THERMAX Thermax Q3 FY26 results (Oct–Dec 2025) and concall
Thermax reported a mixed Q3 FY26, with the Chemicals segment experiencing significant profitability contraction due to new asset costs and volume issues. Industrial Products' margins were also lower than last year. However, the company saw strong international order inflows, including key data center wins, and expressed bullishness for Q4 revenue and order book growth. Management is actively addressing problematic projects and is optimistic about future growth avenues like carbon capture and Green Solutions.
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What they filed
Q3 FY26: revenue up 8.8%, net profit up 69.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 1,523 | 1,469 | 1,942 | 1,195 | 1,505 −1% | 1,599 +9% |
| EBITDA | 127 | 110 | 212 | 54 | 106 −17% | 139 +26% |
| Net profit | 108 | 103 | 275 | 47 | 226 +109% | 175 +70% |
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.
