Thermax, a leading provider of energy and environment solutions, announced its Q1 FY26 results. The company recorded a consolidated operating revenue of Rs. 2,150 crore in the first quarter of FY 2025-26, a 2% decrease as compared to Rs. 2,184 crore in the corresponding quarter of the previous fiscal year, partly due to delayed customer clearance and execution challenges. 

The company’s consolidated profit after tax (PAT) is Rs. 151 crore (Rs. 109 crore), an increase of 39% over Q1 of FY ’25. The profit before tax (PBT) is Rs. 211 crore (Rs. 161 crore), up 31%.

The current quarter’s operating income includes an accrual of Rs. 56 crore as income towards the incentive receivable under the Packaged Incentive Scheme (PSI), 2007, from the Government of Maharashtra. In comparison, the previous period’s other income included Rs. 27 crore received as interest on an income tax refund.

EBITDA for the quarter stood at Rs. 225 crore. This is a sharp rise by 59.5% from Rs. 141.2 crore a year ago. The EBITDA margin expanded to 10.5% from 6.5% in the corresponding quarter last year. The Industrial Products segment saw a mild revenue decline and posted a lower profit of ₹78 crore. Its segmental PBIT margins are softening to 8.1% from 9% in the previous year.

Revenue from the chemicals division remained broadly flat. But the profit before interest and tax (PBIT) dropped to Rs. 16 crore from Rs. 30 crore. The profitability in the chemicals segment is lower due to marginal revenue growth, higher input costs and a change in the product mix.

As of June 30, 2025, the order balance for the quarter was Rs. 11,376 crore (Rs. 10,681 crore), up 7% from the corresponding quarter of the previous year. The order booking for the quarter stood at Rs. 2,748 crore (Rs. 2,569 crore), up by 7%. 

The order booking for the quarter was higher by 20% at Rs. 1,752 crore (Rs. 1,459 crore) as compared to the corresponding quarter of the previous year. Order balance on June 30, 2025, stood at Rs. 6,477 crore (Rs. 6,333 crore), up by 2%.