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Shares of Thermax, a leading energy and environment solutions provider, gained 14% in Friday's trade, 8 May, to reach a fresh record high of ₹4,759 apiece after the company posted a better-than-expected performance for the March quarter.
The company on Thursday reported an 18% jump in consolidated profit to ₹244 crore, compared to ₹206 crore in the year-ago quarter, aided by improved performance in the industrial products segment and reduced losses in industrial infra.
Revenue from operations came in at ₹3,428 crore, marking a 13% increase compared to ₹3,046 crore in the corresponding quarter of the previous fiscal year.
Thermax reported an 18% jump in consolidated profit to ₹244 crore for the March quarter of FY26, compared to ₹206 crore in the year-ago quarter. Revenue from operations increased by 13% to ₹3,428 crore.
Thermax's order balance stood at ₹13,604 crore as of March 31, 2026, a 27% increase from ₹10,693 crore in the corresponding quarter of the previous year.
Data centers are emerging as a new growth opportunity for Thermax. The company secured a significant order for hot water-driven chillers for a large data center in the US.
The board recommended a final dividend of ₹14 per share and a special dividend of ₹6 per share, making an aggregate dividend of ₹20 per equity share for FY26.
Thermax's stock has delivered massive returns, climbing from its 2020 low of ₹570 to over ₹4,652, generating a return of 716% and positioning it as a major wealth creator.
As of March 31, 2026, the order balance stood at ₹13,604 crore, compared to ₹10,693 crore in the corresponding quarter of the previous year, reflecting a 27% increase driven by improved performance in the Industrial Products and Industrial Infra segments, as per the company's earnings filing.
The Industrial Products segment improved primarily due to stronger performance in the Heating, Cooling, and Water & Waste Solutions businesses. The company said it won a boiler package supply contract worth around ₹1,600 crore for a 1x800 MW ultra-supercritical thermal power plant in Central India from a leading thermal power project company.
It also secured another major order through Thermax Babcock & Wilcox Energy Solutions Limited (TBWES), a wholly owned subsidiary of Thermax.
Meanwhile, data centers are emerging as a new growth opportunity for the company. In its earnings filing, the company said it secured a breakthrough order for multiple sets of hot water-driven chillers with a combined capacity of 45,000 TR to provide higher cooling capacity with fixed heat input at a large data center in the US.
For FY26, it posted consolidated operating revenue of ₹10,694 crore, up 3% from ₹10,369 crore in the previous year. Profit after tax for the year stood at ₹720 crore, compared to ₹627 crore a year earlier, registering a 15% rise.
Along with the financial results, the board recommended a final dividend of ₹14 per share and a special dividend of ₹6 per share. The company has also fixed Friday, July 3, 2026, as the record date.
“The aggregate dividend of ₹20 per equity share of face value ₹2 each (1000%) for FY26 will be paid subject to shareholders’ approval at the ensuing 45th Annual General Meeting of the company,” the company said.
The company’s shares have been maintaining a steady winning streak since February, gaining 62% so far. The rally came after the stock suffered a sharp one-way decline, remaining under pressure between June 2024 and January 2026, during which it lost a cumulative 46%.
Looking at the stock’s long-term performance, it has delivered massive returns to shareholders, climbing from its 2020 low of ₹570 apiece to the current market price of ₹4,652, generating a return of 716%. The rally has also positioned the stock among the major wealth creators in the market.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.
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