THERMAX Q1 FY27 results at a glance
THERMAX LTD Q1 FY27 key results metrics| Quarter | Q1 FY27 |
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| Quarter ended | 30 Jun 2026 |
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| Revenue | ₹2,300 cr |
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| Revenue YoY | +9.4% |
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| Operating profit | ₹37.22 cr |
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| Operating margin | 1.6% |
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| Net profit | ₹25.24 cr |
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| Net profit YoY | -83.4% |
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| Net profit QoQ | -89.7% |
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| Net margin | 1.1% |
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| Basic EPS | ₹2.24 |
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| TTM revenue | ₹10,837 cr |
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| TTM net profit | ₹593 cr |
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| TTM net margin | 5.5% |
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THERMAX Q1 FY27 results: what the numbers say
THERMAX LTD (THERMAX) has reported its Q1 FY27 results for the quarter ended 2026-06-30. The company posted revenue of ₹2,300 cr and a net profit of ₹25.24 cr, translating into earnings per share of ₹2.24.
Compared with the same quarter a year earlier, revenue grew by +9.4% and net profit declined sharply by -83.4%. Profit trailing revenue growth suggests costs, interest or tax absorbed part of the topline gain.
Operating profit for the quarter stood at ₹37.22 cr, an operating margin of 1.6% versus 8.8% a year ago — a contraction of 7.2 percentage points.
THERMAX quarter-wise results table
Revenue
₹2,300 cr
+9.4% YoY
Net profit
₹25.24 cr
-83.4% YoY
Operating profit
₹37.22 cr
-79.8% YoY
THERMAX LTD (THERMAX) quarter-wise results — revenue, operating profit, net profit, margins, EPS and growth| Quarter | Revenue | Operating profit | Net profit | OPM | Net margin | EPS | Profit YoY | Profit QoQ |
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| Q1 FY272026-06-30 | ₹2,300 cr | ₹37.22 cr | ₹25.24 cr | 1.6% | 1.1% | ₹2.24 | -83.4% | -89.7% |
| Q4 FY262026-03-31 | ₹3,428 cr | ₹769 cr | ₹244 cr | 22.4% | 7.1% | ₹21.68 | — | +19.6% |
| Q3 FY262025-12-31 | ₹2,635 cr | ₹202 cr | ₹204 cr | 7.6% | 7.7% | ₹18.12 | — | +70.6% |
| Q2 FY262025-09-30 | ₹2,474 cr | ₹121 cr | ₹120 cr | 4.9% | 4.8% | ₹10.62 | — | -21.5% |
| Q1 FY262025-06-30 | ₹2,102 cr | ₹185 cr | ₹152 cr | 8.8% | 7.3% | ₹13.53 | — | — |
| TTM (last 4 quarters) | ₹10,837 cr | ₹1,129 cr | ₹593 cr | 10.4% | 5.5% | ₹52.66 | — | — |
Consolidated figures as reported to the exchanges, shown in ₹ crore. OPM = operating profit margin. Updated automatically whenever a new quarter is filed.
THERMAX quarterly income statement
Line-item results for the last six quarters as filed — sales, expenses, operating profit, interest, tax and profit after tax in ₹ crore.
THERMAX LTD quarterly income statement| Particulars | Q1 FY272026-06-30 | Q4 FY262026-03-31 | Q3 FY262025-12-31 | Q2 FY262025-09-30 | Q1 FY262025-06-30 |
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| Revenue / Sales | ₹2,300 cr | ₹3,428 cr | ₹2,635 cr | ₹2,474 cr | ₹2,102 cr |
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| Total expenses | ₹2,263 cr | ₹2,659 cr | ₹2,433 cr | ₹2,353 cr | ₹1,917 cr |
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| Gross profit | ₹1,080 cr | ₹1,616 cr | ₹1,264 cr | ₹1,164 cr | ₹1,034 cr |
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| Operating profit (EBIT) | ₹37.22 cr | ₹769 cr | ₹202 cr | ₹121 cr | ₹185 cr |
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| Operating margin | 1.6% | 22.4% | 7.6% | 4.9% | 8.8% |
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| Interest cost | ₹35.15 cr | ₹42.35 cr | ₹34.24 cr | ₹32.17 cr | ₹30.2 cr |
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| Profit before tax | ₹42.14 cr | ₹334 cr | ₹289 cr | ₹174 cr | ₹211 cr |
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| Tax expense | ₹20.35 cr | ₹89.73 cr | ₹83.66 cr | ₹54.27 cr | ₹60.02 cr |
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| Effective tax rate | 48.3% | 26.9% | 29.0% | 31.2% | 28.4% |
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| Net profit (PAT) | ₹25.24 cr | ₹244 cr | ₹204 cr | ₹120 cr | ₹152 cr |
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| Net profit margin | 1.1% | 7.1% | 7.7% | 4.8% | 7.3% |
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| Basic EPS | ₹2.24 | ₹21.68 | ₹18.12 | ₹10.62 | ₹13.53 |
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| Diluted EPS | ₹2.24 | ₹21.68 | ₹18.12 | ₹10.62 | ₹13.53 |
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THERMAX results growth — YoY and QoQ
Quarterly growth rates, year on year and quarter on quarter| Growth | Q1 FY27 | Q4 FY26 | Q3 FY26 | Q2 FY26 | Q1 FY26 |
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| Revenue YoY | +9.4% | — | — | — | — |
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| Revenue QoQ | -32.9% | +30.1% | +6.5% | +17.7% | — |
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| Operating profit YoY | -79.8% | — | — | — | — |
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| Operating profit QoQ | -95.2% | +281.8% | +67.2% | -34.7% | — |
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| Net profit YoY | -83.4% | — | — | — | — |
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| Net profit QoQ | -89.7% | +19.6% | +70.6% | -21.5% | — |
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| EPS YoY | -83.4% | — | — | — | — |
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| EPS QoQ | -89.7% | +19.6% | +70.6% | -21.5% | — |
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THERMAX annual results history
Full-year performance for THERMAX LTD, useful for reading each quarter in context.
