Thermax shares surge over 11% after net profit advances 18% in March quarter

Shares of heavy electrical equipment maker Thermax surged as much as 11.42% on the National Stock Exchange on Friday, May 8, after it reported its March quarter earnings post market hours on Thursday.

Thermax said that it earned a net profit of ₹244 crore in January-March quarter, marking an increase of 11% from ₹206 crore in the same period last year.

The company's revenue from operations advanced 12.5% to ₹3,428 crore compared with ₹3,046 crore in the year-ago period.

The Pune-based company reported stable operational performance as its operating profit also known as Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose 22% to ₹374 crore and operating profit margin improved by 110 basis points to 10.92%.

The board has recommended a final dividend of Rs 14. Further, marking Thermax's 60th anniversary milestone, the board has declared a special dividend of Rs 6 per share.

As of March 31, 2026, the order balance for the quarter was ₹13,604 crore (₹10,693 crore), up 27% from the corresponding quarter of the previous year.

During the financial year 2025-26, the company secured breakthrough order of 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 centre in the USA.

Thermax also commissioned an Electrostatic Precipitator (ESP) for a 35 TPH AFBC boiler, handling high gas flow rates with optimised performance at 160°C and achieving outlet emissions well within norms, ensuring efficient particulate control and regulatory compliance.

The company also secured ₹4 crore in new orders from pharma and steel sector customers, while facing raw material cost escalation due to West Asia geopolitical risks and a weakened demand outlook in the ceramic segment.

As of 11:09 am, Thermax shares traded 12% higher at ₹4,685, outperforming the NIFTY50 index which was down 0.54%.