Thermax Q2 FY26: Revenue dips 5%, PAT falls 40% on project cost overruns

Auditor Mid Year ChangeRevenue DeclineExceptional ItemEmphasis Of MatterEbitda Margin CompressionResults View source PDF Explain this filing

THERMAX · price

Loading chart…

▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

-3.7%Reaction day

₹3176.00

prior close

₹3071.00

announcement price

After-mkt

timing

Nifty Midcap 150market · index membership as recorded later (tracked since Jun 2026)+0.8%-4.4% vs market

Heavy Electrical Equipment peers, median of 27sector+0.8%-4.5% vs sector

On the reaction day the stock moved 4.4 pts less than Nifty Midcap 150 and 4.5 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.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

+1.4

10m

+0.4

15m

-0.5

30m

-0.7

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-3.7+0.8-4.4+0.8-4.5

Next day

-5.2+0.4-5.6+0.0-5.2

-5.4+0.5-5.9+0.4-5.8

-5.3+1.2-6.5+1.4-6.7

-7.3+0.5-7.8+1.1-8.4

-8.0+0.9-8.8+0.8-8.8

-9.3-0.3-9.0-0.8-8.4

15d

-9.2-0.4-8.7-3.4-5.8

-9.4-0.3-9.1-4.4-5.0

-7.0-1.2-5.7-12.4+5.4

-10.8+0.1-10.9-8.6-2.2

UpDownMarket · Nifty Midcap 150Sector · Heavy Electrical Equipment peers, median of 27Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Thermax Q2 FY26: consolidated revenue at Rs. 2,474 crore, down 5% YoY. PAT fell 40% to Rs. 119 crore on Rs. 42 crore cost provisions in Industrial Infra. Last year had a Rs. 66 crore one-time incentive accrual. Order book grew 6% to Rs. 12,300 crore. Standalone PAT rose 109% to Rs. 226 crore, boosted by Rs. 141 crore dividend from a subsidiary. Price Waterhouse reviewed the results, replacing the prior auditor mid-year.

Likely market impact

Weak quarter: revenue and profits declined in core operations, offset by 6% order book growth. Mid-year auditor change may draw investor attention.