THERMAX Thermax Q4 FY26 results (Jan–Mar 2026) and concall
Thermax reported a Q4 FY26 with improved revenue execution and a robust order book, including a significant INR 1,600 crore supercritical project. While the overall order balance is 27% higher YoY, the company faced challenges from a project cost overrun in its First Energy business and an increase in working capital due to project delays. Management expressed optimism for future growth driven by green energy solutions and a strong pipeline, but remains cautious regarding raw material price volatility and geopolitical impacts on Q1 FY27 margins.
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What they filed
Q4 FY26: revenue up 14.9%, net profit down 26.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,523 | 1,469 | 1,942 | 1,195 | 1,505 −1% | 1,599 +9% | 2,232 +15% |
| EBITDA | 127 | 110 | 212 | 54 | 106 −17% | 139 +26% | 246 +16% |
| Net profit | 108 | 103 | 275 | 47 | 226 +109% | 175 +70% | 201 −27% |
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.
