| Revenue growth | Flat YoY; Q3 revenue slightly missed internal targets due to execution delays. |
|---|---|
| Margins | Chemical margins hit by new capacity costs; industrial products seeing mix shift. |
| Order book | Robust; international business contributed 50% of the Q3 order book. |
| Demand visibility | Strong international demand; domestic ethanol sector seeing significant project stalling. |
| Management confidence | Balanced; bullish on data center cooling and international order pipeline. |
Growth
Revenue growth is flat YoY; international orders surged to ₹1,400cr+ including a major Dangote contract.
Outlook
Targeting 1.1 GW green energy capacity by FY28; double-digit revenue growth expected in Q4.
Risks
Domestic project execution delays, ethanol sector slowdown, and margin contraction in chemicals due to high fixed costs.
Earnings Call filed with BSE, NSE: THERMAX. Summary written with AI assistance from the document.
Thermax Ltd: key numbers
- Share price
- ₹3,447.20
- Market cap
- ₹41,076 Cr
- Revenue (annual)
- ₹10,694 Cr
- Net profit (annual)
- ₹720.5 Cr
- P/E (TTM)
- 69.2×Sector 53.6×
- Promoter holding
- 61.98%+0.00% QoQ
- FII holding
- 11.46%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from Thermax Ltd
All →Thermax Merger & Restructuring
Thermax Limited incorporated a new wholly-owned step-down subsidiary, Thermax Botswana Proprietary Limited, via its subsidiary TECC. The entity will provide support services for power plants.
Thermax Capital Structure Change
SBI Mutual Fund sold 7,776 shares of Thermax Ltd, reducing its stake to 5.5957%. The sale was a market transaction.
Thermax Investor Presentation: Key Takeaways
Thermax reported Q1 FY27 revenue growth of 7% YoY to Rs. 2,303 crore, but PAT dropped 86% to Rs. 22 crore due to a one-time Rs. 91 crore cost overrun in Industrial Infra.
Thermax Q1 FY27 Results: Net Profit ₹21.8 Cr, Down 85.6% YoY
Thermax Ltd reported revenue from operations of ₹2,303 Cr (+6.7% YoY) and net profit of ₹21.8 Cr (-85.6% YoY) for Q1 FY27.
- Key figure
- Net profit ₹21.8 Cr · -85.6% YoY
Thermax Earnings Call: Key Takeaways
Thermax reported strong Q4 FY26 performance with 13% revenue growth and 18% PAT growth, driven by a record order book of Rs. 13,604 crore.
Thermax Q4 FY26 Results: Net Profit ₹244.4 Cr, Up 18.9% YoY
Thermax Ltd reported revenue from operations of ₹3,428 Cr (+12.5% YoY) and net profit of ₹244.4 Cr (+18.9% YoY) for Q4 FY26.
- Key figure
- Net profit ₹244.4 Cr · +18.9% YoY