Financial Results Summary

Consolidated Financial Results (Q1 FY27 ended June 30, 2026)

  • Revenue from operations: Rs 2,302.73 crore (Q1 FY26: Rs 2,157.53 crore)
  • Total income: Rs 2,337.96 crore (Q1 FY26: Rs 2,192.56 crore)
  • Profit before tax: Rs 42.14 crore (Q1 FY26: Rs 211.47 crore)
  • Net profit for period: Rs 21.79 crore (Q1 FY26: Rs 151.45 crore)
  • Earnings per share: Not specified in results table

Standalone Financial Results (Q1 FY27 ended June 30, 2026)

  • Revenue from operations: Rs 1,302.95 crore (Q1 FY26: Rs 1,195.21 crore)
  • Other income: Rs 35.27 crore (includes dividend income)
  • Net loss for period: Rs (18.10) crore (Q1 FY26: profit of Rs 46.52 crore)
  • Basic EPS: Rs (1.52) (Q1 FY26: Rs 3.90)

Operational Highlights

Segment Performance (Consolidated):

  • Industrial Products: Revenue Rs 1,058.16 crore, Profit Rs 64.18 crore
  • Industrial Infra: Revenue Rs 814.15 crore, Loss Rs (70.66) crore
  • Green Solutions: Revenue Rs 244.72 crore, Loss Rs (16.85) crore
  • Chemicals: Revenue Rs 229.53 crore, Profit Rs 25.64 crore

Order Position:

  • Order booking for quarter: Rs 2,809 crore (2% increase YoY)
  • Order balance as of June 30, 2026: Rs 14,045 crore (23% increase YoY)
  • Standalone order booking: Rs 1,606 crore (8% decrease YoY)
  • Standalone order balance: Rs 6,576 crore (2% increase YoY)

Scheme of Arrangement and Amalgamation

The Board approved a Composite Scheme of Arrangement involving:

Part A: Merger of Thermax Cooling Solutions Limited (TCSL)

  • Transferor Company: Thermax Cooling Solutions Limited (CIN: U74909PN2009PLC134761)
  • Transferee Company: Thermax Limited
  • Appointed Date: April 1, 2026 or as approved by NCLT
  • Consideration: No shares issued as TCSL is wholly-owned subsidiary
  • Financial Impact: Assets and liabilities transferred at carrying values

Part B: Demerger and Merger of Thermax Bioenergy Solutions Private Limited (TBSPL)

  • Demerged Company: Thermax Bioenergy Solutions Private Limited (CIN: U40107PN2022PTC213848)
  • Business Demerged: EPC business undertaking for Bio-CNG projects
  • Turnover of Demerged Undertaking: Rs 239.35 crore (3.67% of Thermax total turnover)
  • Resulting Company: Thermax Limited
  • Consideration: No shares issued as TBSPL is wholly-owned subsidiary

Rationale for Scheme:

  • Simplify group structure and reduce administrative overheads
  • Expected improvement in key financial ratios
  • Annual cost savings for Thermax Group
  • Stronger financial stability and valuation metrics
  • No change in shareholding pattern of Thermax Limited

Regulatory Approvals Required

  • Approval of Jurisdictional National Company Law Tribunal (NCLT)
  • Other regulatory approvals as required under Companies Act, 2013

Additional Corporate Developments

Recent Acquisitions:

  • ExactSpace Technologies Private Limited: Acquired additional 35.83% stake for Rs 30.48 crore on April 9, 2026, increasing total holding to 51% (on fully diluted basis)
  • Accounting Treatment: Recognized goodwill on provisional basis, redemption liability of Rs 34.15 crore for remaining 49% acquisition after three years

Completed Mergers:

  • Buildtech Products India Private Limited: Merged with Thermax Limited effective April 1, 2025 as per NCLT order dated June 2, 2026

Legal and Regulatory Matters

Excise Duty Litigation:

  • Demand notices of Rs 1,385.47 crore for period July 2000 to June 2017
  • CESTAT ruled in favor of Thermax in 2022-23
  • Commissioner appeal dismissed by Supreme Court on May 25, 2026

High Court Litigation:

  • Favorable ruling received December 9, 2025 in customer dispute
  • Resulted in reversal of litigation provision of Rs 50.63 crore and interest receipt of Rs 31.62 crore
  • Customer has filed appeal before Division Bench

Financial Impact Assessment

Project Cost Overrun:

  • Rs 91 crore cost increase in one specific project in Industrial Infra segment
  • Identified during current quarter
  • Significantly impacted quarterly profitability

Package Scheme of Incentives:

  • Q1 FY26 included Rs 55.82 crore income under PSI from Government of Maharashtra
  • Current quarter: Rs 2.47 crore only

Auditor Review

Limited Review Report:

  • Price Waterhouse Chartered Accountants LLP conducted limited review
  • Unmodified conclusion on both standalone and consolidated financial results
  • Previous quarter reviewed by different firm

Board Meeting Details

  • Date: July 30, 2026
  • Timing: 1:30 PM to 3:40 PM
  • Attendance: Not specified

Compliance Officer

  • Name: Sangeet Kaur Hunjan
  • Designation: Company Secretary & Compliance Officer
  • Membership No: A23218