Mumbai: Thermax Limited, a leading energy and environment solutions provider, announced robust financial results for the third quarter of FY26, driven by strong order inflows and exceptional gains from a legal victory.
Consolidated Q3 FY26 Highlights (YoY Comparison)
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Revenue from Operations: Grew 4% to ₹2,635 crore from ₹2,529 crore.
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Profit Before Tax (PBT): Stood at ₹289 crore, a significant increase from ₹156 crore.
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Profit After Tax (PAT): Surged 80% to ₹205 crore from ₹114 crore.
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Order Booking: Jumped 34% to ₹3,080 crore from ₹2,296 crore.
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Order Balance (as of Dec 31, 2025): Increased 11% to ₹12,641 crore from ₹11,383 crore.
Standalone Performance
On a standalone basis, Thermax Limited reported:
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Revenue: ₹1,599 crore, up 9% YoY.
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PAT: ₹175 crore, a 70% growth.
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Order Booking: ₹1,589 crore (down 4%).
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Order Balance: ₹6,937 crore (up 7%).
Key Drivers & Exceptional Items
The quarter's profitability was significantly boosted by exceptional gains of ₹59 crore (net), primarily due to:
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Legal Victory: Reversal of a ₹51 crore provision and recognition of ₹29 crore interest income. This follows a Bombay High Court order that set aside an earlier arbitration award against Thermax, directing a customer to refund a ₹218.45 crore deposit.
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Labour Code Impact: A one-time charge of ₹21 crore due to the statutory implementation of new labour codes.
Segment Performance & Major Orders
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Industrial Products remained the largest revenue contributor (₹1,290 crore).
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Major Order Wins:
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Thermax Babcock & Wilcox (TBWES) secured a ₹580+ crore order from Dangote Industries for utility boilers in Nigeria.
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Orders worth ~₹200 crore were received in the data centre segment from customers in North America and India.
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New Subsidiary & Corporate Developments
The Board approved the incorporation of a wholly-owned step-down subsidiary in Dubai, to be set up through Thermax Engineering Singapore Pte Ltd.
Management Commentary & Outlook
The press release highlighted the company's position as a "trusted partner in energy transition." The strong order book growth of 34% indicates robust demand for Thermax's clean energy and environmental solutions.
Audit & Compliance
The unaudited financial results were reviewed by Price Waterhouse Chartered Accountants LLP and approved by the Board of Directors in a meeting held on February 2, 2026. The meeting lasted from 2:00 PM to 6:00 PM IST.
About Thermax Limited (NSE: THERMAX | BSE: 500411): Thermax is a leading Indian conglomerate providing sustainable solutions in clean air, clean energy, clean water, and chemicals. It operates 16 manufacturing facilities globally and has over 45 subsidiaries.