Thermax's Q3 FY 2025-26 Quarterly Results

Result Summary

• Thermax Ltd reported a 5.4% quarter-on-quarter (QoQ) increase in its consolidated revenues for the quarter-ended Dec (Q3 FY 2025-26). On a year-on-year (YoY) basis, it witnessed a growth of 6.2%.
• Its expenses for the quarter were up by 3.4% QoQ and 3.6% YoY.
• The net profit increased 71.7% QoQ and increased 80.3% YoY.
• The earnings per share (EPS) of Thermax Ltd stood at 18.12 during Q3 FY 2025-26.

Financial Statments for Q3 FY 2025-26

---

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 prominent engineering company that provides energy and environment solutions. It operates primarily in the industrial and commercial sectors, offering a wide range of products and services including boilers and heaters, absorption chillers, power generation systems, and water and waste management solutions. The company is known for its sustainable and innovative technologies that cater to diverse industries like power, industrial infrastructure, and chemical processing. Any recent major developments specific to Thermax Ltd beyond October 2023 are not available for inclusion in this report.

Revenue

In the third quarter of fiscal year 2026 (Q3FY26), Thermax Ltd reported a total income of ₹2697.41 crore, marking a 5.4% increase from ₹2559.31 crore in the previous quarter (Q2FY26) and a 6.2% increase from ₹2539.27 crore in the same quarter of the previous fiscal year (Q3FY25). These figures reflect a consistent growth trajectory in the company's revenue stream, both on a quarter-over-quarter (QoQ) and year-over-year (YoY) basis. The financial data indicates a steady demand for the company's offerings in its respective markets, although further details on specific revenue drivers within the company's product or service lines are not provided.

Profitability

Thermax Ltd's profitability showed significant improvement in Q3FY26. The profit before tax (PBT) amounted to ₹288.78 crore, which represents a 66.2% increase from the previous quarter's figure of ₹173.80 crore and an 84.2% rise compared to ₹156.77 crore in Q3FY25. After accounting for taxes, the profit after tax (PAT) was ₹205.01 crore, up by 71.7% QoQ and 80.3% YoY from ₹119.40 crore and ₹113.73 crore, respectively. The company's earnings per share (EPS) followed a similar pattern, reaching ₹18.12 in Q3FY26, which is a 70.6% increase from the previous quarter and a 76.1% increase from the same quarter last year.

Operating Metrics

The total expenses for Thermax Ltd in Q3FY26 were reported at ₹2467.38 crore, indicating a 3.4% increase from ₹2385.51 crore in Q2FY26 and a 3.6% rise from ₹2382.50 crore in Q3FY25. This increase in expenses is outpaced by the higher growth rate in total income, suggesting efficient cost management despite rising expenses. The company’s tax expenses also rose to ₹83.66 crore, up by 54.2% from the previous quarter and 96.7% from the previous year, reflecting the increased profitability and subsequent tax obligations. The financial data does not provide specific ratios like P/E, debt-to-equity, or current ratio, nor does it specify changes in operational efficiency or capacity utilization, leaving a gap in detailed operational analysis.