Thermax Limited reported a strong Q3 FY26 performance with consolidated revenue of ₹26.35 billion, up 4.2% year-on-year, and net profit of ₹2.04 billion, a sharp 80% increase. The results were driven by margin expansion, robust order inflows, and exceptional gains, reinforcing Thermax’s leadership in energy and environment solutions.
Thermax Limited, a leading energy and environment solutions provider, announced its December quarter (Q3 FY26) results, showcasing significant growth in profitability and steady revenue expansion. The company’s performance was supported by improved operational efficiency, margin expansion, and healthy order inflows across business segments.
Notable Updates
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Revenue from operations: ₹26.35 billion, up 4.2% YoY from ₹25.29 billion.
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Net profit (PAT): ₹2.04 billion, a 76–80% surge YoY from ₹1.14 billion.
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EBITDA: ₹2.54 billion, up 34.5% YoY, with margins improving to 9.7% from 7.5%.
Major Takeaways
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Order booking: ₹30.8 billion, a 34% increase YoY.
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Order balance: ₹126.4 billion as of December 31, 2025, up 11% YoY, ensuring strong revenue visibility.
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Exceptional gains: Profit boosted by reversal of provisions worth ₹51 crore and interest income of ₹29 crore following a favorable court order.
Important Points
Thermax’s operational efficiency and cost management drove margin expansion.
The company continues to strengthen its energy, environment, and chemical solutions portfolio.
Analysts highlight Thermax’s strong order pipeline as a key driver for sustained growth in FY26.
Sources: Business Standard, CNBC-TV18, InvestyWise, SEBI Filings