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Free Press Journal

Thermax Q1 consolidated net profit drops 85% to Rs 22 crore after Rs 91 crore project cost overrun

AI Market Summary
Thermax's Q1 FY27 consolidated net profit fell 85% YoY to ₹22 crore, driven by a ₹91 crore project cost overrun in Industrial Infra, higher expenses, and a tougher comp versus a prior one-off incentive gain. While revenue grew 7% and backlog rose 23%, the results highlight weaker margin resilience and project execution risk, likely weighing on risk appetite toward the name and related industrial exposures.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+2.59%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Thermax said its consolidated net profit fell 85% year on year to Rs 22 crore for the quarter ended June 2026. The company attributed the decline mainly to a Rs 91 crore increase in the estimated cost to complete a specific Industrial Infra project and higher expenses. Comparisons were also affected by a one-time Rs 56 crore incentive income recorded in Q1 FY26.
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