Thermax Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 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 Limited announced its Q1 FY26 results (quarter ended June 30, 2025). Consolidated operating revenue fell marginally by about 2% to Rs. 2,150 crore from Rs. 2,184 crore a year ago, hurt by delayed customer clearances and execution issues. Consolidated profit after tax jumped 39% to Rs. 151 crore (from Rs. 109 crore), and profit before tax rose 31% to Rs. 211 crore, partly helped by a Rs. 56 crore incentive accrual under Maharashtra's PSI 2007 scheme. Order booking grew 7% to Rs. 2,748 crore and order book stood at Rs. 11,376 crore, up 7% year-on-year. On a standalone basis, revenue declined 10% to Rs. 1,183 crore and standalone PAT fell 47% to Rs. 46 crore, though standalone order booking was up 20%. The auditor (SRBC & Co LLP) issued an unmodified limited review report but drew attention to a Rs. 218.45 crore arbitral award dispute and a Rs. 1,385 crore excise demand pending before the Supreme Court.
Mixed signals for shareholders: consolidated profitability and order pipeline are healthy, but top-line softness and a sharp standalone PAT drop may concern investors. Contingent liabilities from the arbitral award and excise dispute remain key overhangs despite the company's optimistic legal stance.