Summary of Key Information:

Reporting Period (Quarter/Year): Quarter and Half Year ended September 30, 2026 (Q2 FY27)

Nature of Filing / Announcement: Regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015 - Outcome of Board Meeting

Date of Board Meeting / Approval: November 5, 2026 (Meeting: 11:30 a.m. IST to 04:50 p.m. IST)

Audit Opinion: Unqualified (Limited Review Report - Nothing came to attention to believe financial results contain material misstatement)

Auditor’s Comment: Statutory Auditors, Price Waterhouse Chartered Accountants LLP, issued a limited review report stating the financial results are prepared in accordance with Ind AS 34 and SEBI LODR requirements.

Key Financial Highlights [₹ in Crore]

Consolidated Results:

Revenue from Operations:

  • Q2 FY27: ₹2,755.87 (Unaudited)
  • Q1 FY27: ₹2,302.73 (Unaudited)
  • Q2 FY26: ₹2,473.90 (Unaudited) [11% YoY Growth]
  • H1 FY27: ₹5,058.60 (Unaudited)
  • H1 FY26: ₹4,631.43 (Unaudited)
  • FY26: ₹10,694.15 (Audited)

Total Income:

  • Q2 FY27: ₹2,837.66
  • Q1 FY27: ₹2,370.92
  • Q2 FY26: ₹2,559.31

Net Profit:

  • Q2 FY27: ₹113.11 (Net profit for the period before non-controlling interests)
  • Q1 FY27: ₹21.79
  • Q2 FY26: ₹119.40
  • Attributable to equity shareholders: Q2 FY27: ₹114.54; Q2 FY26: ₹119.66

EPS (₹, not annualized):

  • Basic: Q2 FY27: 10.17; Q2 FY26: 10.62
  • Diluted: Q2 FY27: 10.16; Q2 FY26: 10.62

Other Equity:

  • As of September 30, 2026: ₹5,461.86 crore (Unaudited)
  • As of March 31, 2026: ₹5,527.44 crore (Audited)

Standalone Results:

Revenue from Operations:

  • Q2 FY27: ₹1,711.63 (Unaudited)
  • Q1 FY27: ₹1,302.95 (Unaudited)
  • Q2 FY26: ₹1,510.30 (Unaudited) [13% YoY Growth]
  • H1 FY27: ₹3,014.58 (Unaudited)
  • H1 FY26: ₹2,705.51 (Unaudited)
  • FY26: ₹6,541.87 (Audited)

Total Income:

  • Q2 FY27: ₹1,937.96
  • Q1 FY27: ₹1,338.22
  • Q2 FY26: ₹1,688.61

Net Profit/(Loss):

  • Q2 FY27: ₹262.50 profit
  • Q1 FY27: ₹(18.10) loss
  • Q2 FY26: ₹225.92 profit

EPS (₹, not annualized):

  • Basic: Q2 FY27: 22.03; Q2 FY26: 18.96
  • Diluted: Q2 FY27: 22.03; Q2 FY26: 18.96

Other Equity:

  • As of September 30, 2026: ₹4,415.84 crore (Unaudited)
  • As of March 31, 2026: ₹4,402.76 crore (Audited)

Segment-wise Performance [₹ in Crore]:

Segment Revenue (Consolidated):

  • Industrial Products: Q2 FY27: ₹1,303.65; Q2 FY26: ₹1,181.44
  • Industrial Infra: Q2 FY27: ₹1,006.23; Q2 FY26: ₹885.92
  • Green Solutions: Q2 FY27: ₹287.98; Q2 FY26: ₹261.79
  • Chemicals: Q2 FY27: ₹225.53; Q2 FY26: ₹191.03

Segment Results (PBT before exceptional items & interest):

  • Industrial Products: Q2 FY27: ₹79.42; Q2 FY26: ₹116.04 [Driving profit, though lower YoY]
  • Industrial Infra: Q2 FY27: ₹55.99 profit; Q2 FY26: ₹(0.79) loss [Significant improvement]
  • Green Solutions: Q2 FY27: ₹(25.02) loss; Q2 FY26: ₹(1.18) loss [Margin pressure]
  • Chemicals: Q2 FY27: ₹14.66; Q2 FY26: ₹18.73

Corporate Actions:

Dividend: Not specified for the current quarter.

M&A / Stake Purchase:

  • Acquisition of remaining 49% equity shares of TSA Process Equipments Private Limited for ₹42 crore, making it a wholly-owned subsidiary.
  • Acquired an additional 35.83% stake in Exactspace Technologies Private Limited for ₹30.48 crore on April 9, 2026, increasing total holding to 51% and making it a subsidiary. Recognized a redemption liability of ₹33.74 crore for the remaining 49% shares.
  • Fair value of net assets acquired in Exactspace: ₹42.67 crore; Goodwill recognized: ₹27.59 crore.
  • Composite Scheme of Arrangement approved on July 30, 2026 (subject to NCLT approval):
  • Demerger of Bio-CNG EPC business of Thermax Bioenergy Solutions Private Limited (TBSPL) into Thermax Limited.
  • Merger of Thermax Cooling Solutions Limited into Thermax Limited.
  • Appointed Date: April 1, 2026.

Other Significant Information:

Order Book:

  • Consolidated order balance as of September 30, 2026: ₹14,250 crore (16% YoY increase from ₹12,300 crore).
  • Consolidated order booking for Q2 FY27: ₹3,259 crore (8% YoY decrease from ₹3,551 crore).
  • Standalone order balance as of September 30, 2026: ₹7,141 crore (2% YoY increase from ₹6,981 crore).
  • Standalone order booking for Q2 FY27: ₹2,405 crore (21% YoY increase from ₹1,991 crore).

Product Launch: Launched Thermax-i series of intelligent boilers and heaters, including UltraPac-i biomass-fired boiler, demonstrating potential fuel savings of up to 10%.

Exceptional Items (FY26):

  • Consolidated: Net gain of ₹61.21 crore (Reversal of litigation provision ₹50.63 cr + Interest ₹31.62 cr - Labour Codes impact ₹21.04 cr).
  • Standalone: Net gain of ₹87.84 crore (Reversal of litigation provision ₹50.63 cr + Interest ₹31.62 cr + Impairment reversal ₹50.06 cr - Impairment charge ₹30.00 cr - Labour Codes impact ₹14.47 cr).

Impairment: Q2 FY27 consolidated profitability was affected by a ₹15 crore impairment provision in a hybrid renewable energy project (Green Solutions segment).