Thermax Limited has informed the Exchange about Investor Presentation
November 11, 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 Q2 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 Q2 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:
•
•
•
•
•
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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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
Powering 100MW+ data center growth with next-gen cooling Solutions Over 100 MW of capacity in orders are currently under execution for the data center segment, alongside the development of advanced cooling solutions tailored to the industry’s evolving needs.
Powering India’s first indigenous, greenfield semiconductor assembly facility A 194 m³/hr system designed, supplied, and commissioned for ultrapure water generation in Jagiroad, Assam.
27 TPH biomass-fired RG boiler for a textile major in Tamil Nadu The customer aimed to transition away from coal in line with the industry’s move towards sustainability. Our 27 TPH biomass- fired RG boiler enabled a smooth transition from coal to biomass.
Supporting a leading carbon black producer with advanced emission control solutions Commissioned a dry flue gas desulphurisation (FGD) system for a major carbon black producer to reduce SOx and NOx emissions, enabling cleaner and sustainable operations.
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Business Highlights – Industrial Infra
TBWES to deliver end-to-end HRSG Solution from design to commissioning for UAE Project TBWES has secured an order from the UAE to supply a 120 TPH supplementary-fired heat recovery steam generator (HRSG) for process steam generation.
TBSPL marks strong growth in CBG operations with new plant commissions and increased production
Produced ~2700 tonnes CBG from TBSPL operational plants in Q2 FY26. Successfully commissioned and dispatched the first cascade of 22 TPD CBG plants from Indore and Kota.
TBWES successfully retrofits 300 MWe boiler for co-firing with blast-furnace gas and coal TBWES has successfully retrofitted a 300 MWe tangential pulverised coal-fired boiler for a leading steel major. One of the four boilers has been successfully commissioned to date.
Entering the future of energy: Thermax ventures into the biofuels space with initial 1G ethanol orders
We are venturing into futuristic biofuel business, and have entered biofuels segment with booking of a couple of orders in the crowded 1G ethanol market.
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Business Highlights – Green Solutions
TOESL wins ‘BBS Ambassador Award 2025’ at Baroda Management Association Forum TOESL honoured with the ‘BBS Ambassador Award 2025’ by the Baroda Management Association, recognising our commitment towards Behaviour-Based Safety (BBS) implementation and sustained excellence.
Greening the power requirement of Tamil Nadu
In Tamil Nadu, 36 MW of 39 MW wind capacity has been commissioned under the TN-II cluster, part of the 100 MW Tuticorin hybrid project. WTG erection for 10 of 17 turbines and transmission work are completed for the 60 MW Trichy project.
TOESL enables clean steam solutions for India’s leading battery manufacturing player TOESL deployed a 16 TPH biomass boiler at Bengaluru, Karnataka. This project has the
potential to reduce CO
emissions
by ~20,000 tonnes annually— equivalent to ~46,000 barrels of oil consumed.
₂
Hybrid project breaks ground in Jafrabad, Gujarat
Early construction has begun for the 140 MW hybrid project at Jafrabad, Gujarat.
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Business Highlights – Chemical
Water treatment chemicals business continues to drive profitability
Secured ₹12 crore in new orders from customers in the ceramics, PAM solutions, and steel sectors, while advancing digital adoption by onboarding over 50 customers on Edge-Live for real-time performance monitoring.
Healthy order pipeline for Construction Chemicals
Strengthened market presence through admixture supplies to UltraTech RMC facilities across Central and Andhra Pradesh regions.
Global resin market update
Challenges in the global resin Market continue due to geopolitical situations. Focusing on strategic business alliances with large OEMs in the international market for high purity resins and specialty resins.
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Confidential and Internal Purpose only
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Thermax Q2 FY 2025-26 Results
3,551 cr.
12,300 cr.
2,474 cr.
174 cr.
119 cr.
2,739 cr.
6%
6%
-5%
-35%
-40%
4%
• Order booking is higher due to improved order booking in Industrial Products segment. The Industrial Infra
segment has lower order booking in the current year due to large order bookings in the last year.
• Revenue and PBT of last year includes incentives receivable under the Package Incentive Scheme of the
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Government of Maharashtra in one of the subsidiaries of Rs. 66 crore.
