News ArticleThermax Limited Reports Rs. 10,694 Crore Revenue and Advances Green Energy Projects in Q2 FY 2026-27
Company attains 16% growth in order backlog to Rs. 14,250 crore, while net profit declines by 5% to Rs. 113 crore amid product mix challenges and renewable energy impairment
Thermax Limited released its Q2 FY 2026-27 investor presentation detailing Rs. 10,694 crore revenue, notable green hydrogen purification orders, multi-fuel boilers, and a 16% rise in order balance to Rs. 14,250 crore, alongside a 5% decrease in net profit to Rs. 113 crore due to mixed product impacts and a renewable energy impairment.
Thermax Limited
Investor Presentation
Thermax Limited announced key highlights in its Q2 FY 2026-27 investor presentation, posting revenues of Rs. 10,694 crore and expanding its order backlog by 16% to Rs. 14,250 crore. The company secured landmark green hydrogen purification projects and delivered multi-fuel boiler solutions while reporting a 5% decline in net profit to Rs. 113 crore, influenced by product mix changes and a Rs. 15 crore impairment in renewable energy projects.
The presentation showcased a diverse operational portfolio including installation of the first high-temperature electric heat pump for the textile industry and successful commissioning of an 8 Mn kcal/hr biomass-fired thermic fluid heater for a major food processing client.
In large boilers and fired heaters, Thermax commissioned 2 x 65 TPH IR-CFB boilers enabling captive power generation with fuel flexibility and secured a 300+ TPH IR-CFB boiler order for a steel manufacturer's power plant.
The company strengthened its EPC presence with orders for 2 x 155 TPH CFBC boilers in Nigeria's cement sector and balance-of-plant works for an 18 MVA Submerged Arc Furnace in Bhutan.
Green solutions involved exceeding guaranteed capacity in a bio-CNG plant with multi-feedstock flexibility, operational recognition in textile boilers, securing a 14 TPH biomass boiler for a pharmaceutical client, and partial commissioning of 17.1 MW hybrid renewable power.
Thermax's chemicals segment recorded international resin orders despite supply and pricing challenges amid geopolitical tensions, and secured approvals for key renewable energy and pumped storage projects in India.
Highlights
- Company revenue reached Rs. 10,694 crore for Q2 FY 2026-27.
- Order book balance increased 16% year-on-year to Rs. 14,250 crore.
- Net profit after tax was Rs. 113 crore, down 5% from prior year.
- Rs. 15 crore impairment provision recognized in a hybrid renewable energy project.
- Secured green hydrogen purification order for 96 MW project, largest in India.
- Commissioned multi-fuel flexible boilers for chemical and steel industries in India and cement sector EPC order in Nigeria.
Key Data Snapshot
What happened
- Thermax Limited released its investor presentation for the second quarter of fiscal year 2026-27 detailing financial and operational highlights.
- The company reported total revenue of Rs. 10,694 crore and an order book balance increase to Rs. 14,250 crore.
- Reported a five percent decline in net profit after tax to Rs. 113 crore influenced by product mix and a renewable energy impairment.
- Secured a first-of-its-kind 96 MW green hydrogen purification order, marking a key milestone in its clean energy strategy.
Key details
- Installed a high-temperature electric heat pump that supports textile industry hot water needs up to 100 °C contributing to ESG goals.
- Commissioned 2 x 65 TPH IR-CFB boilers for captive power in India with fuel flexibility on coal varieties.
- Won over 300 TPH IR-CFB boiler order as a standby unit for a steel manufacturer’s captive power plant.
- Secured 2 x 155 TPH CFBC boilers contract with balance of plant in Nigeria’s cement industry.
- Bio-CNG plant exceeded guaranteed capacity producing 21+ TPD with multiple feedstock inputs.
- Hybrid renewable power project in Gujarat partially commissioned with 17.1 MW capacity.
Financial performance
- Revenue rose 11% from the previous year quarter to Rs. 10,694 crore driven by operational execution in industrial segments.
- Order booking was Rs. 3,259 crore, a decline of 8%, but total order balance increased by 16% year-on-year.
- Profit before tax declined 3% to Rs. 169 crore; profit after tax fell 5% to Rs. 113 crore.
- Green Solutions segment took a Rs. 15 crore impairment charge relating to one hybrid renewable energy project.
- Cash and investments stood at Rs. 3,260 crore, up 20% from prior year.
Business impact
- The green hydrogen purification order is the largest of its kind in India, enhancing Thermax’s presence in clean energy.
- Multi-fuel flexible boilers improve operational reliability and sustainability for clients in chemical and steel industries.
- Renewable energy capacity expansion with wind and solar hybrid assets advances Thermax’s renewable footprint.
- Challenges include raw material price volatility and supply chain disruptions attributable to geopolitical tensions in the Middle East.
- Despite pressures, international chemical resin orders improved facility utilization across regions.
Highlights
- Company revenue reached Rs. 10,694 crore for Q2 FY 2026-27.
- Order book balance increased 16% year-on-year to Rs. 14,250 crore.
- Net profit after tax was Rs. 113 crore, down 5% from prior year.
- Rs. 15 crore impairment provision recognized in a hybrid renewable energy project.
- Secured green hydrogen purification order for 96 MW project, largest in India.
- Commissioned multi-fuel flexible boilers for chemical and steel industries in India and cement sector EPC order in Nigeria.
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Source Information
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