THERMAX Thermax Q2 FY26 results (Jul–Sep 2025) and concall
Thermax navigated a challenging Q2 FY26, which management termed a 'kitchen sink' quarter due to an unexpected engineering surprise and the execution of low-margin legacy projects. Despite these impacts, the company expressed strong confidence in a robust second half, targeting over 20% order book growth for the full year, driven by a strategic shift towards more profitable orders and a recovering Chemicals segment. The Bio-CNG business, however, continues to face commercial viability issues requiring policy support.
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What they filed
Q2 FY26: revenue down 1.2%, net profit up 109.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|
| Revenue | 1,523 | 1,469 | 1,942 | 1,195 | 1,505 −1% |
| EBITDA | 127 | 110 | 212 | 54 | 106 −17% |
| Net profit | 108 | 103 | 275 | 47 | 226 +109% |
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.
