Thermax Surges 12% to 52-Week High on Q4 Earnings Beat
Shares of Thermax Limited surged to a 52-week high of Rs 4,659 on the BSE on 8 May, climbing 12% after the company delivered a strong set of results for the quarter ended March 2026. The earnings print, headlined by a massive order inflow surge, drove heavy institutional interest from the opening bell.
Revenue for Q4FY26 rose 12.5% year-on-year to Rs 3,428 crore, against Rs 3,046 crore in the same quarter last year. Consolidated PAT climbed 18% to Rs 244 crore from Rs 206 crore a year ago. The standout number was order inflows, which surged 112% to Rs 4,490 crore, lifting the total order book to Rs 13,604 crore, up 27% year-on-year.
A single contract drove a large chunk of that inflow figure. Thermax’s wholly owned subsidiary, Thermax Babcock & Wilcox Energy Solutions Limited (TBWES), secured a boiler package supply contract worth approximately Rs 1,600 crore for a 1×800 MW ultra-supercritical thermal power plant in Central India from a leading thermal power project company. Industrial Products also contributed, with segment inflows rising 60% on stronger performance across Heating, Cooling and Water & Waste Solutions businesses.
For the full year FY26, revenue stood at Rs 10,694 crore, up 3% year-on-year, while PAT grew 15% to Rs 720 crore. Full-year order inflows rose 34% to Rs 13,871 crore, signalling strong demand visibility heading into FY27. The board recommended a dividend of Rs 14 per share for FY26 and, marking the company’s 60th anniversary, declared a special dividend of Rs 6 per share.
At 11:13 am on the BSE, Thermax shares were trading at Rs 4,610.60, up 10.23%, not far off the session high. In the past one month, the stock has rallied 38%, bouncing 66% from its three-month low of Rs 2,744.20 touched in February 2026.
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