THERMAX Thermax Q1 FY26 results (Apr–Jun 2025) and concall
Thermax reported a challenging Q1 FY26 with flat revenue (negative 2% YoY) and order growth below expectations at 7%. Despite this, underlying profitability improved by 1.2% (excluding incentives), driven by better execution. The Chemicals segment faced significant margin pressure due to new capacity costs and US tariff concerns, while Industrial Products and Green Solutions show promising pipelines and new product traction. Management expects a stronger Q2 with project conversions and order pickups.
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What they filed
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 |
|---|---|---|---|---|
| Revenue | 1,523 | 1,469 | 1,942 | 1,195 |
| EBITDA | 127 | 110 | 212 | 54 |
| Net profit | 108 | 103 | 275 | 47 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Inve summary of a publicly available earnings call transcript; see how call summaries are prepared. Not investment advice.
