Engineering major Thermax Ltd reported a muted performance for the quarter ended September 2025 (Q2 FY26), with both revenue and profitability falling short of estimates.

The company’s consolidated profit dropped 39.7% year-on-year to ₹119.4 crore, while revenue slipped 5.4% to ₹2,473.9 crore. EBITDA fell 38% to ₹171.9 crore, with margins narrowing sharply to 6.9% from 10.6% a year earlier.

Performance was impacted by lower margins in the industrial infrastructure segment due to project cost overruns, along with a less favourable product mix in the industrial products division.

The chemicals business also faced pressure from higher fixed costs, elevated input prices, and changes in the product mix.

The company said its green solutions segment recorded an improvement in margins aided

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