Thermax Q1 FY27 Results: Order Booking Up 2% to ₹2,809 Crore, PAT at ₹22 Crore
Thermax reported Q1 FY27 order booking of ₹2,809 crore (up 2% YoY) and an order balance of ₹14,045 crore (up 23% YoY). Revenue increased by 7% to ₹2,303 crore. However, PAT declined to ₹22 crore from ₹151 crore due to a ₹91 crore project cost overrun in Industrial Infra. Key segmental growth was seen in Industrial Products, Industrial Infra, and Green Solutions.
The substantial cost overrun impacting PAT is a material event for the company. While order booking shows resilience, the profitability hit warrants a medium impact assessment.
The company reported a significant drop in PAT (from ₹151 crore to ₹22 crore) due to a substantial project cost overrun, despite an increase in order booking and revenue. This indicates operational challenges affecting profitability.
Thermax Limited announced its financial results for the first quarter of FY 2026-27, reporting an order booking of ₹2,809 crore, a 2% increase year-on-year. The company's Profit After Tax (PAT) stood at ₹22 crore, a significant decrease from ₹151 crore in the same quarter last year. This reduction in profit was primarily attributed to a one-time project cost overrun of ₹91 crore recognized in the Industrial Infra segment.
The order balance as of Q1 FY27 stands at ₹14,045 crore, reflecting a 23% increase year-on-year. Revenue for the quarter was ₹2,303 crore, up 7% compared to Q1 FY26. The PBT Before Exceptional Items and Tax was ₹42 crore, with a PBT % of 1.8%.
Segment-wise performance showed growth in order booking for Industrial Products (up 8% to ₹1,394 crore), Industrial Infra (up 24% to ₹863 crore), and Green Solutions (up 149% to ₹382 crore). The Chemicals segment saw a 1% increase in order booking to ₹169 crore.
Key business highlights include the commissioning of a multi-utility plant for a rubber glove manufacturer in Thailand, advanced ESP solutions for sustainable steel production, and engineered compact Zero Liquid Discharge solutions for an auto component manufacturer. Thermax also delivered a 60 TPH Flexisource boiler for the paper industry and secured a CFBC boiler order for a captive power project in India’s steel sector. In Green Solutions, a 12 TPH biomass boiler was commissioned in Coimbatore, and hybrid projects progressed towards commissioning in Gujarat and Tamil Nadu. The company also reported that its CBG plant exceeded guaranteed production capacity.
The company noted that the Industrial Products segment's performance was impacted by higher input costs and reduced export sales. The Industrial Infra segment's profitability was significantly affected by the project cost overrun. The Chemicals segment showed improved profitability due to higher volumes and a better product mix, while the Green Solutions business also incurred project overrun costs.
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Thermax Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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