Thermax (THERMAX) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 revenue reached ₹3,085 crore, up 12% year-over-year, with PAT at ₹206 crore, a 10% increase; annual revenue was ₹10,389 crore, up 11%, but annual PAT declined 2% to ₹627 crore.

• Profitability was maintained across all businesses, despite absorbing over ₹85 crore in bio-CNG related losses and a miss on order inflows compared to commitments.

• No large orders were booked in Q4, resulting in an 8% decline in order booking for the quarter; order balance at March 31, 2025, was ₹10,693 crore, up 6% year-over-year.

• Board recommended a ₹14 per share dividend for FY 2024-25.

Financial highlights

• Q4 consolidated revenue: ₹3,085 crore; Q4 PAT: ₹206 crore; Q4 PBT before exceptional items: ₹301 crore (9.7% margin); PAT margin: 6.7%.

• FY25 consolidated revenue: ₹10,389 crore; FY25 PAT: ₹627 crore.

• Q4 order book stood at ₹2,119 crore, down 8% year-over-year; order balance at ₹10,693 crore, up 6%.

• Cash and investments at the end of Q4 were ₹2,843 crore.

• Bio-CNG segment incurred a total hit exceeding ₹85 crore in Q4, including ₹66 crore as a technology hit.

Outlook and guidance

• Order pipeline for FY26 is robust, with expectations of improved performance in industrial infra, power, steel, and international projects.

• Bio-CNG orders to resume selectively in Q1 FY26, with reduced yield guarantees and learnings from past execution.

• Chemicals and green solutions are expected to see continued growth, with chemicals maintaining high-teen profitability.

• Manufacturing PMI indicates strong market sentiment and positive investor confidence.