The company reported a consolidated operating revenue of Rs 2,474 crore, a 5% decline from Rs 2,616 crore in the same period last year. Consolidated profit after tax (PAT) stood at Rs 119 crore, down 40% year-on-year from Rs 198 crore, while profit before tax (PBT) came in at Rs 174 crore, a 35% decrease from Rs 266 crore in Q2 FY25.
The corresponding quarter of the previous fiscal had benefited from a one-time income of Rs 66 crore under the Packaged Incentive Scheme (PSI), 2007, from the Government of Maharashtra, which had positively impacted both revenue and profit.
The decline in profitability this quarter was largely attributed to project cost overruns in the Industrial Infrastructure segment, including additional cost provisions of Rs 42 crore, primarily for one project.
As of September 30, 2025, Thermax’s order backlog stood at Rs 12,300 crore, reflecting a 6% increase over Rs 11,593 crore a year ago. Order bookings for the quarter also rose 6% to Rs 3,551 crore, compared with Rs 3,353 crore in the same quarter last year.
Additionally, the company’s subsidiary TOESL has adopted a rolling 12-month forecast model for its order book, replacing the earlier practice of reporting only the first year’s revenue for contracts that typically extend over a decade. This change added Rs 197 crore (6%) to the reported order book, with no impact on contracts, revenue recognition, or financial results.“Order booking is higher due to improved order booking in the Industrial Products segment. The Industrial Infra segment has lower order booking in the current year due to large order bookings in the last year,” the company said in its investor presentation.Thermax shares are down nearly 40% in the last 1 year and have corrected almost 20% on a year-to-date basis.
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