What was Thermax's revenue in Q4 FY26?

Thermax reported revenue of ₹3,428 Cr in Q4 FY26, a — change year-over-year.

Did Thermax management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

Thermax Q4 FY26 Research Workspace: Revenue ₹3,428 Cr (—)

Q: What guidance did Thermax management give?

Capex of ₹250 crore for FY27: Planned capex includes ₹150 crore regular and ₹100 crore for capacity expansions in boiler and cooling facilities.

Revenue ₹3,428 Cr

EBITDA —

PAT ₹244 Cr

EBITDA Margin —

Duration 60 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute Summary

✦ AI-Generated from Full Transcript

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.

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Research workspace

Focused Modules

!Risks 4 risks

Risk Intelligence

Raw material cost inflation

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Quarter Snapshot

Order Book Growth 27%

+27% YoY

Order book closed 27% higher than prior year end, driven by a large supercritical boiler order.

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.

Fast read

Guidance and risk preview

Top guidance Capex of ₹250 crore for FY27

Planned capex includes ₹150 crore regular and ₹100 crore for capacity expansions in boiler and cooling facilities.

Top risk Raw material cost inflation

Rising prices of steel, copper, nickel, and styrene could pressure margins, especially in industrial products and chemicals.