Thermax Q2 FY27 Results: Consolidated Net Profit ₹113 Crore on Total Income of ₹2,838 Crore
- Earnings
- Energy and environment equipment
Reviewed byRachit TripathiBlacklitt Research
Thermax (NSE: THERMAX) reported consolidated total income of ₹2,837.66 crore and net profit of ₹113.11 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹1,937.96 crore and net profit of ₹262.50 crore, it said in a filing on 05 Nov 2026. Consolidated net profit attributable to equity holders was ₹114.54 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹2,837.66 crore, up 10.9% YoY and 19.7% QoQ
- Net profit and EPS: ₹113.11 crore, down 5.3% YoY; basic EPS ₹10.17 against ₹10.62
- Other income: ₹81.79 crore, down 55.9% YoY from ₹185.58 crore
- Order balance: ₹14,250 crore at 30 Sep 2026, up 16% YoY (press release)
Standalone
The company on its own, without its subsidiaries
- Total income: ₹1,937.96 crore, up 14.8% YoY and 44.8% QoQ
- Net profit and EPS: ₹262.50 crore, up 16.2% YoY; basic EPS ₹22.03 against ₹18.96
- Dividend income: ₹173.26 crore in the quarter, against ₹141.35 crore in Jun 2026
- Order booking: ₹2,405 crore in the quarter, up 21% YoY (press release)
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,837.66 | 2,559.31 | +10.9% | 2,370.92 | +19.7% | |
| Revenue from operations | 2,755.87 | 2,373.73 | +16.1% | 2,302.73 | +19.7% |
| Other income | 81.79 | 185.58 | -55.9% | 68.19 | +19.9% |
| 113.11 | 119.40 | -5.3% | 21.79 | +419.1% | |
| Profit before tax | 168.86 | 173.67 | -2.8% | 42.14 | +300.7% |
| Finance costs | 36.92 | 32.17 | +14.8% | 35.15 | +5.0% |
| Depreciation | 70.15 | 51.47 | +36.3% | 59.52 | +17.9% |
| Tax expense | 55.75 | 54.27 | +2.7% | 20.35 | +174.0% |
| Net profit margin | 3.99% | 4.67% | -0.68 pp | 0.92% | +3.07 pp |
| EPS, basic (₹) | 10.17 | 10.62 | -4.2% | 2.24 | +354.0% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Total income grew faster than the consolidated net profit's pace would suggest only at the top line: revenue from operations rose 16.1% to ₹2,755.87 crore, while other income fell 55.9% to ₹81.79 crore from ₹185.58 crore a year earlier. Net profit fell 5.3% over the same year, so the lower other income sits alongside a higher revenue base rather than offsetting it.
Depreciation rose 36.3% to ₹70.15 crore and finance costs rose 14.8% to ₹36.92 crore.
The consolidated figures carry a net ₹15 crore impairment provision on one hybrid renewable energy project in the Green Solutions segment, which the press release says arose from events identified during the quarter. The filing does not state the effect of this provision on profit beyond its being recorded. Consolidated exceptional items are nil for the quarter, though the half year includes ₹61.21 crore.
Segment revenue for the quarter was ₹2,823.39 crore before inter-segment revenue of ₹67.52 crore, with Industrial Products at ₹1,303.65 crore. The press release says profitability in Industrial Products was affected by product mix and higher input cost.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,937.96 | 1,688.61 | +14.8% | 1,338.22 | +44.8% | |
| Revenue from operations | 1,711.63 | 1,510.30 | +13.3% | 1,302.95 | +31.4% |
| Other income | 226.33 | 178.31 | +26.9% | 35.27 | +541.7% |
| 262.50 | 225.92 | +16.2% | -18.10 | n/a | |
| Profit before tax | 293.73 | 253.41 | +15.9% | -24.38 | n/a |
| Finance costs | 6.24 | 5.06 | +23.3% | 5.89 | +5.9% |
| Depreciation | 28.02 | 25.50 | +9.9% | 26.04 | +7.6% |
| Tax expense | 31.23 | 27.49 | +13.6% | -6.28 | n/a |
| Net profit margin | 13.55% | 13.38% | +0.17 pp | -1.35% | +14.90 pp |
| EPS, basic (₹) | 22.03 | 18.96 | +16.2% | -1.52 | n/a |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 16.2% to ₹262.50 crore, faster than total income's 14.8% rise. Revenue from operations rose a slower 13.3%.
Dividend income of ₹173.26 crore is included in standalone other income for the quarter, against ₹141.35 crore in the June 2026 quarter. Standalone profit before tax was a loss of ₹24.38 crore in the June quarter, so the quarter-on-quarter comparison swings sharply. The filing does not state the reason for that swing.
The standalone tax expense of ₹31.23 crore is 10.6% of profit before tax.
Inference
The auditors issued a limited review report with an unmodified conclusion on both the consolidated and standalone results. The board approved the results on 5 Nov 2026.
The filing says the company remains reasonably confident of a favourable outcome in a customer claim dispute, where the customer has appealed to the High Court Division Bench; the filing does not state the amount involved beyond the ₹50.63 crore provision reversal and ₹31.62 crore interest.
The board on 30 Jul 2026 approved a composite scheme of arrangement, subject to NCLT and other approvals, and the filing does not state when those approvals are expected.
Filed with BSE on . Reference: Original filing (PDF)
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