Thermax Q2 results: profit slips 5% as input costs and a Rs 15 crore impairment offset 11% revenue growth
Thermax Q2 results: consolidated net profit slipped 5% in Q2 FY27 even as revenue rose 11.4% to Rs 2,756 crore; input costs hit the Industrial Products unit.
Thermax Q2 results: the energy and environment equipment maker’s consolidated net profit fell 5.3% to Rs 113.11 crore in the September quarter (Q2 FY27), from Rs 119.40 crore a year earlier. Consolidated revenue from operations rose 11.4% to Rs 2,756 crore. The board approved the unaudited results on November 5, 2026.
Thermax Q2 results: key numbers
Figures below are consolidated and unaudited.
| Measure (Rs crore) | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,755.87 | 2,473.90 | +11.4% |
| Profit before tax | 168.86 | 173.67 | -2.8% |
| Net profit (PAT) | 113.11 | 119.40 | -5.3% |
| Order booking | 3,259 | 3,551 | -8% |
| Order balance (Sept 30) | 14,250 | 12,300 | +16% |
The pre-tax margin fell to 6.1% from 7.0%, according to the investor presentation. Profit attributable to Thermax shareholders was Rs 114.54 crore, against Rs 119.66 crore.
Why Thermax profit fell despite higher revenue
Thermax said the Industrial Products segment was hit by product mix and higher input costs. In the investor presentation, its segment profit (PBIT) fell to Rs 78 crore from Rs 116 crore. The margin dropped to 6.0% from 9.8%.
Green Solutions took a Rs 15 crore impairment provision on one hybrid renewable energy project. The segment posted a pre-tax loss of Rs 25 crore, against Rs 1 crore a year ago. Chemicals profit also slipped to Rs 15 crore from Rs 19 crore on input costs and mix.
The bright spot was Industrial Infra. Its profit rose to Rs 56 crore from a loss of Rs 1 crore, helped by higher revenue and state incentive income. Last year’s quarter was hit by cost overruns on one project.
One-time items
There were no exceptional items in Q2 FY27 or Q2 FY26. The Rs 15 crore impairment sits within normal expenses, not as an exceptional item.
On a standalone basis, Thermax Limited’s revenue rose 13% to Rs 1,712 crore and profit rose 16% to Rs 263 crore. CNBC-TV18 reported that the shares fell 13% on November 6 after earnings missed estimates.
What to watch next
Order booking in Industrial Products fell 23%, which the company blamed on major orders moving to Q3. In our view, Q3 order inflows and input costs are the figures to watch. More earnings stories are in our results news section.
Frequently asked questions
Why do some reports give a different Thermax profit figure?
Some reports use profit attributable to Thermax shareholders, Rs 115 crore against Rs 120 crore. The company's headline figure is total profit after tax, which also includes losses belonging to minority shareholders of subsidiaries.
This article is a summary for information only and is not investment advice. Figures are as reported by the sources above; please verify with the original filing or report before making any decision.
More Results News
See all →- Cummins India Q2 results: standalone PAT down 27% at Rs 467 crore as commodity, freight costs squeeze margins
- ONGC Q2 results: standalone net profit rises 57.3% to Rs 15,489 crore; Rs 8 dividend, record date Nov 12
- Glenmark Q2 results: revenue down 29.8% on a high base, like-for-like growth about 20%
- Astral Q2 results: revenue up 26%, profit falls 5.6%; Rs 1.50 dividend, record date November 13
- Fortis Healthcare Q2 results: revenue up 17.3% to Rs 2,735 crore, net profit slips 2.5%