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Confidential and Internal Purpose only
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Note - Values are in Rs. crore
Q2 – Order Book Status
Textiles 2%
Drugs & Pharmaceuticals 1%
Paper and Pulp 1%
BioCNG 0%
Others, 3%
Metals & Mining 24%
Fertilizer & Agro 5%
Power 5%
Sugar/Distillery 8%
• OB inflows from Metals remain
very strong with growth in OB from the Power and Petrochem sector
•
Increase in F&B orders however a drop in Sugar/Distillery which historically is a leading contributor
• Some good competitive wins
across the company
Chemicals 8%
Engineering 8%
Cement 8%
Food & Beverages 10%
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Refinery & Petrochem 16%
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Consolidated Performance Indicators
Q1, FY26 Performance Indicator
Q2, FY26
Q2, FY25
2,748
Order Booking
11,376
Order Balance
2,150
Revenue
211
9.8%
151
7.0%
Profit Before Tax (PBT)
PBT %
Profit After Tax (PAT)
PAT %
3,551
12,300
2,474
174
7.0%
119
4.8%
3,353
11,593
2,616
266
10.2%
198
7.6%
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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
Q2, Sept FY26
YOY% Change
Q2, Sept FY26
YOY% Change
1,598
1,459
295
199
3,551
18 %
-16%
415%
0%
6%
4,868
6,226
973
233
12,300
16%
-1%
9%
28%
6%
• Order booking in Industrial Products is improved due to better performance in water desalination and
environmental equipment orders
• Order booking in the Green Solutions Segment includes a change in the reporting methodology adopted by one of the group’s
subsidiaries, TOESL, has shifted to a rolling 12-month forecast model for its order book this year, replacing the earlier practice of reporting only the first year’s revenue from contracts that typically run for 10 years. As a result, the reported order book has increased by Rs. 197 crore, without affecting contracts, revenue recognition, or financial results.
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Confidential and Internal Purpose only
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Note - Values are in Rs. crore
Quality of Order Backlog improving
Increase Decrease Total
646
12,300 2,707
11,593 2,000
663
443
-693
-352
H1 FY25 Order Backlog
Low Profitable Orders
TBSPL
TBWES
IPD
Others
H1 FY26 Order Backlog
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Thermax Group – Low margin Orderbook Trend
1,245
501
579
*
58
FY 22 Order Booking
FY 23 Order Booking
FY 24 Order Booking
FY 25 Order Booking
0 0 H1 FY26 Order Booking
Lower Profitable Orders - P&ES & FGD
Bio Cng
788
222
253
FY 21 Order Backlog
H1 FY26 Order Backlog
Lower Profitable Orders - P&ES & FGD
Bio Cng
H2 execution will be ~62% of this balance & ~38% - will be executed in FY27
Reducing trend of low contribution orders
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*Change orders
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Confidential and Internal Purpose only
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Business Performance Summary
For Q2, FY 2025-26
For Q2, FY 2024-25
YTD Sep FY 2025-26
YTD Sep FY 2024-25
Segments
Sales
PBIT PBIT % Sales
PBIT
PBIT % Sales
PBIT
PBIT % Sales
PBIT
PBIT %
Industrial Products
1,189
117
9.9%
1,057
115
10.8%
2,143
195
9.1%
2,020
201
10.0%
Industrial Infra
949
(15)
-1.6%
1,248
88
7.1%
1,846
Chemicals
191
19
9.8%
190
31
16.1%
364
56
35
3%
2,164
70
3.2%
9.6%
361
61
16.9%
Total
2,329
121
5.2%
2,495
233
9.4%
4,353
286
6.6%
4,545
332
7.3%
Green Solutions
Sales
PBT
PBT % Sales
PBT
PBT %
Sales
PBT
PBT %
Sales
PBT
PBT %
192
12
6.1%
175
3
1.9%
365
21
5.7%
349
9
2.6%
• Performance in Industrial Products is marginally lower due to product mix. • Profitability is lower in Industrial Infra due to lower margins in projects due to cost overruns. PSI income in Q2 last year and in
•
Q1 current year. The profitability in the Chemicals segment is lower due to higher fixed costs compared to revenue growth, higher input costs and a change in the product mix.
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• Green Solutions business has margin improvement due to operational efficiency and
one the of the subsidiary has received insurance claim proceeds.
