Earnings Review
Thermax Q2 PAT, sales down YoY; miss Street estimates
This story was originally published at 19:13 IST on 11 November 2025
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--Thermax Jul-Sept consol net profit INR 1.20 bln
--Analysts saw Thermax Jul-Sept consol net profit INR 1.82 bln
--Analysts saw Thermax Jul-Sept consol revenue INR 28.10 bln
--Thermax Jul-Sept consol revenue INR 24.74 bln
--Thermax Jul-Sept consol net profit INR 1.20 bln vs INR 1.97 bln year ago
--Thermax Jul-Sept consol revenue INR 24.74 bln vs INR 26.16 bln year ago
--Thermax Apr-Sept consol net profit INR 2.72 bln vs INR 3.13 bln year ago
--Thermax Apr-Sept consol revenue INR 46.31 bln vs INR 47.94 bln year ago
By Arundathi A R
MUMBAI – Thermax Ltd. Tuesday posted a sharp on-year decline in its consolidated net profit for the September quarter. The company's top line also saw a decline in mid single digit for the reporting quarter. The company missed the Street's estimates for both its bottom line as well as revenue.
The engineering company had reported a consolidated net profit of INR 1.20 billion, down over 39% on year in the reporting quarter. This was lower than INR 1.82 billion estimated for the reporting quarter. Its revenue from operations for the September quarter was INR 24.74 billion, down over 5% on year. Analysts expected the company to report INR 28.10 billion in revenue for the September quarter.
The company posted INR 23.86 billion in total expenses for the September quarter, down from INR 24.09 billion. The total expenses of the company accounted for over 96% of its revenue from operations. The company's total expenses for the quarter fell almost 1% on year, led by a mid-single-digit decline in its input costs. Cost of raw materials and components consumed for the September quarter was INR 13.36 billion, down almost 5% on year.
The company's order book in the September quarter stood at INR 35.51 billion, up 6% on year. Order booking was higher due to improved order booking in industrial products segment. On a year-on-year basis, the industrial products segment's order booking for the September quarter rose 18% to INR 15.98 billion. The segment reported revenues of INR 11.89 billion for the reporting quarter, up over 12% on year.
Industrial infrastructure segment of the company, however, reported a fall of 16% on year in its order booking for the reporting quarter to INR 14.59 billion. The segment reported sales of INR 9.49 billion for the quarter ended September.
For the half year ended September, the company's consolidated net profit was INR 2.72 billion, down 13% on year. Its revenue from operations for the same period fell over 3% to INR 46.31 billion.
Thermax announced its September quarter earnings after market hours. On Tuesday, shares of the company ended 1% higher at INR 3,167.70. End
Edited by Deepshikha Bhardwaj
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