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Thermax (THERMAX) investor relations material
Thermax Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary12 Nov, 2025
Executive summary
Management is confident in a strong second half, with most legacy low-margin projects nearing completion and a focus on profitable order intake.
Order booking rose 6% year-over-year to Rs. 3,551 crore, driven by Industrial Products and Green Solutions, with improved backlog quality.
Operating revenue declined 5% year-over-year to Rs. 2,474 crore, with PAT down 40% due to project cost overruns and absence of prior year incentives.
A change in accounting policy for TOEL/TOESL aligns order and revenue recognition, improving transparency but not impacting profitability.
The company is prioritizing quality over volume in new orders, passing on unprofitable government projects and focusing on higher-margin opportunities.
Financial highlights
Q2 FY26 order booking: Rs. 3,551 crore (+6% YoY); order balance: Rs. 12,300 crore (+6% YoY).
Operating revenue: Rs. 2,474 crore (-5% YoY); PAT: Rs. 119 crore (-40% YoY); PBT: Rs. 174 crore (-35% YoY).
Standalone PAT for Q2 FY26: Rs. 226 crore, up 109% YoY, aided by Rs. 141 crore dividend income from a subsidiary.
Cash & investments stood at Rs. 2,739 crore (+4% YoY).
Last year’s revenue and PBT included a Rs. 66 crore incentive, impacting YoY comparisons.
Outlook and guidance
Orders, revenue, and profits are expected to grow year-over-year, with a strong backlog supporting next year’s performance.
Management expects a blended project margin of around 10% at the PBT level, higher than previous guidance.
Strong order inflows expected from metals, power, and petrochem sectors, with positive market sentiment and stable input costs.
Industrial products, TBWES, chemicals, and TOEL are all expected to contribute more significantly to future growth.
Standalone order booking for the quarter rose 22% to Rs. 1,991 crore; order balance up 9% to Rs. 6,981 crore.
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Q3 25/266 Feb, 2026
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