Thermax Limited has informed the Exchange about Investor Presentation
July 31, 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 Q1 FY 2025-26.
You are requested to kindly take note of the above.
Thanking you,
Yours faithfully, For THERMAX LIMITED
Sangeet Hunjan Company Secretary & Compliance Officer M.N.: A23218 Encl.: As above
Thermax Limited: Investor Presentation Q1 FY 2025 - 2026
Conserving Resources, Preserving the Future.
To be a globally respected high performance organisation offering sustainable solutions in energy and the environment
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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:
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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
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Confidential and Internal Purpose only
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Thermax at a Glance
7,854 Employees*, Globally
Installations in 90+ Countries
Sales and Service Presence in 30+ Countries
Revenue Rs.10,389 crore
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Confidential and Internal Purpose only
16 Manufacturing Locations (12 in India, 4 International)
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*Includes permanent employees, FTCs, and permanent workers
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Business Highlights – Industrial Products
Helped an automobile company reduce carbon emissions
Commissioned a 289 kW water source electrical heat pump for a leading automobile company in Pune, Maharashtra
Demineralisation plant for a leading chlor-alkali and castor-based chemicals producer
Commissioned a 6 MLD demineralisation plant with thoroughfare MB for DM water production, designed with a minimal carbon footprint
Delivered the first electric hot water generator for a precast facility in Mundra, Gujarat Delivered the first electric hot water generator of 5 lakh kcal/hr for a precast blocks manufacturing factory in Mundra, Gujarat
Enabled a Thai cement producer keep the emissions from the chloride bypass system under control Commissioned a bag filter for the chloride bypass system to manage emissions <10 mg/Nm3
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Confidential and Internal Purpose only
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Business Highlights – Industrial Infra
Successfully commissioned a waste heat recovery boiler in central India
TBWES successfully commissioned a 71 TPH waste heat recovery boiler at the downstream of a 500 TPD sponge iron kiln in central India
Zero first-aid cases/accidents in Q1 FY26
Achieved 1.7 million safe manhours. Zero first-aid cases/accidents in Q1 FY26 – 100% decline from Q4 FY25
Order won from a greenfield cement plant in West India
TBWES secured an order for waste heat recovery boilers (AQC and PH) for a greenfield cement plant in West India, downstream of a 12,000 TPD kiln
Supported clean energy transition for the refining sector
Synchronised 25 MW combined heat and power plant on an EPC basis for a refinery in Assam, India
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Confidential and Internal Purpose only
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Business Highlights – Green Solutions
TOESL honoured with ‘Certification of Appreciation’ as best safety compliance contractor
TOESL was named ‘Best Safety Compliance Contractor’ of 2024–25 by a leading FMCG client, recognising over 4,000 accident- free man-days and a strong safety commitment
Greening the power requirement of Tamil Nadu
30/39 MW wind progressively commissioned in TN-II cluster
TOESL expands sustainable footprint with 3rd biomass boiler deployment for a drugs & pharma major TOESL deployed a 10 TPH biomass boiler, enabling the client to reduce potential carbon emissions by ~7,600 tCO2e annually compared to furnace oil
Transitioning from intra-state to inter-state open access FEPL is developing a 230 MW ISTS- connected hybrid project (100 MW wind in Karur, Tamil Nadu, 130 MW solar in Kunta) for industrial off- takers. OEM has been finalised for 17 of 31 WTGs, with land leased &transmission work in progress
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Confidential and Internal Purpose only
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Business Highlights – Chemical
Strengthening our presence in Southeast Asia
Commissioned a new chemical manufacturing facility in Cilegon, Indonesia with a capacity of 3,838 MT/year, strengthening our presence in Southeast Asia.
Marking growth in underground infrastructure applications Supplied accelerator solutions for the Shinkula tunneling project, generating a revenue of ₹37 lakh. Showcasing our growing presence in specialised underground infrastructure applications
NSF-Certified PFAS resin opportunities in regulated global markets
The PFAS removal resin received NSF Standard 61 approval, paving the way for entry into regulated and developed markets, particularly in North America and Europe..
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Confidential and Internal Purpose only
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Thermax Q1 FY 2025-26 Results
2,748 cr.
11,376 cr.
2,150 cr.
211 cr.
151 cr.
3,161 cr.
7%
7%
-2%
31%
38%
7 %
• Order booking is higher due to large orders in Industrial Infra and improved order booking in Green Solutions.
• PBT includes incentives receivable under the Package Incentive Scheme of the Government of Maharashtra
in one of the subsidiaries of Rs. 56 crore.
