Thermax Ltd posted a 4.2% decline in consolidated net profit to ₹115 crore for the July-September quarter, pinched by raw material inflation and a one-off asset write-down.
Revenue told a different story. Consolidated top-line income rose 11.4% year-on-year to ₹2,756 crore, up from ₹2,474 crore in the second quarter of the previous financial year. Earnings before interest, tax, depreciation, and amortisation climbed 12.8% to ₹194 crore. Operating margin remained pinned flat at 7%, reflecting persistent input pressures across manufacturing cycles. On the BSE, Thermax shares ended Thursday's session up 0.92% at ₹3,311.00, adding ₹30.05 as traders weighed an expanding execution backlog against compressed bottom-line returns.
Cost inflation inside the Industrial Products division eroded gains. Thermax also booked a ₹15 crore impairment provision against a hybrid renewable energy asset within its Green Solutions business after assessing project-level triggers during the quarter. The write-down pulled profit before tax down 3% to ₹169 crore from ₹174 crore a year earlier.
| Financial Metric (Consolidated) | Q2 Current FY | Q2 Prior FY | YoY Change (%) |
|---|---|---|---|
| Revenue from Operations | ₹2,756 cr | ₹2,474 cr | +11.4% |
| EBITDA | ₹194 cr | ₹172 cr | +12.8% |
| EBITDA Margin | 7.0% | 7.0% | Flat |
| Profit Before Tax | ₹169 cr | ₹174 cr | -3.0% |
| Net Profit (PAT) | ₹115 cr | ₹120 cr | -4.2% |
| Total Order Balance | ₹14,250 cr | ₹12,300 cr | +16.0% |
| Quarterly Order Inflow | ₹3,259 cr | ₹3,551 cr | -8.0% |
New intake softened. Consolidated order bookings dropped 8% during the three-month period to ₹3,259 crore, down from ₹3,551 crore booked in the corresponding quarter last year. Yet the broader pipeline expanded. Total consolidated order backlog stood at ₹14,250 crore on September 30, 2026—a 16% jump over the ₹12,300 crore pool recorded twelve months prior.
Its standalone balance sheet delivered sharper momentum. Standalone revenue jumped 13% to ₹1,712 crore, while standalone profit after tax surged 16% to ₹263 crore. Standalone order inflows advanced 21% to ₹2,405 crore, lifting the standalone execution backlog to ₹7,141 crore.
Beyond the balance sheet, Thermax rolled out its Thermax-i series of automated boilers and heating units at the Boiler India 2026 industrial expo. Its initial model, the UltraPac-i biomass-fired boiler, adjusts operational cycles based on shifts in incoming fuel quality—delivering documented fuel efficiency gains of up to 10% across early pilot runs to curb operational expenditure and shop-floor carbon output.