Thermax Q2 FY26 Earnings Results

Thermax Limited offers solutions to energy, environment and chemical sectors. The Company’s portfolio includes boilers and heaters, absorption chillers/ heat pumps, power plants, solar equipment, air pollution control equipment/system, water and waste recycle plant, ion exchange resins and performance chemicals and related services.

 

Q2 FY26 Earnings Results

• Consolidated Revenue: ₹2,473.90 crore, down 5.42% YoY but up 14.66% QoQ from ₹2,157.53 crore in Q1 FY26

• Operating Profit (EBITDA excluding other income): ₹172.03 crore, down 38.11% YoY from ₹277.97 crore in Q2 FY25

• Operating Margin declined to 6.95% from 10.63% YoY

• Profit After Tax (PAT): ₹119.66 crore, down 39.27% YoY and 21.47% QoQ

• Other Income: ₹85.41 crore, up 42.9% YoY, accounting for nearly half of PBT

• Interest Cost: ₹32.17 crore, up from ₹29.39 crore YoY

• Depreciation: ₹51.47 crore, increased from ₹42.07 crore YoY

• Employee Cost: ₹340.5 crore, up 5.45% YoY despite declining revenues

• Order Book: ₹3,551 crore, up 6% YoY

• Working Capital Intensity remains elevated with current assets growing slower than current liabilities

• Operating profit to interest coverage ratio weakened to 5.35 times

• Management cautions on margin pressure and cyclical slowdowns but optimistic about government capex and infrastructure spends

• Expect gradual margin recovery with cost rationalization and operating leverage benefits

 

 

Q1 FY26 Earnings Results

• Consolidated Revenue: ₹2,157.53 crore, down 30% QoQ and 20.96% YoY

• PAT: ₹152.38 crore, down 25.93% QoQ and 39.15% YoY

• Operating Margin (EBITDA): 10.43%, improved QoQ but down YoY

• Order book backlog strong at ₹11,376 crore, up 7% YoY

• Q1 impacted by project delays and execution challenges

 

To view the company’s previous earnings and latest concall transcripts, click here  to visit the Alphastreet India news channel.