Thermax Limited's Shares Jump 10% After Q3 Results

Synopsis: The shares of the Heavy Electrical Equipment manufacturer jumped 10% after Q3 results, with revenue up 4% YoY to ₹2,635 crore and net profit up 80% YoY to ₹205 crore, and its EPS for the quarterly period stood at ₹18.12. The shares of the Mid-Cap company specialising in providing integrated, sustainable solutions for energy and environmental management, including heating, cooling, power generation, water treatment, and air pollution control, are in focus following their Q3 results, with an 80 percent rise in their profit With a market capitalisation of Rs. 34,875.86 Crores on Tuesday, the shares ofThermax Limitedjumped up to 9.48 percent, reaching a high of Rs. 3098.45 compared to its previous close of Rs. 2829.90. Thermax Limited, engaged in providing integrated, sustainable solutions for energy and environmental management, has been in the spotlight in the day’s trade as they have rallied 10 percent in the day’s trade following their Q3 Results as follows. Its Revenue from operations rose by 4 percent YoY from Rs. 2,529 Crores in Q3FY25 to Rs. 2,635 Crores in Q3FY26, and it rose by7 percent QoQ from Rs. 2,474 Crores in Q2FY26 to Rs. 2,635 Crores in Q3FY26. Its Net Profit YoY rose by 80 percent from Rs. 114 Crores in Q3FY25 to Rs. 205 Crores in Q3FY26, and on a QoQ basis, it rose by72 percent from Rs. 119 Crores in Q2FY26 to Rs. 205 Crores in Q3FY26. The earnings per share (EPS) for the quarterly period stood at Rs. 18.12, compared to Rs. 10.29 in the previous year’s quarter. The Board has approved the incorporation of a wholly owned step-down subsidiary of the Company in Dubai, through Thermax Engineering Singapore Pte Ltd., a wholly owned subsidiary of the Company. As of December 31, 2025, the order balance for the quarter was Rs. 12,641 crore (Rs. 11,383 crore), up by 11 % from the corresponding quarter of the previous year. The order book for the quarter was Rs. 3,080 crore, showcasing a 34% increase compared to Rs. 2,296 crore in the same quarter of the previous fiscal year. One of the Group’s subsidiaries, TOESL, has shifted to a rolling 12-month forecast model for its order book this year, replacing the earlier practice of reporting only the first year’s revenue from contracts that typically run for 10 years. This change has resulted in an increase of Rs. 128 crore (6%) in the reported order book, with no impact on contracts, revenue recognition, or financial results. Thermax Limited is a leading conglomerate in the energy and environment sector, offering solutions across clean air, clean energy, clean water, and chemicals. With strong industry partnerships, the company excels in auditing, consulting, execution, maintenance, and digital solutions, providing an integrated energy and environment management experience. Leveraging its engineering expertise, Thermax helps industries reduce costs while promoting environmental sustainability, creating a win-win for both business and society. The company operates 16 manufacturing facilities across India, Europe, and Southeast Asia, and has over 45 subsidiaries globally, supporting its mission to drive energy transition worldwide. The company demonstrates strong financial performance, with a Return on Capital Employed (ROCE) of 16.2% and a Return on Equity (ROE) of 13.6%, supported by a conservative debt-to-equity ratio of 0.36, reflecting prudent leverage and efficient capital utilisation. Over the past five years, the company has achieved impressive profit growth with a CAGR of 24.9%, while maintaining a healthy dividend payout of 23.6%, highlighting both consistent earnings expansion and shareholder-friendly returns. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies ontradebrains.inare their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing. Sridhar is a NISM-certified Research Analyst with an MBA in Finance and with over 3+ years of experience as a Financial Analyst, possessing strong expertise in both fundamental and technical analysis. Specialises in equity research, company and sector evaluation, IPO analysis, and tracking market trends to produce clear, investor-friendly insights.