Thermax quarterly results

Q1 FY27 · Apr–Jun 2026

₹ crore	Q1 FY27	Q1 FY26	Change
Revenue	2,303	2,150	+7.1%
EBITDA	68.6	225	−69.5%
EBITDA margin	3.0%	10.5%	−7.5 pts
Profit before tax	42.1	212	−80.1%
Net profit	21.8	151	−85.6%
EPS	₹2.24	₹13.53	−83.4%

Every quarter

₹ crore except per share

Tap a line for its trend	Q1 FY27Jun 2026	Q4 FY26Mar 2026	Q3 FY26Dec 2025	Q2 FY26Sep 2025	Q1 FY26Jun 2025	Q4 FY25Mar 2025	Q3 FY25Dec 2024	Q2 FY25Sep 2024	Q1 FY25Jun 2024	Q4 FY24Mar 2024	Q3 FY24Dec 2023	Q2 FY24Sep 2023	Earlier quartersAlpha Plus

Expenses
	2,303	3,428	2,635	2,474	2,150	3,085	2,508	2,612	2,184	2,764	2,324	2,302	Earlier quartersEvery year the company has filed comes with Alpha Plus.
	68.2	53.7	62.7	85.4	65.6	76.9	31.5	59.8	84.1	55.3	58.4	65.9
	2,371	3,482	2,697	2,559	2,216	3,162	2,539	2,671	2,269	2,819	2,383	2,368
	1,228	1,748	1,311	1,336	1,022	1,661	1,342	1,396	1,154	1,532	1,287	1,244
	43.9	54.9	39.8	47.8	42.2	58.4	53.8	43.6	37.4	54.0	36.7	43.1
	−50.9	9.1	19.3	−73.5	−3.9	25.0	3.4	1.0	37.4	−12.3	−35.5	−6.9
	371	391	360	341	329	332	323	323	291	316	292	284
	35.2	42.4	34.2	32.2	30.2	31.3	28.7	29.4	27.5	27.8	26.6	19.8
	59.5	54.0	53.3	51.5	48.9	45.3	35.1	42.1	36.0	49.9	35.8	33.0
	642	851	649	652	536	708	597	570	523	601	557	533
	2,329	3,150	2,467	2,386	2,004	2,862	2,383	2,405	2,107	2,568	2,199	2,151
	68.6	374	255	172	225	300	189	278	141	273	187	205
	9.1	320	202	121	176	254	154	236	105	223	152	172
Profit
	42.1	332	230	174	212	300	157	266	162	251	183	218
	0.0	2.5	58.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	126	0.0
	42.1	334	289	174	212	300	157	266	162	251	309	218
	26.8	80.9	85.5	43.1	58.6	132	34.1	85.4	48.2	69.4	68.5	51.6
	−6.5	8.8	−1.8	11.2	1.4	−36.9	8.5	−17.1	3.7	−6.1	3.6	7.3
	20.4	89.7	83.7	54.3	60.0	95.1	42.5	68.3	51.9	63.3	72.1	58.9
	0.0	0.0	−0.1	−0.1	−0.2	0.7	−0.5	−0.0	−0.4	0.2	−0.3	−0.3
	21.8	244	205	119	151	206	114	198	109	188	237	159
	21.8	244	205	120	152	205	114	198	110	187	237	159
	29.0	−27.6	4.8	−23.9	27.9	18.6	−23.3	9.6	−7.2	−12.2	5.8	−6.9
	50.8	217	210	95.6	179	224	90.5	208	102	175	243	152
	25.2	244	204	120	152	206	116	197	116	190	238	158
	−3.5	0.1	0.8	−0.3	−0.9	−0.2	−2.2	1.0	−6.4	−2.8	−1.3	0.9
Per share
	₹2.24	₹21.68	₹18.12	₹10.62	₹13.53	₹18.27	₹10.29	₹17.49	₹10.28	₹16.90	₹21.17	₹14.00
	₹2.24	₹21.68	₹18.12	₹10.62	₹13.52	₹18.26	₹10.29	₹17.49	₹10.28	₹16.88	₹21.17	₹14.00
Other comprehensive income — detail
	29.0	−27.6	4.8	−23.9	27.9	18.6	—	—	—	—	—	—
	0.0	9.0	3.8	−8.1	−2.4	6.5	−4.6	−8.7	−2.4	2.3	−3.7	−3.8
	0.0	2.3	1.0	−2.0	−0.6	1.6	—	—	—	—	—	—
	—	—	—	—	—	—	−1.2	−2.2	−0.6	0.7	−0.9	−1.0
	40.4	−54.6	−0.1	−29.1	32.3	17.0	−25.2	16.1	−5.2	−13.5	8.7	−4.4
	11.4	−20.3	−2.1	−11.3	2.6	3.4	—	—	—	—	—	—
	—	—	—	—	—	—	−5.4	−0.0	0.2	0.3	0.1	−0.4
	54.3	217	209	95.8	180	224	92.6	207	109	178	244	151
	−3.4	0.2	0.9	−0.3	−0.9	−0.2	−2.2	1.0	−6.4	−2.8	−1.3	0.9
Per share — as-filed variants
	₹2.24	₹21.68	₹18.12	₹10.62	₹13.53	₹18.27	₹10.29	₹17.49	₹10.28	₹16.90	₹21.17	₹14.00
	₹2.24	₹21.68	₹18.12	₹10.62	₹13.52	₹18.26	₹10.29	₹17.49	₹10.28	₹16.88	₹21.17	₹14.00
Derived — gross profit (revenue − materials − purchases − Δ inventories)
	1,082	1,616	1,264	1,164	1,090	1,340	1,108	1,171	956	1,190	1,036	1,022
	47.0%	47.2%	48.0%	47.1%	50.7%	43.4%	44.2%	44.8%	43.7%	43.1%	44.6%	44.4%
Adjusted (ex-exceptional items) — derived
	42.1	332	230	174	212	300	157	266	162	251	183	218
	0.0	2.5	58.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	126	0.0
	21.8	243	163	119	151	206	114	198	109	188	140	159
	₹2.24	₹21.52	₹14.43	₹10.62	₹13.53	₹18.27	₹10.29	₹17.49	₹10.28	₹16.90	₹12.53	₹14.00

