Thermax
Thermax Q4 FY26 earnings call: Revenue & Margins
Q4 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
The order book is approximately 27% higher than the prior period closing, providing a good base for improved revenue performance. Thermax expects margin confidence going forward due to order flow and operating leverage (Page 15).
From Thermax's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- The order book is approximately 27% higher than the prior period closing, providing a good base for improved revenue performance.
- Revenue growth is expected to be better than the 3-4% seen in the current fiscal year.
- Growth outlook for Industrial Products, especially in boilers, pollution control, and water treatment, is reasonably optimistic but tempered by potential external factors like war impact.
- Industrial Infra business has shown strong recent sales trends, particularly in large boiler orders (e.g., Dangote orders).
- The company aims for sustained growth but remains cautious due to ongoing macroeconomic and commodity price uncertainties.
2 more points management made on revenue & sales performance
Profitability & Margins
See what Thermax said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Regular capex for FY'27 is planned to be around INR 100 to 150 crores.
- Additional capex is planned for capacity expansion specifically in the boiler facility.
- Capacity expansion is also planned in the cooling facilities.
- Some capacity debottlenecking is underway to enhance execution capabilities, especially for boiler orders.
2 more points management made on capital expenditure plans
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.
Fundraising & Capital Structure
See what Thermax said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- Order book is about 27% higher than the prior period closing, providing a better opportunity for revenue growth.
- Large orders include an INR 1600 crore supercritical boiler order, with execution over 40-45 months.
- Some large jobs have execution cycles exceeding 12 months, typically 16-18 months.
- Larger orders in Industrial Infra and Industrial Products have a good margin profile.
- Several legacy orders, including bio-CNG and FGD, are near execution completion.
- Order book predominantly consists of fixed-price orders with very few variable price clauses.
- Order inflows in Middle East and North American data center cooling solutions are progressing with strong pipeline discussions.
2 more points management made on order book & pipeline
Thermax — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹3.4K Cr, net profit ₹244 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Thermax Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Thermax Q4 FY26 results?
The order book is approximately 27% higher than the prior period closing, providing a good base for improved revenue performance. Thermax expects margin confidence going forward due to order flow and operating leverage (Page 15).
What is Thermax share price analysis?
Thermax currently shows a neutral. The stock trades at a P/E of 85.9 with a market cap of ₹47,279 Cr. Investors should review the full earnings analysis for detailed insights.
Is Thermax planning capital expenditure?
Regular capex for FY'27 is planned to be around INR 100 to 150 crores.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.