Thermax Q2 Results FY27: 5 Nov Date and Profit Base

Earnings · Thermax Limited

Thermax is listed to report its September-quarter numbers on 5 November 2026. Here are the date check, the Rs 119 crore profit base, the 85% fall in Q1 caused by one project overrun, the figures that are easy to mix up, and what to read first.

Updated: Sunday, 1 November 2026, 11:00 PM IST  |  Reading time: 20 min  |  Next update: Thursday, 5 November 2026, after the exchange filing

Latest update (Sunday, 1 November 2026, 11:00 PM IST): The results are not out. Kotak Neo’s weekly list shows Thermax for Thursday, 5 November; the date rests on that one report and the filing time is not announced. This page becomes the live analysis after the filing.

Earlier entries:

• Friday, 30 October 2026, 6:00 PM IST: Kotak Neo listed Thermax among Thursday’s results.
• Thursday, 30 July 2026: Q1 FY27 results were reported, per Free Press Journal.

In plain words: Before the Thermax Q2 results arrive, remember that the company builds boilers, heating and cooling systems and clean-air equipment, often through large projects that take years. When the cost of finishing one project rises, profit falls even if sales grow. That is what happened in Q1. A preview tells you which figures to hold the new numbers against.

Data note: Figures are as of Sunday, 1 November 2026, 11:00 PM IST. The results date comes from one weekly list; the filing itself was not opened for this page. Figures are consolidated unless stated and come from Free Press Journal, Angel One, Investywise and Whalesbook. Where sources differ I say so. Derived numbers are my calculation.

When are the Thermax Q2 results?

The Thermax Q2 results date is listed as Thursday, 5 November 2026. The date rests on one weekly list, so confirm it on the exchange page.

Kotak Neo’s weekly list, posted at 6:00 PM IST on 30 October 2026, names Thermax among Thursday’s results, and says dates are based on announced board-meeting schedules and may change. I found no second report that quotes the intimation, so treat the date as likely but unconfirmed.

Last year’s Q2 FY26 results were covered in articles published on 11 November 2025, and the sources I opened do not state the exact filing date. Q1 FY27 came on Thursday, 30 July 2026. The filing time is not announced. Do not trust a screenshot that claims a time before the exchange page shows it.

What will Thermax publish?

Thermax will publish unaudited standalone and consolidated results for the quarter and half-year ended 30 September 2026, with a press release and an order update. Sources quote both sets, so check the label on every figure.

Is the date confirmed?

Cite this table: PositionalCalls, “Thermax Q2 FY27 Date Check, as of 1 November 2026”.

Treat any article that gives another date for the Thermax Q2 results as unreliable until you see the filing.

What is the base to beat for the Thermax Q2 results?

The base to beat is Q2 FY26 consolidated profit of about Rs 119 crore on revenue of Rs 2,474 crore, against Rs 21.79 crore and Rs 2,303 crore in Q1 FY27.

Cite this table: PositionalCalls, “Thermax Base-to-Beat Table, as of 1 November 2026”.

Thermax net profit Q2 FY27: the flat-quarter sum

Here is the first useful sum. Q1 FY27 revenue of Rs 2,303 crore is -6.9% against Q2 FY26’s Rs 2,474 crore, and Q1 profit of Rs 21.79 crore is -81.7% against Rs 119 crore (my calculations). A flat Q2 would therefore be a very large fall on last year’s base, and any figure near Rs 119 crore would mean the project overrun did not repeat.

How was the Q2 FY26 base built?

Revenue fell 5% from Rs 2,616 crore, and Whalesbook reported EBITDA of Rs 171.9 crore, down 38%, at a margin of 6.9% against 10.6% (171.9 divided by 2,473.9 is 6.9%, my calculation). Investywise noted the year-ago quarter included a Rs 66 crore incentive accrual, and the company booked Rs 42 crore of extra cost provisions, mainly for one Industrial Infra project. Order booking rose 6% to Rs 3,551 crore.

Thermax Q2 results preview: what to expect

No consensus estimate was found for Q2 FY27. Last November the company missed estimates widely, and Q1 FY27 showed a profit fall that the company tied to one project.

Cite this table: PositionalCalls, “Thermax Q2 FY27 Outlook Marks, as of 1 November 2026”.

Angel One reported Q1 total income of Rs 2,370.92 crore, up 6.6%, and profit before tax of Rs 42.14 crore against Rs 211.47 crore. Neither article I opened gave an EBITDA or margin for Q1, so treat any Q1 margin you see as unverified until you read the filing.