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• Last year PBT includes an amount of Rs. 27 crore for interest received on income tax refund.
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Confidential and Internal Purpose only
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Q1 – Order Book Status
Fertilizer & Agro 4%
Chemicals 6%
Paper and Pulp 7%
Engineering 7%
Food & Beverages 9%
Others 3%
BioCNG 3%
Drugs & Pharmaceuticals 2%
Textiles 1%
Power 14%
Metals & Mining 13%
• Missed OB targets in
Products & Chemicals
• Enquiry inflows from Power, Sugar/Distillery and Metals continue to remain strong
• Huge upsurge in
Refinery/Petrochemical sector however, OB to the power sector has dropped this quarter
Sugar/Distillery 12%
• Some good competitive wins
across the company
Cement 9%
Refinery & Petrochem 10%
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Confidential and Internal Purpose only
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Consolidated Performance Indicators
Q4, 2025 Performance Indicator
Q1, 2026 Q1, 2025
2,119 Order Booking
10,693 Order Balance
3,085 Revenue
301
Profit Before Exceptional Item and Tax
9.7% PBT before Exceptional Item and Tax %
Exceptional Item Profit Before Tax (PBT)
- 301 9.7% PBT %
206
Profit After Tax (PAT)
6.7% PAT %
2,748
2,569
11,376
10,681
2,150
2,184
211
9.8%
- 211 9.8%
151
7%
161
7.4%
- 161 7.4%
109
5.0%
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Confidential and Internal Purpose only
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Note - Values are in Rs. crore
Consolidated Performance Summary by Segment
Segment
Industrial Products
Industrial Infra
Green Solutions
Chemicals
Total
Order Booking
Order Balance
Q1, June 2026 YOY% Change Q1, June 2026 YOY% Change
1,295
1,155
128
171
2,748
2 %
17%
28%
-20%
7%
4,621
5,625
977
152
11,376
20%
-2%
8%
-15%
7%
• Order booking in Industrial Infra includes a Rs. 200 order for setting up a project to reduce emissions from the
industrial processes of a leading conglomerate in Kuwait.
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Note - Values are in Rs. crore
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Confidential and Internal Purpose only
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Business Performance Summary
For Q1, FY 2025-26
For Q1, FY 2024-25
Segments
Sales
PBIT
PBIT %
Sales
PBIT
PBIT %
Industrial Products
Industrial Infra
Chemicals
954
890
173
78
71
16
Total
2,017
165
8.1%
8%
9.3%
8.2%
961
925
171
2,057
87
(18)
30
99
9.0%
-2.0%
17.8%
4.8%
Sales
PBT
PBT %
Sales
PBT
PBT %
Green Solutions
173
9
5.1%
174
6
3.3%
•
•
•
•
The performance in Industrial Products is lower on account of decreased revenue.
The profitability in Industrial Infra is better due to the income from the Package Scheme of Incentives (PSI).
The profitability in the Chemicals segment is lower due to marginal revenue growth, higher input costs and a change in the product mix.
The Green Solutions segment has shown improvement, primarily driven by enhanced operational efficiency and new projects.
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Confidential and Internal Purpose only
Values are in Rs. crore The Green Solutions’ number are profit before tax PBIT - Segment PBIT before exceptional and unallocated overheads
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Business Segment Wise - Quarterly Trend
1,600 1,400 1,200 1,000 800 600 400 200 -
e r o r c
. s R n
i
l
e u a V
OB RR PBIT
200 180 160 140 120 100 80 60 40 20 -
e r o r c
. s R n
i
l
e u a V
OB RR PBT
Industrial Products
Q2
1,080 989 99
Q3 FY 24 990 1,023 101
Q4
Q1
Q2
Q3
Q4
FY 25
1,061 1,207 141
1,265 961 87
1,350 1,058 115
1,389 1,080 122
1,010 1,430 206
Q1 FY 26 1,295 954 78
Green Solutions
250
200
150
100
I
T B P
50
-
e r o r c
. s R n
i
l
e u a V
2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 -
Q2
OB RR PBIT
655 1,085 57
Industrial Infra
Q3 FY 24 1,246 1,097 39
Q4
Q1
Q2
Q3
Q4
FY 25
1,072 1,356 82
991 925 (18)
1,748 1,243 88
668 1,132 1
903 1,415 39
Q1 FY 26 1,155 890 71
100
80
60
40
20
-
(20)
(40)
I
T B P
Q2
58 125 (4)
Q3 FY 24 96 123 (3)
Q4
3 146 (4)
Q1
100 174 6
FY 25
Q2
57 175 3
Q3
47 189 (2)
Q4
21 152 (8)
Q1 FY 26 128 173 9
10 8 6 4 2 - (2) (4) (6) (8) (10)
T B P
250
200
150
100
50
-
e r o r c
. s R n
i
l
e u a V
OB RR PBIT
Q2
