Thermax LimitedQ1 FY27 Results & Financial Update
Thermax Limited: Q1 FY27 consolidated results and company financials – revenue ₹2,302.73 Cr, PAT ₹21.79 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Thermax Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
The primary driver of the lower profitability was a Rs. 91 crore increase in the estimated cost to complete provision recognized in the Industrial Infra segment during the quarter, stemming from events identified within current project execution.
Consolidated order booking for Q1 FY27 grew by 2% year-on-year to Rs. 2,809 crore, supported by improved order performance across Thermax Babcock & Wilcox Energy Solutions (TBWES), Industrial Products, and Green Solutions.
Cumulative order balance at the end of June 30, 2026, reached Rs. 14,045 crore, marking a 23% increase over the Rs. 11,376 crore recorded in Q1 FY25-26, led by order backlog expansion in Industrial Infra, Industrial Products, and Chemicals.
Cash and investments position remained robust at Rs. 3,231 crore at the close of the quarter, representing a 2% growth relative to the previous corresponding period.
Segmentally, Industrial Products recorded revenue of Rs. 1,058 crore with a PBIT of Rs. 64 crore (6.1% PBIT margin), while Industrial Infra posted revenue of Rs. 814 crore and a negative PBIT of Rs. (71) crore due to project provisions.
During the quarter ended 30 June 2026, Thermax reported consolidated revenue from operations of INR 2,302.73 crore.
01 · Business model
What does Thermax do?
Thermax Limited is a globally operating engineering organization offering sustainable solutions in energy and environment, encompassing heating, cooling, power, water treatment, and air pollution control.
The company operates 18 manufacturing locations globally—comprising 14 facilities in India and 4 international plants—backed by a sales and service footprint spanning over 30 countries and installations in more than 90 nations.
Thermax serves diverse industrial segments including chemicals, food and beverages, metals and mining, cement, sugar and distillery, pharmaceuticals, power, and data centers through its primary operating business verticals.
The company's commercial operations are structured around key segments including Industrial Products, Industrial Infra, Green Solutions, and Chemicals, delivering customized boilers, chillers, pollution control equipment, water management solutions, and green energy turnkey projects.
02 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹2,302.73 Cr |
| Total income | ₹2,370.92 Cr |
| Profit before tax | ₹42.14 Cr |
| Profit after tax | ₹21.79 Cr |
| EPS | ₹2.24 |
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Operating revenue for Q1 FY27 reached Rs. 2,303 crore (reported exact 2,302.73 crore), reflecting a 7% growth compared to Rs. 2,158 crore in Q1 FY25-26.
Industrial Products contributed sales of Rs. 1,058 crore, Industrial Infra contributed Rs. 814 crore, Green Solutions delivered Rs. 245 crore, and Chemicals generated Rs. 230 crore.
YTD June FY26-27 revenue breakdown showed Industrial Products with Rs. 751 crore domestic and Rs. 307 crore export sales, while Industrial Infra recorded Rs. 558 crore domestic and Rs. 256 crore export revenue.
What drove margins
Profitability during the quarter was heavily impacted by a Rs. 91 crore increase in the estimated cost to complete provision for a specific project in the Industrial Infra segment, leading to a negative PBIT margin of -8.7% for the segment.
Industrial Products segment PBIT margin moderated to 6.1% (PBIT of Rs. 64 crore on sales of Rs. 1,058 crore) compared to 8.3% in Q1 FY25-26, impacted by higher input costs and reduced export sales.
Chemicals segment PBIT improved to Rs. 26 crore on sales of Rs. 230 crore, yielding a higher PBIT margin of 11.2% compared to 9.3% previously, driven by higher volumes and an optimized product mix.
Flat and structural steel prices, tubes, and pipes hardened during Apr-Jun 2026 due to uneven demand-supply dynamics, while non-ferrous metals experienced volatility and US dollar-rupee fluctuations increased imported material costs.
Depreciation and amortisation expenses stood at INR 59.52 crore, while finance costs were recorded at INR 7.75 crore for the quarter.
04 · Demand, customers & order book
Where demand is coming from
Consolidated order booking for Q1 FY27 stood at Rs. 2,809 crore (up 2% YoY), while total order balance reached Rs. 14,045 crore (up 23% YoY).
Order book composition shows significant representation from Chemicals (18%), Data Centers (17%), Engineering (13%), Metals & Mining (11%), and Food & Beverages (10%).
Green Solutions order booking increased due to improved TOESL performance and a methodological shift to a rolling 12-month forecast model for long-term contracts, adding Rs. 139 crore to reported order book without impacting revenue recognition.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Recorded order booking of Rs. 1,394 crore (8% YoY growth) and an order balance of Rs. 5,370 crore (16% YoY growth). Segment sales reached Rs. 1,058 crore with a PBIT of Rs. 64 crore.