Thermax EBITDA Q2 FY27: what to expect

Adding the Rs 91 crore overrun back to Q1 profit before tax of Rs 42.14 crore gives about Rs 133 crore (my illustration, which ignores tax and every other effect). That compares with Rs 174 crore in Q2 FY26, which itself carried Rs 42 crore of provisions. The point is that one project explains most of the Q1 gap, so the Q2 filing should show whether the cost estimate for that project moved again.

How did the shares react to Q1?

Angel One reported the shares at Rs 3,925.50 at 11:26 AM IST on 31 July 2026, down 7.67% from the previous close. After the Q2 FY26 results the stock closed at Rs 3,176 on 11 November 2025, up 1.19%, per Whalesbook. Those are reactions to what the market expected, not forecasts of Q2 FY27.

Thermax EBITDA and profit Q2 FY27: scenarios

These Thermax Q2 results scenarios are arithmetic, not forecasts. A flat Q1 profit would be -81.7% on Q2 FY26.

Assumptions: consolidated; Q2 FY26 revenue Rs 2,474 crore and EBITDA Rs 171.9 crore; revenue growth of 0%, 5% and 10% is my illustration around Q1’s 7% year-on-year growth; margins of 6.9%, 9.0% and 10.6% run from last September’s level to the Q2 FY25 level.

Cite this table: PositionalCalls, “Thermax Q2 FY27 EBITDA Scenarios, as of 1 November 2026”.

Profit scenarios

Cite this table: PositionalCalls, “Thermax Q2 FY27 Profit Scenarios, as of 1 November 2026”.

Three worked examples

• Margin as last September: revenue +5% is Rs 2,598 crore and a 6.9% margin gives EBITDA of Rs 179 crore, +4% on Rs 171.9 crore (my calculation).
• Margin of 9.0%: Rs 234 crore, +36%.
• Margin of 10.6%: Rs 275 crore, +60%.

The scenarios hold other lines constant. In practice depreciation, other income, tax, project cost estimates and the revenue-recognition timing on large orders sit between EBITDA and profit, and any of them can move the result.

Project businesses also recognise revenue as work progresses, so a quarter with few milestones can show weak revenue even when the order book grows. That is why the order balance, order booking and margin should be read together with revenue.

Which Thermax figures should you compare?

When you compare the Thermax Q2 results with last year, match operating revenue with operating revenue and consolidated with consolidated. Several versions circulate.

Cite this table: PositionalCalls, “Thermax Definition-Trap Table, as of 1 November 2026”.

The same company can therefore look worse or better depending on which line a headline picks. Standalone results showed a loss of Rs 18.10 crore in Q1 against a profit of Rs 46.52 crore a year earlier, while consolidated profit stayed positive at Rs 21.79 crore because subsidiaries contributed.

EBITDA versus profit

EBITDA is earnings before interest, tax, depreciation and amortisation. A project cost overrun is booked in the operating costs, so it cuts both EBITDA and profit. Net profit also reflects tax, depreciation and the results of subsidiaries.

The order book trap

The company said a change to a rolling 12-month forecast at Thermax Onsite Energy Solutions added Rs 139 crore, or 5%, to the order book without changing underlying contracts or revenue recognition. Read order growth with that note in mind.

One more habit helps: write the exact line, the basis and the source beside every figure before results day. When the company files, you can then see in seconds whether a headline is comparing like with like, instead of reacting to a growth rate built on a different base.

What do the order book and project costs need to show?

In the Thermax Q2 results, a steady order book, stable project cost estimates and an EBITDA margin back above Q2 FY26’s 6.9% are the marks to look for.

Cite this table: PositionalCalls, “Thermax Order and Project Marks, as of 1 November 2026”.

Two quarters in a row now carry a project-specific cost hit in Industrial Infra, which is why the Q2 filing should be read for the notes on project cost estimates as much as for the headline profit.

Watch whether order booking grows faster than the 2% of Q1, whether the order balance stays above Rs 14,000 crore, and whether the project cost estimate is revised again.

Which other results land the same week as Thermax?

Kotak Neo’s weekly list shows Berger Paints, Sai Life Sciences, TeamLease Services and Ugro Capital on Thursday too, with Apollo Hospitals, Cummins India and Exide Industries on Wednesday and Hindalco on Friday.

The list is partial and dates may change. For the format of a results read, see our recent posts on Exide Industries Q2 results, Cummins India Q2 results and Berger Paints Q2 results. They cover other companies, so only the method carries over. The Q2 results calendar and the earnings calendar list the companies that have reported.