Open the chart

From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

alphave

THERMAX₹3,193.10

Thermax Ltd.

· Capital Goods & Defence

Annual Quarterly₹ CrorePeersBHEL TRITURBINE AIAENG APARINDS ESCORTS HONAUT PREMIERENE KEIMcap ₹35,970 Cr

View

In ₹ Crore except Per Share 3 Months Ending	Q2 FY24 30/09/2023	Q3 FY24 31/12/2023	Q4 FY24 31/03/2024	Q1 FY25 30/06/2024	Q2 FY25 30/09/2024	Q3 FY25 31/12/2024	Q4 FY25 31/03/2025	Q1 FY26 30/06/2025	Q2 FY26 30/09/2025	Q3 FY26 31/12/2025	Q4 FY26 31/03/2026	Q1 FY27 30/06/2026
Revenue from Operations	2,302.5	2,324.4	2,763.7	2,184.4	2,611.6	2,507.8	3,084.9	2,150.2	2,473.9	2,634.7	3,428.0	2,302.7
Other Income	65.9	58.4	55.3	84.1	59.8	31.5	76.9	65.6	85.4	62.7	53.7	68.2
Total Income	2,368.3	2,382.8	2,818.9	2,268.5	2,671.4	2,539.3	3,161.8	2,215.8	2,559.3	2,697.4	3,481.8	2,370.9
Expenses
+ Cost of Materials Consumed	1,244.3	1,286.8	1,531.9	1,154.0	1,395.9	1,342.3	1,661.4	1,022.1	1,335.6	1,311.5	1,747.6	1,227.6
+ Purchases of Stock-in-Trade	43.1	36.7	54.0	37.4	43.6	53.8	58.4	42.2	47.8	39.8	54.9	43.9
+ Changes in Inventories	-6.9	-35.5	-12.3	37.4	1.0	3.4	25.0	-3.9	-73.5	19.3	9.1	-50.9
+ Employee Benefit Expense	284.3	292.0	316.2	291.3	322.9	322.7	332.0	329.0	340.5	360.2	391.5	371.5
+ Finance Costs	19.8	26.6	27.8	27.5	29.4	28.7	31.3	30.2	32.2	34.2	42.4	35.2
+ Depreciation & Amortisation	33.0	35.8	49.9	36.0	42.1	35.1	45.3	48.9	51.5	53.3	54.0	59.5
+ Other Expenses	533.0	556.9	600.7	523.1	570.3	596.6	708.4	535.7	651.6	649.1	850.7	642.1
Total Expenses	2,150.6	2,199.4	2,568.2	2,106.8	2,405.1	2,382.5	2,861.9	2,004.2	2,385.5	2,467.4	3,150.1	2,328.8
EBITDA	204.6	187.4	273.2	141.2	278.0	189.0	299.7	225.1	172.0	254.8	374.3	68.6
EBIT	171.7	151.6	223.3	105.1	235.9	153.9	254.3	176.2	120.6	201.5	320.3	9.1
Profit
PBT before Exceptional Items	217.7	183.4	250.7	161.7	266.3	156.8	299.9	211.7	173.8	230.0	331.7	42.1
+ Exceptional Items	0.0	126.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	58.8	2.5	0.0
Pretax Income	217.7	309.5	250.7	161.7	266.3	156.8	299.9	211.7	173.8	288.8	334.1	42.1
+ Current Tax	51.6	68.5	69.4	48.2	85.4	34.1	132.0	58.6	43.1	85.5	80.9	26.8
+ Deferred Tax	7.3	3.6	-6.1	3.7	-17.1	8.5	-36.9	1.4	11.2	-1.8	8.8	-6.5
Tax Expense	58.9	72.1	63.3	51.9	68.3	42.5	95.1	60.0	54.3	83.7	89.7	20.4
+ Share of Associates & JVs	-0.3	-0.3	0.2	-0.4	-0.0	-0.5	0.7	-0.2	-0.1	-0.1	0.0	0.0
Net Income	158.6	237.1	187.6	109.4	198.0	113.7	205.6	151.5	119.4	205.0	244.4	21.8
+ Net Income — Continuing Ops	158.9	237.4	187.4	109.8	198.0	114.2	204.8	151.6	119.5	205.1	244.4	21.8
