Thermax Ltd reported an 18 per cent rise in consolidated net profit for the March quarter, aided by higher revenues and a sharp jump in order inflows, while its order book crossed ₹13,600 crore at the end of FY26.
The company posted a consolidated profit after tax of ₹244 crore for the fourth quarter ended March 31, 2026. Consolidated operating revenue rose 13 per cent to ₹3,428 crore from ₹3,046 crore a year earlier.
Order booking during the quarter more than doubled to ₹4,490 crore against ₹2,119 crore in the year-ago period, driven by a large boiler package order secured by subsidiary Thermax Babcock & Wilcox Energy Solutions, which won a contract worth about ₹1,600 crore for a 1×800 MW ultra-supercritical thermal power plant in central India.
Consolidated order
The company’s consolidated order balance stood at ₹13,604 crore as of March 31, 2026, up 27 per cent from ₹10,693 crore a year earlier. Thermax said one of its subsidiaries, TOESL, had shifted to a rolling 12-month forecast model for reporting its order book, resulting in an increase of ₹138 crore in the reported order balance without any impact on revenue recognition or financial performance.
On a standalone basis, Thermax posted revenue of ₹2,226 crore in the quarter, up 15 per cent from ₹1,942 crore last year. However, standalone PAT fell 27 per cent to ₹201 crore from ₹275 crore, mainly because the corresponding quarter of FY25 had included an exceptional gain of ₹94 crore arising from reversal of an impairment provision related to Thermax Netherlands B.V.
For FY26, the group reported consolidated operating revenue of ₹10,694 crore, up 3 per cent year-on-year, while PAT increased 15 per cent to ₹720 crore from ₹627 crore.
The board recommended a dividend of ₹14 per share for FY26 and also declared a special dividend of ₹6 per share to mark the company’s 60th anniversary.