If you hold Thermax shares and plan to sell later, our guide to capital gains tax on shares covers how gains are taxed. It is general information, not tax advice.

How to read the Thermax Q2 results in 10 minutes

To read the Thermax Q2 results quickly, go through seven lines in order: revenue, EBITDA, margin, profit before tax, net profit, order book and the notes on project costs.

Cite this table: PositionalCalls, “Thermax Results-Day Decoder, as of 1 November 2026”.

How to read the Thermax filing on NSE or BSE

Open the exchange announcement, find the consolidated statement first and compare each line with the base table above, same measure, same basis.

1. Open the BSE corporate announcements page or the NSE corporate filings page and search for Thermax.
2. Choose the financial results announcement for the quarter ended 30 September 2026.
3. Find the consolidated statement first, then the standalone.
4. Check the unit and whether a column is for the quarter or six months.
5. Read revenue, total expenses and profit after tax on both bases.
6. Open the press release for order booking and segment commentary.
7. Check the notes for project cost revisions and exceptional items.
8. Compare every figure with the base table.

What it costs: reading a filing is free. If you trade the stock, brokerage, securities transaction tax and other charges apply, so check your broker’s current schedule. Tax angle: dividends and gains follow the current tax rules, so see our guide to capital gains tax on shares or ask a tax adviser. Scam warning: on results day, fake “result alert” groups and sure-shot tips circulate. Nobody can guarantee a gain, and official filings are free.

What is the results-day checklist for Thermax?

• Confirm the date on the BSE or NSE announcement page.
• Note the filing time and stamp what you read with it.
• Open the consolidated statement of the Thermax Q2 results before any headline.
• Compare revenue with Rs 2,474 crore and Rs 2,303 crore.
• Check whether a profit number is standalone or consolidated.
• Compare net profit with Rs 119 crore and Rs 21.79 crore.
• Check the EBITDA margin against 6.9%.
• Check the notes for project cost revisions.
• Write your own plan before the price moves.

What are the risks around the Thermax Q2 results?

How to grade Thermax’s September-quarter numbers: a reading guide

Use the table to grade the Thermax Q2 results as a reading aid, not a forecast. The cut-offs are my illustration, built from the Q1 FY27 and Q2 FY26 marks.

Assumptions: consolidated; Q2 FY26 revenue Rs 2,474 crore, EBITDA Rs 171.9 crore and profit Rs 119 crore; Q1 FY27 profit of Rs 21.79 crore is the weak mark.

Cite this table: PositionalCalls, “Thermax Q2 FY27 Reading Guide, as of 1 November 2026”.

Worked example: suppose revenue is Rs 2,600 crore, EBITDA Rs 200 crore and profit Rs 100 crore. Revenue would be up +5.1% (2,600 divided by 2,474), EBITDA +16.3% on Rs 171.9 crore, the margin 7.7% and profit -16.0% on Rs 119 crore (my calculation). Revenue would read in line, EBITDA in line, the margin in line, and profit in line, though profit would still be below last year.

A strong reading describes the quarter only. It is not a signal to buy, sell or hold, and a weak one is not a signal either. Prices react to many things, including what the market already expected.

The guide to the Thermax Q2 results uses consolidated figures throughout. If a headline quotes standalone profit, compare it with the standalone base and say so when you share the number. Mixing the two is a common error on results day, because the company reports both and they can differ in sign.

What do most people miss on Thermax results day?

Analyst’s note: how to think about this quarter

Part of the earnings coverage.

Thermax Q2 results: frequently asked questions

Sources

• BSE corporate announcements: where the Thermax filing appears.
• NSE corporate filings: financial results: the same filing on NSE.
• Kotak Neo: Q2 results this week, 30 October 2026.
• Free Press Journal: Thermax Q1 FY27 net profit, 30 July 2026.
• Angel One: Thermax shares fall after Q1 FY27, 31 July 2026.
• Investywise: Thermax Q2 FY26 results, 11 November 2025.
• Whalesbook: Thermax Q2 earnings vs estimates, 12 November 2025.

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 research and education site founded by Shubham Chaudhary. Nothing here is a recommendation, target or investment advice. How I researched this: I checked the results date in one weekly list, took base figures from company results as reported by Free Press Journal, Angel One, Investywise and Whalesbook, noted where sources differ, and marked every derived number as my calculation. Figures are as of Sunday, 1 November 2026, 11:00 PM IST.