THERMAXNSE9 May 2025

Thermax Limited has informed the Exchange about Investor Presentation

Thermax Limited

May 9, 2025

To The Secretary BSE Limited PJ Towers, Dalal Street Mumbai: 400 001 Company Scrip Code: 500411

National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Mumbai – 400 051 Company Scrip Code: THERMAX EQ

Sub: Regulation 30 of the SEBI (LODR) Regulations, 2015 – Investor Presentation

Dear Sir/Madam,

In terms of Regulation 30 of the SEBI (LODR) Regulations, 2015, please find enclosed the Investor Presentation for Q4 FY 2024-25.

You are requested to kindly take note of the above.

Thanking you,

Yours faithfully, For THERMAX LIMITED

Rajendran Arunachalam Chief Financial Officer Encl.: As above

Thermax Limited: Investor Presentation Q4 FY 2024 - 2025

Conserving Resources, Preserving the Future.

To be a globally respected high performance organisation offering sustainable solutions in energy and the environment

Conserving Resources, Preserving the Future.

Disclaimer

This presentation includes forward-looking information and statements, including those concerning the outlook for our businesses. These statements are based on current expectations, estimates and projections about the factors that may affect our future performance, encompassing global economic conditions, and the economic conditions of the regions and industries that are major markets for Thermax. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects”, “believes”, “estimates”, “targets”, “plans”, “outlook” or similar expressions.

There are numerous risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this presentation and which could affect our ability to achieve any or all of our stated targets. The important factors that could cause such differences include, among others:

•

Business risks associated with the volatile global economic environment and political conditions

Costs associated with compliance activities

Market acceptance of new products and services

Changes in governmental regulations and currency exchange rates, and

Such other factors as may be discussed from time to time in Thermax Ltd.'s filings with the Securities

and Exchange Board of India (SEBI), including its Annual Report

Conserving Resources, Preserving the Future

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.

Thermax at a Glance

7,854 Employees* Globally

Installations in 90+ Countries

Sales and Service presence in 30+ Countries

Revenue Rs. 10,389 crore

Confidential and Internal Purpose only

14 Manufacturing Locations (10 in India, 4 International)

Conserving Resources, Preserving the Future

*Includes permanent employees, FTCs and excludes workmen

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.

Business Highlights – Industrial Products

Meeting process cooling needs of a cement complex Recently commissioned two double effect steam fired chillers of capacity 370 TR for a reputed cement manufacturer in India.

Desalination plant for a leading pharma company Commissioned a 3 x 6.5 MLD Seawater Reverse Osmosis (SWRO) desalination plant in Kakinada, Andhra Pradesh, achieving lower power consumption through gravity filtration.

Energy plant for a major MDF manufacturer in South India A 64 MW energy plant has been established for a MDF manufacturing facility in the south of India.

Setting a benchmark: PSA technology fuels bio-CNG output in India

Commissioned India’s first high-pressure swing adsorption PSA-based biogas purification system for a 10 TPD bio-CNG plant.

Conserving Resources, Preserving the Future

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.

Business Highlights – Industrial Infra

Major HRSG order for West African thermal power project Thermax Babcock and Wilcox Energy Solutions (TBWES) received a breakthrough order for two supplementary fired two-pressure-level heat recovery steam generators for a greenfield thermal power plant coming up in West Africa.

High-capacity plug & play boiler units supplied to a major oil refinery in Iraq

Thermax Babcock and Wilcox Energy Solutions (TBWES) successfully commissioned 3 x 85 TPH Thermstar Bi-Drum plug & play boiler units at one of the largest oil refineries in Iraq.

Cogeneration plant for a 250 KLPD ethanol plant in Odisha, India Synchronised 1 x 5.50 MW cogen power plant on an EPC basis, utilising rice husk and coal as fuels.

Conserving Resources, Preserving the Future

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.

Business Highlights – Green Solutions

Greening the power requirement of Tamil Nadu and Gujarat 21 MW (7 WTG) wind energy is being progressively commissioned in the TN-II cluster, with an additional 5.7 MWp at FETN1PL and 2.5 MWp at FE3PL enhancing solar capacity across sites.

Organic manure (FOM) brands launched for institutional & retail sales Thermax's TBSPL plants produced around 1,500 tonnes of fermented organic manure (FOM) in Q4 FY25, now being sold under two newly launched brands - HaritAmrit (Adani) and Bhoovaidyam (Reliance) - for institutional and retail markets..

Continued operational excellence at TOESL setting high benchmarks with reduction in 1.6+ M tonnes of CO2e till date Strategic operational excellence initiatives propelled TOESL to record-high revenue and profitability, achieving zero COPQ, zero overruns and 100% compliance across 40 sites under operation.

Loan refinancing and future projects development FE3PL’s loan refinancing led to a 100 bps interest rate reduction. FEPL secured a Rs.400 crore WC term loan to support project construction. Term sheets for 42.7 MW hybrid capacity have been executed for the upcoming GJ Hybrid II cluster.

Conserving Resources, Preserving the Future

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.

