Thermax Limited, a leading provider of energy and environment solutions, has reported a 7% year-on-year increase in consolidated operating revenue for the first quarter of FY27, while its order book grew 23% to ₹14,045 crore, reflecting sustained demand across its business segments. The company’s profitability during the quarter, however, was impacted by a cost overrun related to a single project in its Industrial Infra business.
For the quarter ended June 30, 2026, consolidated operating revenue stood at ₹2,303 crore, compared with ₹2,158 crore in the corresponding period of the previous financial year. Order bookings increased 2% year-on-year to ₹2,809 crore, demonstrating steady business momentum despite a challenging operating environment.
The company reported a profit after tax (PAT) of ₹22 crore, compared with ₹151 crore in the year-ago quarter, while profit before tax (PBT) stood at ₹42 crore, against ₹211 crore in the corresponding period last year. Thermax said the quarter’s earnings were primarily affected by an additional estimated project completion cost of ₹91 crore for a specific Industrial Infra project.
The company identified the revised cost during the quarter and recognised the impact in its financial results. Profitability was also influenced by lower export sales in the Industrial Products business. In addition, the corresponding quarter of the previous financial year had included ₹56 crore received under the Package Scheme of Incentives for one of its Industrial Infra subsidiaries, making the year-on-year comparison less favourable.
Despite the temporary impact on earnings, the company maintained a healthy order pipeline. During the quarter, Thermax secured an order valued at more than ₹400 crore for the supply of boiler pressure parts for a data centre project in the United States, strengthening its presence in international infrastructure projects.
The company also reported improved order inflows in its Green Solutions business. Order bookings in this segment benefited from stronger business momentum at Thermax Onsite Energy Solutions Limited (TOESL) and the adoption of a revised reporting methodology. TOESL has shifted to a rolling 12-month forecast model for reporting its order book, replacing the earlier practice of recognising only the first year’s revenue from long-term contracts. The revised approach increased the reported order book by ₹139 crore without affecting existing contracts, revenue recognition or financial performance.
On a standalone basis, Thermax recorded operating revenue of ₹1,303 crore, compared with ₹1,195 crore in the corresponding quarter last year. The company reported a loss after tax of ₹18 crore, against a profit of ₹47 crore in Q1 FY26, largely due to the project-related cost overrun. Standalone order bookings stood at ₹1,606 crore, while the order balance at the end of the quarter increased to ₹6,576 crore.
Thermax continues to strengthen its position as a trusted partner in energy transition through solutions spanning clean energy, clean air, clean water and sustainable industrial technologies. With 16 manufacturing facilities across India, Europe and Southeast Asia and 51 subsidiaries worldwide, the company remains focused on delivering energy-efficient and environmentally responsible solutions while supporting industrial growth across global markets.