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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
Industrial Infra
Industrial Products
e r o r c
. s R n
i
l
e u a V
1,800 1,600 1,400 1,200 1,000 800 600 400 200 -
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
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 -
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
100 80 60 40 20 - (20) (40)
I
T B P
FY 24
FY 25
OB RR PBIT
990 1,023 101
1,061 1,207 141
1,265 964 87
1,350 1,057 115
1,389 1,080 122
1,010 1,429 206
FY 26
1,295 954 78
1,598 1,189 117
FY 24
FY 25
OB RR PBIT
1,246 1,097 39
1,072 1,356 82
991 916 (18)
1,748 1,248 88
668 1,132 1
903 1,399 39
FY 26
1,155 897 71
1,459 949 (15)
Green Solutions
350
300
250
200
150
100
50
-
e r o r c
. s R n
i
l
e u a V
OB RR PBT
FY 24
Q3
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)
FY 26
Q1
128 173 9
Q2
295 192 12
15
10
5
-
(5)
(10)
T B P
e r o r c
. s R n
i
l
e u a V
250
200
150
100
50
-
OB RR PBIT
Q3
174 161 33
FY 24
Q4
173 154 30
Q1
213 171 30
Chemicals
OB
RR
PBIT
40 35 30 25 20 15 10 5 -
I
T B P
Q2
Q3
Q4
Q1
Q2
FY 25
FY 26
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191 192 26
184 210 35
171 173 16
199 191 19
199 190 31
OB: Order Booking
RR: Revenue Recognition
PBT: Profit Before Tax
PBIT: Segment PBIT before exceptional and unallocated overheads
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Domestic – Export Business Performance
FY 2024-25
YTD Sept 2025
Q2 FY 2025-26
Order Book
Revenue
Revenue
Order Balance
Chemicals
Green Solutions
Industrial Infra
Industrial Products
298
489
-
225
2,643
1,667
3,432
1,582
Chemicals
Green Solutions
Industrial Infra
Industrial Products
149
6
417
221
1,594
1,020
2,048
845
59
140
289 6
Chemicals
Green Solutions
Industrial Infra
Industrial Products
741
719
1,224
374
-
2,000 4,000 6,000
-
1,000 2,000 3,000 4,000
-
500
1,000 1,500 2,000
252
511
-
690
Chemicals
Green Solutions
Industrial Infra
Industrial Products
4,079
616
3,296
1,233
-
2,000 4,000 6,000
Chemicals
Green Solutions
Industrial Infra
Industrial Products
47
175 - 882
3,891
918
3,237
Chemicals
Green Solutions
Industrial Infra
Industrial Products
Chemicals
Green Solutions
Industrial Infra
Industrial Products
141
223
358 7
1,360
486
1,421
722
Chemicals
69
122
188
Green Solutions
4
Industrial Infra
Industrial Products
660
289
756
433
-
1,000 2,000 3,000
-
500
1,000
1,500
186
47
967 6
4,124
2,102
3,897
971
Domestic
Export
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All values are in Rs. crore
-
2,000 4,000 6,000
-
2,000 4,000 6,000 8,000
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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, along with Zinc were up 7 to 10 % during the quarter as compared to Q1-FY26; while the commodities like Steel was down by 2% and Nickel was stable. Overall, there was no significant impact on the input costs during the quarter for us.
• India’s manufacturing PMI held robust at around 58.4 in June, pointing to sustained factory expansion in Q2 FY26 — driven by strong export orders, easing input- cost pressures and a favourable global demand backdrop.
• OB inflows from Metals remain very strong with growth in OB from the Power and Petrochem sector. Increase in F&B orders however a drop in Sugar/Distillery which historically is a leading contributor.
•
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Confidential and Internal Purpose only
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Highlights at Thermax • Most Innovative Energy Saving Product Award – Thermax Cooling won National Award for Most Innovative
Energy Saving Product organized by CII in Hyderabad.
• BBS Ambassador Award 2025 – TOESL honoured with the “BBS Ambassador Award 2025” by the Baroda
Management Association, recognizing our commitment towards Behaviour-Based Safety (BBS) implementation and sustained excellence.
• QCFI (Quality Circle Forum of India) Gold Award – The chemicals manufacturing plant at Dahej received QCFI
(Quality Circle Forum of India) Gold Award.
• Jhagadia Resin Plant – Manufacturing at the new Jhagadia Resin plant has begun.
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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