Thermax (THERMAX) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 consolidated revenue reached ₹3,085 crore, up 12% year-over-year, with annual revenue at ₹10,389 crore, up 11% year-over-year.

• Q4 PAT was ₹206 crore, a 10-20% increase year-over-year; annual PAT was ₹627 crore, down 2-3% due to higher technology intervention costs in Bio-CNG projects.

• Order book at March 31, 2025, stood at ₹10,693 crore, up 6% year-over-year, despite an 8% decline in Q4 order booking.

• Profitability was maintained across all businesses, even after absorbing over ₹85 crore in bio-CNG related losses.

• Board recommended a ₹14 per share dividend for FY25.

Financial highlights

• Q4 FY25 PBT before exceptional items was ₹301 crore, up 20% year-over-year; YTD PBT was ₹884 crore, up 11% year-over-year.

• PAT margin for Q4 FY25 was 6.7%; YTD PAT margin was 6.0%.

• Cash and investments at the end of Q4 FY25 were ₹2,843 crore, up 4% year-over-year.

• Bio-CNG segment incurred a total hit exceeding ₹85 crore in Q4, including ₹66 crore as a technology hit.

• Chemicals segment EBIT margin for the full year was about 16%, down from historical 18%-19% due to investments and integration costs.

Outlook and guidance

• Management expects improved order inflows in FY26, with a robust pipeline in industrial infra, power, steel, and international projects.

• Bio-CNG orders will resume selectively in Q1 FY26, with reduced yield guarantees and a focus on risk mitigation.

• Chemicals and green solutions are expected to see continued growth, with chemicals maintaining high-teen profitability.

• Strong enquiry inflows from Power, Food & Beverages, and Metals sectors; market sentiment remains positive.

• Input costs for steel and copper rose 2% sequentially, but overall commodity prices remained stable.