ResultsIQ

ResultsIQ › Latest results › Thermax Limited

Thermax Limited Q3 FY26 results deck summary

NSE: THERMAX · BSE: 500411

Results deck of 2 Feb 2026, summarised by AI from the filing.

Large order for utility boilers and associated systems from Dangote Industries for a refinery and petrochemical complex in Nigeria

Key takeaways

  1. Dangote order Large order for utility boilers and associated systems from Dangote Industries for a refinery and petrochemical complex in Nigeria

Original filing on BSE

Thermax Limited Q1 FY27 results

As filed: Revenue ₹2,303 cr (+7% year on year), EBITDA ₹68.6 cr (−70% year on year), PAT ₹21.8 cr (−86% year on year), EBITDA margin 3.0% (−749 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹3,428 cr (+11% year on year), EBITDA ₹374 cr (+25% year on year), PAT ₹244 cr (+19% year on year), EBITDA margin 10.9% (+123 bps). Score 57 of 100, In line with trend. Revenue growth was above the company's own trend; EBITDA and profit growth were in line with it. EBITDA margin rose 123 bps year on year. Consolidated profit +19% but standalone -27%. Profit lagged EBITDA because of depreciation, interest or other income, not the business. Revenue grew on the previous quarter, against its usual seasonal pattern. Share price after the results: +15.5% in 29 days (Nifty 500: −3.2%).
  • Q3 FY26: Revenue ₹2,635 cr (+5% year on year), EBITDA ₹255 cr (+35% year on year), PAT ₹205 cr (+47% year on year), EBITDA margin 9.7% (+214 bps). Score 62 of 100, In line with trend. Revenue growth was below the company's own trend; EBITDA growth was above it; profit before exceptional items growth was well above it. EBITDA margin rose 214 bps year on year. Share price after the results: +6.6% in 30 days (Nifty 500: −1.9%).
  • Q2 FY26: Revenue ₹2,474 cr (−5% year on year), EBITDA ₹172 cr (−38% year on year), PAT ₹119 cr (−40% year on year), EBITDA margin 7.0% (−365 bps). Score 0 of 100, Below trend. Revenue, EBITDA and profit growth were well below the company's own trend. EBITDA margin fell 365 bps year on year. Other income 49% of PBT. Consolidated profit -40% but standalone +109%. Profit fell 21% from last quarter. Share price after the results: −11.6% in 30 days (Nifty 500: −0.6%).
  • Q1 FY26: Revenue ₹2,150 cr (−2% year on year), EBITDA ₹225 cr (+60% year on year), PAT ₹151 cr (+39% year on year), EBITDA margin 10.5% (+401 bps). Score 42 of 100, In line with trend. Revenue growth was well below the company's own trend; EBITDA growth was well above it; profit growth was in line with it. EBITDA margin rose 401 bps year on year. Other income 31% of PBT. Consolidated profit +39% but standalone -47%. Revenue fell 30% from last quarter. Revenue rose ₹-34.0 cr on a year ago, against ₹251 cr the year before. Share price after the results: −18.6% in 29 days (Nifty 500: −2.0%).
  • Q4 FY25: Revenue ₹3,085 cr (+12% year on year), EBITDA ₹299 cr (+9% year on year), PAT ₹206 cr (+10% year on year), EBITDA margin 9.7% (−22 bps). Score 30 of 100, Below trend. Revenue, EBITDA and profit growth were below the company's own trend. EBITDA margin fell 22 bps year on year. Other income 26% of PBT. Share price after the results: +9.1% in 28 days (Nifty 500: +6.9%).
  • Q3 FY25: Revenue ₹2,508 cr (+8% year on year), EBITDA ₹189 cr (+1% year on year), PAT ₹114 cr (−52% year on year), EBITDA margin 7.5% (−55 bps). Score 21 of 100, Below trend. Revenue, EBITDA and profit growth were well below the company's own trend. EBITDA margin fell 55 bps year on year. Revenue fell 4% from last quarter. Revenue rose ₹184 cr on a year ago, against ₹275 cr the year before.
  • Q2 FY25: Revenue ₹2,612 cr (+13% year on year), EBITDA ₹277 cr (+35% year on year), PAT ₹198 cr (+25% year on year), EBITDA margin 10.6% (+170 bps). Score 69 of 100, Above trend. EBITDA margin rose 170 bps year on year. Not enough history for a trend yet: scored on growth alone.

Past price moves after results do not indicate future moves. Not a recommendation.

Thermax Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.