Thermax Ltd., a leading player in energy and environment solutions, announced its Q1 FY26 financial results, showing strong bottom-line performance despite challenges on the revenue front.
The company reported a consolidated operating revenue of ₹2,150 crore in the April–June quarter, slightly down by 2% from ₹2,184 crore in Q1 FY25. This dip was attributed to execution delays and pending customer clearances. However, profitability improved sharply—consolidated profit after tax (PAT) rose 39% year-on-year to ₹151 crore from ₹109 crore, while profit before tax (PBT) increased 31% to ₹211 crore from ₹161 crore.
The Q1 operating income also included ₹56 crore accrued under the Government of Maharashtra’s Packaged Incentive Scheme (2007), while the prior year’s numbers benefited from ₹27 crore in income tax refund interest.
Thermax’s order book remained healthy, with a 7% increase in the consolidated order backlog at ₹11,376 crore as of June 30, 2025, compared to ₹10,681 crore a year ago. Order intake for the quarter stood at ₹2,748 crore, also up 7% YoY.
On a standalone basis, Thermax posted ₹1,183 crore in revenue, marking a 10% drop from ₹1,311 crore last year. Standalone PAT declined 47% to ₹46 crore, largely due to the revenue dip. However, order booking rose 20% to ₹1,752 crore, and the standalone order balance grew 2% to ₹6,477 crore.
