| Revenue growth | 13% YoY growth in Q4; 3% for YTD FY26. |
|---|---|
| Margins | Industrial Infra PBIT margins improved to 6.5% from 2.8% YoY. |
| Order book | Record Rs. 13,604 crore balance; Q4 booking up 112% YoY. |
| Demand visibility | Strong in Power, Data Centres, and F&B sectors. |
| Management confidence | High, cited by record order intake and 60th-anniversary special dividend. |
Growth
Revenue grew 13% to Rs. 3,428 crore; PAT rose 18% to Rs. 244 crore. Order book grew 27% YoY.
Outlook
Recommended Rs. 14 normal plus Rs. 6 special dividend. Massive Rs. 1,600 crore supercritical power boiler order secured.
Risks
High volatility in input commodity prices (steel up 20-25%) and geopolitical risks affecting chemical margins.
Earnings Call filed with BSE, NSE: THERMAX. Summary written with AI assistance from the document.
Thermax Ltd: key numbers
- Share price
- ₹3,230.40
- Market cap
- ₹38,492 Cr
- Revenue (annual)
- ₹10,694 Cr
- Net profit (annual)
- ₹720.5 Cr
- P/E (TTM)
- 64.9×Sector 53.9×
- Promoter holding
- 61.98%+0.00% QoQ
- FII holding
- 11.46%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from Thermax Ltd
All →Thermax Merger & Restructuring
Thermax Limited incorporated a new wholly-owned step-down subsidiary, Thermax Botswana Proprietary Limited, via its subsidiary TECC. The entity will provide support services for power plants.
Thermax Capital Structure Change
SBI Mutual Fund sold 7,776 shares of Thermax Ltd, reducing its stake to 5.5957%. The sale was a market transaction.
Thermax Management Change
Thermax Limited shareholders approved the re-appointment of Dr. Ravi Shankar Gopinath as a Non-Executive Independent Director for a second five-year term starting November 10, 2026.
Thermax Investor Presentation: Key Takeaways
Thermax reported Q1 FY27 revenue growth of 7% YoY to Rs. 2,303 crore, but PAT dropped 86% to Rs. 22 crore due to a one-time Rs. 91 crore cost overrun in Industrial Infra.
Thermax Annual General Meeting
Thermax Limited held its 45th Annual General Meeting on July 30, 2026. Shareholders transacted ordinary and special business, including dividend approval and director re-appointments.
Thermax Merger & Restructuring
Thermax Limited approved the amalgamation of its wholly-owned subsidiary, Thermax Cooling Solutions Limited, to simplify group structure. No new shares will be issued in this transaction.