)
Visual
test
Thermax
Thermax (THERMAX) investor relations material
Thermax Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary5 Feb, 2026
Executive summary
Q3 FY26 performance was mixed, with revenue and profitability below expectations due to customer delays and volume underperformance, but order booking rose 34% year-over-year to Rs. 3,080 crore, and the order book quality and backlog remain strong, especially internationally.
Operating revenue increased 4% year-over-year to Rs. 2,635 crore, with PAT up 80% to Rs. 205 crore, aided by exceptional gains.
Major order secured from Dangote Industries for utility boilers and systems for a Nigerian refinery and petrochemical complex, with significant revenue recognition expected next year.
No new negative surprises in legacy projects; execution improvement continues in NRL, BioCNG, FGD, and FEPL categories.
Management remains bullish on order inflows and expects a strong Q4, with a positive outlook for the next year.
Financial highlights
Chemicals segment saw a significant contraction in profitability, with INR 50 crore lower PBT year-to-date versus last year, mainly due to new asset costs and lower volumes; PBIT margin fell to 4.6% from 13.8%.
Industrial Products EBIT margin declined below 10% due to slower growth in the most profitable product line (heating) and a shift in mix toward water and Enviro; order booking up 14%, order balance up 15%.
Industrial Infra order booking surged 68%, order balance up 9%, PBIT margin improved to 6.3% from 0.1% due to operational efficiency.
Green Solutions: Order booking up 268% (due to reporting change), margin improved to 5.2% from -1.0%.
International orders accounted for 50% of product business in the quarter, with INR 1,400+ crore in international order inflows.
Outlook and guidance
Management expects Q4 to show a reversal in Chemicals and Industrial Products margins, with profitability improving toward double digits.
Double-digit quarter-over-quarter revenue growth is expected in Q4, but not for the full year.
Data center sector identified as a high-potential growth area, with two major wins (domestic and international).
Export performance in the MENA region continues to improve.
India’s manufacturing PMI remains strong, indicating continued factory growth.
Litigation win: Cash flow impact
Which segment shows strongest asset growth?
TOESL order book change: Impact on future revenue?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Latest summaries
- TimeTickerHeadlineOpen
- 6 FebPROV
Q2 FY2026 net income rose 65% year-over-year, with higher margins and strong credit quality. - 6 FebNVDA
AI-driven digital twins and accelerated computing are set to revolutionize industrial design and manufacturing. - 6 FebCDP
2025 FFO/share rose 5.8% to $2.72, with strong leasing and investment; 2026 guidance signals more growth. - 6 FebPECO
2026 FFO per share growth guided at 5.5% with record occupancy and robust acquisitions. - 6 FebCRI
Q1 2025 saw record revenue, a return to profit, and major new contracts in space technology. - 6 FebCRINet loss widened to 7.5m PLN in H1 2024 as revenue fell and R&D costs remained high.
- 6 FebCRINet loss deepened on lower sales and higher costs, but major new contracts and restructuring are underway.
- 6 FebEMBASSY
Record revenue, NOI, and distributions highlight strong growth and robust segment performance. - 6 FebCRIRevenue fell and losses deepened, but ESA contracts and R&D projects drive future prospects.
- 6 FebTUPRS
Net income reached TRY 29.5 billion, with strong dividends and a robust net cash position.
Next Thermax earnings date
Q4 25/268 May, 2026
Thermax
Next Thermax earnings date
Q4 25/268 May, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage