Financial Performance Overview
Thermax Limited reported strong financial results for FY26 with standalone net profit growing 13% to ₹648.91 crore and revenue increasing 4.4% to ₹6,518.26 crore. On a consolidated basis, the company achieved revenue of ₹10,694.15 crore and net profit attributable to owners of ₹720.50 crore. The company demonstrated robust operational performance with order booking of ₹13,871 crore (34.2% growth) and order backlog of ₹13,604 crore (27.2% growth). International revenue grew significantly by 33.4% to ₹3,084 crore.
Dividend Declaration and Corporate Actions
The Board recommended a final dividend of ₹14 per share plus a special dividend of ₹6 per share to commemorate the company's 60th anniversary, aggregating to ₹20 per equity share (1000% on face value of ₹2). The record date for dividend is July 3, 2026, with payment scheduled for August 4, 2026, subject to shareholder approval at the 45th Annual General Meeting scheduled for July 30, 2026.
Strategic Acquisitions and Expansion
Thermax completed several strategic acquisitions during FY26, including acquiring 51% stake in TSA Process Equipments Private Limited (water treatment solutions) for ₹71.14 crore and 100% stake in Buildtech Products India Private Limited (infrastructure chemicals) for ₹77.20 crore. The company also increased its stake in Thermax Bioenergy Solutions to 100% and formed a new joint venture, Fortmax Chemicals India Private Limited, for specialty chemicals manufacturing. Capital expenditure included significant additions to property, plant and equipment of ₹371.54 crore.
Corporate Governance and ESG Performance
The company maintained strong corporate governance standards with a board comprising 9 directors (including 2 women directors) and 6 independent directors. Board committees met regularly with 100% attendance across most committees. Thermax demonstrated impressive ESG performance with 50% renewable energy consumption, 35% reduction in carbon emissions since FY2019 baseline, and five manufacturing units achieving water neutrality. The company spent ₹9.55 crore on CSR activities (2% of average net profit).
Compliance and Regulatory Adherence
Thermax confirmed full compliance with SEBI LODR Regulations, Companies Act 2013, and other statutory requirements. The auditors issued an unmodified opinion on both standalone and consolidated financial statements, though they highlighted impairment assessment of investments in subsidiaries as a key audit matter requiring significant management judgment. The company maintained adequate internal financial controls operating effectively as of March 31, 2026.
Segment Performance and Future Outlook
The company operates across four reportable segments: Industrial Products (₹4,900.51 crore revenue), Industrial Infra (₹4,286.40 crore revenue), Green Solutions (₹714.38 crore revenue), and Chemicals (₹741.26 crore revenue). With a strong order backlog and continued focus on sustainability solutions, Thermax is well-positioned for future growth in the energy and environment sectors.