Thermax Q4 FY26: Order book hits ₹13,604 crore

Key takeaways from Q4 FY26

Thermax Limited (NSE: THERMAX) ended Q4 FY26 with a sharp pick-up in execution and a bigger order book, helped by a large power order disclosed earlier. Consolidated revenue from operations rose 12.53% year-on-year to ₹3,428.04 crore, supported by stronger job execution and revenue recognition in the quarter. Consolidated profit after tax (PAT) stood at ₹244.28 crore, up 18.74% from ₹205.73 crore in Q4 FY25. On a sequential basis, PAT rose 19.64% over ₹204.18 crore in Q3 FY26, while revenue grew 30.11% from ₹2,634.68 crore.

Management commentary: execution improved in Q4

On the earnings call dated May 8, 2026, management said the company “came good” on its plans for revenue execution and revenue recognition, and that profitability was planned for the quarter. Management also highlighted that cash balance and overall performance parameters were “fairly better off” than the prior period, referencing the investor presentation. The order book in the quarter was lifted by a supercritical job worth roughly ₹1,600 crore, which had been disclosed earlier. But management said that even excluding this job, the order book for the quarter remained “reasonably robust.”

Order book swells 27% as order booking doubles

The most tracked metric in the quarter was the jump in orders. As of March 31, 2026, the consolidated order balance stood at ₹13,604 crore compared with ₹10,693 crore a year earlier, reflecting a 27.22% increase. Order booking during Q4 FY26 jumped 111.89% to ₹4,490 crore from ₹2,119 crore in the corresponding quarter last year. The company also attributed the increase in order booking to Industrial Products inflows increasing 60% year-on-year, supported by stronger performance in Heating, Cooling and Water and Waste Solutions businesses.

The ₹1,600 crore ultra-supercritical order

Thermax said a key driver behind the surge in order booking was a major order secured by its wholly owned subsidiary, Thermax Babcock and Wilcox Energy Solutions Limited (TBWES). The company won a boiler package supply contract worth approximately ₹1,600 crore for a 1 x 800 MW ultra-supercritical thermal power plant in Central India. Management reiterated on the call that this job lifted the quarter’s order book figure, while adding that the broader order intake was also solid.

Segment pipeline: pharma, chemicals, FMCG and industrial infra

On the outlook, management described the order book pipeline as “reasonably fair” and “reasonably robust” across domestic and international markets. It pointed to a good pipeline in large projects for the Industrial Infra business, and continued focus sectors for Industrial Products such as pharma, chemicals and FMCG. Management also said the order pipeline for heating, water treatment and pollution control businesses looked “reasonably there” at the time of the call. In a separate response, management noted it was working on several opportunities including refinery-side projects, and flagged one data-centre-related opportunity where it was “reasonably confident” of a win on the energy front within Industrial Infra.

Costs and profitability: what changed in Q4

Thermax’s Q4 cost line showed mixed movement. Raw material consumed rose 7.68% year-on-year to ₹1,747.60 crore. Employee expenses increased 17.90% year-on-year to ₹391.46 crore. Interest cost rose 35.52% year-on-year to ₹42.35 crore, while depreciation increased 19.12% year-on-year to ₹54.01 crore. Profit before tax (PBT) came in at ₹334.13 crore, up 11.14% year-on-year from ₹300.64 crore and up 15.75% sequentially from ₹288.67 crore.

Management also referenced an “unexpected impact” to the bottom line linked to additional cost incurrence, describing it as related to “a capacity part” of about 250 megawatt on the ground across two to three large items. The call excerpt did not quantify the rupee impact of this item.

Full-year FY26: slower revenue growth, higher profit

For the full year ended March 31, 2026, consolidated revenue increased 3.13% to ₹10,694.15 crore from ₹10,369.26 crore in FY25. Full-year PBT rose 13.96% to ₹1,007.94 crore from ₹884.47 crore. PAT increased 13.56% to ₹720.50 crore.

Net cash generated from operating activities declined to ₹541.55 crore in FY26 from ₹1,079.79 crore in FY25, a data point investors tracked alongside the stronger order book.

Dividend: final ₹14 plus special ₹6 for 60th anniversary

Thermax’s board recommended a final dividend of ₹14 per share for FY26. To mark the company’s 60th anniversary, it also announced a special dividend of ₹6 per share. This takes the total dividend for FY26 to ₹20 per equity share (face value ₹2), subject to shareholder approval at the upcoming 45th Annual General Meeting. The record date for dividend eligibility was fixed as Friday, July 3, 2026.

Market reaction: stock hits fresh highs

Thermax’s share price moved sharply after the results, reflecting the combination of higher quarterly earnings and strong order inflows. One report said the stock surged 11.34% to ₹4,656.95. Another noted the stock rose as much as 7.82% to ₹4,509 during Friday’s session and touched a fresh 52-week high of ₹4,539. A separate market update said the share price hit a new high of ₹4,550 in intraday trade on the BSE.

Revenue visibility and execution risks highlighted on the call

Analysts asked for a revenue growth outlook for the next year, noting that FY26 consolidated revenue growth was about 3% to 4% while the order book had “filled up” significantly. Management said it could not provide a number, but added that the order balance being about 27% better than the prior year closing provides a better opportunity to post improved revenue numbers. It also cautioned that execution will need to improve, pointing to site challenges and delays seen across customer sites, including civil-related delays.

Snapshot of reported numbers

Conclusion

Thermax’s Q4 FY26 results combined faster execution with a step-up in order visibility, led by a ₹1,600 crore ultra-supercritical boiler package order and higher industrial products inflows. The company did not give a numeric growth guide, but pointed to a stronger order balance while also flagging execution challenges and customer-site delays as key variables. Investors will watch the conversion of the expanded order book into revenue, alongside any updates on the data-centre opportunity and the dividend approval process at the 45th AGM, with July 3, 2026 set as the record date.