Recorded order booking of Rs. 863 crore (down 24% YoY) and an order balance of Rs. 6,887 crore (31% YoY growth). Segment sales were Rs. 814 crore with a negative PBIT of Rs. (71) crore.
Geography and market mix
Industrial Products secured an order worth over Rs. 400 crore for supplying boiler pressure parts for a data center project in the USA during the quarter.
Dipped Products Limited in Sri Lanka commissioned a 60 TR steam-driven vapour absorption chiller, and a 4.9 MW biomass-based multi-utility plant was commissioned in Thailand.
Ongoing conflict in West Asia continued to dampen regional trade sentiment and capex, indicating softer near-term order momentum in the Middle East.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Production capacity expansion at Jhagadia strengthened manufacturing operations, reinforced customer confidence, and supported growing global specialty resin orders despite raw material volatility.
Successfully completed PGTR for the CBG plant, achieving over 22 TPD production against a guaranteed 20 TPD with proven multi-feedstock operations.
Projects, capex and execution
At Jafrabad (Gujarat), hybrid project progressed with successful PSS charging, completion of 69.5 MWp solar module installation, and erection of 12 out of 21 wind turbine generators (WTGs).
For the 60 MW Trichy project, 12 out of 17 WTGs and transmission were completed. For the 100 MW Karur project, foundations were completed for 10 of 17 WTGs, while the 9.1 MWp Tuticorin solar expansion neared commissioning.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Expanded sustainable offerings through multi-utility plants generating steam, thermic fluid heat, power, and hot water from single energy sources to reduce fossil fuel dependence for industrial clients.
Supported the acceleration of the Dibang Hydro Project in Arunachal Pradesh and advanced hydropower and R&R project development in Nepal through engagement with government authorities.
08 · Reported developments
What changed operationally
Consolidated order balance grew 23% year-on-year to reach Rs. 14,045 crore, providing revenue visibility across key operating segments.
Cash and investments stood at a solid Rs. 3,231 crore at the end of Q1 FY27, representing a 2% increase over the previous year.
Secured major institutional traction in data centers, highlighted by a Rs. 400+ crore order win for boiler pressure parts for a USA data center project.
09 · Pressure points & risks
What is not going smoothly
Industrial Infra order booking declined 24% year-on-year to Rs. 863 crore due to lower demand during the period.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Manufacturing PMI Context
India's Manufacturing PMI remained firmly above the 50 expansion mark during Q1 FY27 at 54.7 in April, 55.0 in May, and 54.2 in June, indicating sustained industrial manufacturing growth.
Reported update
Financial Results Filing
The company filed its official consolidated financial results for the quarter ended 30 June 2026 through the exchange structured filing portal.
11 · Key Q&A
The quarter, answered directly
What does Thermax do?
Thermax Limited is a globally operating engineering organization offering sustainable solutions in energy and environment, encompassing heating, cooling, power, water treatment, and air pollution control.
What is the clearest takeaway from Q1 FY27?
The primary driver of the lower profitability was a Rs. 91 crore increase in the estimated cost to complete provision recognized in the Industrial Infra segment during the quarter, stemming from events identified within current project execution.
What drove revenue or demand?
Operating revenue for Q1 FY27 reached Rs. 2,303 crore (reported exact 2,302.73 crore), reflecting a 7% growth compared to Rs. 2,158 crore in Q1 FY25-26.
What mattered most for margins or profitability?
Profitability during the quarter was heavily impacted by a Rs. 91 crore increase in the estimated cost to complete provision for a specific project in the Industrial Infra segment, leading to a negative PBIT margin of -8.7% for the segment.
What changed operationally beyond the headline numbers?
Production capacity expansion at Jhagadia strengthened manufacturing operations, reinforced customer confidence, and supported growing global specialty resin orders despite raw material volatility.
What are the main pressure points disclosed for the quarter?
Industrial Infra order booking declined 24% year-on-year to Rs. 863 crore due to lower demand during the period.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Execution of High-Value Order Backlog: Monitor the conversion and execution pace of the Rs. 14,045 crore order balance, particularly in Industrial Infra and Industrial Products.
- 02
Project Cost Stabilization: Track whether project execution provisioning pressures in the Industrial Infra segment stabilize in subsequent quarters.
- 03
Green Solutions Hybrid Commissioning: Observe final commissioning milestones for renewable energy hybrid projects in Jafrabad, Gujarat, and the Trichy and Karur projects in Tamil Nadu.
- 04
Subsequent Quarter Filings: Monitor upcoming financial disclosures for comparative performance trends and sequential margin developments.
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