Shares of , a leading energy and environment solutions provider, gained 14% in Friday’s trade, 8 May, to reach a fresh record high of ₹4,759 apiece after the company posted a better-than-expected performance for the March quarter.
The company on Thursday reported an 18% jump in consolidated profit to ₹244 crore, compared to ₹206 crore in the year-ago quarter, aided by improved performance in the industrial products segment and reduced losses in industrial infra.
Revenue from operations came in at ₹3,428 crore, marking a 13% increase compared to ₹3,046 crore in the corresponding quarter of the previous fiscal year.
As of March 31, 2026, the order balance stood at ₹13,604 crore, compared to ₹10,693 crore in the corresponding quarter of the previous year, reflecting a 27% increase driven by improved performance in the Industrial Products and Industrial Infra segments, as per the company’s earnings filing.
The Industrial Products segment improved primarily due to stronger performance in the Heating, Cooling, and Water & Waste Solutions businesses. The company said it won a boiler package supply contract worth around ₹1,600 crore for a 1×800 MW ultra-supercritical thermal power plant in Central India from a leading thermal power project company.
It also secured another major order through Thermax Babcock & Wilcox Energy Solutions Limited (TBWES), a wholly owned subsidiary of Thermax.
Meanwhile, data centers are emerging as a new growth opportunity for the company. In its earnings filing, the company said it secured a breakthrough order for multiple sets of hot water-driven chillers with a combined capacity of 45,000 TR to provide higher cooling capacity with fixed heat input at a large data center in the US.
For FY26, it posted consolidated operating revenue of ₹10,694 crore, up 3% from ₹10,369 crore in the previous year. Profit after tax for the year stood at ₹720 crore, compared to ₹627 crore a year earlier, registering a 15% rise.
Along with the financial results, the board recommended a final dividend of ₹14 per share and a special of ₹6 per share. The company has also fixed Friday, July 3, 2026, as the record date.
“The aggregate dividend of ₹20 per equity share of face value ₹2 each (1000%) for FY26 will be paid subject to shareholders’ approval at the ensuing 45th Annual General Meeting of the company,” the company said.
Thermax share price trend
The company’s shares have been maintaining a steady winning streak since February, gaining 62% so far. The rally came after the stock suffered a sharp one-way decline, remaining under pressure between June 2024 and January 2026, during which it lost a cumulative 46%.
Looking at the stock’s long-term performance, it has delivered massive returns to shareholders, climbing from its 2020 low of ₹570 apiece to the current market price of ₹4,652, generating a return of 716%. The rally has also positioned the stock among the major wealth creators in the market.
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