THERMAX LTD annual income statement| Particulars | FY262026-03-31 | FY252025-03-31 | FY242024-03-31 | FY232023-03-31 |
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| Revenue / Sales | ₹10,643 cr | ₹10,268 cr | ₹9,237 cr | ₹8,034 cr |
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| Total expenses | ₹9,690 cr | ₹9,418 cr | ₹8,558 cr | ₹7,504 cr |
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| Gross profit | ₹4,827 cr | ₹4,249 cr | ₹3,789 cr | ₹3,179 cr |
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| Operating profit (EBIT) | ₹953 cr | ₹850 cr | ₹679 cr | ₹530 cr |
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| Operating margin | 9.0% | 8.3% | 7.4% | 6.6% |
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| Interest cost | ₹135 cr | ₹114 cr | ₹86.03 cr | ₹37.16 cr |
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| Profit before tax | ₹1,008 cr | ₹884 cr | ₹869 cr | ₹603 cr |
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| Tax expense | ₹288 cr | ₹258 cr | ₹226 cr | ₹152 cr |
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| Effective tax rate | 28.5% | 29.1% | 26.0% | 25.3% |
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| Net profit (PAT) | ₹721 cr | ₹634 cr | ₹645 cr | ₹450 cr |
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| Net profit margin | 6.8% | 6.2% | 7.0% | 5.6% |
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| Basic EPS | ₹63.95 | ₹56.33 | ₹57.30 | ₹39.98 |
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| Diluted EPS | ₹63.94 | ₹56.31 | ₹57.28 | ₹39.97 |
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Revenue trend and demand read-through
Topline for Q1 FY27 came in at ₹2,300 cr against ₹2,102 cr in Q1 FY26, and ₹3,428 cr in the preceding Q4 FY26 quarter.
On a sequential basis revenue declined -32.9%. Sequential moves are the quickest read on demand momentum because they strip out the base effect of a year-old quarter, though seasonality can distort a single quarter.
Total expenses for the quarter were ₹2,263 cr, or 98.4% of revenue, with operating profit declined -79.8% year on year.
Margins, tax and profitability
Net profit of ₹25.24 cr works out to a net margin of 1.1% compared with 7.3% in the year-ago quarter. Margin pressure of this kind usually reflects higher input costs, pricing competition, or a heavier interest and depreciation load.
Below the operating line, THERMAX LTD reported profit before tax of ₹42.14 cr, a tax charge of ₹20.35 cr (effective rate 48.3%), interest cost of ₹35.15 cr. Reading these together with operating profit shows how much of the quarter's earnings were driven by the core business versus financing and tax movements.
Sequentially, net profit moved from ₹244 cr in Q4 FY26 to ₹25.24 cr in Q1 FY27, a change of -89.7%.
Trailing twelve months and annual context
Across the trailing four quarters THERMAX LTD has generated revenue of ₹10,837 cr and net profit of ₹593 cr, a trailing net margin of 5.5%. The trailing view smooths out one-off quarters and is the number most valuation multiples are built on.
On a full-year basis, FY26 revenue was ₹10,643 cr with net profit of ₹721 cr and EPS of ₹63.95, versus the prior year where revenue grew +3.6% and profit grew +13.6%.
What to watch in the next THERMAX quarter
For the coming quarters the numbers worth tracking on this page are revenue momentum, the operating margin trend, the interest burden and whether EPS keeps pace with profit growth. A single weak quarter matters less than the direction over three to four consecutive quarters.
THERMAX LTD has not yet intimated its next results date to the exchange. This page refreshes automatically from filings and the board-meeting calendar, so the tables above will reflect the next quarter as soon as it is reported.
All figures here are as reported to the exchanges and shown in ₹ crore, without adjustment. This is information and analysis, not investment advice.
THERMAX results coverage
No results report published for THERMAX yet — our desk covers each quarter within minutes of the filing.
THERMAX quarterly results FAQs
What were THERMAX LTD (THERMAX) Q1 FY27 results?
In Q1 FY27 (quarter ended 30 Jun 2026), THERMAX LTD reported revenue of ₹2,300 cr and net profit of ₹25.24 cr, a change of -83.4% year on year on +9.4% revenue growth. EPS stood at ₹2.24.
What is THERMAX profit margin in Q1 FY27?
THERMAX LTD posted a net profit margin of 1.1% and an operating margin of 1.6% in Q1 FY27. On a trailing twelve-month basis, revenue is ₹10,837 cr and net profit ₹593 cr.
Did THERMAX results beat the previous quarter?
THERMAX LTD net profit changed -89.7% quarter on quarter, from ₹244 cr in Q4 FY26 to ₹25.24 cr in Q1 FY27.
When are THERMAX LTD (THERMAX) quarterly results?
THERMAX LTD has not yet intimated its next results date to the exchange. This page updates automatically from the exchange board-meeting calendar.
Where can I see THERMAX latest quarterly results?
Results coverage for THERMAX will appear here as soon as the company reports. Meanwhile you can track live price and technicals on the THERMAX stock page.
What is THERMAX LTD annual revenue and profit?
For FY26, THERMAX LTD reported full-year revenue of ₹10,643 cr and net profit of ₹721 cr, with EPS of ₹63.95.
How many quarterly results has THERMAX declared recently?
Past results dates for THERMAX will be listed here from the exchange calendar.
Results dates sourced from the exchange board-meeting calendar; reported figures from company filings, last refreshed 11 Sept 2026. For information only, not investment advice.
