Thermax Limited has informed the Exchanges about the investors presentation for Q4 FY 2025-26.
THERMAX · price
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Thermax reported strong Q4 FY26 performance with order bookings of Rs. 4,490 crore, up 112% year-on-year, driven by a major Rs. 1,600 crore boiler package order for a 1x800 MW ultra supercritical thermal power plant. Total order balance stands at Rs. 13,604 crore (up 27%), while Q4 revenue reached Rs. 3,428 crore with PBT of Rs. 332 crore. Full-year revenue was Rs. 10,694 crore. Industrial Infra turned around with PBIT margin improving to 6.5% from 2.8%, while Industrial Products remained strong. However, the Chemicals segment saw PBIT margin collapse to 4.9% from 16.6% due to higher input costs and product mix changes. Green Solutions incurred project overrun costs, reporting negative margins of -14.2%. The company declared a regular dividend of Rs. 14 per share plus a special Rs. 6 per share dividend marking its 60th anniversary.
Thermax's robust order book and turnaround in Industrial Infra are positives, but margin pressure in Chemicals and losses in Green Solutions are concerns. The large thermal power order provides multi-year revenue visibility, and the special dividend signals management confidence.