Thermax Q4FY26: profit up 19%, stock hits 52-week high

Stock jumps after results beat estimates

Thermax shares rallied sharply on Friday after the company reported better-than-expected March quarter results. Reports showed the stock rising as much as 13% to hit a fresh 52-week high on the NSE at ₹4,736 per share. Other updates during the session also put the day’s high around ₹4,539 and ₹4,563, reflecting strong intraday momentum across venues.

The move came on the back of a consolidated profit beat and a revenue print ahead of street expectations. Investors also reacted to a stronger order pipeline and a dividend announcement that included a special payout to mark a milestone year for the company.

Price action across exchanges and time frames

Trading updates through the day showed multiple reference points for the rally. One report noted the stock jumped as much as 7.82% to ₹4,509 and then scaled a new 52-week high of ₹4,539. Another cited an intraday high of ₹4,550 on the BSE, up 9%.

Beyond the single session, the stock had gained more than 14% over the last two trading sessions, according to the data in the reports. Over a longer window, Thermax shares were up nearly 46% over the last three months, and up 38% over the past one month, while the BSE Sensex was down 0.01% over that month.

The rally also followed a sharp rebound from recent lows. The stock was reported to have bounced back 66% from a three-month low of ₹2,749 touched on February 13, 2026.

Q4FY26 profit rises to ₹244 crore

Thermax reported a consolidated net profit of ₹244 crore for the quarter ended March 2026. This was up versus the year-ago quarter, which was cited at ₹205 crore in one report and ₹205.73 crore in another.

The profit figure was higher than the CNBC-TV18 poll estimate of ₹219 crore. Another update described the year-on-year increase as 18.7% and reported the quarter’s profit at ₹244.28 crore, which is consistent with the same ₹244 crore rounding.

The company’s results were positioned as a key trigger for the outsized move in the share price during the session.

Revenue and total income also grow

Revenue from operations rose 12.5% year-on-year to ₹3,428 crore in Q4FY26. The comparable figure for the year-ago quarter was reported as ₹3,046 crore (₹3,046.40 crore in one update).

The revenue number also beat estimates. The same report that cited the CNBC-TV18 poll said the estimate was ₹3,277 crore for the quarter.

Total income was reported at ₹3,481.75 crore for the January to March period, up from ₹3,123.25 crore in the corresponding quarter of the previous year. Together, these data points indicated that growth in topline and income supported the profit performance.

EBITDA rises and margin improves

Thermax also reported stronger operating performance during the quarter. EBITDA was cited at ₹374 crore versus ₹301 crore a year ago, an increase of 24.5%.

Another report put EBITDA at ₹374.3 crore, and said the market expectation was ₹322 crore. EBITDA margin improved to 10.9% from 9.9% in the corresponding quarter last year.

These operating metrics were part of the narrative for why the quarter was described as strong by market watchers.

Orders: inflows double and order book strengthens

The order pipeline was another major highlight in the coverage. As on March 31, 2026, the company’s order balance stood at ₹13,604 crore, up 27% from ₹10,693 crore in the year-ago period.

Order inflows for the quarter surged 112% year-on-year to ₹4,490 crore, compared with ₹2,119 crore in the same quarter last fiscal. One report also pointed to a large order of around ₹1,600 crore received during the quarter for a boiler package.

A separate update said the increase in order booking was driven by industrial products inflows rising 60% year-on-year due to stronger performance in the Heating, Cooling and Water and Waste Solutions businesses.

Dividend: final payout plus special dividend

Along with the earnings, the board recommended a final dividend of ₹14 per share. In addition, the company declared a special dividend of ₹6 per share to mark its 60th anniversary.

Based on these declarations, one report described the total dividend for FY2026 as ₹20 per share. The dividend announcements added to the positive tone around the results day.

Key numbers at a glance

Business context and segment notes

Thermax operates in the energy and environment segment, with offerings spanning clean air, clean energy, clean water, and chemical solutions. Reports on the quarter said strong orders from industrial products and infrastructure supported performance.

Not all areas were described as smooth. One update noted that chemicals struggled with higher costs, and green solutions faced some project overrun costs, even as the overall quarter remained strong.

Market impact and what investors tracked

The immediate market impact was a sharp repricing of the stock on the day results were digested, reflected in intraday gains reported between about 7.82% and 13%, and new highs around the ₹4,539 to ₹4,736 levels (depending on exchange and timing). The earnings beat on profit and revenue, combined with a 112% jump in quarterly order inflows, shaped the near-term narrative.

Some coverage also flagged valuation as a discussion point. One report cited Screener data saying Thermax had ROCE of about 16% and ROE of around 13%, while noting a P/E of around 70 and a high P/B ratio.

Why the Q4 print mattered

The quarter brought together three elements that markets typically weigh heavily for an engineering and capital-goods-led business. First was growth with an earnings beat: profit at ₹244 crore versus an estimate of ₹219 crore, and revenue at ₹3,428 crore versus an estimate of ₹3,277 crore.

Second was operating improvement, with EBITDA margin rising to 10.9% from 9.9%. Third was demand visibility through orders, with the order balance at ₹13,604 crore and quarterly inflows at ₹4,490 crore, including a reported ₹1,600 crore boiler package win.

At the same time, commentary around costs in chemicals and project overruns in green solutions showed that execution and cost control remain areas investors will track in coming quarters.

Conclusion

Thermax’s Q4FY26 results triggered a strong stock reaction, with shares hitting fresh 52-week highs as profit, revenue, and order momentum came in ahead of expectations. The board’s ₹14 final dividend and ₹6 special dividend added to the positive response.

Going forward, investors are likely to watch how the higher order inflows translate into execution, margins, and segment performance, building on the ₹13,604 crore order balance reported as of March 31, 2026.