Thermax's consolidated profit after tax for the quarter ending March 31, 2026, rose 17.86% year-on-year to ₹244.28 crore, driven by strong order inflows and a significant increase in order backlog. Revenue from operations grew 12.53% to ₹3,428.04 crore, marking a 30.11% sequential rise from the previous quarter. The profit before tax also saw an increase of 11.14% YoY, reaching ₹334.13 crore. The company reported a substantial jump in order bookings, which more than doubled to ₹4,490 crore, compared to ₹2,119 crore in the same quarter last year, resulting in an order balance of ₹13,604 crore as of March 31, 2026. However, net cash generated from operating activities fell sharply to ₹541.55 crore in FY26 from ₹1,079.79 crore in FY25. Thermax, operating across India, Europe, and Southeast Asia, focuses on clean energy and environmental solutions.