Thermax Group, a key player in sustainable energy and environmental solutions, released its first-quarter financial results for FY26. The company posted a consolidated revenue of ₹2,150 crore, marking a 2% decline from ₹2,184 crore in the same quarter last year. This dip was attributed to delays in customer clearances and project execution challenges. Despite the revenue dip, consolidated net profit rose significantly by 39%, reaching ₹151 crore, up from ₹109 crore in Q1 FY25. Profit before tax also increased 31% to ₹211 crore, supported in part by ₹56 crore accrued under the Maharashtra government’s Packaged Incentive Scheme.
The Q1 FY25-26 financial performance was released yesterday during a virtual press conference led by Managing Director Ashish Bhandari and Chairperson Meher Pudumjee. “The geopolitical landscape remains volatile, with conflicts in multiple regions creating ripple effects across global supply chains,” stated Ashish Bhandari during his opening remarks. He emphasised how recent international tariff policies have particularly impacted growth projections for Thermax and similar engineering firms operating in multiple markets.
While acknowledging these challenges, Mr Bhandari highlighted India’s relatively stable business environment as a counterbalance to international disruptions. However, he noted that the regulatory landscape is evolving rapidly, especially regarding green energy initiatives. “New regulations in green methanol, compressed biogas, and hydrogen sectors present both challenges and opportunities,” Ashish Bhandari explained. “These policy shifts involve operational adaptations, but they also align perfectly with our sustainability vision.”
The company has strategically allocated substantial resources toward R&D in alternative energy solutions during Q1. Significant investments have been channelled into biofuel, bio-CNG, and hydrogen technologies, positioning Thermax at the forefront of India’s green energy transition. Though the first major orders in these sectors are expected only by FY26-27, Mr Bhandari expressed confidence in the long-term growth potential of these investments.
“Our next strategic focus areas include ethanol production technologies and advanced biofuels,” Ashish Bhandari revealed, outlining the company’s roadmap for sustainable growth. A notable achievement highlighted during the conference was Thermax’s comprehensive digital transformation initiative. The company has successfully digitised key operational processes, enhancing both internal efficiency and external customer experience platforms.
Addressing financial performance, Ashish Bhandari acknowledged slower-than-expected revenue growth, with the chemicals and industrial products divisions underperforming in volume metrics. Despite these challenges, the company’s consolidated financials remain stable. “While we have seen modest growth this quarter, our fundamentals remain strong, and we anticipate improved performance in upcoming quarters,” Mr Bhandari assured the media. “We see no significant red flags on the horizon.”
Thermax’s consolidated order book stood at ₹11,376 crore as of June 30, 2025, showing a 7% increase over the ₹10,681 crore recorded a year ago. New orders secured during the quarter totalled ₹2,748 crore, reflecting healthy demand across core sectors. The previous year’s Q1 income included ₹27 crore in interest from an income tax refund, while this quarter saw incentive-based accruals driving income growth.
On a standalone basis, Thermax Limited reported revenue of ₹1,183 crore for the quarter, a 10% year-on-year decline from ₹1,311 crore. The standalone net profit dropped to ₹46 crore from ₹86 crore, a 47% fall, largely due to reduced revenues. However, order intake showed strong momentum, with ₹1,752 crore in bookings—20% higher than the ₹1,459 crore recorded in the same period last year. The standalone order backlog rose to ₹6,477 crore, a 2% increase from ₹6,333 crore.
Thermax continues to position itself as a solutions partner in the transition to clean energy. Its portfolio spans clean air, water, energy, and specialised chemical products. With 16 manufacturing facilities across India, Southeast Asia, and Europe, and 49 subsidiaries worldwide, Thermax remains focused on delivering integrated, digitally enabled energy solutions that combine environmental responsibility with operational efficiency.
