Thermax Q4 PAT Rises 18 Percent to Rs 244 Crore Revenue Up 13 Percent Dividend Rs 20

Thermax Q4 results for FY26 announced on 7 May 2026 delivered a strong performance with consolidated operating revenue growing 13% year on year to Rs 3,428 crore and profit after tax rising 18% to Rs 244 crore. The Thermax Q4 results reflect robust execution across its energy, environment, and chemicals business divisions, with a standout quarterly order intake of Rs 4,490 crore, up 112% year on year, including a major Rs 1,600 crore boiler contract for an ultra-supercritical thermal power plant.

Investors tracking Thermax Q4 results FY26 will note that the company’s order book stood at Rs 13,604 crore as of March 31, 2026, up 27% year on year, providing strong revenue visibility. The Thermax Q4 board recommended a total dividend of Rs 20 per share for FY26, combining a final dividend of Rs 14 and a special milestone dividend of Rs 6 to mark the company’s 60th anniversary.

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Thermax Q4 FY26 Results at a Glance

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Key Highlights from Thermax Q4 FY26

Landmark Boiler Contract Boosts Order Book

The Thermax Q4 order intake of Rs 4,490 crore surged 112% year on year, driven by a landmark boiler package supply contract of approximately Rs 1,600 crore secured by Thermax Babcock and Wilcox Energy Solutions for an 800 MW ultra-supercritical thermal power plant in Central India. This Thermax Q4 order win is one of the largest individual contracts in the company’s history and provides multi-year revenue visibility for the TBWES subsidiary.

Energy and Environment Business Execution

The Thermax Q4 revenue growth of 13% reflects strong execution across its process heating, cooling, air pollution control, and water treatment business lines. The Thermax Q4 results benefit from India’s industrial capex cycle which has been expanding with new manufacturing investments across chemicals, pharmaceuticals, food and beverages, and metals sectors that require Thermax’s energy and environment solutions.

60th Anniversary Dividend and Exactspace Acquisition

The Thermax Q4 board marked the company’s 60th anniversary with a special dividend of Rs 6 per share alongside the regular final dividend of Rs 14, totaling Rs 20 per share for FY26. The Thermax Q4 period also saw the completion of an acquisition of a 35.83% additional stake in Exactspace, raising total holding to 51%, reflecting strategic investment in digital energy management capabilities.

Risks to Monitor

• Order execution timeline risk: Converting the Rs 13,604 crore order book into revenue depends on customer project timelines, which can be delayed for large industrial capex projects.
• Input cost and margin pressure: Raw material, energy, and subcontracting costs for large boiler and heat exchanger projects can deviate from estimates, compressing Thermax Q4 margins.
• International business uncertainty: Global economic headwinds and trade tensions can affect Thermax Q4 international order inflows and revenue from exports.
• Customer capex cycle dependence: Thermax Q4 order inflows depend on industrial capex spending which can slow during economic uncertainty or credit tightening cycles.

Conclusion

The Thermax Q4 results FY26 confirm a company on a strong growth trajectory with Q4 PAT up 18% to Rs 244 crore, revenue up 13% to Rs 3,428 crore, and order book at Rs 13,604 crore up 27%. The Thermax Q4 Rs 20 dividend and the landmark Rs 1,600 crore boiler contract make this a milestone quarter for the company’s 60th anniversary year.

For FY27, the most important variable for Thermax Q4 investors is whether the Q4 order intake surge can be sustained to grow the order book further, and whether the TBWES ultra-supercritical boiler execution starts contributing meaningful revenues as project milestones are achieved.

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Disclaimer: This article is for educational and informational purposes only and does not constitute investment advice. Univest analysts are SEBI-registered research analysts (SEBI RA: INH000012449). Investments in the securities market are subject to market risk. Consult a SEBI-registered financial advisor before making any investment decisions.

Frequently Asked Questions

What was the Thermax Q4 FY26 PAT?

Thermax Q4 FY26 consolidated profit after tax was Rs 244 crore, up 18% year on year. Revenue grew 13% to Rs 3,428 crore, with the full-year FY26 PAT at Rs 720 crore up 15%.

What is the Thermax Q4 FY26 order book?

Thermax Q4 FY26 closing order book stood at Rs 13,604 crore as of March 31, 2026, up 27% year on year, boosted by a record quarterly order intake of Rs 4,490 crore including the Rs 1,600 crore ultra-supercritical boiler contract.

What dividend did Thermax declare for FY26?

Thermax Q4 FY26 board recommended a total dividend of Rs 20 per share, comprising a final dividend of Rs 14 and a special milestone dividend of Rs 6 to mark the company’s 60th anniversary.

What is the Thermax Rs 1600 crore boiler contract?

Thermax Q4 subsidiary TBWES secured a Rs 1,600 crore boiler package supply contract for an 800 MW ultra-supercritical thermal power plant in Central India, one of the largest contracts in the company’s history.

What is the Thermax Q4 FY27 outlook?

Thermax Q4 FY27 depends on sustained order inflows to grow the order book further, execution of the record Q4 intake into revenue, and management guidance on margin trajectory as the large power project ramps up.

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