Thermax Limited

Revenue from operations grew 4.19% to Rs 2,634.68 crore in the quarter ended 31 December 2025. The company reported a profit before exceptional items and tax of Rs 229.92 crore in Q3 FY26, up 47.12% from Rs 156.27 crore in the same quarter last year. During the quarter, an exceptional item of Rs 58.75 crore was recorded. On the segmental front, revenue from industrial products stood at Rs 1,580 crore (up 14% YoY), revenue from industrial infrastructure was Rs 1,120 crore (up 68% YoY), revenue from green solutions rose to Rs 173 crore (up 268% YoY) and revenue from the chemical segment stood at Rs 207 crore (up 8% YoY) during the quarter. As of 31 December 2025, the order book stood at Rs 12,641 crore, reflecting an 11.05% increase from Rs 11,383 crore in the corresponding quarter of the previous year. Order booking for the quarter was Rs 3,080 crore, representing a 34.14% decline compared with Rs 2,296 crore in the same quarter of the previous fiscal year. On a nine-month basis, the company reported an 11.07% rise in consolidated net profit to Rs 476.22 crore in 9M FY26, compared with Rs 428.74 crore in 9M FY25. Revenue from operations declined 0.77% YoY to Rs 7,266.11 crore in 9M FY26. Meanwhile, the company's board has approved the incorporation of a wholly owned step-down subsidiary in Dubai through Thermax Engineering Singapore Pte Ltd, a wholly owned subsidiary of the company. Thermax, a leading energy and environment solutions provider, is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, Europe and Southeast Asia. Powered by Capital Market - Live

Thermax and Hindustan Petroleum Corporation have signed a Memorandum of Understanding (MoU) entering into a strategic collaboration with an aim to exchange scientific information, carry out joint research, and encourage demonstration & deployment in the field of HP AEM electrolysers, CO2 capture solutions, bio-pyrolysis oil processing and other emerging new energy areas. This collaboration will accelerate the deployment of indigenous, sustainable energy technologies and significantly advance the 'Make in India' vision aligned with India's energy transition and climate objectives. Commenting on the partnership, Ashish Bhandari, MD & CEO, Thermax said, India's energy transition will be driven by strong partnerships, and this collaboration between Thermax and HPCL reflects that belief. Combining Thermax's technology and product expertise with HPCL's complementary R&D, operational excellence and scale, the partnership will advance solutions across green hydrogen, carbon capture and bio-based fuels-accelerating the journey from innovation to on-ground implementation. Powered by Capital Market - Live

Thermax Babcock and Wilcox Energy Solutions (TBWES), a wholly owned subsidiary of Thermax, has incorporated a Company with the name Thermax Energy Solutions Company and the Certificate of Incorporation for Thermax Energy Solutions Company has been issued by the Ministry of Commerce, Saudi Arabia on 28 January 2026. Accordingly, Thermax Energy Solutions Company has become a wholly owned subsidiary of TBWES and a wholly owned step-down subsidiary of the Company. Powered by Capital Market - Live

Crisil Ratings said that the ratings continue to reflect the healthy position of Thermax in the energy, chemicals and environment space, diversified product portfolio and geographical presence (which lends stability to its revenue streams), and robust financial risk profile. These strengths are partially offset by exposure to cyclicality in end-user industries and modest operating profitability owing to intense competition. The rating agency further said that healthy double-digit growth in revenue and an improvement in operating profitability to over 12% on a sustained basis; increased diversity of revenue in terms of products, customers, and segments; and the sustenance of a strong financial risk profile, with a total outside liabilities to tangible networth (TOLTNW) ratio of less than 1 time and superior liquidity, could lead to a positive rating action. However, a decline in market share that also impacts business performance; operating profitability falling below 6% on a sustained basis; major debt-funded capex or acquisitions leading to a significant moderation in credit metrics; and a material reduction of liquid surplus due to high dividend payouts, share buy-backs, or capital reductions could lead to a downward rating action. Thermax provides packaged and custom-made large boilers, cogeneration equipment, air pollution-control equipment, water- and waste-treatment plants and chemicals, and absorption chillers. Thermax has traditionally focused on turnkey projects for large boiler systems, water- and effluent-treatment plants, air-pollution-control systems and co-generation plants. It also pioneered the vapour-absorption cooling plants segment in India. During the first half of fiscal 2026, revenues came in at Rs.4,631 crore and profit after tax stood at Rs.271 crore. Against this, the company had recorded revenues of Rs.4,796 crore and net profits of Rs.307 crore during the corresponding year-ago period. The scrip shed 0.79% to currently trade at Rs 2921.05 on the BSE. Powered by Capital Market - Live

