Thermax Stock Reaches New High Following 14% Quarterly Gain

Thermax Posts Better-Than-Expected Performance for March Quarter

Shares of Thermax, a leading energy and environment solutions provider, gained 14% in Friday's trade on May 8, reaching a fresh record high of ₹4,759 apiece. The company's performance for the March quarter exceeded expectations, driven by improved results in the industrial products segment and reduced losses in industrial infrastructure.

Thermax reported an 18% jump in consolidated profit to ₹244 crore, compared to ₹206 crore in the year-ago quarter. Revenue from operations came in at ₹3,428 crore, marking a 13% increase compared to ₹3,046 crore in the corresponding quarter of the previous fiscal year. The company's order balance as of March 31, 2026, stood at ₹13,604 crore, reflecting a 27% increase over the previous year. This growth is primarily attributed to improved performance in the Industrial Products and Industrial Infra segments.

The company's Industrial Products segment saw significant improvement, driven by stronger performance in the Heating, Cooling, and Water & Waste Solutions businesses. Additionally, Thermax secured a major boiler package supply contract worth around ₹1,600 crore for a 1x800 MW ultra-supercritical thermal power plant in Central India from a leading thermal power project company. The company also secured another major order through its subsidiary, Thermax Babcock & Wilcox Energy Solutions Limited (TBWES).

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Data centers are emerging as a new growth opportunity for Thermax. The company secured a breakthrough order for multiple sets of hot water-driven chillers with a combined capacity of 45,000 TR to provide higher cooling capacity with fixed heat input at a large data center in the US.

For FY26, Thermax posted consolidated operating revenue of ₹10,694 crore, up 3% from ₹10,369 crore in the previous year. Profit after tax for the year stood at ₹720 crore, registering a 15% rise. The board recommended a final dividend of ₹14 per share and a special dividend of ₹6 per share. The company has fixed July 3, 2026, as the record date.

Looking at the company's long-term performance, Thermax shares have delivered massive returns to shareholders, climbing from their 2020 low of ₹570 apiece to the current market price of ₹4,652, generating a return of 716%. The rally has also positioned the stock among the major wealth creators in the market.

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