Thermax Limited — PPTs, 07-05-2026: Investor Presentation

Thermax delivered a strong Q4 FY26, with order bookings surging 112% YoY to Rs. 4,490 crore and PAT rising 18.4% to Rs. 244 crore. Full-year order bookings grew 34% to Rs. 13,871 crore, and PAT increased 15% to Rs. 720 crore, boosting the order balance by 27% to Rs. 13,604 crore.

Growth was primarily driven by robust performance in Industrial Products (heating, cooling, water solutions) and Industrial Infra, especially TBWES. Green Solutions also saw significant order book growth due to improved performance and a revised reporting method for long-term contracts. Data Centers are highlighted as a key future growth sector.

Recent wins include a large boiler package for an 800 MW thermal power plant (Rs. 1,600 crore), a major data center cooling solution in the USA, and a waste-to-energy project in North India. The company also commissioned its first hot water heater project for a Malaysian MNC and secured its first community steam project in Gujarat. CBG production saw strong momentum, completing 14 existing plants. The construction chemicals business secured new orders, including a Rs. 2.4 crore annual revenue potential project for the Pune ring road.

The company anticipates continued volatility in input costs due to geopolitical instability. Despite this, India's manufacturing PMI shows sustained growth. The Board has proposed a dividend of Rs. 14 per share for FY26, alongside a special dividend of Rs. 6 per share for its 60th anniversary.