Thermax's Q2 FY 2025-26 Quarterly Results
- 16 Nov 2025
Result Summary
- Thermax Ltd reported a 15.5% quarter-on-quarter (QoQ) increase in its consolidated revenues for the quarter-ended Sep (Q2 FY 2025-26). On a year-on-year (YoY) basis, it witnessed a decline of 4.2%.
- Its expenses for the quarter were up by 19.0% QoQ and down 0.8% YoY.
- The net profit decreased 21.2% QoQ and decreased 39.7% YoY.
- The earnings per share (EPS) of Thermax Ltd stood at 10.62 during Q2 FY 2025-26.
Financial Statments for Q2 FY 2025-26
Total Income | 2559.31 | 2215.81 | 2671.36 | 15.5% | -4.2% |
Total Expenses | 2385.51 | 2004.16 | 2405.08 | 19.0% | -0.8% |
Profit Before Tax | 173.80 | 211.65 | 266.28 | -17.9% | -34.7% |
Tax | 54.27 | 60.02 | 68.25 | -9.6% | -20.5% |
Profit After Tax | 119.40 | 151.45 | 198.00 | -21.2% | -39.7% |
Earnings Per Share | 10.62 | 13.52 | 17.49 | -21.4% | -39.3% |
Data Source: BSE, Company announcements The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results
Company Overview
Thermax Ltd is a leading engineering and technology company providing energy and environment solutions. The company operates in sectors such as energy, environment, and chemicals, offering products and services like boilers, heaters, chillers, pollution control equipment, and chemicals for water and wastewater treatment. Thermax Ltd is headquartered in India and serves clients worldwide. The company is known for its commitment to sustainability and innovation. Recent developments include its focus on enhancing energy efficiency and expanding its global footprint. However, specific recent developments or strategic initiatives beyond the data provided are not available for this analysis.
Revenue
For the second quarter of fiscal year 2026 (Q2FY26), Thermax Ltd reported a total income of ₹2,559.31 crores. This represents a quarter-over-quarter (QoQ) increase of 15.5% from the first quarter of fiscal year 2026 (Q1FY26), where the total income was ₹2,215.81 crores. On a year-over-year (YoY) basis, the total income decreased by 4.2% compared to the second quarter of fiscal year 2025 (Q2FY25), which recorded a total income of ₹2,671.36 crores. This fluctuation in revenue highlights the dynamic business environment in which the company operates.
Profitability
In Q2FY26, Thermax Ltd's profit before tax was ₹173.80 crores, marking a decrease of 17.9% from Q1FY26, where the profit before tax was ₹211.65 crores. On a YoY comparison, the profit before tax declined by 34.7% from ₹266.28 crores in Q2FY25. The tax expense for Q2FY26 was ₹54.27 crores, showing a decline of 9.6% QoQ and 20.5% YoY. The profit after tax for Q2FY26 was ₹119.40 crores, which is a 21.2% decrease from Q1FY26 and a 39.7% decrease from Q2FY25. Earnings per share (EPS) for Q2FY26 stood at ₹10.62, down from ₹13.52 in Q1FY26, and a decrease from ₹17.49 in Q2FY25, reflecting a 21.4% QoQ decline and a 39.3% YoY decline in profitability metrics.
Operating Metrics
Thermax Ltd's total expenses in Q2FY26 were ₹2,385.51 crores, an increase of 19.0% from ₹2,004.16 crores in Q1FY26. Compared to Q2FY25, where the total expenses were ₹2,405.08 crores, there was a slight YoY decrease of 0.8%. The increase in total expenses QoQ suggests a rise in operational costs or investments during the period. The financial performance in terms of profitability and revenue has seen fluctuations both QoQ and YoY, with specific metrics like profit before tax and profit after tax experiencing notable declines. However, detailed operational metrics such as margins, ratios, or other detailed financial ratios are not available in the provided data.