Thermax Limited. · NSE:THERMAX
Thermax — Q4 FY2025-26 Earnings Presentation
20 slides from Thermax's earnings presentation, May 7, 2026
Slide 1: Stock exchange intimation letter for investor presentation
May 7, 2026 To The Secretary National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, PJ Towers, Dalal Street Bandra Kurla Complex, Mumbai: 400 001 Bandra (E) Company Scrip Code: 500411 Mumbai – 400 051 Company Scrip Code: THERMAX EQ Sub: Regulation 30 of the SEBI (Listing
Slide 2: Thermax Limited: Investor Presentation Q4 FY 2025-2026
Thermax Limited: Investor Presentation Q4 FY 2025 - 2026 Conserving Resources, Preserving the Future.
Slide 3: Vision: globally respected high performance organisation
To be a globally respected high performance organisation offering sustainable solutions in energy and the environment 2 Conserving Resources, Preserving the Future.
Slide 4: Disclaimer
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 eco
Slide 5: Thermax at a Glance
Thermax at a Glance 7,854 Employees*, Globally Installations in Sales and Service Presence in 90+ Countries 30+ Countries Revenue 18 Manufacturing Rs.10,694 crore Locations (14 in India, 4 International) Conserving Resources, Preserving the Future *Includes permanent employees, FTCs, and permanent w
Slide 6: Business Highlights – Industrial Products
Business Highlights – Industrial Products Powering a major data centre in the US with Water treatment plant efficient cooling solutions package for a steel mill Secured breakthrough order of in Bangladesh multiple sets of hot water driven Successful commissioning and chillers with a combined handove
Slide 7: Business Highlights – Industrial Infra
Business Highlights – Industrial Infra Boiler package order secured TBSPL records strong for thermal power project in growth in CBG production Central India momentum TBWES has secured a boiler package Achieved ~8,000 tonnes of CBG order for a 1 x 800 MW ultra production in Q4 FY ‘26 supercritical th
Slide 8: Business Highlights – Green Solutions
Business Highlights – Green Solutions Breakthrough in community steam solutions with an order win for 2 × 30 TPH biomass boilers Secured TOESL’s first community steam project (2 × 30 TPH) for a food park in Mehsana, Gujarat, ensuring reliable availability of green steam with ~90,000 MT/year of CO₂ r
Slide 9: Business Highlights – Chemicals
Business Highlights – Chemicals Water treatment chemicals business continues to drive profitability Secured Rs. 4 crore in new orders from pharma and steel sector customers, while facing raw material cost escalation due to West Asia geopolitical risks and a weakened demand outlook in the ceramic seg
Slide 10: Thermax Q4 FY 2025-26 Results
Thermax Q4 FY 2025-26 Results 4,490 13,604 3,428 332 244 2,965 112% 27% 13% 11% 18% 5% • Order booking and balance for the current year is higher primarily driven by improved performance in Industrial Products and Industrial Infra segments. The Company has secured a boiler package supply order value
Slide 11: Thermax YTD FY 2025-26 Results
Thermax YTD FY 2025-26 Results 13,871 13,604 10,694 947 720 2,965 34% 27% 3% 7% 15% 5% • Order booking and balance for the current year is higher primarily driven by improved performance in Industrial Products and Industrial Infra segments. The Company has secured a boiler package supply order value
Slide 12: Q4 – Order Book Status
Q4 – Order Book Status Textiles Paper and Pulp Others Refinery & Petrochem 1% 1% 8% 2% Data Centres Sugar/Distillery 2% • Highest OB quarter of the year 2% Cement Fertiliser & Agro 2% • OB inflows from Power are highest 3% Power 42% given large single supercritical Drugs & Pharmaceuticals order (Rs.
Slide 13: Consolidated Performance Indicators
Consolidated Performance Indicators Q3, FY26 Performance Indicator Q4, FY26 Q4, FY25 YTD Mar 26 YTD Mar 25 3,080 Order Booking 4,490 2,119 13,871 10,336 12,641 Order Balance 13,604 10,693 13,604 10,693 2,635 Revenue 3,428 3,046 10,694 10,369 230 PBT Before Exceptional Items and Tax 332 300 947 885 8
Slide 14: Consolidated Performance Summary by Segment
Consolidated Performance Summary by Segment Order Booking Order Balance Segment Q4, Mar FY26 YOY% Change Q4, Mar FY26 YOY% Change Industrial Products 1,512 60% 4,841 17% Industrial Infra 2,433 152% 7,439 37% Green Solutions 317 1398% 1,055 20% Chemicals 228 24% 270 22% Total 4,490 112% 13,604 27% •
Slide 15: Business Performance Summary
Business Performance Summary For Q4, FY 2025-26 For Q4, FY 2024-25 YTD Mar FY 2025-26 YTD Mar FY 2024-25 Segments Sales PBIT PBIT % Sales PBIT PBIT % Sales PBIT PBIT % Sales PBIT PBIT % Industrial 1,663 226 13.6% 1,417 206 14.6% 5,096 540 10.6% 4,530 529 11.7% Products Industrial Infra 1,469 96 6.5%
Slide 16: Business Segment Wise - Quarterly Trend
Business Segment Wise - Quarterly Trend Industrial Products Industrial Infra 1,800 250 3,000 120 1,600 Value in Rs. Crore 100 Value in Rs. Crore 1,400 200 2,500 1,200 80 150 2,000 60 PBIT 1,000 PBIT 800 100 1,500 40 600 400 1,000 20 50 200 - - - 500 (20) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 - (40) FY 25 FY 26 Q1
Slide 17: Domestic – Export Business Performance
Domestic – Export Business Performance FY 2024-25 YTD Mar 2026 Q4 FY 2025-26 298 489 270 535 80 148 Chemicals Chemicals Chemicals - 9 314 Green Solutions 225 Green Solutions 905 Green Solutions 3 Order 2,643 4,281 1,887 2,251 Book Industrial Infra 1,667 Industrial Infra Industrial Infra 182 1,582 2,
Slide 18: Industry Outlook
Industry Outlook Input Cost Market Sentiments Demand The quarter saw high volatility in India’s manufacturing PMI • The Middle East war impact input commodity prices amid remained in expansionary will affect most industries in geopolitical instability, with steel territory through Q4 FY26, the short
Slide 19: Highlights at Thermax
Highlights at Thermax • Thermax Chemicals Website – Launched a new website for Thermax Chemicals, designed to deliver a more intuitive, user-centric digital experience. Aligned with Thermax’s global brand, the website strengthens digital presence, customer engagement, and sales enablement for the Ch
Slide 20: Conserving Resources, Preserving the Future.
Conserving Resources, Preserving the Future. For more information about Thermax: Contact Us Thermax Limited Thermax House 14, Mumbai - Pune Road, Wakdewadi, Pune - 411 003, India www.thermaxglobal.com