 35% to Rs. 174 crore from Rs. 266 crore.
Order Book and Revenue
As of September 30, 2025, the order balance was Rs. 12,300 crore, a 6% increase from Rs. 11,593 crore in the corresponding quarter of the previous year. Order booking for the quarter increased by 6%, reaching Rs. 3,551 crore. Thermax Limited’s standalone operating revenue was Rs. 1,505 crore, a 1% reduction compared to Rs. 1,523 crore in the prior year. The profit after tax was Rs. 226 crore, up 109%, which includes dividend income of Rs. 141 crore and a Rs. 42 crore cost provision for one project.
Factors Affecting Profitability
The revenue and profit for Q2 FY25 were positively affected by an accrual of Rs. 66 crore from incentives under the Packaged Incentive Scheme (PSI), 2007. Project cost overruns in the Industrial Infra segment negatively impacted profit, including Rs. 42 crore of additional cost provisions, mainly for one project. One subsidiary, TOESL, shifted to a rolling 12-month forecast model for its order book. This resulted in a Rs. 197 crore increase in the reported order book.
Source: BSE
