Thermax Limited — PPTs, 09-05-2025: Investor Presentation

1. Financial Highlights:

Thermax reported quarterly revenue of Rs. 3,085 crore, up from Rs. 2,764 crore YoY. Profit before tax (PBT) increased 20% to Rs. 301 crore, with margins improving to 9.7% from 8.5%. Year-to-date revenue grew 11% to Rs. 10,389 crore, and PBT rose 11% to Rs. 884 crore despite Rs. 66 crore technology costs related to Bio-CNG projects impacting the Industrial Infra segment. Segment margins remained strong in Industrial Products (14.4%) and Chemicals (16.6%), while Green Solutions recorded a loss of 5.3% margin in Q4. Order inflows declined 8% YoY to Rs. 2,119 crore due to absence of large orders, but order backlog increased 6% to Rs. 10,693 crore.

2. Strategic Initiatives & Growth Drivers:

The company commissioned new energy and environmental plants, including a 64 MW energy facility for MDF manufacturing and India’s first PSA-based biogas purification system. Expansion continued in hybrid renewables with wind and solar projects in Tamil Nadu and Gujarat. Refinancing efforts lowered interest costs and secured Rs. 400 crore in working capital to fund green initiatives. Operational excellence delivered zero cost overruns and enhanced CO2 reduction impact.

3. Business Developments:

Thermax launched two organic manure brands—HaritAmrit by Adani and Bhoovaidyam by Reliance—aimed at institutional and retail segments. It commissioned a resin chemical plant in Gujarat and won new international orders from Zimbabwe alongside repeat business in Brazil. Strategic partnerships include OCQ for specialized chemicals and Schaeffler India for AI-enabled energy solutions.

4. Market Position & Competitive Advantage:

Thermax’s presence in over 90 countries, backed by scale and technology expertise in sustainable energy and environment, supports market share gains in Food & Beverage and sustained order strength in Power and Metals. Its leadership in decarbonization, biogas, and hybrid renewables underpins differentiation in a competitive market.

5. Investor Implications:

Thermax shows promising growth potential with margin expansion and robust revenue gains driven by sustainability and technology advances. Monitoring execution risks, particularly in Bio-CNG projects, is prudent. The diversified order book and green portfolio expansion position the company well for sustainable long-term growth.