Thermax Limited has informed the Exchange regarding Board meeting held on July 31, 2025.
THERMAX · price
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On the reaction day the stock moved 3.1 pts less than Nifty Midcap 150 and 3.4 pts less than its Heavy Electrical Equipment peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Thermax announced its Q1 FY26 results with consolidated revenue from operations at Rs. 2,150 crore, down about 2% YoY from Rs. 2,184 crore, partly due to delayed customer clearances and execution challenges. Consolidated profit after tax (PAT) rose 39% to Rs. 151 crore, while profit before tax grew 31% to Rs. 211 crore, helped by a Rs. 56 crore incentive accrual under Maharashtra's PSI 2007 scheme. Standalone performance was weaker — revenue fell 10% to Rs. 1,183 crore and PAT dropped 47% to Rs. 46 crore, though it included a Rs. 93.73 crore exceptional gain from reversal of impairment in subsidiary Thermax Netherlands B.V. Order booking was healthy, up 7% YoY at Rs. 2,748 crore, with order balance at Rs. 11,376 crore. The auditor issued an unqualified review report but drew attention to two ongoing legal matters: a Rs. 218.45 crore arbitral award dispute (GTG contract) where Rs. 50.63 crore is provisioned, and a Rs. 1,385.47 crore excise demand under appeal in the Supreme Court.
Consolidated profitability growth is encouraging and the order pipeline remains strong, but the YoY revenue decline and sharp drop in standalone PAT signal pressure on the core business. Investors should watch the two large legal exposures — together over Rs. 1,600 crore in potential liabilities — which, though not yet provisioned, remain key risks.