Thermax sees strong order book growth despite Q2 profit dip

Thermax Limited reported a 6% increase in its consolidated order book, reaching INR12,300 crore as of September 30, 2025. The company’s consolidated operating revenue for Q2 FY26 decreased by 5% to INR2,474 crore compared to INR2,616 crore in the previous corresponding quarter. Consolidated Profit After Tax (PAT) for Q2 FY26 fell by 40% to INR119 crore, while Profit Before Tax (PBT) decreased by 35% to INR174 crore. The previous year's profit was boosted by an INR66 crore accrual from the Packaged Incentive Scheme (PSI), 2007. The current quarter’s lower profit is primarily attributed to INR42 crore in additional cost provisions for project overruns.

On a standalone basis, Thermax Limited recorded an operating revenue of INR1,505 crore, a 1% reduction. Standalone PAT surged by 109% to INR226 crore, benefiting from INR141 crore in dividend income from a wholly-owned subsidiary. The company's order booking for the quarter increased by 6% to INR3,551 crore. Notably, the Green Solutions segment saw a 415% increase in order booking, influenced by a change in reporting methodology.

Thermax highlighted several business achievements, including powering data center growth with next-gen cooling solutions, commissioning India's first indigenous semiconductor assembly facility for ultrapure water generation, and securing orders for its 1G ethanol biofuel ventures. The company also announced a new Jhagadia Resin Plant. The consolidated performance indicators show an improving quality of order backlog, with total order backlog increasing to INR12,300 crore from INR11,593 crore in H1 FY25.