Thermax Limited — PPTs, 31-07-2025: Investor Presentation

Here's a summary of the attached investor presentation:

**1. Financial Highlights:**

Thermax Q1 FY26 Order Booking grew to Rs. 2,748 Cr (+7%) with Order Balance at Rs. 11,376 Cr (+7%). Revenue was Rs. 2,150 Cr (-2%). PBT surged to Rs. 211 Cr (+31%) and PAT to Rs. 151 Cr (+38%), leading to improved PBT (9.8%) and PAT (7%) margins.

**2. Strategic Initiatives & Growth Drivers:**

Driving green energy, Thermax launched its SOEC pilot facility for green hydrogen. Strategic initiatives include a 230 MW hybrid wind-solar project and a new chemical plant in Indonesia. PFAS resin certification also opens global markets.

**3. Business Developments:**

Recent wins include waste heat recovery boilers for a new cement plant and a Rs. 200 Cr industrial emission reduction project in Kuwait. They also commissioned a 25 MW combined heat & power plant for an Assam refinery and a 10 TPH biomass boiler.

**4. Market Position & Competitive Advantage:**

Thermax strengthens its market position via sustainable solutions and advanced tech (SOEC, PFAS resin). Competitive wins and robust demand in Refinery/Petrochemicals highlight its differentiation and operational strength.

**5. Investor Implications:**

Robust Order Booking and PBT/PAT growth signal positive momentum. Strategic investments in green technologies and international expansion indicate future growth potential. Investors should monitor execution and revenue conversion across segments.