Synopsis:
Thermax shares rose after the company signed an exclusive partnership with HydrogenPro to supply, install, and service alkaline electrolysers in India. Q1FY26 results showed a marginal YoY sales decline but profit growth.
The shares of this mid-cap were in focus in the day’s trade after it announced an exclusive partnership with a global electrolyser technology leader. The move strengthens India’s position in the emerging green hydrogen market and signals an acceleration in industrial decarbonisation initiatives.
The company in focus is Thermax Ltd, with a market capitalisation of Rs. 38,599.49 crore, opened at Rs. 3,379.95 against the previous close of Rs. 3,295.75, marking an intraday gain of 2.55 percent.
What’s the News?
Thermax has entered into a strategic partnership with HydrogenPro, a leader in green hydrogen technology and systems, for alkaline electrolysers. Under the agreement, Thermax will have exclusive rights in India for the supply, installation, commissioning, and after-sales service of alkaline electrolyser systems based on HydrogenPro’s technology.
The deal includes technology licensing, stack supply, future upgrades, and technical support, and is effective immediately for deployment in ongoing green hydrogen projects.
As part of the collaboration, Thermax will engineer and manufacture key systems and balance-of-plant components for integration with HydrogenPro stacks, with both companies jointly developing advanced solutions for evolving market needs. A state-of-the-art test station for short stacks will be established at Thermax’s Pune facility.
The company will now offer integrated green hydrogen solutions, from electrolyser systems and turnkey EPC execution to value-added services for plant optimisation, reinforcing its leadership in India’s sustainable energy ecosystem.
Management Commentary
Ashish Bhandari, MD & CEO, Thermax, said, “Our association with HydrogenPro marks an important step in expanding our green hydrogen portfolio. This collaboration enables us to immediately offer market-ready alkaline technology-based solutions for deployment across industries in India.
By combining HydrogenPro’s proven technology with Thermax’s engineering and project execution expertise, we will deliver integrated, localised, state-of-the-art alkaline electrolyser solutions with complete lifecycle support. This partnership reinforces our commitment to advancing industrial decarbonisation and supporting India’s energy transition.”
Jarle Dragvik, CEO, HydrogenPro, said, “India, with its strong development in renewable energy, is one of the fastest growing hydrogen markets. The partnership with Thermax provides us with an important entry into the country and a solid market foothold. Our goal is to enable the decarbonisation of industry through the use of green hydrogen, particularly in sectors with few or no renewable alternatives to current operational practices.
India is striving to decarbonise their industries and modernise power generation, and this closely aligns with our technology. We will jointly develop and deliver comprehensive, integrated solutions that address complex challenges and enable scalable, sustainable energy advancements in India”.
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Financial Snapshot
In Q1FY26, Thermax posted consolidated revenue of Rs. 2,150 crore, down 30.3 percent sequentially from Rs. 3,085 crore and 1.6 percent lower year-on-year from Rs. 2,184 crore. Net profit stood at Rs. 151 crore, down 26.7 percent QoQ from Rs. 206 crore but up 38.5 percent YoY from Rs. 109 crore.
The company’s order book at the end of Q1FY26 stood at Rs. 2,748 crore, marking a growth of 7.0 percent from Rs. 2,569 crore in Q1FY25 and a robust sequential increase of 29.7 percent from Rs. 2,119 crore in Q4FY25. The order balance as of Q1FY26 stood at 11,376 crore as compared to 10,681 crore during the same quarter last year and 10,693 crore in Q4FY25.
Breakdown during the quarter was led by the Industrial Products segment at Rs. 1,295 crore, followed by Industrial Infrastructure at Rs. 1,155 crore. The Green Solutions segment contributed Rs. 128 crore, while the Chemicals division reported revenue of Rs. 171 crore.
About the Company
Thermax Limited (NSE: THERMAX) is a leading conglomerate in the energy and environment space with solutions spanning clean air, clean energy, clean water, and chemicals. With 16 manufacturing facilities across India, Europe, and Southeast Asia, and over 45 subsidiaries, Thermax is known for delivering integrated, sustainable solutions that combine engineering, consulting, execution, and maintenance expertise.
Written by – Manan Gangwar
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