Revenue from operations increased 12.53% to Rs 3,428.04 crore in Q4 FY26 from Rs 3,046.40 crore in the corresponding quarter last year. Revenue rose 30.11% sequentially from Rs 2,634.68 crore in Q3 FY26.

Profit before tax stood at Rs 334.13 crore in Q4 FY26, up 11.14% YoY from Rs 300.64 crore and higher by 15.75% QoQ from Rs 288.67 crore.

On the cost front, raw material consumed rose 7.68% YoY to Rs 1,747.60 crore. Employee expenses climbed 17.90% YoY to Rs 391.46 crore. Interest costs rose 35.52% YoY to Rs 42.35 crore, while depreciation expense increased 19.12% YoY to Rs 54.01 crore.

As of 31 March 2026, order balance stood at Rs 13,604 crore compared with Rs 10,693 crore a year earlier, reflecting a 27.22% increase.

Order booking during the quarter jumped 111.89% to Rs 4,490 crore from Rs 2,119 crore in the corresponding quarter of the previous fiscal year.

For the full year ended 31 March 2026, consolidated revenue increased 3.13% to Rs 10,694.15 crore from Rs 10,369.26 crore in FY25. Profit before tax rose 13.96% to Rs 1,007.94 crore from Rs 884.47 crore, while profit after tax increased 13.56% to Rs 720.50 crore.

Net cash generated from operating activities declined to Rs 541.55 crore in FY26 from Rs 1,079.79 crore in FY25.

Thermax is an energy and environment solutions company focused on supporting the energy transition. Its portfolio spans clean air, clean energy, clean water and chemical solutions. The company operates 16 manufacturing facilities across India, Europe and Southeast Asia and has more than 45 Indian and international subsidiaries.

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