179 188 35
Q3 FY 24 174 161 33
Q4
173 154 30
Chemicals
OB
RR
PBIT
40 35 30 25 20 15 10 5 -
I
T B P
Q1
Q2
Q3
Q4
FY 25
213 Conserving Resources, Preserving the Future 171 30
199 190 31
184 210 35
191 192 26
Q1 FY 26 171 173 16
OB: Order Booking
RR: Revenue Recognition
PBT: Profit Before Tax
PBIT: Segment PBIT before exceptional and unallocated overheads
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Confidential and Internal Purpose only
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Domestic – Export Business Performance
FY 2024-25
YTD June 2025
Order Book
Chemicals
Green Solutions
Industrial Infra
Industrial Products
298
489
-
225
2,643
1,667
3,432
1,582
90
81
-
128
853
Chemicals
Green Solutions
Industrial Infra
Industrial Products
302
825
470
-
2,000 4,000 6,000
-
500 1,000 1,500
Revenue
Revenue
Green Solutions
Industrial Infra
Industrial Products
Chemicals
252
511
690 -
4,099
616 3,296
1,233
-
2,000 4,000 6,000
Order Balance
Chemicals
Green Solutions
Industrial Infra
Industrial Products
47
175 882 0 3,891
1,543
918
3,237
-
2,000 4,000 6,000
Chemicals
Green Solutions
Industrial Infra
Industrial Products
72
101
169 4
692
198
665
289
-
500 1,000 1,500
33
961
16
Chemicals
119
Green Solutions
Industrial Infra
Industrial Products
3,997
1,628
3,573
1,048
-
2,000 4,000 6,000
Domestic
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Export
All values are in Rs. crore
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Confidential and Internal Purpose only
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Industry Outlook
Input Cost
Market Sentiments
Demand
• The average input costs for copper and aluminium were up 5-7% during the quarter as compared to Q4-FY25; while the commodities like steel, nickel and zinc in the quarter were stable. Hence, there was no significant impact on the input costs during the quarter.
• The manufacturing
Purchasing Managers' Index (PMI) averaged 58.1 in Q1 2026, rising from 57.4 in Q4 FY 2025. June closed the quarter on a strong note at 58.4, the highest in 14 months.
• Missed OB targets in
Products & Chemicals • Enquiry inflows from Power, Sugar/Distillery and Metals continue to remain strong
• Huge upsurge in
Refinery/Petrochemical sector however, OB to the power sector has dropped this quarter
• Some good competitive wins across the company
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Confidential and Internal Purpose only
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Highlights at Thermax
• Solid Oxide Electrolyser Cell (SOEC) pilot facility – Thermax recently inaugurated its Solid Oxide Electrolyser Cell (SOEC) pilot facility in Pune - a key milestone in our green hydrogen journey. This marks a significant step towards advancing next-generation green hydrogen technology through a modular, high-efficiency solution designed to achieve the lowest Levelised Cost of Hydrogen (LCOH) for our customers.
• Sustainable Organisation Award 2025 – Thermax has been felicitated with the Sustainable Organisation Award 2025 at the 5th edition of Sustainability Summit & Awards by UBS Forums. This recognition is a reflection of the collective efforts of our teams and partners towards building a better and greener future.
• Recognised for operational excellence – Thermax was recognised for operational excellence in biofuels at the
International Summit & Expo on Bioenergy Value Chain, recently held in Delhi.
•
Innovation Day – Thermax fosters a culture of innovation by celebrating forward-thinking employees who deliver impactful financial, environmental, and social outcomes through innovative solutions across business functions, recognised annually at a dedicated innovation awards platform.
• Leadership Awards and CLOCC Awards – Thermax recognises exemplary leadership through the annual CLOCC Awards, honouring individuals who demonstrate outstanding ownership, collaboration, and customer-centricity in driving business performance, celebrated at a dedicated leadership recognition event.
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Confidential and Internal Purpose only
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For more information about Thermax:
Contact Us
Thermax Limited Thermax House 14, Mumbai - Pune Road, Wakdewadi, Pune - 411 003, India
www.thermaxglobal.com