THERMAX LTD Quarterly Results (THERMAX) — Q1 FY27

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 intimated the exchange that its board meets on 5 Nov 2026 to approve financial results. The figures shown here update when Yahoo Finance publishes the corresponding statement data, which can lag the filing.

Financial figures here are supplied through Yahoo Finance fundamentals and shown in ₹ crore, without adjustment. This is information and analysis, not investment advice.