Business Highlights – Chemicals

Profit improvement in water treatment chemicals market First order received from Chemical Warehouse - Zimbabwe (Gulfood Expo) worth Rs. 0.5 crore.

Order win for Thermax Vebro Polymers

Order win from a leading beverage industry player for a cement modified polyurethane flooring system. This is one of the largest and first order received by the company in the food and beverage sector.

Jhagadia chemical plant commissioned - enhancing production capacity

The new resin chemical plant at Jhagadia, Gujarat commissioned during the quarter.

Good traction for resins seen across markets Achieved a significant milestone with a second repeat order from Citrosuco, Brazil, for its juice debittering technology.

Conserving Resources, Preserving the Future

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.

Thermax Q4 FY 2024-25 Results

2,119 cr.

10,693 cr.

3,085 cr.

301 cr.

206 cr.

2,843 cr.

-8%

12%

20%

10%

• No large order booked during the current quarter resulted into lower order book.

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future

PBT – Before tax and exceptional items

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Thermax YTD FY 2024-25 Results

10,337 cr.

10,693 cr.

10,389 cr.

884 cr.

627 cr.

2,843 cr.

10%

11%

-3%

• The results were affected by the recognition of higher technology intervention costs amounting to Rs. 66 crore

in Bio-CNG projects under the Industrial Infra segment.

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future

PBT – Before tax and exceptional items

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.

Q4 – Order Book Status

Paper & Pulp 3%

Others 8%

Power 20%

Food & Beverages 10%

• Enquiry inflows from Power, F&B and Metals continue to remain strong

•

Large growth in order booking for F&B over Q3 however slowdown in Sugar/Distillery

• Some good competitive wins

across the company

Refinery & Petrochem 3% BioCNG 3%

Sugar/Distillery 4%

Textiles 4%

Drugs & Pharmace uticals 5%

Cement 5%

Fertilizer & Agro 7%

Chemicals 8%

Metals & Steel 9%

Engineering 8%

Conserving Resources, Preserving the Future

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.

Consolidated Performance Indicators

Q3 2025 Performance Indicator

Q4, 2025 Q4, 2024 YTD Mar 25 YTD Mar 24

2,296 Order Booking

11,383 Order Balance

2,508 Revenue

156

Profit Before Exceptional Item and Tax

6.2% PBT before Exceptional Item and Tax %

Exceptional Gain

156

Profit Before Tax (PBT)

6.2% PBT %

114

Profit After Tax (PAT)

4.5% PAT %

2,119

10,693

3,085

2,309

10,111

2,764

10,337

10,693

10,389

301

9.7%

- 301

9.7%

206

6.7%

251

9.1%

251

9.1%

188

6.8%

884

8.5%

884

8.5%

627

6.0%

9,355

10,111

9,323

793

8.5%

869

9.3%

643

6.9%

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future

Note - Values are in Rs. crore

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.

Consolidated Performance Summary by Segment

Segment

Industrial Products Industrial Infra Green Solutions Chemicals Total

Order Booking

Order Balance

Q4 Mar. 2025

YOY% Change YTD Mar. 2025 YOY% Change

1010 903 21 184 2,119

-5% -16% 608%

6% -8%

4,154 5,434 882 222 10,693

19% -4% 12% 60%

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.

Conserving Resources, Preserving the Future

Note - Values are in Rs. crore

Business Performance Summary

For Q4, FY 2024-25

For Q4, FY 2023-24

YTD Mar. 25

YTD Mar. 24

Segments

Sales PBIT PBIT % Sales PBIT PBIT %

Sales

PBIT

PBIT %

Sales

PBIT

PBIT %

Industrial Products Industrial Infra

Chemicals

1,430

206 14.4%

1,207 141

11.7%

4,529

529

11.7%

4,055

397

9.8%

1,415

2.8%

1,356

6.1%

4,715

110

2.3%

4,455

209

4.7%

210

16.6%

154

19.2%

763

122

16.0%

663

124

18.7%

Total

3,056

280 9.2%

2,718 253

9.3%

10,006 761

7.6%

9,174

730

8.0%

Sales

PBT PBT % Sales

PBT

PBT %

Sales

PBT

PBT %

Sales

PBT

PBT %

Green Solutions PBT/(loss) for Q3, Rs. (2) (LY Q3, Rs. (3)) and YTD Rs. 7, LY YTD ((Rs.3)).

152

(8)

-5.3%

146

(4)

-2.9%

690

(1)

-0.1%

507

(7)

-1.4%

Green Solutions

•

Improved performance in Industrial Products and on account of increased revenue and better margins.

The quarterly results were affected by the recognition of higher technology intervention costs amounting to Rs. 66 crore in

Bio-CNG projects under the Industrial Infra segment.

• Chemicals segment profitability is lower due to higher input costs and change in product mix.

Conserving Resources, Preserving the Future

Confidential and Internal Purpose only

Values are in Rs. crore Green Solutions number are profit before tax PBIT - Segment PBIT before exceptional and unallocated overheads

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.

