Thermax Q2 Results FY27: Revenue Up 11.4% While PAT Slips 5.27%, Revenue Rs 2,755.87 Cr, PAT Rs 113.11 Cr
- November 6, 2026
- Posted by: Harsh Piplani
- Category: Results
Quick Answer
Thermax Q2 Results FY27 were declared on 5 November 2026 and show consolidated revenue of Rs 2,755.87 Cr, up 11.4% from Rs 2,473.90 Cr a year earlier. Net profit came in at Rs 113.11 Cr against Rs 119.40 Cr in the same quarter of last year, a fall of 5.27%. These quarterly results also record Operating Profit of Rs 194.14 Cr, which reflects YoY growth of 12.85%.
Thermax Ltd (THERMAX) Q2 Results FY27 announced on 5 November 2026, covering the company’s financial performance for the July to September quarter. In the Thermax Q2 Results FY27 filing, consolidated revenue stood at Rs 2,755.87 Cr and net profit at Rs 113.11 Cr. The results date is 5 November 2026. Consolidated results form the basis of every comparison here, and each figure is set against the same quarter of last year.
The results analysis below follows Thermax Q2 Results through the financial highlights, the business drivers, the outlook and the risks. It begins with the Financial Highlights table, which sets out each reported figure side by side with its prior-year value, and then moves to the key takeaways that matter most.
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Thermax Q2 Results FY27: Financial Highlights
| Metric | Q2 FY27 (Sep 26) | Q2 FY26 (Sep 25) | YoY Change |
|---|---|---|---|
| Revenue | Rs 2755.87 Cr | Rs 2473.9 Cr | +11.4% YoY |
| Operating Profit | Rs 194.14 Cr | Rs 172.03 Cr | +12.85% YoY |
| Net Profit (PAT) | Rs 113.11 Cr | Rs 119.4 Cr | -5.27% YoY |
Source: company filing for Thermax Q2 Results FY27, 5 November 2026. Figures in Rs Crore, Consolidated basis.
Key Takeaways from Thermax Q2 Results: What Stands Out
- Revenue rose 11.4% YoY to Rs 2,755.87 Cr from Rs 2,473.90 Cr in the prior-year quarter, which is the clearest sign of YoY growth.
- Net profit fell 5.27% YoY to Rs 113.11 Cr from Rs 119.40 Cr, so net profit moved against the direction of revenue.
- Operating Profit grew 12.85% to Rs 194.14 Cr from Rs 172.03 Cr, a quicker pace than revenue growth in Thermax Q2 Results FY27.
- The results basis is consolidated, and the numbers were declared on 5 November 2026 for the July to September 2026 quarter.
- The performance analysis comes next, and it explains how revenue, Operating Profit and net profit relate to one another this quarter.
Thermax Q2 Results FY27: Performance Analysis
The performance analysis shows higher revenue and Operating Profit alongside lower net profit for Thermax in the July to September 2026 quarter. Revenue of Rs 2,755.87 Cr was 11.4% above the prior-year quarter, Operating Profit of Rs 194.14 Cr was 12.85% higher, and net profit of Rs 113.11 Cr was 5.27% lower on a consolidated basis.
This results analysis shows that the YoY growth in revenue and Operating Profit did not carry through to the bottom line, because net profit moved from Rs 119.40 Cr to Rs 113.11 Cr. The supplied figures confirm the movement but do not establish the specific cause of the gap between Operating Profit and net profit, so the explanation is left to the disclosed business factors. In Thermax Q2 Results FY27, the three lines are best read together.
Readers following Thermax Q2 Results can use the Univest Screener to compare these quarterly results with other listed companies on revenue and net profit. The next filings will show whether revenue growth of 11.4% repeats and whether net profit moves in step with it, which is where the analysis turns to the business factors.
Check the Univest Screener for live results data
Key Business Factors This Quarter
Revenue Growth – The business factors behind Thermax Q2 Results FY27 start with revenue, which grew 11.4% year on year to Rs 2,755.87 Cr in the latest quarter. That larger revenue base is the starting point for every profit line reported for the July to September 2026 quarter.
Return on Capital Employed – Return on capital employed was 15.85% in FY26, a full-year figure that describes how the business used its capital before the current quarterly results. It gives context to the quarter without changing any reported revenue or profit number.
Operating Profit Growth – Operating Profit rose 12.85% year on year to Rs 194.14 Cr from Rs 172.03 Cr, faster than revenue. Net profit at Rs 113.11 Cr did not follow that pace, and that difference is what the FY27 outlook has to be read against.
FY27 Outlook After Thermax Q2 Results
The FY27 outlook will be set by the quarters that follow this one. Full-year FY27 results for Thermax will be built from this second quarter and from the quarters still to be declared, and each of them will carry its own revenue and net profit figures that can be compared on a YoY basis.
