Order Book Growth
27%
+27% YoY
Order book closed 27% higher than prior year end, driven by a large supercritical boiler order.
THERMAX
Other
28 Apr 2026
Thermax Limited — Q4 FY26
Thermax reported a strong Q4 FY26, with revenue execution improving over prior quarters and a robust order book boosted by a ₹1,600 crore supercritical boiler order from the private sector.
✓ Verified against BSE filing
2-Min Summary
Thermax reported a strong Q4 FY26, with revenue execution improving over prior quarters and a robust order book boosted by a ₹1,600 crore supercritical boiler order from the private sector. The order book closed 27% higher YoY, providing good revenue visibility. Management highlighted a healthy pipeline across traditional sectors (steel, cement, oil & gas) and emerging opportunities in data center cooling and steam solutions. However, they flagged risks from commodity price inflation (steel, copper, styrene) and potential Middle East conflict impacts on supply chains and customer capex. The green solutions segment faced a cost overrun on a wind-solar project due to contractor failure, but legacy low-margin orders are largely closed. Management guided for regular capex of ₹150 crore plus ₹100 crore for capacity expansions. Key risk: raw material cost pressures may compress margins in the industrial products segment in coming quarters.
Key Numbers
Supercritical Boiler Order Value
₹1,600 Cr
New order
Won a ₹1,600 crore supercritical boiler order from a private sector client, execution over 42-45 months.
Green Solutions Capacity
250 MW
Commissioned as of March 31
About 250 MW of wind-solar hybrid capacity on ground, with more projects to commission in next 2-3 quarters.
Data Center Cooling Orders
Multiple
New segment
Won first set of cooling orders for data centers; pipeline remains robust globally and domestically.
Management Guidance
Capex of ₹250 crore for FY27
Planned capex includes ₹150 crore regular and ₹100 crore for capacity expansions in boiler and cooling facilities.
capexRevenue growth supported by 27% higher order book
Management expects better revenue execution in FY27 given the strong order backlog, though caution on execution delays and Middle East risks.
revenueMargin improvement in industrial products expected
Mix shift towards biomass boilers and better export opportunities should aid margins, subject to commodity cost management.
marginsKey Risks
Raw material cost inflation
Rising prices of steel, copper, nickel, and styrene could pressure margins, especially in industrial products and chemicals.
high · management_commentaryMiddle East conflict impact
Prolonged war could disrupt supply chains, delay customer capex, and affect order inflows in Q2-Q3.
medium · management_commentaryGreen solutions project cost overrun
A contractor failure on a wind-solar project led to cost overruns, impacting green solutions profitability.
medium · management_commentaryExecution delays on large orders
Customer site delays and working capital build-up from project delays could impact revenue recognition and cash flows.
medium · analyst_questionNotable Quotes
We came good on our plans for revenue execution of jobs and recognizing revenue this quarter better than the prior quarters.
The general order book outlook both from a domestic perspective as well as on our international front is reasonably fair, reasonably robust.
We have been cautious on the margin front and that I think could apply here as well; we would be cautious to make sure that our margins bet are protected.