Thermax · NSE: THERMAX · BSE: 500411

Q2 FY26 results · Jul–Sep 2025

Thermax reported revenue from operations of ₹2,473.90 crore (down 5.3% from Q2 FY25) and net profit of ₹119.40 crore (down 39.7% from Q2 FY25) for Q2 FY26 (Jul–Sep 2025), on a consolidated basis.

Consolidated · ₹ crore
Item	Q2 FY26	Q2 FY25	YoY	Q1 FY26	QoQ
Revenue from operations	2,473.90	2,611.59	−5.3%	2,150.18	+15.1%
Other income	85.41	59.77	+42.9%	65.63	+30.1%
Total income	2,559.31	2,671.36	−4.2%	2,215.81	+15.5%
Profit before share of associates & JVs and tax	173.80	266.28	−34.7%	211.65	−17.9%
Share of profit/(loss) of associates & JVs	(0.13)	(0.03)		(0.18)
Net profit for the period	119.40	198.00	−39.7%	151.45	−21.2%
Attributable to shareholders of the company	119.66	197.03	−39.3%	152.38	−21.5%
EPS, basic (₹)	10.62	17.49	−39.3%	13.53	−21.5%
Net margin (%)	4.8	7.6		7.0

This company reports a share of profit/(loss) from associates and joint ventures. BSE’s filing format records that share after tax, so it is shown on its own line. The company’s own statement may add it before its “profit before tax” line.

Standalone · ₹ crore
Item	Q2 FY26	Q2 FY25	YoY	Q1 FY26	QoQ
Revenue from operations	1,504.60	1,518.76	−0.9%	1,182.66	+27.2%
Other income	178.05	37.48	+375.1%	34.85	+410.9%
Total income	1,682.65	1,556.24	+8.1%	1,217.51	+38.2%
Profit before tax	253.41	135.87	+86.5%	61.92	+309.3%
Net profit for the period	225.92	107.93	+109.3%	46.47	+386.2%
EPS, basic (₹)	18.96	9.06	+109.3%	3.90	+386.2%
Net margin (%)	15.0	7.1		3.9

Consolidated

Filed with BSE: 11 Nov 2025, 17:44 IST
Board meeting: 11 Nov 2025
Period: 01 Jul 2025 to 30 Sep 2025
Review status: Unaudited
Source: XBRL filing on BSE

Standalone

Filed with BSE: 11 Nov 2025, 17:44 IST
Board meeting: 11 Nov 2025
Period: 01 Jul 2025 to 30 Sep 2025
Review status: Unaudited
Source: XBRL filing on BSE