Shares of Thermax, a leading energy and environment solutions provider, gained 14% in Friday’s trade, 8 May, to reach a fresh record high of ₹4,759 apiece after the company posted a better-than-expected performance for the March quarter.
The company on Thursday reported an 18% jump in consolidated profit to ₹244 crore, compared to ₹206 crore in the year-ago quarter, aided by improved performance in the industrial products segment and reduced losses in industrial infra.
Revenue from operations came in at ₹3,428 crore, marking a 13% increase compared to ₹3,046 crore in the corresponding quarter of the previous fiscal year.
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Thermax reported an 18% jump in consolidated profit to ₹244 crore for the March quarter, compared to ₹206 crore in the year-ago quarter.
Thermax’s revenue from operations increased by 13% to ₹3,428 crore in the March quarter, compared to ₹3,046 crore in the corresponding quarter of the previous fiscal year.
As of March 31, 2026, Thermax’s order balance stood at ₹13,604 crore, reflecting a 27% increase from ₹10,693 crore in the corresponding quarter of the previous year.
Data centers are emerging as a new growth opportunity for Thermax, with the company securing a breakthrough order for hot water-driven chillers for a large data center in the US.
Thermax’s board recommended a final dividend of ₹14 per share and a special dividend of ₹6 per share, totaling ₹20 per equity share for FY26.
As of March 31, 2026, the order balance stood at ₹13,604 crore, compared to ₹10,693 crore in the corresponding quarter of the previous year, reflecting a 27% increase driven by improved performance in the Industrial Products and Industrial Infra segments.
The Industrial Products segment improved primarily due to stronger performance in the Heating, Cooling, and Water & Waste Solutions businesses. The company said it won a boiler package supply contract worth around ₹1,600 crore for a 1×800 MW ultra-supercritical thermal power plant in Central India from a leading thermal power project company.
It also secured another major order through Thermax Babcock & Wilcox Energy Solutions Limited (TBWES), a wholly owned subsidiary of Thermax.
Meanwhile, data centers are emerging as a new growth opportunity for the company. In its earnings filing, the company said it secured a breakthrough order for multiple sets of hot water-driven chillers with a combined capacity of 45,000 TR to provide higher cooling capacity with fixed heat input at a large data center in the US.
For FY26, it posted consolidated operating revenue of ₹10,694 crore, up 3% from ₹10,369 crore in the previous year. Profit after tax for the year stood at ₹720 crore, compared to ₹627 crore a year earlier, registering a 15% rise.
Along with the financial results, the board recommended a final dividend of ₹14 per share and a special dividend of ₹6 per share. The company has also fixed Friday, July 3, 2026, as the record date.
The aggregate dividend of ₹20 per equity share of face value ₹2 each (1000%) for FY26 will be paid subject to shareholders’ approval at the ensuing 45th Annual General Meeting of the company.
Thermax share price trend
The company’s shares have been maintaining a steady winning streak since February, gaining 62% so far. The rally came after the stock suffered a sharp one-way decline, remaining under pressure between June 2024 and January 2026, during which it lost a cumulative 46%.
Looking at the stock’s long-term performance, it has delivered massive returns to shareholders, climbing from its 2020 low of ₹570 apiece to the current market price of ₹4,652, generating a return of 716%. The rally has also positioned the stock among the major wealth creators in the market.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
