Thermax Ltd shares fell sharply by over 3% in Wednesday’s trading session after the company reported a steep decline in its second-quarter (Q2 FY26) earnings. The energy and environment solutions major posted a year-on-year (YoY) drop across key financial metrics, disappointing investors and triggering selling pressure.
According to the company’s consolidated results, Thermax’s revenue slipped 5.4% to ₹2,474 crore in Q2 FY26 compared to ₹2,616 crore in the same quarter last year. The decline was primarily driven by lower project execution and softer demand in certain business segments.
The company’s EBITDA fell 38.1% to ₹172 crore, down from ₹278 crore a year ago, reflecting pressure on operating performance. Consequently, the EBITDA margin contracted sharply to 7%, compared to 10.6% in the year-ago period.
On the profitability front, net profit plunged 39.3% to ₹120 crore, as against ₹197 crore in Q2 FY25.
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