Thermax shares will be in focus on Friday, November 6, after the company missed analyst estimates for its September quarter. Net profit fell 4.2% to ₹115 crore as higher input costs weighed on profitability. Although revenue rose 11.4% to ₹2,756 crore, the company also recognised a ₹15 crore impairment provision.
Thermax said higher input costs and an unfavourable product mix in its Industrial Products segment weighed on profitability. It also recognised an additional impairment provision of ₹15 crore in its Green Solutions segment.
Shares of Thermax Ltd. will be in focus on Friday, November 6, after the company reported its September quarter (Q2FY27) results, with revenue and EBITDA growth but a decline in net profit. The company's earnings also missed analyst estimates.
On a consolidated basis, Thermax reported a 4.2% year-on-year decline in net profit to ₹115 crore, compared with ₹120 crore in the corresponding quarter last year.
Revenue for the quarter rose 11.4% to ₹2,756 crore from ₹2,474 crore a year ago. EBITDA increased 12.8% year-on-year to ₹194 crore, compared with ₹172 crore in the year-ago period.
The EBITDA margin remained broadly flat at 7% against 6.9% in the corresponding quarter last year.
The company said higher input costs and an unfavourable product mix in its Industrial Products segment weighed on profitability. It also recognised an additional impairment provision of ₹15 crore in its Green Solutions segment.
Segment-wise performance
Revenue from the Industrial Products segment increased 10.3% year-on-year. However, its EBIT margin came in at 6.1%, broadly flat sequentially but down 370 basis points from the corresponding quarter last year.
The Industrial Infrastructure segment reported 13.6% revenue growth year-on-year. Its EBIT margin improved to 5.6%, compared with a negative 8.3% in the previous quarter and 0% in Q2FY26.
Shares of Thermax ended 0.94% higher at ₹3,313 on Thursday, November 5. The stock has gained around 8% so far in 2026.