Thermax Q2 Results FY27: Profit Rs 113 Cr, Shares Plunge 15%

Earnings · Thermax Limited · Q2 FY27

Thermax grew sales 11% but profit slipped 5%, orders fell 8% and the shares dropped 15% or more on 6 November. Here are the profit bases, margin, segments, order book, brokerage views as reported and the price fall.

Updated: Sunday, 8 November 2026, 7:00 AM IST  |  Reading time: 22 min  |  Next update: Monday, 9 November 2026, with the next regular session after the results

Latest update (Sunday, 8 November 2026, 7:00 AM IST): Thermax announced the Thermax Q2 results FY27 on Thursday, 5 November 2026; reports stamped 7:50 PM and 10:03 PM IST carry the numbers. On Friday, 6 November the shares fell as much as 15% to Rs 2,830 by about 9:30 AM (Business Standard) and were down 18.13% at 12:19 PM (Kotak Neo). I did not find an official 6 November close or a brokerage target after the results. The next regular session is Monday, 9 November.

In plain words: Thermax sells more but kept less. Revenue rose 11.4% to Rs 2,756 crore, yet profit after tax slipped 5.3% to Rs 113 crore because costs and product mix ate the gain, and new orders fell 8.2%. The order balance, the work already booked and still to be delivered, grew 15.9%, which supports future revenue but not the margin by itself.

Data note: as of Sunday, 8 November 2026, 7:00 AM IST. Figures come from press and data-platform summaries of the filing (Business Standard, Kotak Neo, Investywise, Whalesbook, Multibagg and Sahi); I did not open the BSE or NSE filing or the investor presentation. Profit is Rs 113.11 crore in four reports and Rs 114.54 crore in one; EBITDA appears only in two of them. Figures are consolidated unless marked standalone, and derived numbers are marked “my calculation”.

Thermax Q2 results FY27: what Thermax reported on 5 November

The Thermax Q2 results FY27 show consolidated operating revenue of Rs 2,756 crore (+11.4%), profit after tax of Rs 113.11 crore (-5.3%), EBITDA of Rs 194.1 crore (+12.9%, one report), order booking of Rs 3,259 crore (-8.2%) and an order balance of Rs 14,250 crore (+15.9%).

Cite this table: PositionalCalls, “Thermax Q2 FY27 Results Table, as of 8 November 2026”.

The Thermax Q2 results FY27 are a split quarter. Sales grew faster than the 3% to 10% “in line” band in the preview post, but profit fell and bookings shrank. The half-year ties exactly: Q1 profit of Rs 21.79 crore plus Q2 profit of Rs 113.11 crore is Rs 134.90 crore, the half-year figure in the Investywise summary, and Q1 profit before tax of Rs 42.14 crore plus Q2 of Rs 168.86 crore is Rs 211.00 crore (my calculation). That tie also settles the profit figure: Rs 113.11 crore is the one that adds up, so the Rs 114.54 crore in one report is not used. The rest of this page covers the profit bases, the margin, the four segments, the order book, the grading of the preview and the price fall.

Thermax Q2 FY27 profit: Rs 113.11 crore against Rs 119.40 crore

Consolidated profit after tax was Rs 113.11 crore, down 5.3% from Rs 119.40 crore; one report shows Rs 114.54 crore against Rs 119.66 crore, and standalone profit rose 16% to about Rs 263 crore, so always label the basis.

Cite this table: PositionalCalls, “Thermax Q2 FY27 Profit Bases, as of 8 November 2026”.

The Thermax Q2 results FY27 profit has two layers. Consolidated profit fell while standalone profit rose, because the group figure carries the subsidiaries and Green Solutions, where the quarter’s loss sits. I treat Rs 113.11 crore as correct for three reasons: four reports show it, its Q2 FY26 base of Rs 119.40 crore matches the preview, and it adds up to the half-year figure. The Whalesbook pair of Rs 114.54 crore and Rs 119.66 crore is internally consistent, but it does not match the half-year sum, so I cannot reconcile it.

The step from profit before tax to profit after tax is not shown. Total income of Rs 2,837.66 crore less total expenses of Rs 2,668.80 crore is Rs 168.86 crore, exactly the profit before tax (before exceptional items and associates) in the Investywise summary, but Rs 113.11 crore is Rs 55.75 crore lower (my calculation). That gap holds the Rs 15 crore impairment, tax and any share of associates, and the reports do not split it. Margins at the profit level moved down: profit before tax was 6.1% of revenue against 7.0%, and profit after tax was 4.1% against 4.8% (Multibagg; my division agrees).

Thermax EBITDA margin Q2 FY27: 7.0%, but from one report

Business Standard and Kotak Neo give EBITDA of Rs 194.1 crore, up 12.9%, at a 7% margin, 9 basis points higher; the other four reports do not give EBITDA, so I treat it as a two-source figure that I could not tie to the filing.

Cite this table: PositionalCalls, “Thermax EBITDA Margin Q2 FY27 Table, as of 8 November 2026”.

