Thermax Q1 Results FY27: Uniresearch Prediction and Analysis

Thermax Q1 Results FY27 outlook from Uniresearch is anchored on verified Q4 FY26 actuals and Uniresearch trailing analysis. Uniresearch projects Thermax Q1 FY27 Revenue Rs 2,132 Cr (-1.2% YoY) and PAT Rs 209 Cr (+38.5% YoY). Prepared by Kunal Singla.

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Thermax Q1 Results FY27 – Uniresearch Prediction

Metric	Q1 FY26 Actual	Q1 FY27 Uniresearch Prediction	YoY Change	Source
Thermax Revenue (Rs Cr)	2,158	2,132	-1.2%	Uniresearch | Uniresearch trailing analysis
PAT (Rs Cr)	151	209	+38.5%	Uniresearch | Uniresearch trailing analysis
Avg Analyst Target	See screener	12-month view	–	Uniresearch trailing analysis

Thermax Q4 FY26 Performance

Metric	Q4 FY26 Actual	vs Q1 FY26	Source
Revenue (Rs Cr)	3,428	+58.9%	Screener consolidated
PAT (Rs Cr)	244	+61.6%	Screener consolidated

Analyst Views and Growth Outlook

The Uniresearch trailing analysis projects Thermax FY27 revenue at -1.2% and profit at +38.5% YoY. Uniresearch applied these growth rates to Q1 FY26 actuals to derive the Q1 FY27 prediction. Q4 FY26 actuals showed Thermax delivering revenue of Rs 3,428 Cr and PAT of Rs 244 Cr.

Key Watchpoints

Revenue Delivery

Key question: can Thermax reach Rs 2,132 Cr in Q1 FY27 revenue, representing -1.2% YoY growth over the Q1 FY26 base of Rs 2,158 Cr.

PAT vs Growth Target

Profit performance of Rs 209 Cr (+38.5%) vs the Q1 FY26 base of Rs 151 Cr is the profitability watchpoint for Thermax in Q1 FY27.

Risks

Revenue Shortfall

Revenue below the -1.2% consensus would indicate sector headwinds or execution delays for Thermax.

Margin Pressure

Cost increases or margin compression could challenge the +38.5% PAT growth projection for Thermax in Q1 FY27.

Conclusion

The Thermax Q1 FY27 Uniresearch projection of Revenue Rs 2,132 Cr and PAT Rs 209 Cr is derived from the Uniresearch trailing analysis. Investors should watch Q4 FY26 actuals as the base, and track Thermax live on the Univest Screener.

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FAQs on Thermax Q1 Results FY27

What is Uniresearch’s PAT prediction for Thermax Q1 Results FY27?

Ans. Uniresearch projects Thermax Q1 FY27 PAT at Rs 209 Cr (+38.5% vs Q1 FY26 base Rs 151 Cr).

What is the Revenue forecast for Thermax Q1 Results FY27?

Ans. Thermax Q1 FY27 Revenue is projected at Rs 2,132 Cr (-1.2% consensus).

What were Thermax Q4 FY26 actuals for Thermax Q1 Results FY27?

Ans. Q4 FY26 Revenue Rs 3,428 Cr and PAT Rs 244 Cr.

How many analysts cover Thermax Q1 Results FY27?

Ans. The prediction uses Uniresearch trailing analysis, avg target Rs 0.

What consensus applies to Thermax Q1 Results FY27?

Ans. Revenue -1.2% and profit +38.5% (Uniresearch trailing analysis).

What are the main risks to Thermax Q1 Results FY27?

Ans. Revenue missing -1.2% consensus and PAT pressure vs +38.5% growth target.

What is the Q1 FY26 base for Thermax Q1 Results FY27?

Ans. Q1 FY26 Revenue Rs 2,158 Cr and PAT Rs 151 Cr.