+ Other Comprehensive Income	-6.9	5.8	-12.2	-7.2	9.6	-23.3	18.6	27.9	-23.9	4.8	-27.6	29.0
Total Comprehensive Income	151.7	242.9	175.4	102.2	207.6	90.5	224.1	179.3	95.6	209.8	216.8	50.8
Net Income to Common	157.7	238.3	190.3	115.8	197.0	115.9	205.7	152.4	119.7	204.2	244.3	25.2
Minority Interest	0.9	-1.3	-2.8	-6.4	1.0	-2.2	-0.2	-0.9	-0.3	0.8	0.1	-3.5
Per Share
Basic EPS	14.00	21.17	16.90	10.28	17.49	10.29	18.27	13.53	10.62	18.12	21.68	2.24
Diluted EPS	14.00	21.17	16.88	10.28	17.49	10.29	18.26	13.52	10.62	18.12	21.68	2.24
Other Comprehensive Income — detail
+ Other Comprehensive Income	—	—	—	—	—	—	18.6	27.9	-23.9	4.8	-27.6	29.0
+ Items NOT to be Reclassified to P&L	-3.8	-3.7	2.3	-2.4	-8.7	-4.6	6.5	-2.4	-8.1	3.8	9.0	0.0
+ Tax on Items NOT to be Reclassified	—	—	—	—	—	—	1.6	-0.6	-2.0	1.0	2.3	0.0
+ Tax on Items NOT to be Reclassified — alt tag	-1.0	-0.9	0.7	-0.6	-2.2	-1.2	—	—	—	—	—	—
+ Items to be Reclassified to P&L	-4.4	8.7	-13.5	-5.2	16.1	-25.2	17.0	32.3	-29.1	-0.1	-54.6	40.4
+ Tax on Items to be Reclassified	—	—	—	—	—	—	3.4	2.6	-11.3	-2.1	-20.3	11.4
+ Tax on Items to be Reclassified — alt tag	-0.4	0.1	0.3	0.2	-0.0	-5.4	—	—	—	—	—	—
Comprehensive Income — Owners of Parent	150.8	244.2	178.2	108.6	206.6	92.6	224.3	180.2	95.8	208.9	216.6	54.3
Comprehensive Income — Non-controlling Interests	0.9	-1.3	-2.8	-6.4	1.0	-2.2	-0.2	-0.9	-0.3	0.9	0.2	-3.4
Per Share — as-filed variants
Basic EPS — Continuing Operations	14.00	21.17	16.90	10.28	17.49	10.29	18.27	13.53	10.62	18.12	21.68	2.24
Diluted EPS — Continuing Operations	14.00	21.17	16.88	10.28	17.49	10.29	18.26	13.52	10.62	18.12	21.68	2.24
Derived — Gross Profit (Revenue − Materials − Purchases − Δ Inventories)
Gross Profit	1,021.9	1,036.3	1,190.1	955.6	1,171.1	1,108.3	1,340.1	1,089.8	1,164.1	1,264.2	1,616.5	1,082.2
Gross Margin %	44.38	44.59	43.06	43.75	44.84	44.19	43.44	50.69	47.05	47.98	47.15	47.00
Adjusted (ex-Exceptional Items) — derived
Pretax Income (Adjusted, as filed)	217.7	183.4	250.7	161.7	266.3	156.8	299.9	211.7	173.8	230.0	331.7	42.1
− Exceptional Items (reconciliation)	0.0	126.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	58.8	2.5	0.0
Net Income Adj (tax-effected)	158.6	140.3	187.6	109.4	198.0	113.7	205.6	151.5	119.4	163.3	242.6	21.8
EPS Adj	14.00	12.53	16.90	10.28	17.49	10.29	18.27	13.53	10.62	14.43	21.52	2.24
Other Filed Concepts — mapped but not yet placed in the schedule
Face Value	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00
Paid Up Equity Capital	22.5	22.5	22.5	22.5	22.5	22.5	22.5	22.5	22.5	22.5	22.5	22.5

