Thermax Ltd
Thermax Q2 Results 2026 (FY27) investor presentation: Revenue & Margins
Q2 FY27 investor presentation: what the company reported on revenue, margins and capex.
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Thermax Ltd Q2 FY27 key numbers
- Revenue
- Q2 FY 2026-27 operating revenue: Rs. 2,756 crore, up 11% YoY.
As stated in Thermax Ltd's Q2 FY27 investor presentation · published 5 Nov 2026. Reported figures, not investment advice.
Based on Thermax Ltd's Q2 FY27 investor presentation. The company has not published an earnings-call transcript for this quarter, so figures here are what the investor presentation reports, not management guidance.
The short version
Q2 FY 2026-27 operating revenue: Rs. 2,756 crore, up 11% YoY (Page 9). EBITDA (PBIT) for Q2 FY27: Rs. 149 crore (total across segments) compared to Rs. 134 crore in Q2 FY26; margin approx. 5.9% (stable YoY).
From Thermax Ltd's Q2 FY27 earnings-call transcript · updated 5 Nov 2026.
How did Thermax's revenue grow in the September 2026 quarter?
- Q2 FY 2026-27 operating revenue: Rs. 2,756 crore, up 11% YoY (Page 9).
- Consolidated revenue: Rs. 2,756 crore compared to Rs. 2,474 crore in Q2 FY 2025-26 (Page 11).
- Segment revenue for Q2 FY27 vs Q2 FY26 (Rs. crore):
- Industrial Products: 1,303 vs 1,181 (+10.3%) (Page 13).
- Industrial Infra: 1,006 vs 886 (+13.6%) (Page 13).
- Chemicals: 226 vs 191 (+18.3%) (Page 13).
- Green Solutions: 288 vs 262 (+9.9%) (Page 13).
2 more points from Thermax Ltd's call on revenue
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What happened to Thermax's margins in Q2 FY27?
See what Thermax Ltd said on profitability & margins — free account, 30 seconds.
What capex is Thermax planning?
- Approved approvals for major renewable energy and pumped storage projects:
- Adani’s 4,050 MW project in Andhra Pradesh
- Saundatti’s 2.66 GW IRESP in Karnataka
- Bhivpuri’s 1,000 MW PSP in Maharashtra (Page 8)
- TOESL secured a 14 TPH biomass boiler order for a pharma major in Karnataka; supports green steam with ~26,000 MT CO₂ reduction annually (Page 7)
- Partial commissioning of hybrid renewable power project in Gujarat: 9.9 MW wind and 7.2 MW solar capacity commissioned (Page 7)
- TBWES commissioned 2 x 65 TPH IR-CFB boilers for a chemical manufacturer’s captive power in Eastern India (Page 6)
- TBWES secured an order for 300+ TPH IR-CFB boiler as standby for steel manufacturer’s captive power plant in South India (Page 6)
2 more points from Thermax Ltd's call on capex
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Top-ranked in Electrical Equipment
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Is Thermax raising money or cutting debt?
See what Thermax Ltd said on fundraising & capital structure — free account, 30 seconds.
How big is Thermax's order book?
- Total order booking for Q2 FY 2026-27: Rs. 3,259 crore (8% decrease vs Q2 FY 2025-26)
- Total order balance (pending orders) as of Q2 FY 2026-27: Rs. 14,250 crore (16% increase vs Q2 FY 2025-26)
- Order booking by segment:
- Industrial Products: Rs. 1,237 crore (23% decline)
- Industrial Infra: Rs. 1,523 crore (5% increase)
- Green Solutions: Rs. 279 crore (9% decrease)
- Chemicals: Rs. 220 crore (10% increase)
- Order balance by segment:
- Industrial Products: Rs. 5,079 crore (4% increase)
- Industrial Infra: Rs. 7,421 crore (26% increase)
- Green Solutions: Rs. 1,557 crore (18% increase)
- Chemicals: Rs. 193 crore (17% decline)
- Industrial Products segment order booking declined due to deferment of major orders to Q3.
2 more points from Thermax Ltd's call on order book
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Thermax Ltd — Quarterly revenue & net profit
Q2 FY27 figures are not in this chart yet. Latest shown: Jun 2026 (Q1 FY27). The Q2 FY27 numbers from the filing are in the table below.
Thermax Ltd Q2 FY27 results — key figures
| ₹ Cr | Q2 FY27 |
|---|---|
| Revenue | 2,756 |
| Operating profit (EBITDA) | 194 |
| Operating margin | 7% |
| Profit before tax | 169 |
| Net profit (PAT) | 113 |
| EPS (₹) | 10.17 |
Source: Thermax Ltd's results filing to NSE (consolidated), ₹ crore.
Reported quarterly figures (₹ Cr). Latest (Q1 FY27): revenue ₹2.3K Cr, net profit ₹22 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
Full financials →Continue your research
What Thermax's management said in earlier quarters
Others in Electrical Equipment this season
- Saatvik Green (Q2 FY27)
Q2 FY27 Revenue from Operations: ₹9,026 Mn, up from ₹7,680 Mn in Q2 FY26 (+17.6% YoY). Key investor presentation takeaways from Saatvik Green Energy Ltd's Q2 FY
- Ravindra Energy (Q2 FY27)
Revenue from Operations for the quarter ended September 30, 2026, is ₹1,903.33 million (consolidated) and ₹1,262.20 million (standalone). Key results statement
- Sahaj Solar (Q2 FY27)
Revenue for H1 FY27: ₹158 crore, up 42% year-on-year (YoY) from ₹111 crore in H1 FY26 (Pages 3, 7, 24, 25, 26). Key investor presentation takeaways from Sahaj S
- Websol Energy (Q2 FY27)
Q2 FY27 Revenue from Operations:** ₹361.02 crore, up 114.6% YoY from ₹168.22 crore in Q2 FY26. Key investor presentation takeaways from Websol Energy System Ltd
Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Thermax Ltd Q2 FY27 results?
Q2 FY 2026-27 operating revenue: Rs. 2,756 crore, up 11% YoY (Page 9). EBITDA (PBIT) for Q2 FY27: Rs. 149 crore (total across segments) compared to Rs. 134 crore in Q2 FY26; margin approx. 5.9% (stable YoY).
What is Thermax Ltd share price analysis?
Thermax Ltd currently shows a neutral. The stock trades at a P/E of 71.9 with a market cap of ₹39,556 Cr. Investors should review the full earnings analysis for detailed insights.
Is Thermax Ltd planning capital expenditure?
Approved approvals for major renewable energy and pumped storage projects:.
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This analysis is AI-generated based on publicly available earnings data and the company's investor presentation. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.