THERMAX Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 2,635 Crs., 4.19% growth YoY, Total Income is Rs. 2,697 Crs., 5.36% growth YoY, Gross Profit is Rs. 1,264 Crs., 14.06% growth YoY, EBITDA is Rs. 255 Crs., 34.83% growth YoY, EBITDA Margin is 9.67% Improved by 220 Basis points YoY, PBT Rs. 289 Crs, 84.73% growth YoY (Which includes Exceptional Gain from Reversal of provision for litigation of INR 50.63 Cr., Interest on deposit of INR 29.16 Cr., and 21.04 Cr. one-time impact of New Labour Code, Net Impact 58.75 Cr.), PAT Rs. 205 Crs, 80.26% growth YoY On QoQ basis Op. Revenue is up by 6.5%, Total Income is up by 5.4%, Gross Profit is up by 8.6%, EBITDA is up by 48.13%, PBT is up by 66.22% YoY (Which includes Exceptional Gain from Reversal of provision for litigation of INR 50.63 Cr., Interest on deposit of INR 29.16 Cr., and 21.04 Cr. one-time impact of New Labour Code, Net Impact 58.75 Cr.), and PAT is also up by 71.7%. Order Booking for Q3FY26 is Rs. 3,080 Crs., 34.15% growth YoY, Order Balance as on 31st Dec., 2025 Rs. 12,641 Cr. 11.05% growth YoY. Order booking and balance for the current year is higher, primarily driven by improved performance in the Industrial Products and Industrial Infra segments. Company has secured a large order for utility boilers and associated systems. Improved performance in export in the MENA region, Data centre is emerging as a new sector with tremendous future potential.