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
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Consolidated Revenue: ₹2,473.90 crore, down 5.42% YoY but up 14.66% QoQ from ₹2,157.53 crore in Q1 FY26
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Operating Profit (EBITDA excluding other income): ₹172.03 crore, down 38.11% YoY from ₹277.97 crore in Q2 FY25
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Operating Margin declined to 6.95% from 10.63% YoY
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Profit After Tax (PAT): ₹119.66 crore, down 39.27% YoY and 21.47% QoQ
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Other Income: ₹85.41 crore, up 42.9% YoY, accounting for nearly half of PBT
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Interest Cost: ₹32.17 crore, up from ₹29.39 crore YoY
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Depreciation: ₹51.47 crore, increased from ₹42.07 crore YoY
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Employee Cost: ₹340.5 crore, up 5.45% YoY despite declining revenues
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Order Book: ₹3,551 crore, up 6% YoY
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Working Capital Intensity remains elevated with current assets growing slower than current liabilities
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Operating profit to interest coverage ratio weakened to 5.35 times
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Management cautions on margin pressure and cyclical slowdowns but optimistic about government capex and infrastructure spends
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Expect gradual margin recovery with cost rationalization and operating leverage benefits
Q1 FY26 Earnings Results
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Consolidated Revenue: ₹2,157.53 crore, down 30% QoQ and 20.96% YoY
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PAT: ₹152.38 crore, down 25.93% QoQ and 39.15% YoY
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Operating Margin (EBITDA): 10.43%, improved QoQ but down YoY
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Order book backlog strong at ₹11,376 crore, up 7% YoY
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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.