Thermax Limited , a leading provider of energy and environment solutions, has reported mixed results for the second quarter. While the company's order booking showed growth, its revenue and profitability faced challenges.

Financial Performance

For Q2, Thermax reported:

• Consolidated operating revenue of Rs 2,474 crore, down 5% year-over-year
• Consolidated profit after tax (PAT) of Rs 119 crore, a 40% decrease
• Profit before tax (PBT) of Rs 174 crore, down 35%

The company's profitability was impacted by lower margins in the Industrial Infra segment due to cost overruns, while the Chemicals segment faced pressure from higher fixed costs and input cost increases.

Order Book Growth

Despite the profit decline, Thermax's order book showed positive momentum:

• Order booking for the quarter: Rs 3,551 crore, a 6% increase year-over-year
• Order balance as of September 30: Rs 12,300 crore, up 6% year-over-year

Segment Performance

The company's performance varied across its business segments:

The exceptional growth in the Green Solutions segment was partly due to a change in reporting methodology by subsidiary TOESL.

Notable Project Wins

Thermax highlighted several project wins, including:

• Data center cooling solutions
• Biomass boilers
• Renewable energy projects

Outlook

While Thermax faces near-term challenges in project execution and profitability, the growth in its order book suggests potential for future revenue expansion. The company's diverse portfolio across clean air, clean energy, clean water, and chemical solutions positions it well to capitalize on the ongoing energy transition.

Investors and stakeholders will be watching closely to see how Thermax addresses its project execution challenges, manages cost pressures, and capitalizes on its growing order book in the coming quarters.

Thermax Limited has announced a significant change in its corporate structure, as First Energy 11 Private Limited (FE11PL) is no longer a wholly owned step-down subsidiary of the company. This development comes after FE11PL allotted 3,45,87,000 equity shares to Garden Silk Mills Private Limited, which is identified as a Captive User under the Electricity Act, 2003.

Corporate Structure Change

The change in ownership status of FE11PL was confirmed through an official intimation from Thermax Limited to the stock exchanges on October 28, 2025. This announcement follows previous intimations made by the company in July 2025, indicating that this corporate action was part of a planned process.

Details of the Transaction

Implications and Context

While the specific reasons for this share allotment have not been detailed in the announcement, it's worth noting that such changes in subsidiary ownership can be part of strategic business decisions. The involvement of a Captive User, as defined under the Electricity Act, 2003, suggests that this move may be related to energy supply arrangements or partnerships in the power sector.

Upcoming Financial Results

In a separate but related update, Thermax Limited has also announced that its Board of Directors is scheduled to meet on Tuesday, November 11, 2025. The meeting agenda includes the consideration and approval of the un-audited financial results for the quarter and half-year ended September 30, 2025, along with related segment-wise financial results.

Investors and stakeholders should note that the trading window for Thermax Limited shares, which is currently closed, will reopen 48 hours after the declaration of these financial results.

As these developments unfold, market participants will likely be keen to understand the strategic implications of the change in FE11PL's ownership structure and its potential impact on Thermax Limited's operations and financial performance in the coming quarters.