Thermax Ltd. reported a 7% year-on-year increase in consolidated operating revenue to ₹2,303 crore for the first quarter of FY27, while order booking rose 2% to ₹2,809 crore. However, profitability declined sharply due to a ₹91 crore cost overrun on a project in its Industrial Infra segment and lower export sales in the Industrial Products business.
Consolidated profit after tax (PAT) fell 85% to ₹22 crore, while profit before tax (PBT) declined 80% to ₹42 crore. The previous year’s quarter also benefited from ₹56 crore received under the Package Scheme of Incentives for a subsidiary.
The company’s order backlog grew 23% year-on-year to a record ₹14,045 crore as of June 30, 2026, reflecting healthy business momentum. During the quarter, Thermax secured a US data centre order worth over ₹400 crore for the supply of boiler pressure parts.
Growth was particularly strong in the Green Solutions segment, driven by improved order inflows at Thermax Onsite Energy Solutions Ltd. (TOESL) and a revised order-book reporting methodology based on a rolling 12-month forecast. The change increased the reported order book by ₹139 crore without affecting contracts, revenue recognition, or financial performance.
On a standalone basis, revenue increased 9% to ₹1,303 crore, compared with ₹1,195 crore a year earlier. However, the company reported a net loss of ₹18 crore, primarily due to the Industrial Infra project cost escalation. Standalone order booking declined 8% to ₹1,606 crore, while the order balance remained stable at ₹6,576 crore, up 2% year-on-year.
Despite the impact of one-time project costs, Thermax’s expanding order book, strong Green Solutions performance, and major international order wins underscore sustained demand for its energy transition and environmental solutions.
