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Informist, Thursday, Jul. 30, 2026

 

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--Thermax Apr-Jun consol net profit INR 252.4 mln 
--Analysts saw Thermax Apr-Jun consol net profit at INR 1.46 bln 
--Thermax Apr-Jun consol revenue INR 23.03 bln
--Thermax Apr-Jun consol net profit INR 252.4 mln vs INR 1.52 bln year ago 
--Thermax Apr-Jun consol revenue INR 23.03 bln vs INR 21.58 bln year ago 
--Thermax Q1 consol industrial pdt sales INR 10.58 bln vs INR 9.50 bln yr ago 
--Thermax Q1 consol industrial infra sales INR 8.14 bln vs INR 8.38 bln yr ago 
--Thermax Q1 consol green solutions sales INR 2.45 bln vs INR 2.38 bln yr ago 

 

By Shakshi Jain and Astha Oriel 

 

NEW DELHI – Thermax Ltd. Thursday posted a significant year-on-year fall in consolidated net profit for the June quarter over a moderate rise in revenues as the company's total expenses rose much faster. Both the bottom line and the top line missed the Street's expectations. Analysts had expected the bottom line to decline because of higher raw material costs, but the earnings for the quarter fell well short of not just the consensus estimate but also the most pessimistic estimate.

 

The capital goods company's bottom line fell on year after two quarters of growth while the top line continued to grow for a third quarter but slower than in the March quarter. Thermax's consolidated net profit for the reporting quarter fell over 83% on year and almost 90% sequentially to INR 252.4 million. Analysts' consensus estimate had pegged the bottom line at INR 1.46 billion.

 

The Mumbai-headquartered company's consolidated revenue from operations rose nearly 7% on year but fell about 33% sequentially to INR 23.03 billion. This is slightly below the Street's expectation of INR 24.34 billion.

 

The total income of the company grew nearly 7% on year to INR 23.71 billion. The total expenses rose nearly 16% on year but declined 26% on quarter to INR 23.29 billion. Cost of materials consumed, which accounts for 53% of the total expenses, grew over 19% on year to INR 12.28 billion. The on-year rise in cost of materials consumed was the highest in nine quarters.

 

The expenses related to employee benefits grew nearly 13% on year to INR 3.72 billion, and other expenses rose over 20% on year to INR 3 billion. The expenses related to depreciation and amortisation were INR 595 million, up nearly 22% on year.

 

The expenses related to the purchase of stock-in-trade grew nearly 4% on year to INR 438.8 million. The site expenses and contract labour charges grew nearly 13% on year to INR 3.14 billion and the net impairment losses on financial and contract assets grew over 230% to INR 281.2 million. The company's finance costs grew over 16% on year to INR 351.5 million.

 

SEGMENTAL PERFORMANCE

Industrial products accounted for nearly 46% of Thermax's revenue, growing over 11% on year to INR 10.58 billion. The industrial infrastructure revenue declined nearly 3% to INR 8.14 billion. The revenue from the green solutions business grew nearly 3% to INR 2.44 billion and the revenue from the chemicals business grew nearly 33% on year to INR 2.29 billion. 

 

The company announced its earnings after market hours. Thursday, shares of Thermax closed at INR 4,251.50 on the National Stock Exchange, down 3% from Wednesday.  End

 

Edited by Rajeev Pai

 

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