Thermax Q4 FY26 Results: Profit Rises 19% To ₹244 Crore; ₹20 Dividend Declared

For the March quarter of the financial year (FY) 2026, Thermax Ltd saw healthy growth across revenue and profit. Not only that, a rise in order inflows has added to positive market sentiment. At 12:55 pm on 8 May 2026, Thermax shares rose by 12% to ₹4,684.80 on the National Stock Exchange. It also hit a fresh 52-week high of ₹4,736, before settling slightly lower.

The rally followed a strong set of numbers and a dividend announcement. For Q4 FY26, the company's consolidated revenue from operations stood at ₹3,428.04 crore, up 12.5% year-on-year (YoY) from ₹3,046.40 crore in the same period last year.

Other Key Q4 FY26 Numbers

Profit after tax (PAT) came in at ₹244.28 crore, rising 18.7% YoY from ₹205.73 crore. Earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed 24.9% YoY to ₹374.3 crore. EBITDA margin widened to 10.9% from 9.8% a year ago, helped by better operating performance across segments.

The order book continued to be a key strength. Order balance as of 31 March 2026 stood at ₹13,604 crore, up 27% from ₹10,693 crore a year earlier. Order booking during the quarter jumped 112% YoY to ₹4,490 crore from ₹2,119 crore, signalling strong demand visibility for the coming quarters.

A big contributor was a ₹1,600 crore boiler package order won by Thermax Babcock & Wilcox Energy Solutions, a wholly-owned subsidiary, for a 1×800 MW ultra-supercritical thermal power plant in Central India. Another subsidiary, Thermax Onsite Energy Solutions Limited, switched to a rolling 12-month forecast model for reporting orders, which lifted the reported figure by 7% to ₹138 crore.

The company said order inflow momentum was supported by stronger activity in its industrial products and industrial infrastructure businesses. Heating, cooling, and water and waste solutions segments also performed well during the quarter. However, profitability in the chemicals segment stayed under pressure due to higher input costs and a change in product mix. Margins in the green solutions business were also hit by project overrun costs during the quarter.

On a standalone basis, net profit fell 27% YoY to ₹201 crore, mainly because the year-ago period had a one-time gain of ₹94 crore from the reversal of an impairment provision in Thermax Netherlands. Standalone revenue, however, grew 15% to ₹2,226 crore, while standalone order booking rose 14% to ₹1,734 crore. The standalone order balance stood at ₹6,400 crore, up 6% YoY.

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Dividend Details

The board recommended a final dividend of ₹14 per equity share of face value ₹2 for FY26. To mark the company's 60th anniversary, the board also announced a special dividend of ₹6 per share. This takes the total dividend payout for FY26 to ₹20 per equity share, subject to shareholder approval at the company's 45th Annual General Meeting. The record date for dividend eligibility has been fixed as Friday, 3 July 2026.

Sources:

CNBC TV18

Economic Times

Financial Express