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Thermax Q4FY26 results

8 May 2026, 12:21PM

Revenues for Q4FY26 grew by 11% to Rs 3,428 crore vs our expectations of Rs 3,332 crore. The revenue growth was led by Industrial Infra (4.0%), Industrial Products (16%), and Chemical (34%).
Operating profit was higher by 25% to Rs.374 crore. OPM improved by 120 bps to 10.9% vs our expectations of Rs 9.0%. PAT grew by 22% to Rs 229 crore.
Order booking was surprising an higher by 112% for Rs 4,490 crore. The increase in order booking was driven by a major order secured by Thermax Babcock & Wilcox Energy Solutions Limited (TBWES). The company won a boiler package supply contract worth approximately Rs. 1,600 crore for a 1 x800 MW ultra-supercritical thermal power plant in Central India from a leading thermal power project company
View: Thermax Q4FY26 performance was upbeat on margins and order inflow.

Results (consolidated) Rs crore

Particulars	Q4FY26	Q4FY25	y-o-y (%)	Q3FY26	q-o-q (%)
Net sales	3,428	3,085	11.1	2,635	30.1
Operating profit	374	300	24.9	255	46.9
Other income	54	77	(30.1)	63	(14.4)
Adjusted PAT (After MI)	249	205	21.7	170	46.7
			bps		bps
OPM (%)	10.9	9.7	120	9.7	125
NPM (%)	7.3	6.6	63	6.4	82
Tax rate (%)	26.9	31.6	(477)	29.0	(213)

Actual vs. estimates Rs. Crore

Particulars	Q4FY26	Q4FY26E	Var %
Net Sales	3,428	3,332	2.9
Operating profit	374	300	24.8
Adjusted PAT	249	200	24.5
			bps
OPM (%)	10.9	9.0	191
NPM (%)	7.3	6.0	126