As filed, sign as filed — read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown, so depth follows the filer: pre-Ind-AS, insurance and NBFC blocks stay hidden unless they were actually reported. Alternate tags for the same idea (e.g. two spellings of a deferred-tax element) are kept as separate lines rather than merged, because merging them would be a guess. Ratios, per-share figures and counts render as raw numbers, not ₹ Crore. No consensus estimates → no Est columns. Click any row to chart it.

« ‹ › »Latest: Q1 FY27 · ConsolidatedFA Financial Analysis · alphave

Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.

Thermax Q2 FY27 results date

Thermax (NSE: THERMAX) will announce its Q2 FY27 results (July–September 2026) on Thursday, 5 November 2026, according to the board-meeting notice it filed on 12 October 2026. Its latest results are for Q1 FY27 (April–June 2026). Consolidated net profit attributable to shareholders was ₹25.2 crore, down 83.4% from ₹152 crore in Q1 FY26 and down 89.7% from ₹244 crore in Q4 FY26. Revenue from operations was ₹2,303 crore, up 7.1% year on year and down 32.8% from the previous quarter.

Board-meeting notice filed: 12 October 2026
Q2 FY26 results (a year earlier): 11 November 2025
Q1 FY27 results (the latest): 30 July 2026

Latest results: Q1 FY27 (Apr–Jun 2026) · consolidated

Q2 FY27 results date: 5 November 2026Thursday · notice filed 12 Oct
Q1 FY27 net profit: ₹25.2 Cr−83.4% vs Q1 FY26−89.7% vs Q4 FY26
Q1 FY27 revenue: ₹2,303 Cr+7.1% vs Q1 FY26−32.8% vs Q4 FY26
Q1 FY27 operating margin: 0.4%−7.8 pts vs Q1 FY26−8.9 pts vs Q4 FY26
Q2 FY26 net profit (a year earlier): ₹120 CrRevenue ₹2,474 Cr
Q1 FY27 EPS (basic): ₹2.24

Questions

When will Thermax announce its Q2 FY27 results?

On 5 November 2026, the date of the board meeting called to approve them (notice filed with the exchanges on 12 October 2026). Last year it reported Q2 FY26 on 11 November 2025.

What were Thermax's Q1 FY27 results?

Consolidated net profit attributable to shareholders was ₹25.2 crore, down 83.4% from ₹152 crore in Q1 FY26 and down 89.7% from ₹244 crore in Q4 FY26. Revenue from operations was ₹2,303 crore, up 7.1% year on year and down 32.8% from the previous quarter.

What was Thermax's net profit in FY26?

Consolidated net profit attributable to shareholders was ₹721 crore in FY26 (April 2025–March 2026), up 13.6% from ₹634 crore in FY25. It was ₹645 crore in FY24 and ₹450 crore in FY23: up 60.0% over three years, 17.0% a year on average.

What will Thermax's Q2 FY27 results be compared with?

With the same quarter a year earlier, Q2 FY26 (July–September 2025), when consolidated net profit attributable to shareholders was ₹120 crore and revenue from operations ₹2,474 crore. The latest quarter, Q1 FY27, had a net profit of ₹25.2 crore and revenue of ₹2,303 crore.

How has Thermax's profit changed over the last four quarters?

Net profit attributable to shareholders by quarter: ₹120 crore in Q2 FY26, ₹204 crore in Q3 FY26, ₹244 crore in Q4 FY26 and ₹25.2 crore in Q1 FY27. That is ₹593 crore over the four quarters, down 11.6% from ₹671 crore in the four quarters before. Revenue from operations: ₹2,474 crore, ₹2,635 crore, ₹3,428 crore and ₹2,303 crore.

What was Thermax's revenue in FY26?

Revenue from operations was ₹10,694 crore in FY26 (April 2025–March 2026), up 2.9% from ₹10,389 crore in FY25. It was ₹9,323 crore in FY24 and ₹8,090 crore in FY23: up 32.2% over three years, 9.7% a year on average.

Where do these Thermax figures come from?

From Thermax's own consolidated results filings to NSE, in ₹ crore as filed; the date from its board-meeting notices.

Consolidated figures from the company's filings to NSE. Every company's results dates this season are in the Q2 FY27 results calendar, part of Alpha Plus.