{"id":179307,"date":"2026-02-03T06:06:31","date_gmt":"2026-02-03T11:06:31","guid":{"rendered":"https:\/\/alphastreet.com\/india\/?p=179307"},"modified":"2026-02-03T06:06:33","modified_gmt":"2026-02-03T11:06:33","slug":"thermax-q3-fy26-earnings-results","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/thermax-q3-fy26-earnings-results\/","title":{"rendered":"Thermax Q3 FY26 Earnings Results"},"content":{"rendered":"\n<p>Thermax Limited offers solutions to energy, environment and chemical sectors. The Company\u2019s 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.\u00a0<\/p>\n\n\n\n<div style=\"height:35px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Q3 FY26 Earnings Result<\/strong>s<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue from Operations: Consolidated \u20b92,635 cr (+4% YoY vs \u20b92,529 cr, +6.5% QoQ); standalone aligned, driven by industrial products\/infra, green solutions.<\/li>\n\n\n\n<li>EBITDA: \u20b9254 cr (+34.5% YoY), margin 9.7% (+220 bps YoY); exceptional gains \u20b959 cr (provision reversal \u20b951 cr, interest \u20b929 cr, offset by labour codes \u20b921 cr).<\/li>\n\n\n\n<li>PAT: Consolidated \u20b9205 cr (+80% YoY vs \u20b9114 cr), EPS \u20b918.12 (+76% YoY); 9M PAT \u20b9476 cr (+11% YoY).<\/li>\n\n\n\n<li>Other key metrics: Order book \u20b912,641 cr (+11% YoY), inflows \u20b93,551 cr (+6% YoY); debt-equity stable.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:34px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Management Commentary &amp; Strategic Decisions<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.bseindia.com\/xml-data\/corpfiling\/AttachLive\/442f83a5-b37b-40f4-8edf-a603db5c43be.pdf\" target=\"_blank\" rel=\"noopener\">Strong order momentum<\/a>, execution; exceptional items aided PAT.<\/li>\n\n\n\n<li>Strategic moves: Nigeria refinery order; capex for green energy.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:36px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Q2 FY26 Earnings Results<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue from Operations: \u20b92,474 cr (\u22125% YoY vs \u20b92,616 cr, +15% QoQ vs \u20b92,158 cr).<\/li>\n\n\n\n<li>EBITDA: \u20b9172 cr (\u221238% YoY), margin 7% (\u2212370 bps YoY).<\/li>\n\n\n\n<li>PAT: \u20b9120 cr (\u221239% YoY vs \u20b9197 cr).<\/li>\n\n\n\n<li>Other key metrics: Order book \u20b912,300 cr (+6% YoY).<\/li>\n<\/ul>\n\n\n\n<div style=\"height:33px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Management Commentary Q2<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cost overruns pressured; order book growth positive.<\/li>\n\n\n\n<li>Strategic moves: Project execution focus.<\/li>\n<\/ul>\n\n\n\n<p>To view the company\u2019s previous earnings and latest concall transcripts,&nbsp;<a href=\"https:\/\/alphastreet.com\/india\/\">click here<\/a>&nbsp; to visit the Alphastreet India news channel.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thermax Limited offers solutions to energy, environment and chemical sectors. The Company\u2019s 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.\u00a0 Q3 FY26 Earnings Results Management Commentary &amp; Strategic Decisions Q2 FY26 Earnings [&hellip;]<\/p>\n","protected":false},"author":1863,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[105,5746],"tags":[11730],"class_list":["post-179307","post","type-post","status-publish","format-standard","hentry","category-infographics","category-energy-stocks","tag-boilers"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":172358,"url":"https:\/\/alphastreet.com\/india\/thermax-q2-fy26-earnings-results\/","url_meta":{"origin":179307,"position":0},"title":"Thermax Q2 FY26 Earnings Results","author":"Chirag Gupta","date":"November 12, 2025","format":false,"excerpt":"Thermax Limited offers solutions to energy, environment and chemical sectors. The Company\u2019s 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. \u00a0 Q2 FY26 Earnings Results Consolidated Revenue:\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"Thermax Q2 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Therax-Q2-FY26-Earnings-Results.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Therax-Q2-FY26-Earnings-Results.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Therax-Q2-FY26-Earnings-Results.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Therax-Q2-FY26-Earnings-Results.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Therax-Q2-FY26-Earnings-Results.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/11\/Therax-Q2-FY26-Earnings-Results.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":179309,"url":"https:\/\/alphastreet.com\/india\/pg-electroplast-q3-fy26-earnings-results\/","url_meta":{"origin":179307,"position":1},"title":"PG Electroplast Q3 FY26 Earnings Results","author":"Chirag Gupta","date":"February 3, 2026","format":false,"excerpt":"PG Electroplast Limited (PGEL) is the flagship company of PG Group. While the PG Group had started its journey in 1977, PG Electroplast was formally set up in 2003 and is a leading, diversified Indian Electronic Manufacturing Service provider. It specializes in Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM)\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":179528,"url":"https:\/\/alphastreet.com\/india\/triveni-turbine-q3-fy26-earnings-results\/","url_meta":{"origin":179307,"position":2},"title":"Triveni Turbine Q3 FY26 Earnings Results","author":"Chirag Gupta","date":"February 4, 2026","format":false,"excerpt":"Triveni Turbine Ltd is primarily engaged in business of manufacture and supply of power generating equipment and solutions.\u00a0It was a division of Triveni Engineering & Industries Ltd\u00a0since 1970s and was demerged w.e.f from Oct 2010 into a separate entity. 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Q3 FY26 Earnings Results Revenue from Operations: Consolidated \u20b91,541 cr, +7% YoY vs \u20b91,441 cr, record\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":179638,"url":"https:\/\/alphastreet.com\/india\/tata-power-q3-fy26-earnings-results\/","url_meta":{"origin":179307,"position":5},"title":"Tata Power Q3 FY26 Earnings Results","author":"Chirag Gupta","date":"February 5, 2026","format":false,"excerpt":"Tata Power Company Ltd is primarily involved in the business of the generation, transmission and distribution of electricity. It aims to produce electricity completely through renewable sources. It also manufactures solar roofs and plans to build 1 lakh ev charging stations by 2025. 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