Thermax Q2 Revenue Rises 11% to ₹2,756 Crore

Commissioned 8 Mn kcal/hr biomass-fired thermic fluid heater for food processing player
Installed first-of-its-kind high-temperature electric heat pump for textile industry supplying hot water at up to 100°C
Secured green hydrogen purification order for 96 MW project, largest in India
Installed ETP for effluent treatment at petrochemical plant in Haldia, West Bengal
TBWES commissioned 2 x 65 TPH IR-CFB boilers for chemical manufacturer's captive power facility
Secured order for over 300 TPH IR-CFB boiler for steel manufacturer's captive power plant
Secured order for 2 x 155 TPH CFBC boilers with balance of plant from cement manufacturer in Nigeria
Balance-of-plant package for 1 × 18 MVA Submerged Arc Furnace in Bhutan
Successfully completed PGTR achieving 21+ TPD CBG production against guaranteed 20 TPD using six feedstocks
TOESL received 'Best Boiler User Award 2026' in textile category
Secured 14 TPH biomass boiler order from pharma major in Nanjangud, Karnataka with estimated CO₂ reduction of ~26,000 MT annually
Achieved partial commissioning of 9.9 MW wind and 7.2 MW solar capacity at FEPL Gujarat project
Obtained approvals for Adani's 4,050 MW project in Andhra Pradesh, Saundatti's 2.66 GW IRESP in Karnataka, and Bhivpuri's 1,000 MW PSP in Maharashtra
Pursuing ~₹60 crore in petrochemical and refinery tenders
Developed calcium carbonate slurry polydispersant for coatings and coagulants for COD/BOD reduction
Secured resin orders across USA, Europe, SEA and Far East

Industrial Products Segment:

Q2 FY27 Sales: ₹1,303 crore (Q2 FY26: ₹1,181 crore)
Q2 FY27 PBIT: ₹78 crore at 6.0% margin (Q2 FY26: ₹116 crore at 9.8% margin)
YTD Sales: ₹2,362 crore (YTD Previous: ₹2,132 crore)
YTD PBIT: ₹144 crore at 6.1% margin (YTD Previous: ₹195 crore at 9.2% margin)
Performance lower due to product mix and higher input cost

Industrial Infra Segment:

Q2 FY27 Sales: ₹1,006 crore (Q2 FY26: ₹886 crore)
Q2 FY27 PBIT: ₹56 crore at 5.6% margin (Q2 FY26: ₹(1) crore at -0.1% margin)
YTD Sales: ₹1,818 crore (YTD Previous: ₹1,705 crore)
YTD PBIT: ₹(12) crore at -0.6% margin (YTD Previous: ₹89 crore at 5.2% margin)
Profitability improved due to higher revenue and additional PSI income

Chemicals Segment:

Green Solutions Segment:

Q2 FY27 Sales: ₹288 crore (Q2 FY26: ₹262 crore)
Q2 FY27 PBT: ₹(25) crore at -8.7% margin (Q2 FY26: ₹(1) crore at -0.5% margin)
YTD Sales: ₹535 crore (YTD Previous: ₹518 crore)
YTD PBT: ₹(45) crore at -8.4% margin (YTD Previous: ₹(13) crore at -2.6% margin)
Margins impacted due to ₹15 crore impairment provision in hybrid renewable energy project

Q2 FY27 Performance:

Revenue: ₹2,756 crore (Q2 FY26: ₹2,474 crore)
PBT Before Exceptional Items: ₹169 crore at 6.1% margin (Q2 FY26: ₹174 crore at 7.0% margin)
Profit Before Tax (PBT): ₹169 crore at 6.1% margin (Q2 FY26: ₹174 crore at 7.0% margin)
Profit After Tax (PAT): ₹113 crore at 4.1% margin (Q2 FY26: ₹119 crore at 4.8% margin)

Order Metrics:

Q2 FY27 Order Booking: ₹3,259 crore (Q2 FY26: ₹3,551 crore)
Order Balance: ₹14,250 crore (Q2 FY26: ₹12,300 crore)
Order booking decline in Industrial Products due to deferment of major orders to Q3
Order booking and backlog increase in Industrial Infra due to 2 major orders for captive power plant
Green Solutions order booking methodology changed to rolling 12-month forecast model, increasing reported order book by ₹197 crore

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Launched Thermax-i series of intelligent boilers and heaters with first product UltraPac-i biomass-fired boiler demonstrating up to 10% fuel savings
Introduced REDD digital mascot as part of 'One in Red' initiative
Showcased solutions across clean water, clean air, clean energy and digital technologies at WETEX 2026 in Dubai
Advanced desalination, water recovery and wastewater treatment technologies presented

Higher fuel prices and freight charges amid Middle East crisis increased input costs
Shipping disruptions extended transit times
Steel prices rose sharply impacting tubes and pipes
Aluminium and nickel softened while copper increased before stabilizing
USD/INR rate range: ₹95.65 – ₹95.87
India Manufacturing PMI at 55.1 in September 2026, staying above expansion mark
Data centre investments accelerating driven by AI and cloud adoption
West Asia conflict and elevated input costs remain key risks
Commodity prices, particularly steel, remained elevated without expected seasonal moderation

Metals & mining and cement contribute 49% of order book
Chemicals and F&B adding further diversification
Raw material price volatility and supply chain challenges continued amid Middle East geopolitical tensions
Pursuing ~₹60 crore in petrochemical and refinery tenders
Q2 CSG price realisation at ~13%
Improved utilisation at all three resin facilities despite freight-driven export pricing pressures