Thermax Limited declared a total dividend of ₹20 per equity share at its 45th Annual General Meeting (AGM) held on July 30, 2026, rewarding shareholders with a payout reflecting a 13.7% rise in net profit for the financial year ended March 31, 2026. The declaration underscores the company’s strong financial performance, marked by consolidated revenue growth and significant expansion in its order backlog, positioning the firm favorably amidst global energy transition trends.

The AGM, conducted via video conference under Section 108 of the Companies Act, 2013 and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, saw Chairperson Meher Pudumjee present the company’s business performance. The Board approved the adoption of audited standalone and consolidated financial statements, alongside the re-appointment of Dr. Ravi Shankar Gopinath as Non-Executive Independent Director and Mr. Ashish Bhandari as Director by rotation. Shareholders also ratified the remuneration payable to M/s. Dhananjay V. Joshi & Associates, Cost Accountants, for the financial year ending March 31, 2027.

Financial Performance in FY26

Thermax reported robust top-line and bottom-line growth for FY26, driven by improved operational efficiency and strong demand across its core segments. Consolidated revenue from operations increased by 3.1% to ₹10,694 Cr from ₹10,369 Cr in FY25. Profit After Tax (PAT) rose significantly to ₹721 Cr, up from ₹634 Cr in the previous year. International revenue contributed substantially to this growth, surging 32.7% to ₹3,084 Cr, accounting for approximately 29% of total sales.

Strategic Wins and Growth Engines

The company highlighted strategic wins including supercritical boiler projects and first large data centre orders in India and the US, alongside refinery and oil & gas projects in Nigeria and the Middle East. Thermax emphasized its new growth engines, particularly in Bio-CNG, where 14 plants are now commissioned and operational. The company also noted policy tailwinds supporting bioenergy, green hydrogen, and emission norms, which are driving demand for its decarbonization solutions.

However, management acknowledged challenges including geopolitical conflicts affecting supply chains, rising commodity prices, and execution delays in specific projects such as FEPL and legacy NRL EPC contracts. Safety concerns were also addressed, with four fatalities reported during the year, leading to a review of governance protocols.

Q1 FY27 Results and Outlook

In the quarter ended June 30, 2026, Thermax reported revenue from operations of ₹2,303 Cr, a 7% increase over the corresponding period last year. However, Profit Before Tax (PBT) declined sharply by 80% to ₹42 Cr from ₹211 Cr, primarily due to input cost pressures and project-specific challenges. Consequently, PAT fell 86% to ₹22 Cr. Despite the quarterly dip, the order backlog strengthened by 23% to ₹14,045 Cr, providing visibility for future revenues.

What the Numbers Show

The divergence between the strong full-year FY26 performance and the sharp decline in Q1 FY27 profitability highlights the impact of rising input costs and project execution delays on short-term margins. While international revenue growth remains a key driver, the concentration of challenges in specific legacy projects suggests that margin recovery will depend on effective cost management and timely project completions in the coming quarters.

Thermax Ltd will hold an analyst and investor conference call on July 31, 2026, to discuss its financial performance for the quarter ended June 30, 2026. The meeting provides a platform for stakeholders to gain insights into the company's Q1FY27 operational results directly from its leadership.

Management Participation

The session will feature key executives from Thermax Ltd, including Managing Director & CEO Ashish Bhandari and Group CFO & Executive Vice President Rajendran Arunachalam. Kunal Shah, an analyst at DAM Capital Advisors Ltd, will serve as the call leader.

Call Schedule and Access

The conference call is scheduled to commence at 11:00 hrs IST. Participants can join via universal access numbers +91 22 6280 1384 or +91 22 7115 8285, which are accessible from all networks and countries. A diamond passcode link is also available for attendees.

International Timings

For international participants, the call will be accessible at the following local times:

Attendees are advised to dial in at least 5 to 10 minutes prior to the scheduled start time to ensure timely connection. For further information, stakeholders may contact Kunal Shah or Yashkumar Jain at DAM Capital Advisors Limited.