Thermax delivered exceptional financial performance in Q3 FY26, showcasing robust growth across key profitability metrics and order book expansion. The company's consolidated net profit witnessed remarkable expansion, while EBITDA performance demonstrated significant operational improvements, reflecting the effectiveness of its strategic initiatives and margin enhancement efforts.

Comprehensive Financial Performance

The company's Q3 results demonstrated exceptional improvements across multiple financial parameters. The substantial profit growth was complemented by strong operational performance and notable order book expansion, indicating enhanced business momentum and improved execution capabilities during the quarter.

Regulatory Filing and Board Approval

Thermax Limited announced its Q3FY26 quarterly results through a regulatory filing under Regulation 30 of SEBI Listing Regulations. The Board of Directors, at their meeting held on February 2, 2026, approved the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, along with the limited review report issued by statutory auditors.

Exceptional Items Impact

During the quarter, exceptional items contributed ₹58.75 crore to profit before tax. This includes the reversal of a previously recognised provision of ₹50.63 crore and interest income of ₹29.16 crore following the Bombay High Court order setting aside an arbitral award and directing customer refund with 6% per annum interest. This was partially offset by a one-time impact of ₹21.04 crore arising from changes in labour codes.

Order Book Excellence and Business Momentum

The company achieved remarkable order booking growth of 34% to ₹3,080 crore compared to ₹2,296 crore in the corresponding quarter. The order balance reached ₹12,641 crore, representing an 11% increase from the previous year. Thermax Babcock & Wilcox Energy Solutions Limited secured a significant order exceeding ₹580 crore from Dangote Industries for utility boilers and associated systems for their Nigerian refinery and petrochemical complex.

Standalone Performance Highlights

On a standalone basis, Thermax Limited posted operating revenue of ₹1,599.01 crore, representing 9% growth compared to ₹1,468.83 crore in the corresponding quarter. The standalone profit after tax reached ₹175.48 crore, demonstrating 70% growth from ₹103.18 crore in the previous year.

Strategic Business Developments

The company received orders aggregating approximately ₹200 crore in the data centre segment from customers in North America and India. Additionally, the Board approved incorporation of a wholly owned step-down subsidiary in Dubai through Thermax Engineering Singapore Pte Ltd., demonstrating continued international expansion strategy.

Thermax Limited has announced a strategic partnership with Hindustan Petroleum Corporation Limited (HPCL) through a Memorandum of Understanding signed at India Energy Week 2026. The collaboration, formalized on January 29, 2026, in Goa, marks a significant step toward advancing sustainable energy solutions in India.

Strategic Collaboration Framework

The MoU establishes a comprehensive partnership between the leading energy and environment solutions provider and the Maharatna Public Sector Enterprise. The collaboration encompasses multiple areas of sustainable energy development:

Partnership Objectives

The strategic alliance aims to exchange scientific information, conduct joint research, and encourage demonstration and deployment of sustainable energy technologies. This collaboration is designed to accelerate the deployment of indigenous, sustainable energy technologies while significantly advancing India's "Make in India" vision.

Leadership Perspective

Ashish Bhandari, MD & CEO of Thermax Limited, emphasized the importance of partnerships in India's energy transition. He stated that the collaboration combines Thermax's technology and product expertise with HPCL's complementary R&D capabilities, operational excellence, and scale. The partnership will advance solutions across green hydrogen, carbon capture, and bio-based fuels, accelerating the journey from innovation to on-ground implementation.

Company Profiles

Thermax Limited Infrastructure

Thermax Limited operates as a leading conglomerate in the energy and environment space, serving as a trusted partner in energy transition. The company's extensive portfolio includes:

• Clean air solutions
• Clean energy technologies
• Clean water systems
• Chemical solutions

The company operates 16 manufacturing facilities across India, Europe, and Southeast Asia, supported by 45+ Indian and international subsidiaries.

HPCL's Operational Network

HPCL maintains a comprehensive infrastructure network across India, including:

The company operates two oil refineries on India's East and West Coasts and holds stakes in HMEL and MRPL joint venture refineries, with a greenfield Joint Venture refinery under construction in Rajasthan.

Strategic Impact

This partnership aligns with India's energy transition and climate objectives, focusing on the development and deployment of sustainable energy technologies. The collaboration leverages both companies' strengths to create solutions that support India's growing energy needs while promoting environmental sustainability and indigenous technology development.