Thermax drops after Q2 PAT declines 4% YoY to Rs 114 cr

Thermax tumbled 18.04% to Rs 2,723 after the company reported a 4.28% year-on-year (YoY) decline in consolidated net profit to Rs 114.54 crore in Q2 FY27, compared with Rs 119.66 crore in the corresponding quarter of the previous fiscal year.

However, revenue from operations increased 11.4% YoY to Rs 2,755.87 crore in the quarter ended 30 September 2026. Profit before tax (PBT) declined 2.77% YoY to Rs 168.86 crore in Q2 FY27.

The company's order book stood at Rs 3,259 crore in Q2 FY27, down 8.22% from Rs 3,551 crore in Q2 FY26. Meanwhile, the order balance increased 15.85% YoY to Rs 14,250 crore during the quarter.

In the Industrial Products segment, order booking declined 23% YoY to Rs 1,237 crore in Q2 FY27, primarily due to the deferment of major orders to the third quarter.

In contrast, the Industrial Infrastructure segment recorded a 5% YoY increase in order booking to Rs 1,523 crore during the quarter. The improvement was primarily driven by the booking of two major captive power plant orders in Q2 FY27, which also supported growth in the segment's order backlog.

Thermax is an energy and environment solutions company focused on supporting the energy transition. Its portfolio spans clean air, clean energy, clean water and chemical solutions.

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