Thermax has received affirmation in credit ratings for bank facilities aggregating to Rs 5500 crore at CRISIL AA+; Stable / CRISIL A1+. Powered by Capital Market - Live

Thermax announced that CareEdge Ratings has assigned a credit rating of CARE A1+ for the commercial papers of the company.Powered by Capital Market - Live

Thermax will hold a meeting of the Board of Directors of the Company on 2 February 2026.Powered by Capital Market - Live

Thermax Ltd rose for a third straight session today. The stock is quoting at Rs 3053.1, up 1.01% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.1% on the day, quoting at 26156.4. The Sensex is at 85236.73, up 0.02%. Thermax Ltd has added around 4.41% in last one month. Meanwhile, Nifty Energy index of which Thermax Ltd is a constituent, has added around 0.02% in last one month and is currently quoting at 35325.65, up 0.4% on the day. The volume in the stock stood at 32513 shares today, compared to the daily average of 91479 shares in last one month.The PE of the stock is 61.93 based on TTM earnings ending September 25.Powered by Capital Market - Live

Thermax Ltd is up for a third straight session today. The stock is quoting at Rs 2912.6, up 1.24% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.05% on the day, quoting at 26186.55. The Sensex is at 85580.54, up 0.02%. Thermax Ltd has gained around 1.58% in last one month. Meanwhile, Nifty Energy index of which Thermax Ltd is a constituent, has gained around 0.48% in last one month and is currently quoting at 35025.45, up 0.66% on the day. The volume in the stock stood at 33078 shares today, compared to the daily average of 83284 shares in last one month.The PE of the stock is 59.05 based on TTM earnings ending September 25.Powered by Capital Market - Live

Ambuja Cements Ltd, Rites Ltd, Alok Industries Ltd, Jupiter Wagons Ltd are among the other stocks to see a surge in volumes on BSE today, 23 December 2025.Thermax Ltd recorded volume of 1 lakh shares by 10:46 IST on BSE, a 22.95 times surge over two-week average daily volume of 4378 shares. The stock gained 0.35% to Rs.2,887.00. Volumes stood at 4605 shares in the last session.Ambuja Cements Ltd clocked volume of 4.09 lakh shares by 10:46 IST on BSE, a 10.86 times surge over two-week average daily volume of 37671 shares. The stock gained 2.06% to Rs.551.15. Volumes stood at 36124 shares in the last session.Rites Ltd registered volume of 2.01 lakh shares by 10:46 IST on BSE, a 6.9 fold spurt over two-week average daily volume of 29128 shares. The stock rose 3.16% to Rs.240.00. Volumes stood at 68246 shares in the last session.Alok Industries Ltd witnessed volume of 18.87 lakh shares by 10:46 IST on BSE, a 6.79 times surge over two-week average daily volume of 2.78 lakh shares. The stock increased 5.66% to Rs.16.98. Volumes stood at 2.68 lakh shares in the last session.Jupiter Wagons Ltd registered volume of 50.7 lakh shares by 10:46 IST on BSE, a 6.15 fold spurt over two-week average daily volume of 8.25 lakh shares. The stock rose 9.08% to Rs.338.80. Volumes stood at 67.34 lakh shares in the last session.Powered by Capital Market - Live