Revenue for the quarter rose 12.5% year-on-year to ₹3,428 crore from ₹3,046 crore, surpassing the CNBC-TV18 poll estimate of ₹3,277 crore.
EBITDA increased 24.9% year-on-year to ₹374.3 crore from ₹299.7 crore, while the EBITDA margin improved to 10.9% from 9.8% a year ago. Both parameters were also ahead of CNBC-TV18 poll estimates of ₹322 crore and 9.8%, respectively.
The company reported an order balance of ₹13,604 crore for the quarter, up 27% from ₹10,693 crore in the corresponding quarter of the previous year. The order book during the quarter rose 112% year-on-year to ₹4,490 crore from ₹2,119 crore.
Thermax said one of its subsidiaries, TOESL, has shifted to a rolling 12-month forecast model for reporting its order book, replacing the earlier method of recognising only the first year’s revenue from long-term contracts.
As a result, the reported order book increased by ₹138 crore, or 7%, without any change in underlying contracts, revenue recognition, or financial performance.
The sharp rise in the order book was driven by a major order secured by Thermax Babcock & Wilcox Energy Solutions Limited (TBWES), a wholly-owned subsidiary of Thermax.
The company received a boiler package supply contract worth around ₹1,600 crore for a 1×800 MW ultra-supercritical thermal power plant in Central India from a thermal power project company.
The board recommended a final dividend of ₹14 per share and declared a special dividend of ₹6 per share to mark the company’s 60th anniversary milestone.
The aggregate dividend of ₹20 per equity share for FY26 is subject to shareholder approval at the company’s 45th annual general meeting. The record date for dividend payment has been fixed as July 3, 2026.
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Ahead of the results, shares of Thermax closed 3.02% higher at ₹4,200 on May 7, at NSE, gaining ₹123.10 from the previous close.
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