Thermax Limited Reports Q1 FY27 Results: Revenue Rises 7% YoY to ₹2,303 Crore; Profit Impacted by ₹91 Crore One-Off Project Cost Overrun

Thermax Limited has published its unaudited standalone and consolidated financial results for the first quarter ended June 30, 2026 (Q1 FY27). The energy and environment solutions provider recorded steady top-line revenue growth year-on-year, while quarterly profitability was impacted predominantly by a one-off ₹91 crore project cost overrun in its Industrial Infra segment.

Consolidated Financial Highlights

On a consolidated basis, Thermax reported a 6.73% year-on-year increase in Revenue from Operations, reaching ₹2,302.73 crore for Q1 FY27, up from ₹2,157.53 crore in the corresponding quarter of the previous fiscal year (Q1 FY26).

Total consolidated income for the quarter reached ₹2,370.92 crore, compared to ₹2,223.16 crore in Q1 FY26.

Profit Before Tax (PBT): Declined to ₹42.14 crore in Q1 FY27 from ₹211.47 crore in Q1 FY26. The bottom-line performance was significantly affected by a ₹91 crore increase in estimated costs to complete a single project in the Industrial Infra segment, alongside lower export sales in the Industrial Products segment and higher incentive income (₹56 crore) present in the base quarter of FY26.

Profit After Tax (PAT): Stood at ₹21.79 crore for Q1 FY27, down 85.61% year-on-year from ₹151.48 crore recorded in Q1 FY26.

Total Comprehensive Income: Reported at ₹50.83 crore for Q1 FY27, compared to ₹152.18 crore in Q1 FY26.

Total Expenses: Total consolidated expenses for the quarter rose to ₹2,328.78 crore from ₹2,011.51 crore in Q1 FY26. Major cost line items included cost of raw materials and components consumed at ₹1,227.56 crore, employee benefits expense of ₹314.03 crore, site expenses and contract labour charges at ₹283.12 crore, and other expenses of ₹299.98 crore.

Segmental Performance Breakdown

1. Segment Revenue

Industrial Products: Reached ₹1,058.16 crore in Q1 FY27, up 11.37% year-on-year compared to ₹950.16 crore in Q1 FY26.

Industrial Infra: Stood at ₹814.15 crore, compared to ₹837.52 crore in Q1 FY26 and ₹1,383.52 crore in Q4 FY26.

Green Solutions: Generated ₹244.72 crore, up 2.97% year-on-year from ₹237.65 crore in Q1 FY26.

Chemicals: Expanded 32.54% year-on-year to ₹229.53 crore, compared to ₹173.18 crore in Q1 FY26.

2. Segment Results (Profit/Loss Before Interest & Tax)

Industrial Products: Segment profit stood at ₹64.18 crore (vs. ₹79.27 crore in Q1 FY26), impacted by lower export sales during the quarter.

Industrial Infra: Registered a segment loss of ₹(70.66) crore (vs. a profit of ₹83.26 crore in Q1 FY26), primarily due to the ₹91 crore project cost overrun.

Green Solutions: Segment loss narrowed to ₹(16.85) crore (vs. a loss of ₹(31.89) crore in Q4 FY26).

Chemicals: Segment profit surged 59.45% year-on-year to ₹25.64 crore (vs. ₹16.08 crore in Q1 FY26).

Standalone Performance

On a standalone basis, Thermax Limited reported the following figures:

Revenue from Operations: Expanded 9.01% year-on-year to ₹1,302.95 crore in Q1 FY27, compared to ₹1,195.21 crore in Q1 FY26.

Total Income: Rose to ₹1,338.22 crore against ₹1,230.24 crore in the year-ago quarter.

Loss Before Tax: Stood at ₹(24.38) crore for Q1 FY27, compared to a profit before tax of ₹62.00 crore in Q1 FY26.

Net Loss After Tax: Reported at ₹(18.10) crore, compared to a Net Profit After Tax of ₹46.52 crore in Q1 FY26.
Order Book & Share Metrics

Order Booking & Order Balance:

Consolidated order booking for Q1 FY27 grew 2% year-on-year to ₹2,809 crore (vs. ₹2,748 crore in Q1 FY26). Major wins included an order exceeding ₹400 crore for boiler pressure parts for a US data centre project.

Total consolidated order balance as of June 30, 2026, surged 23.46% year-on-year to ₹14,045 crore (vs. ₹11,376 crore as of June 30, 2025).

Standalone order booking stood at ₹1,606 crore with a standalone order balance of ₹6,576 crore.

Earnings Per Share (EPS): Basic and diluted consolidated EPS for Q1 FY27 stood at ₹1.84 per share (face value ₹2.00 each), compared to ₹13.53 in Q1 FY26. Standalone basic and diluted EPS was ₹(1.52) per share.

Paid-Up Equity Share Capital: Stood unchanged at ₹23.83 crore with a face value of ₹2.00 per share.

Shares of Thermax Limited was last trading in BSE at Rs. 4250.70 as compared to the previous close of Rs. 4373.85. The total number of shares traded during the day was 23078 in over 731 trades.

The stock hit an intraday high of Rs. 4353.40 and intraday low of 4243.15. The net turnover during the day was Rs. 99175573.00.

Source : Equity Bulls

Keywords

Thermax INE152A01029 Q1FY27 Q1FY2027 ResultUpdate