For the results analysis to stay useful, readers can watch how net profit of Rs 113.11 Cr in Thermax Q2 Results FY27 develops against Operating Profit of Rs 194.14 Cr in later filings. The return on capital employed of 15.85% reported for FY26 offers a full-year reference point, and the Univest app can be used to follow the next Thermax filings as they are declared. The risks below sit alongside both.
Key Risks to Watch After Thermax Q2 Results FY27
Net Profit Decline
Net profit fell 5.3% year on year to Rs 113.11 Cr even though revenue grew. After Thermax Q2 Results FY27, this gap between revenue and net profit is the first item to check in the next quarterly filing.
High Debt Level
Debt is high at 0.41 times total assets in FY26. A heavier debt load becomes more relevant when net profit is lower than a year earlier, so this ratio deserves a place on the watchlist.
Volatile Quarterly Net Profit
Quarterly net profit has been volatile, ranging from Rs 25.24 Cr to Rs 244.28 Cr over the last 5 quarters. With such a wide range, one quarter of YoY growth or decline should be read alongside the quarters around it.
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Conclusion
Thermax Q2 Results FY27 show revenue of Rs 2,755.87 Cr, Operating Profit of Rs 194.14 Cr and net profit of Rs 113.11 Cr, with revenue and Operating Profit higher and net profit lower than a year earlier. These quarterly results use the consolidated results basis and were declared on 5 November 2026. A balanced reading of Thermax Q2 Results looks at all three lines together, and investors should consult a SEBI-registered advisor before acting.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice. Research Analyst: Uniresearch Global Pvt. Ltd., SEBI Registration No. INH000013776.
Frequently Asked Questions on Thermax Q2 Results FY27
What are Thermax Q2 Results FY27?
Ans. Thermax Q2 Results FY27 cover the July to September 2026 quarter, with consolidated revenue of Rs 2,755.87 Cr and net profit of Rs 113.11 Cr, as the Financial Highlights section of this article sets out.
What is the results date for Thermax Q2 Results FY27?
Ans. Thermax Q2 Results FY27 were declared on 5 November 2026, so the results date falls in the same week as the quarterly filing, as the opening section of this article explains.
What revenue was reported in Thermax Q2 Results FY27?
Ans. Thermax reported consolidated revenue of Rs 2,755.87 Cr in Thermax Q2 Results FY27, compared with Rs 2,473.90 Cr in the prior-year quarter, as the Performance Analysis section shows.
What net profit was reported in Thermax Q2 Results FY27?
Ans. Thermax reported net profit of Rs 113.11 Cr in Thermax Q2 Results FY27, while the prior-year quarter showed Rs 119.40 Cr, which the Key Takeaways section places in context.
How much YoY growth did revenue show in Thermax Q2 Results FY27?
Ans. Revenue showed YoY growth of 11.4% in Thermax Q2 Results FY27, which means the Rs 2,755.87 Cr figure sits above Rs 2,473.90 Cr, as the Performance Analysis section describes.
Did net profit rise or fall in Thermax Q2 Results?
Ans. Net profit fell 5.27% YoY in Thermax Q2 Results, moving from Rs 119.40 Cr to Rs 113.11 Cr, which is why the Key Risks section lists the decline first.
What was the Operating Profit in Thermax Q2 Results FY27?
Ans. Operating Profit was Rs 194.14 Cr in Thermax Q2 Results FY27, up 12.85% from Rs 172.03 Cr, so it grew faster than revenue, as the Key Business Factors section notes.
Are Thermax Q2 Results consolidated results or standalone results?
Ans. Thermax Q2 Results are consolidated results, which means the revenue of Rs 2,755.87 Cr and net profit of Rs 113.11 Cr cover the group, as the Quick Answer box states.
What business factors shaped Thermax Q2 Results FY27?
Ans. Revenue growth of 11.4%, return on capital employed of 15.85% in FY26 and Operating Profit growth of 12.85% shaped Thermax Q2 Results FY27, as the Key Business Factors section explains.
What are the key risks after Thermax Q2 Results FY27?
Ans. The key risks after Thermax Q2 Results FY27 are the 5.3% net profit decline, debt at 0.41 times total assets and volatile quarterly net profit, which the Key Risks section covers.
What is the outlook after Thermax Q2 Results?
Ans. The outlook after Thermax Q2 Results depends on the quarters still to be declared in FY27, so full-year results will build on this quarter, as the Outlook section explains.
Where can I find the complete Thermax Q2 Results FY27 data?
Ans. You can find the complete Thermax Q2 Results FY27 figures in the Financial Highlights table of this article, and the Univest Screener lets you compare them with other listed companies.
