THERMAX · Capital Goods
Thermax Ltd. reported revenue of ₹2,635 cr for October to December 2025, +4.2% on the year and +6.5% on the quarter. Over the last four quarters revenue comes to ₹10,313 cr, +2.2% on the four before.
Operating profit (EBITDA) was ₹255 cr, a margin of 9.7%, +224 bps on the year and +273 bps on the quarter. Over the last 8 quarters the margin has ranged from 6.5% to 10.6%, averaging 8.9%. Operating costs grew +1.7% against revenue growth of +4.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹205 cr, +79.8% on the year and +72.3% on the quarter, with earnings per share of ₹17.14. Profit before other income, one-offs and tax grew 35.5%, so 44 points of the headline growth came from outside the core business. The tax rate of 29% is in line with its recent average. Profit over the last four quarters totals ₹681 cr, +11.8% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹57.24 over the last four quarters, the stock at ₹2,746.30 trades at 48.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,302 cr | ₹2,324 cr | ₹2,764 cr | ₹2,184 cr | ₹2,616 cr | ₹2,529 cr | ₹3,046 cr | ₹2,158 cr | ₹2,474 cr | ₹2,635 cr | ₹3,428 cr | ₹2,303 cr |
| YoY | — | — | — | +13% | +14% | +9% | +10% | −1% | −5% | +4% | +13% | +7% |
| EBITDA margin | 8.9% | 8.0% | 9.9% | 6.5% | 10.6% | 7.4% | 9.8% | 10.4% | 7.0% | 9.7% | 10.9% | 3.0% |
| Other income, % of PBT | 30% | 60% | 22% | 52% | 23% | 21% | 26% | 31% | 49% | 42% | 17% | 162% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 23% | 25% | 32% | 26% | 27% | 32% | 28% | 31% | 29% | 27% | 48% |
| Net profit | ₹159 cr | ₹237 cr | ₹188 cr | ₹109 cr | ₹198 cr | ₹114 cr | ₹206 cr | ₹151 cr | ₹119 cr | ₹205 cr | ₹244 cr | ₹22.0 cr |
| YoY | — | — | — | +82% | +25% | −52% | +10% | +39% | −40% | +80% | +18% | −85% |
| Core profit YoY | — | — | — | −13% | +36% | 0% | +14% | +88% | −57% | +35% | +25% | −118% |
| EPS | ₹13.24 | ₹20.00 | ₹15.97 | ₹9.72 | ₹16.54 | ₹9.73 | ₹17.27 | ₹12.79 | ₹10.04 | ₹17.14 | ₹20.50 | ₹2.12 |
| Flags | 1 | 1 | · | 3 | ✓ | ✓ | ✓ | ✓ | 2 | 2 | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Thermax Ltd. reported revenue of ₹2,635 cr (+4.2% on the year) and net profit of ₹205 cr (+79.8% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +35.5% on the year, against +79.8% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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