Thermax Q4 FY26 PAT up 18%: ₹20 dividend, ₹13,604cr book

Results for the quarter and year ended March 31, 2026

Thermax reported robust financial performance for the quarter and year ended March 31, 2026, led by higher operating revenue and profit after tax. The group said consolidated annual profit after tax (PAT) rose 15% year-on-year, while the final quarter PAT increased 18%. Alongside the results, the company marked its 60th anniversary by recommending a higher total dividend for shareholders. Thermax also announced key leadership appointments aimed at strengthening its senior management team.

Q4 FY26 numbers: revenue up 13% YoY

In the fourth quarter of FY 2025-26, Thermax posted consolidated operating revenue of ₹3,428 crore, reflecting 13% year-on-year growth. The quarterly PAT stood at ₹244 crore, up 18% versus the same period last year. The update points to strong execution during the quarter, with growth in both the top line and bottom line. The company positioned the quarter as a continuation of steady demand and project activity.

Full-year FY26 performance: PAT rises 15% to ₹720 crore

For FY 2025-26, Thermax reported consolidated operating revenue of ₹10,694 crore. Full-year consolidated PAT came in at ₹720 crore, representing 15% year-on-year growth. The company’s annual performance was supported by a healthy flow of orders and the scale of its closing backlog. The combination of revenue growth and higher profit indicates improved earnings compared with the previous year’s base.

Order book strength: closing balance at ₹13,604 crore

Thermax ended FY26 with a total order balance of ₹13,604 crore as of March 31, 2026. The company said this closing order book was 27% higher than the previous year. Management flagged the order book as healthy, which matters for near-term revenue visibility for an engineering and project-led business. A larger backlog typically reflects both demand conditions and the conversion of bids into confirmed contracts.

Key contract win: ₹1,600 crore boiler package order

A major contributor to order momentum was a large boiler package supply contract secured by Thermax Babcock & Wilcox Energy Solutions Limited (TBWES). The contract is valued at approximately ₹1,600 crore and is for a 1×800 MW ultra-supercritical thermal power plant in Central India. The disclosure ties the order book expansion to a specific large-ticket award. For investors, this contract provides a clear data point on the scale of recent wins.

Dividend announcement: ₹20 per share for the 60th anniversary

To mark its 60th anniversary, the Board recommended a total dividend of ₹20 per equity share (1000%). This comprises a final dividend of ₹14 per share and a special anniversary dividend of ₹6 per share. The record date for the dividend is Friday, July 3, 2026, and the payout is subject to shareholder approval at the upcoming 45th Annual General Meeting. The split between final and special dividend clarifies how the aggregate distribution has been structured.

Leadership appointments: focus on strengthening senior management

Thermax said it announced key leadership appointments to strengthen its senior management team. The company did not provide names or roles in the provided information, but linked the move to organisational depth at the top. Such changes are typically watched by markets for indications on execution priorities and continuity of strategy. Any further details are expected to be clarified through formal company communication.

How FY26 compares with FY25 disclosures in the same dataset

The dataset also contains FY25 financial and dividend disclosures, which provide context for the FY26 growth figures. In Q4 FY25, Thermax reported revenue from operations of ₹3,084.93 crore and consolidated net profit of ₹205.90 crore. For the year ended March 2025, sales were ₹10,388.69 crore and net profit was ₹634.47 crore. The FY25 order book as of March 31, 2025, was reported at ₹10,693 crore.

The FY25 notes also highlighted cost pressure: higher technology intervention costs of ₹66 crore were recognised in Bio-CNG projects under the industrial infrastructure segment. In FY25, the Board recommended a dividend of ₹14 per share, with a record date of July 4, 2025. The contrast between FY25’s dividend and FY26’s anniversary-linked total dividend helps explain the step-up in shareholder payout announced for FY26.

Key figures at a glance

Market impact and what investors typically track next

For Thermax, the combination of double-digit quarterly revenue growth, higher PAT, and a larger order book sets the key operating narrative for FY26. The disclosed ₹1,600 crore order provides visibility into the scale of recent intake, while the closing backlog of ₹13,604 crore is a headline indicator of pipeline strength. On shareholder returns, the ₹20 per share dividend recommendation will remain in focus until the 45th AGM vote and the July 3, 2026 record date.

Conclusion

Thermax closed FY26 with Q4 operating revenue of ₹3,428 crore and PAT of ₹244 crore, while full-year operating revenue stood at ₹10,694 crore and PAT at ₹720 crore. The order book closed at ₹13,604 crore, supported by a ~₹1,600 crore TBWES boiler package contract. The Board’s recommended dividend of ₹20 per share, with a July 3, 2026 record date, will be a key upcoming milestone subject to AGM approval.