Business Segment Wise - Quarterly Trend

Industrial Products

Industrial Infra

1,600 1,400 1,200 1,000 800 600 400 200 -

e r o r c

. s R n

e u a V

FY 24

FY 25

250

200

150

100

T B P

e r o r c

. s R n

e u a V

2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 -

100

(20)

(40)

T B P

OB RR PBIT

1,198 836 56

1,080 989 99

990 1,023 101

1,061 1,207 141

1,265 961 87

1,350 1,058 115

1,389 1,080 122

1,010 1,073 1,430 206

FY 24

OB RR PBIT

1,127 916 30

655 1,085 57

1,246 1,097 39

1,072 1,356 82

991 925 (18)

FY 25

1,748 1,243 88

668 1,132 1

903 840 1,415 39

Green Solutions

200 180 160 140 120 100 80 60 40 20 -

e r o r c

. s R n

e u a V

OB RR PBT

84 113 4

FY 24

58 125 (4)

96 123 (3)

3 146 (4)

100 174 6

FY 25

57 175 3

47 189 (2)

21 152 (8)

8 6 4 2 - (2) (4) (6) (8) (10)

T B P

250

200

150

100

e r o r c

. s R n

e u a V

OB RR PBIT

158 161 27

FY 24

179 188 35

174 161 33

Chemicals

PBIT

40 35 30 25 20 15 10 5 -

T B P

FY 25 173 Conserving Resources, Preserving the Future 154 30

184 210 35

213 171 30

191 192 26

199 190 31

OB: Order Booking

RR: Revenue Recognition

PBT: Profit Before Tax

PBIT: Segment PBIT before exceptional and unallocated overheads

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.

Domestic – Export Business Performance

FY 2023-24

YTD Mar FY 2024-25

Q4 FY 2024-25

Order Book

201

483

241

Chemicals

Green Solutions

Industrial Infra

Industrial Products

3,667

432

3,309

1,020

Chemicals

Green Solutions

Industrial Infra

Industrial Products

298

489

225

2,643

1,668

3,432

1,582

- 21

Chemicals

Green Solutions

Industrial Infra

Industrial Products

859

720

290

2,000 4,000 6,000

500

1,000 1,500

Chemicals

210

453

Revenue

Green Solutions

Industrial Infra

Industrial Products

507

3,843

612

2,855

1,201

Chemicals

Green Solutions

Industrial Infra

Industrial Products

252

511

690

4,099

616

3,296 1,233

Chemicals

Green Solutions

Industrial Infra

Industrial Products

132

- 152

1,119

297

1,039

391

2,000 4,000 6,000

500

1,000

1,500

2,000

Order Backlog

Chemicals

Green Solutions

Industrial Infra

Industrial Products

- 791

4,990

496

602

2,898

Chemicals

Green Solutions

Industrial Infra

Industrial Products

175

882 0

3,891

1,543

918

3,237

2,000

4,000

6,000

2,000 4,000 6,000

Domestic

Conserving Resources, Preserving the Future

Export

All values are in Rs. crore

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.

Industry Outlook

Input Cost

Market Sentiments

Demand

• The average input costs for Steel and Copper were up 2% during the quarter as compared to Q3-FY25; while the commodities like Aluminium, Nickel and Zinc in the quarter were stable. Hence there was no significant impact on the input costs during the quarter.

• The Manufacturing PMI for Q4 2024 indicates strong market sentiment, driven by rising demand, increased production, and business optimism. A steady index above 50 reflects ongoing economic expansion and positive investor confidence in the manufacturing sector.

• Enquiry inflows from Power, F&B and Metals continue to remain strong

• Some good competitive wins across the company

• Large growth in order

booking for F&B over Q3 however slowdown in Sugar/Distillery

Conserving Resources, Preserving the Future

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future. Conserving Resources, Preserving the Future.

Highlights at Thermax

• Quality Circle Forum of Indian (QCFI) Award – Thermax Chinchwad factory received Golden Award from Quality Circle Forum of Indian (QCFI) for continuous improvement in HSE, organised Kaizen

Competition 2025.

• Strengthening Impact in Indonesia – Thermax Strengthens Presence in Indonesia by showcasing cutting-edge solutions for decarbonisation, energy efficiency, and Water Management at Exclusive

Jakarta Roadshow.

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future.

Conserving Resources, Preserving the Future

New Partnerships & Incorporations

• Partnership with OCQ for High-Performance Chemicals –

Thermax Chemical Solutions Private Limited, a wholly-owned subsidiary of Thermax, has entered into an exclusive shareholder’s agreement with Oswaldo Cruz Química Indústria e Comércio Ltda (OCQ), one of the leading chemical companies in Latin America producing resins and polymers.

• Thermax Schaeffler Partnership – Thermax and Schaeffler India have signed a Memorandum of Understanding (MoU) to provide AI driven energy and reliability solutions for industries.

Confidential and Internal Purpose only

Conserving Resources, Preserving the Future Conserving Resources, Preserving the Future. Conserving Resources, Preserving the Future.

Conserving Resources, Preserving the Future

Conserving Resources, Preserving the Future.

For more information about Thermax:

Thermax Limited Thermax House 14, Mumbai - Pune Road, Wakdewadi, Pune - 411 003, India

www.thermaxglobal.com

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