In the Thermax Q2 results FY27, Thermax EBITDA margin Q2 FY27 is the line the preview post asked readers to check against 6.9%. At 7.04% it is just above that mark, and at the bottom edge of the preview’s 7% to 9% “in line” band, while EBITDA of Rs 194.1 crore is 3.2% above the Rs 188 crore of the preview’s scenario with 10% revenue growth and a 6.9% margin (my calculation). So the margin did not recover; it only held, on 11.4% more sales. Management attributed the lower profit to an adverse product mix and higher input costs in Industrial Products, according to Business Standard and Kotak Neo, and ICICI Securities noted higher raw material and employee costs.

On the impairment, the reports disagree on the label. Whalesbook calls the Rs 15 crore provision an exceptional item, while Multibagg, citing the presentation, says there were no exceptional items in either quarter and reports the impairment separately. I show both and size no adjusted profit, since the tax effect is not given.

Thermax segments in Q2 FY27: Infra turned profitable, Products and Green Solutions weakened

Industrial Infra profit before interest and tax swung to Rs 56 crore from a Rs 1 crore loss, but Industrial Products fell to Rs 78 crore from Rs 116 crore and Green Solutions lost Rs 25 crore against Rs 1 crore, per Multibagg’s reading of the presentation.

Cite this table: PositionalCalls, “Thermax Segment Table Q2 FY27, as of 8 November 2026”.

Segment margins tie to the profit and sales: 78 over 1,303 is 6.0%, 116 over 1,181 is 9.8%, 56 over 1,006 is 5.6% and 25 over 288 is 8.7% (my calculation). Chemicals gives 6.6% on my division against 6.5% reported, which is a rounding difference in the profit figure. The four segment sales add up to Rs 2,823 crore against operating revenue of Rs 2,756 crore, a Rs 67 crore difference that is probably inter-segment eliminations and other items (my reading; the reports do not say).

The pattern matters for the Thermax Q2 results FY27. Industrial Infra was the segment where one project cost the company Rs 91 crore in Q1; its Q2 profit of Rs 56 crore against a Rs 1 crore loss suggests that project did not hit again, although none of the reports I opened mention the project or its cost estimate, so I cannot confirm it. Half-year Industrial Infra PBIT is still a loss of Rs 12 crore against a profit of Rs 89 crore a year ago, and Green Solutions’ half-year loss widened to Rs 45 crore from Rs 13 crore (Multibagg). Industrial Products, the largest segment, saw margin fall by 3.8 points.

In the Thermax Q2 results FY27, the segment order books show where the backlog sits. Industrial Infra holds Rs 7,421 crore (up 26%), Industrial Products Rs 5,079 crore (up 4%) and Green Solutions Rs 1,557 crore (up 18%), and the Chemicals balance was not shown. Industrial Infra’s two captive power plant orders support its balance, while Industrial Products bookings fell 23% with major orders deferred to Q3, so the segment with the margin problem also has the slowest backlog growth (my reading).

Thermax order book Q2 FY27: Rs 14,250 crore, booking down 8.2%

The Thermax order book Q2 FY27 stands at Rs 14,250 crore, up 15.9% on year, while order booking was Rs 3,259 crore, down 8.2%, mainly because major Industrial Products orders were deferred to Q3 according to the company.

Cite this table: PositionalCalls, “Thermax Order Book Q2 FY27 Table, as of 8 November 2026”.

In the Thermax Q2 results FY27, three of the order lines tie, and two do not. Booking down 8.2% and balance up 15.9% both agree with the reported rounded figures. The segment balances add up to Rs 14,057 crore (7,421 plus 5,079 plus 1,557), which is Rs 193 crore short of Rs 14,250 crore, and the Multibagg summary does not show a Chemicals balance, so the gap is plausibly Chemicals and other lines (my reading). Segment bookings add up to Rs 3,039 crore, Rs 220 crore short of Rs 3,259 crore, for the same reason. The Q1 balance does not tie across sources: the preview used Rs 14,045 crore, but Multibagg gives Rs 14,018 crore, a Rs 27 crore difference, so the rise on Q1 is 1.5% or 1.7% depending on which is right (my calculation).

The company said a reporting-method change lifted the Green Solutions book by Rs 197 (Business Standard; unit not stated) without affecting contracts, revenue recognition or results. As the preview warned about the earlier Rs 139 crore change, read balance growth with that in mind.

Thermax Q2 results FY27 against the preview marks

Against the preview’s marks, revenue growth read stronger, EBITDA, margin and profit read in line, order booking read weaker, and the profit sat near the Rs 119 crore mark that would show the project overrun did not repeat.

Cite this table: PositionalCalls, “Thermax Q2 FY27 Preview-to-Result Table, as of 8 November 2026”.

