Slide 1: Exchange filing cover letter - Investor Presentation
November 11, 2025 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 (LO
Slide 2: Thermax Limited: Investor Presentation Q2 FY 2025-2026
Thermax Limited: Investor Presentation Q2 FY 2025 - 2026 Conserving Resources, Preserving the Future.
Slide 3: To be a 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 16 Manufacturing Rs.10,389 crore Locations (12 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 100MW+ Powering India’s first data center growth with indigenous, greenfield next-gen cooling Solutions semiconductor assembly Over 100 MW of capacity in facility orders are currently under A 194 m³/hr system designed, execution for the data center
Slide 7: Business Highlights – Industrial Infra
Business Highlights – Industrial Infra TBWES to deliver end-to-end TBSPL marks strong growth HRSG Solution from design in CBG operations with new to commissioning for plant commissions and UAE Project increased production TBWES has secured an order from Produced ~2700 tonnes CBG the UAE to supply a
Slide 8: Business Highlights – Green Solutions
Business Highlights – Green Solutions TOESL wins ‘BBS Greening the power Ambassador Award 2025’ requirement of Tamil Nadu at Baroda Management Association Forum In Tamil Nadu, 36 MW of 39 MW TOESL honoured with the ‘BBS wind capacity has been Ambassador Award 2025’ by the commissioned under the TN-I
Slide 9: Business Highlights – Chemical
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
Slide 10: Thermax Q2 FY 2025-26 Results
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 i
Slide 11: Q2 – Order Book Status
Q2 – Order Book Status Drugs & Pharmaceuticals Paper and Pulp BioCNG Textiles 1% 1% 0% Others, 3% Fertilizer & Agro 2% 5% Metals & Mining Power 24% 5% • OB inflows from Metals remain Sugar/Distillery very strong with growth in OB 8% from the Power and Petrochem sector • Increase in F&B orders howeve
Slide 12: Consolidated Performance Indicators
Consolidated Performance Indicators Q1, FY26 Performance Indicator Q2, FY26 Q2, FY25 2,748 Order Booking 3,551 3,353 11,376 Order Balance 12,300 11,593 2,150 Revenue 2,474 2,616 211 Profit Before Tax (PBT) 174 266 9.8% PBT % 7.0% 10.2% 151 Profit After Tax (PAT) 119 198 7.0% PAT % 4.8% 7.6% Conservi
Slide 13: Consolidated Performance Summary by Segment
Consolidated Performance Summary by Segment Order Booking Order Balance Segment Q2, Sept FY26 YOY% Change Q2, Sept FY26 YOY% Change Industrial Products 1,598 18 % 4,868 16% Industrial Infra 1,459 -16% 6,226 -1% Green Solutions 295 415% 973 9% Chemicals 199 0% 233 28% Total 3,551 6% 12,300 6% • Order
Slide 14: Quality of Order Backlog improving
Quality of Order Backlog improving Increase Decrease Total 646 12,300 2,707 11,593 663 2,000 443 -693 -352 H1 FY25 Order Low Profitable TBSPL TBWES IPD Others H1 FY26 Order Backlog Orders Backlog Conserving Resources, Preserving the Future 13 Confidential and Internal Purpose only Future Conserving
Slide 15: Thermax Group – Low margin Orderbook Trend
Thermax Group – Low margin Orderbook Trend H2 execution will 1,245 be ~62% of this 788 222 balance & ~38% - 579 will be executed in 501 58 * 253 FY27 0 FY 22 Order FY 23 Order FY 24 Order FY 25 Order H1 FY26 Order FY 21 Order H1 FY26 Order Booking Booking Booking Booking Booking Backlog Backlog Lowe
Slide 16: Business Performance Summary
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 1,189 117 9.9% 1,057 115 10.8% 2,143 195 9.1% 2,020 201 10.0% Products Industrial Infra 949 (15) -1.6%
Slide 17: Business Segment Wise - Quarterly Trend
Business Segment Wise - Quarterly Trend Industrial Infra Industrial Products 2,000 100 1,800 80 1,800 250 Value in Rs. crore 1,600 1,600 Value in Rs. crore 200 1,400 60 1,400 1,200 1,200 40 PBIT 1,000 150 1,000 PBIT 800 800 20 100 600 600 - 400 50 400 200 200 (20) - - - (40) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 18: Domestic – Export Business Performance
Domestic – Export Business Performance FY 2024-25 YTD Sept 2025 Q2 FY 2025-26 298 489 149 59 140 Chemicals Chemicals 221 Chemicals - 6 289 Order Green Solutions 225 Green Solutions 417 Green Solutions 6 Book 2,643 1,667 1,594 1,020 741 719 Industrial Infra Industrial Infra Industrial Infra 3,432 1,2
Slide 19: Industry Outlook
Industry Outlook Input Cost Market Sentiments Demand • The average input costs for • India’s manufacturing PMI • OB inflows from Metals Copper and Aluminium, held robust at around 58.4 remain very strong with along with Zinc were up 7 to in June, pointing to sustained growth in OB from the 10 % duri
Slide 20: Highlights at Thermax
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, re
Slide 21: 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