Thermax Limited has formally intimated the sad demise of Dr. S.B. (Ravi) Pandit, its Non-Executive Independent Director, on Friday, May 8, 2026. The disclosure was submitted to BSE Limited and the National Stock Exchange of India Limited by Sangeet Hunjan, the Company Secretary and Compliance Officer.

Board Tenure and Contributions

Dr. S.B. (Ravi) Pandit had been serving as an Independent Director on the Board of Thermax Limited since 2017. The company acknowledged that it immensely benefitted from his wisdom, experience, and leadership during his association with the organisation. The table below summarises the key details pertaining to Dr. Pandit's directorship:

Chairperson's Statement

Expressing grief on the passing of Dr. Pandit, Mrs. Meher Pudumjee, Chairperson of the company, stated:

"It is a profound loss for India, for our Board, and for all those who had the privilege of working with him. He was a wonderful human being whose vision and commitment to sustainability left a lasting impact on society. He will be deeply missed."

Condolences from the Company

All the Directors and employees of Thermax Limited conveyed their deep sorrow and heartfelt condolences to the family of Dr. Pandit. The formal intimation was signed by Sangeet Hunjan, Company Secretary and Compliance Officer (Membership No. A23218), on May 8, 2026.

Thermax Limited's Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The company reported strong growth across key financial metrics, with consolidated operating revenue rising 13% year-on-year in Q4 and profit after tax (PAT) growing 18% for the quarter. The Board also declared a total dividend of Rs. 20 per share for FY 2025-26, which includes a special dividend of Rs. 6 per share marking Thermax's 60th anniversary milestone.

Q4 FY26 Financial Performance

Thermax Group recorded a consolidated operating revenue of Rs. 3,428.04 crore in Q4 FY 2025-26, a 13% increase compared to Rs. 3,046.40 crore in the corresponding quarter of the previous year. Consolidated PAT for the quarter stood at Rs. 244.40 crore, up 18% from Rs. 205.55 crore in Q4 FY25. EBITDA for the quarter came in at Rs. 3.74 billion versus Rs. 2.99 billion in the same quarter of the previous year, with EBITDA margin expanding to 10.93% from 9.69% year-on-year. Cash and investments stood at Rs. 2,965 crore, up 5% year-on-year. The following table summarises the key consolidated financial metrics for the quarter:

On a standalone basis, Thermax Limited posted an operating revenue of Rs. 2,225.85 crore during the quarter, a 15% growth compared to Rs. 1,941.50 crore in the corresponding quarter last year. Standalone PAT for the quarter stood at Rs. 201.04 crore, a decline of 27% compared to Rs. 275.05 crore in the same quarter last year. The decline was primarily because the corresponding quarter last year included an exceptional gain of Rs. 93.73 crore from the reversal of an impairment provision on the investment in Thermax Netherlands B.V.

FY26 Annual Financial Performance

For the full financial year FY 2025-26, Thermax Group posted a consolidated operating revenue of Rs. 10,694.15 crore, up 3% from Rs. 10,369.26 crore in the previous year. Annual PAT rose 15% to Rs. 720.26 crore from Rs. 626.70 crore. The table below presents the key consolidated annual financial metrics:

During the year, exceptional items (net) increased profit before tax by Rs. 61.21 crore. This was mainly due to the reversal of a previously recognised provision of Rs. 50.63 crore and interest income of Rs. 31.62 crore, following the Bombay High Court order setting aside an arbitral award and directing the customer to refund the Company's earlier deposit along with interest at 6% per annum. This was partly offset by a one-time impact of Rs. 21.04 crore due to changes in labour codes. On a standalone basis, FY26 revenue from operations stood at Rs. 6,518.26 crore versus Rs. 6,244.53 crore in FY25, while standalone PAT rose to Rs. 648.91 crore from Rs. 572.14 crore.

Segment-Wise Performance

The Group operates across four business segments. The Industrial Products segment was the largest revenue contributor, followed by Industrial Infra, Chemicals, and Green Solutions. The table below presents consolidated segment revenue and profitability for the year and Q4:

The Industrial Products segment's performance in Q4 was driven by stronger activity in the Heating, Cooling, and Water & Waste Solutions businesses. Profitability in the Industrial Infra segment improved year-on-year on account of increased operational efficiency and lower losses in some entities. The Chemicals segment saw lower profitability due to higher input costs and a change in product mix. The Green Solutions business incurred project overrun costs during the quarter, impacting margins.

