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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Thermax
Thermax (THERMAX) investor relations material
Thermax Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary6 Nov, 2026
Executive summary
Q2 consolidated revenue rose 11% YoY to Rs. 2,756 crore; PBT fell 3% to Rs. 169 crore and PAT fell 5% to Rs. 113 crore.
Order booking declined 8% YoY to Rs. 3,259 crore, while closing order balance rose 16% to Rs. 14,250 crore.
Financial highlights
Consolidated H1 FY27 revenue was Rs. 5,059 crore versus Rs. 4,631 crore; PBT was Rs. 211 crore versus Rs. 385 crore.
Standalone Q2 revenue rose 13% YoY to Rs. 1,712 crore and PAT rose 16% to Rs. 263 crore; H1 revenue was Rs. 3,015 crore and net profit Rs. 244 crore.
Cash and investments were Rs. 3,260 crore, up 20% YoY; Q2 revenue of Rs. 2,756 crore was below an internal estimate of Rs. 3,100 crore, with Rs. 200-300 crore deferred to Q3.
Outlook and guidance
H2 revenue is expected to exceed Rs. 7,000 crore, with significantly better profitability than H1; delivery depends on supply chains and geopolitical conditions.
Industrial Products FY profitability is expected to exceed 7%, against an aspiration of 9%-10%; deferred higher-margin shipments and utilization should support recovery.
Order inflows are expected to grow YoY; double-digit growth depends on large project awards. FEPL losses may continue at or above H1 levels in Q3-Q4; Bio-CNG orders are expected from Q4.
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Latest events from Thermax
- Treasury gains masked an operating loss amid a strategic reset toward core businesses.THERMAX
Q4 99/00 - Operating turnaround and export growth were outweighed by exceptional costs and restructuring.THERMAXQ4 00/01
- FY02 turnaround: profit recovered, exports grew, and core-market risks persisted.THERMAXQ4 01/02
- Record FY03 profit and a debt-free balance sheet marked the turnaround.THERMAXQ4 02/03
- Income grew 11%, while weaker markets cut PAT 4%; exports and energy-environment demand offered upside.THERMAXQ4 96/97
- Export growth and tighter controls lifted profit despite weak capital-goods demand.THERMAXQ4 97/98
- Weak investment cut profit 15%; cost controls and later-year recovery offered support.THERMAXQ4 98/99
- Record profits and orders position growth, despite uneven segment performance.THERMAXQ4 03/04
- Record PAT of Rs. 187.8 crore, with FY 2007-08 growth guidance above 40%.THERMAXQ4 06/07
Next Thermax earnings date
Q3 26/272 Feb, 2027
Thermax
Next Thermax earnings date
Q3 26/272 Feb, 2027
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