Thermax Limited Sets Q2 FY27 Results Call for November 6

Thermax Limited is scheduled to report its Q2 FY27 results on November 5, 2026, followed by an analyst and investor call on November 6, with its Q1 FY27 order balance of ₹14,045 crore providing the key operating context ahead of the update.

When will Thermax report Q2 FY27 results?

Thermax will report its financial results for the quarter ended September 30, 2026, on November 5, 2026. The company has indicated that the results will be reported at 12:08 p.m. Indian Standard Time. This reporting date corresponds to Q2 FY27, following the July-September quarter.

The result announcement is significant because it will provide the first reported update after Thermax's Q1 FY27 performance and revised investor presentation filed in July. The company operates in the Capital Goods - Electrical Equipment sector and has businesses linked to energy, environment and industrial infrastructure solutions.

The available disclosures do not contain Q2 FY27 revenue, profitability, order booking or margin figures. As a result, the November 5 release will be the first source for confirmed quarterly financial performance for the period. Investors will also be able to compare the outcome with the Q1 FY27 figures and the prior-year quarterly information disclosed by the company.

What will Thermax discuss on November 6?

Thermax will hold an analyst and investor conference call on November 6, 2026, at 11:00 a.m. Indian Standard Time to discuss the Q2 FY27 financial results. The call relates to the quarter ended September 30, 2026, and is intended to enable analysts and investors to engage with management after the earnings release.

Managing Director and Chief Executive Officer Ashish Bhandari and Group Chief Financial Officer Rajendran Arunachalam are named as participants in the discussion. Their participation gives stakeholders an opportunity to hear management's explanation of the reported quarterly numbers, operating conditions and matters raised in the results presentation.

The company announced the call on November 2. It follows the standard listed-company practice of conducting an earnings discussion after the quarterly result disclosure. No guidance, new target or Q2 financial metric has been disclosed in the call announcement itself.

What did Thermax report in Q1 FY27?

Thermax reported Q1 FY27 revenue of ₹2,303 crore, compared with ₹2,158 crore in Q1 FY26. The company also reported order booking of ₹2,809 crore, up from ₹2,749 crore a year earlier, while order balance rose to ₹14,045 crore from ₹11,376 crore.

Profitability was materially affected during the quarter. Profit before exceptional items and tax stood at ₹42 crore, or 1.8% of revenue, compared with ₹211 crore and a 9.8% margin in Q1 FY26. Thermax said the lower profit was predominantly due to a ₹91 crore cost overrun recognised on one project in its Industrial Infra segment.

The company said higher order booking and order balance were primarily driven by improved performance in TBWES, Industrial Products and Green Solutions. These operating details form the immediate base for assessing the Q2 result, particularly whether the company provides further information on project execution and the factors affecting profitability.

How does the order book shape the context for Q2 FY27?

Thermax's Q1 FY27 order balance of ₹14,045 crore was 23% higher than the ₹11,376 crore reported in Q1 FY26. An order balance represents work contracted but not yet executed, making it an important measure of the company's available business pipeline rather than recognised revenue.

The prior Q4 FY26 earnings discussion had also referred to an order book approximately 27% higher than the prior period closing. Management had said this provided a base for improved revenue performance, while highlighting confidence in margins from order flow and operating leverage. Those comments provide context, but the Q2 results and conference call will determine whether management gives an updated view.

Order inflows are particularly relevant for capital-goods companies because project execution can extend across multiple quarters. For Thermax, changes in booking, order balance and conversion into revenue can help explain the pace of operations across TBWES, Industrial Products, Green Solutions and Industrial Infra.

What financial figures should investors track in the Q2 release?

Investors should track Thermax's revenue, order booking, order balance and profitability measures when the Q2 FY27 results are released. These data points will show whether the company maintained activity levels after Q1, when revenue grew 7% year on year but PBT before exceptional items and tax declined to ₹42 crore.

The effect of the ₹91 crore Industrial Infra project cost overrun will also remain relevant. Thermax attributed the Q1 profit decline predominantly to this item, so disclosures on project execution, costs and segment performance may help investors understand the quarterly margin movement. The company has not provided any Q2 assessment on these matters before the scheduled result date.

Capital expenditure is another contextual item. During its Q4 FY26 earnings call, Thermax said regular FY27 capital expenditure was planned at about ₹100 crore to ₹150 crore, alongside additional spending for expansion in boiler and cooling facilities. The Q2 update may provide information on progress, but no confirmed spending update has been included in the available announcements.

Conclusion

Thermax's November 5 result announcement and November 6 management call will provide the next confirmed view of its operating and financial performance. The immediate comparison point is Q1 FY27, when order booking reached ₹2,809 crore and order balance stood at ₹14,045 crore, while profitability was affected by a ₹91 crore project cost overrun.

The main scheduled event to watch is the November 6 conference call with Ashish Bhandari and Rajendran Arunachalam. Investors will look for the reported Q2 figures, details on the Industrial Infra project, order-flow trends and any update on the FY27 capacity-expansion capital expenditure plan.