The preview’s guide graded almost every mark stronger or in line, yet the stock fell 15% or more on the next session. My reading, not stated in any report, is that the guide was built from a weak base, so an in-line grade is not the same as meeting what buyers had priced in. The preview also noted that Q1 profit explained by one project meant the Q2 notes on cost estimates mattered more than revenue growth. That held: revenue grew 11.4% yet profit fell, and the reports point to input costs and product mix, not the Q1 project.

Thermax share price fall Q2 FY27 and brokerage views, as reported

Thermax fell as much as 15% to Rs 2,830 on the BSE by about 9:30 AM on 6 November and was down 18.13% at 12:19 PM, while ICICI Securities called the operating performance weak; no rating or target was given, and I found no official close.

Cite this table: PositionalCalls, “Thermax Share Price Fall After Q2 FY27 Table, as of 8 November 2026”.

After the Thermax Q2 results FY27, the Thermax share price fall Q2 is large and still unsettled in the sources I found. Business Standard said the stock was near its 52-week low and called the operational performance weak. If the derived previous close of about Rs 3,329 is right, the 18.13% fall in Kotak Neo’s 12:19 PM note would put the stock near Rs 2,726, below the December 2025 low (my calculation, not a reported level). Over the Q1 and Q2 reactions the stock moved from about Rs 4,252 before Q1 (derived from the 7.67% fall to Rs 3,925.50) to about Rs 3,329 before Q2 and Rs 2,830 at 9:30 AM, which is a long slide before this result; the page cannot say why.

ICICI Securities listed key monitorables: operating margin recovery, Green Solutions profitability and fresh order inflows. It also said Industrial Infra turned profitable while Industrial Products and Chemicals profits declined. I found no other brokerage note, so there is no target to quote. See the Muhurat trading 2026 guide for the Sunday session and how the next regular session will be read.

Management commentary, new products and dividend

Management said revenue growth came from executing the order backlog in Industrial Products and Industrial Infra, that Industrial Products profit was hurt by mix and input costs, and that orders slipped because major Industrial Products orders were deferred to Q3.

• Operations: a compressed biogas plant ran above 21 tonnes a day in performance tests against a 20 tonne guarantee, and 17.1 MW of the FEPL Gujarat project (9.9 MW wind, 7.2 MW solar) is partly commissioned (Multibagg).
• Orders: a 14 tonne an hour biomass boiler order at Nanjangud, estimated to save about 26,000 tonnes of CO2 a year (Multibagg).
• Products: the Thermax-i series of intelligent boilers and heaters launched at Boiler India 2026; the first product, UltraPac-i, showed fuel savings of up to 10% in pilot installations, which is a company claim (Investywise).
• Cash: cash and investments of Rs 3,260 crore, up 20% (Multibagg).
• Dividend: none of the reports I opened mentions a dividend; confirm on the BSE or NSE announcement page.

The commentary supports the order-backlog story in the Thermax Q2 results FY27 but gives no margin or order guidance for Q3 in the reports I read. For how another industrial company reported the same quarter, see the Cummins India Q2 results FY27 and Exide Industries Q2 results FY27, and for steel, the Tata Steel Q2 results FY27 analysis. Different businesses, so only the method carries over.

What ties and what does not in the Thermax Q2 results FY27

Ten checks tie and four do not: the profit figure in one report, the Q1 order balance, the impairment label and the missing step from profit before tax to profit after tax.

Because of these gaps, any figure you quote from the Thermax Q2 results FY27 should carry its basis and source. The BSE and NSE filing and the investor presentation settle most of them and are free to read. Treat any message promising a sure-shot Thermax call as unreliable.

Risks to read with the Thermax Q2 results FY27

Analyst’s note on the Thermax Q2 results FY27

The Thermax Q2 results FY27 show sales and order balance growing while profit and bookings slip, which is exactly the gap the preview said to watch between revenue and margin.

Part of the Earnings series.

Thermax Q2 results FY27: frequently asked questions

Sources

• Business Standard, 6 November 2026 (price fall, EBITDA, margin, orders, ICICI Securities view)
• Kotak Neo, 6 November 2026, 1:39 PM (price at 12:19 PM, EBITDA, profit)
• Whalesbook (profit Rs 114.54 crore, standalone, impairment)
• Investywise, 5 November 2026 (income, expenses, half-year, standalone, orders)
• Multibagg, 5 November 2026, 7:50 PM (segments, order balances, margins)
• Sahi, 5 November 2026, 10:03 PM (profit and PBT headline)
• Free Press Journal (30 July 2026) and Angel One (31 July 2026) on Q1 FY27, as cited in the preview post.
• BSE and NSE announcement pages and the Thermax investor presentation: where the filing is published (I did not open them).

Disclosure: PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Returns are never guaranteed. PositionalCalls is an independent Indian stock market research and education site founded by Shubham Chaudhary. This page is results analysis and not a recommendation, target or investment advice. How I researched this: I compared six press and data-platform reports of the filing, tied the half-year profit, income, expenses, segment margins and order lines, recomputed every derived number, and listed the conflicts openly. I did not open the filing.