Its profit after tax (PAT) of ₹25.24 crore was 83.28% below Street expectations of ₹151 crore. It was also 83.44% below the previous year’s 152.4 crore.
Its revenue from operations came in at ₹2,303 crore, down 5.34% from the CNBC-TV18 poll of ₹2,433 crore. It was 6.77% more than last year’s ₹2,157 crore.
The company’s earnings before interest taxes depreciation and amortization (EBITDA) was at ₹69.5 crore, which was 68.26% below Street estimates of ₹219 crore and 69.08% from the previous year’s ₹224.8 crore.
Its EBITDA margin contracted sharply to 3.02% from 10.42% in the year-ago period and was below Street estimates of 9%.
The company’s order inflow increased 2% to ₹2,809 crore from ₹2,748 crore last year. Its total order book as on June 30 was up 23% at ₹14,045 crore.
Guidance
The Thermax management told CNBC-TV18 at a press conference that the company took a one-time hit of ₹91 crore in the first quarter to cost overrun on a particular project. Its deliveries fell short of target due to disruption from the Gulf war.Thermax’s second quarter will be better than the first and the company’s margins will recover to earlier levels by the second half of this fiscal, the management stated at the conference.According to the company, its clients were unable to pick up manufactured equipment, resulting in revenue worth ₹300 crore not being recognized in the first quarter.
The second quarter may see some impact from higher commodity costs. However, new orders are now priced in to reflect the higher input costs, the company said.
Thermax has more “sell” recommendations than the analysts who have a “buy” rating on the stock. Five out of the 22 analysts have a “buy” rating, nine say “hold”, while eight have a “sell” rating on the stock.
Thermax shares were down 13.5% at ₹3,692 apiece in early trade on Friday. The stock has declined 24.6% in the past month but is up 37% this year, so far.
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First Published: Jul 31, 2026 9:17 AM IST
