Thermax Results Analysis

Q4FY25 – Operating Revenue Rs. 3,085 Cr. 12% Growth YoY, Profit before tax (PBT) Rs. 301 Cr. 20% Growth YoY, Profit after tax (PAT) Rs. 206 Cr. 10% Growth YoY. FY25 – Operating Revenue Rs. 10,389 Cr. 11% Growth YoY, Profit before tax (PBT) Rs. 884 Cr. 2% Growth YoY, Profit after tax (PAT) Rs. 627 Cr. 3% Negative Growth YoY. Company order book as on March-25 Rs. 10,337 Cr. 10% Growth YoY, Order Balance Rs. 10,693 Cr. 6% Growth YoY. Total Bio-CNG losses exceeding INR 85 crore, For FY26, Bio-CNG is expected to be breakeven to low single-digit margin. Management expects to cross double-digit EBITDA margin in FY26, barring repeat of large bio-CNG losses. The Board declared Final dividend of Rs. 14 per Equity Share.