Order Book & Key Operational Highlights

As of March 31, 2026, the consolidated order balance stood at Rs. 13,604 crore, up 27% from Rs. 10,693 crore in the corresponding quarter of the previous year. Order booking for the quarter was Rs. 4,490 crore, a 112% increase compared to Rs. 2,119 crore in the same quarter of the previous fiscal year — making it the highest order booking quarter of the year. The increase was driven by a major contract secured by Thermax Babcock & Wilcox Energy Solutions Limited (TBWES), a wholly owned subsidiary, which won a boiler package supply contract worth approximately Rs. 1,600 crore for a 1x800 MW ultra-supercritical thermal power plant in Central India. The table below presents segment-wise order booking and order balance for Q4 FY26:

The Power sector accounted for the largest share of the Q4 order book at 42%, driven by the large single supercritical order of Rs. 1,634 crore. Food & Beverages (9%), Chemicals (7%), Metals & Mining (7%), and Engineering (7%) were the next largest contributors. Data Centres continued to emerge as a new sector with significant future potential, contributing 2% of the order book. One of the Group's subsidiaries, TOESL, moved to a rolling 12-month forecast model for reporting its order book, replacing the earlier approach of recognising only the first year's revenue from long-term contracts. As a result, the reported order book increased by Rs. 138 crore, with no change to underlying contracts, revenue recognition, or financial performance. On a standalone basis, order booking for the quarter was higher by 14% at Rs. 1,734 crore compared to Rs. 1,526 crore in the previous year, while the order balance stood at Rs. 6,400 crore versus Rs. 6,026 crore.

Business Highlights

Across its business segments, Thermax secured several notable orders and operational milestones during Q4 FY26. In the Industrial Products segment, the company secured a breakthrough order for multiple sets of hot water driven chillers with a combined capacity of 45,000 TR to power a large data centre in the USA, and commissioned a 16 TPH biomass-fired RG boiler for a battery manufacturing facility in Southern India. A 250 m³/hr water treatment plant package was also successfully commissioned and handed over for a leading steel mill in Chittagong, Bangladesh.

In the Industrial Infra segment, TBWES commissioned a 1×40 TPH waste-to-energy boiler in North India operating on 100% RDF, 100% NRSW, and 100% biomass. Thermax's subsidiary TBSPL achieved approximately 8,000 tonnes of CBG production in Q4 FY26 (19,400+ tonnes year-to-date), while completing commissioning of all 14 existing plants including the Reliance Akola and Nanded plants. In the Green Solutions segment, TOESL secured its first community steam project — an order for 2×30 TPH biomass boilers for a food park in Mehsana, Gujarat — with approximately 90,000 MT/year of CO₂ reduction potential. In the Chemicals segment, the company secured an order from Navayuga Engineering for the Pune ring road project with an annual revenue potential of approximately Rs. 240 lakh, while also securing breakthrough specialty resin orders across the US, East Asia, and the Middle East.

Industry Outlook

The quarter saw high volatility in input commodity prices amid geopolitical instability, with steel prices rising approximately 20–25%, significantly increasing input costs. Crude oil fluctuations drove similar volatility in non-ferrous metals including copper, aluminium, and nickel, further impacted by USD appreciation against the INR. Bought-out equipment prices also rose by approximately 3–5% quarter-on-quarter. India's manufacturing PMI remained in expansionary territory through Q4 FY26, with readings including approximately 55.4 in January, strengthening to a robust 56.9 in February, and easing to around 53.9 in March, indicating sustained factory growth though with some moderation in momentum toward the quarter end.

Cash Flow Summary

The consolidated statement of cash flows for the year ended March 31, 2026 reflects the following key movements:

Dividend, Board Decisions & Corporate Highlights

The Board recommended a final dividend of Rs. 14 per share and declared a special dividend of Rs. 6 per share in recognition of Thermax's 60th anniversary, bringing the aggregate dividend to Rs. 20 per equity share of face value Rs. 2 each (1000%) for FY 2025-26. Payment is subject to shareholder approval at the ensuing 45th Annual General Meeting, with the record date fixed as Friday, July 3, 2026. The Board also approved the re-appointment of Dr. Ravi Shankar Gopinath (DIN: 00803847) as Non-Executive Independent Director for a second consecutive term of five years effective November 10, 2026 to November 9, 2031, subject to shareholder approval. Dr. Gopinath is the Chief Strategy Officer at AVEVA plc, a FTSE listed software company, and holds a Ph.D. in Chemical Engineering from Rensselaer Polytechnic Institute, New York. Additionally, the Board approved the appointment of Ms. Kavita Singh as Chief Human Resources Officer and Senior Management Personnel with effect from May 25, 2026. Ms. Singh brings over 24 years of global HR leadership experience across sectors including FMCG, manufacturing, financial services, and logistics, and previously served at United Breweries Limited, part of the Heineken Group.

On the recognition front, Thermax received the prestigious LACP Vision Award from the League of American Communications Professionals for its FY 2024–25 Annual Report, and was recognised with the 2026 APAC Zero Liquid Discharge Customer Value Leadership Recognition by Frost & Sullivan. Thermax's Sri City facility was awarded the merit certificate at the NSCI Safety Awards 2025. The company also launched a new Thermax Chemicals website and a new Thermax Global website during the period. In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audio recording of the investor conference call held on May 8, 2026 is available on the company's website at https://thermaxglobal.com/investors/quarterly-results . The financial results were submitted by Sangeet Hunjan, Company Secretary & Compliance Officer.