Thermax Limited — PPTs, 11-11-2025: Investor Presentation

Thermax's Q2 FY26 saw **Order Booking rise 6% YoY to ₹3,551 Cr**, with **Order Balance also up 6% to ₹12,300 Cr**. However, **Revenue dipped 5% to ₹2,474 Cr**, and **Profit Before Tax (PBT) fell 35% to ₹174 Cr**, with **Profit After Tax (PAT) down 40% to ₹119 Cr**.

**Industrial Products segment saw improved order booking**, driven by water desalination and environmental equipment. **Green Solutions' order booking surged due to a reporting methodology change** (a subsidiary shifted to a 12-month forecast), while **Industrial Infra profitability was hit by project cost overruns**. The company is **actively reducing low-margin orders** in its backlog.

Recent developments include **powering 100MW+ data center growth with next-gen cooling**, supplying a **27 TPH biomass-fired boiler for a textile major**, and **commissioning an ultrapure water system for India’s first indigenous semiconductor assembly facility**. Thermax also **ventured into the biofuels space with initial 1G ethanol orders** and saw its **new Jhagadia Resin plant begin manufacturing**.

Management notes **overall stable input costs** and a **robust manufacturing PMI** signaling sustained factory expansion and favorable demand. Order inflows from Metals, Power, and Petrochem sectors remain strong. The company expects significant order execution in H2 FY26 and into FY27.