Thermax shares jump 12% for biggest gain in four years after Q4 results beat

Shares of Thermax Limited

surged as much as 12% on Friday, May 8, after the company reported a stronger-than-expected March quarter performance, with earnings beating CNBC-TV18 estimates across key parameters.

Thermax reported a 19% YoY rise in net profit to ₹244.3 crore for Q4FY26, ahead of the CNBC-TV18 poll estimate of ₹219 crore. Revenue for the quarter increased 12.5% YoY to ₹3,428 crore, also surpassing estimates of ₹3,277 crore.

EBITDA rose 24.9% YoY to ₹374.3 crore, compared to the CNBC-TV18 estimate of ₹322 crore. EBITDA margin expanded to 10.9% from 9.8% a year ago, and was also above the poll expectation of 9.8%.

The company's board has recommended a final dividend of ₹14 per share for FY26.

Thermax said order inflow momentum during the quarter was supported by improved ordering activity in its industrial products and industrial infrastructure businesses.

The company also witnessed stronger performance in its heating, cooling, and water & waste solutions segments.

During the quarter, Thermax secured a boiler package order worth ₹1,600 crore, providing further visibility on future growth.

However, the company said that profitability in the chemicals segment remained under pressure due to higher input costs and changes in product mix.

Margins in the green solutions business were also impacted by project overrun costs during the quarter.