Thermax Limited. · NSE:THERMAX
Thermax — Q2 FY2026-27 Earnings Presentation
17 slides from Thermax's earnings presentation, Nov 5, 2026
Slide 1: Thermax Limited: Investor Presentation Q2 FY 2026-2027
Thermax Limited: Investor Presentation Q2 FY 2026 - 2027 Conserving Resources, Preserving the Future.
Slide 2: Thermax at a Glance
Thermax at a Glance OUR VISION To be a globally respected high performance organisation offering sustainable solutions in energy and the environment. RE VE NU E Rs. 10,694 crore 9,291 90+ Employees globally* Countries with Thermax installations 30+ 18 Countries with sales & service Manufacturing loc
Slide 3: 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 4: Business Highlights – Industrial Products
Business Highlights – Industrial Products P R O C E S S H E A T S O LU T I O N S COOLI NG & HEATIN G SOLU TI ONS AI R P OLLUTION CONTR OL WA TER & W ASTE SOLUTIONS Enabling cleaner process First-of-its-kind high- Strategic milestone Giving wastewater a new heat at scale temperature electric heat str
Slide 5: Business Highlights – Industrial Infra
Business Highlights – Industrial Infra Representative image of a previous installation. L A R GE B O I L E R S & FI R E D L A R GE B O I L ER S & FI R E D P ROJEC TS & E NER GY P ROJEC TS & E NER GY HEAT ERS HEAT ERS S OLU TIONS SOLU TIONS Enabling reliable captive Strengthening captive Strengthenin
Slide 6: Business Highlights – Green Solutions
Business Highlights – Green Solutions B U I L D- O W N - O PER A T E B U I L D- O W N - O P E R A T E B I O - C N G SO LU T I ON S RENEWAB LE ENERGY S O LU T I O N S S O LU T I O N S Exceeding guaranteed Industry recognition for Strengthening green steam Advancing hybrid CBG capacity with multi- ope
Slide 7: Business Highlights – Chemicals
Business Highlights – Chemicals C O N S TR U C T I O N C H E MI C A L S W A T ER TR EA T ME N T C H EM I C A LS IO N EXCHANG E RESINS Securing approvals Balancing pricing and new Increase in international across major renewable product development orders delivering value energy and pumped storage pr
Slide 8: Thermax Q2 FY 2026-27 Results
Thermax Q2 FY 2026-27 Results ORDER BOOKING ORDER BALANCE PR OFIT ABIL IT Y 3,259 14,250 169 Profit before tax ▼ 8% ▲ 16% ▼ 3% 113 OPERATING REVENUE CASH & INVESTMENTS Profit after tax ▼ 5% 2,756 3,260 ▲ 11% ▲ 20% • Revenue for the current period is higher primarily driven by improved operations in
Slide 9: Q2 – Order Book Status
Q2 – Order Book Status Paper and Pulp 2% Power Others 3% Food & Beverages Textiles 15% 6% 3% Refinery & Petrochem Chemicals 6% Broad-based demand 4% Metals & mining and cement contribute Data Centers 49% of the order book, with Chemicals 2% and F&B adding further diversification Sugar/Distillery 1%
Slide 10: Consolidated Performance Indicators
Consolidated Performance Indicators Q1, FY27 Performance Indicator Q2, FY27 Q2, FY26 2,809 Order Booking 3,259 3,551 14,018 Order Balance 14,250 12,300 2,303 Revenue 2,756 2,474 42 PBT Before Exceptional Items and Tax 169 174 1.8% PBT Before Exceptional Item and Tax % 6.1% 7.0% - Exceptional Item Ga
Slide 11: Consolidated Performance Summary by Segment
Consolidated Performance Summary by Segment Industrial Products Industrial Infra Green Solutions Chemicals Order booking Order booking Order booking Order booking 1,237 ▼ 23% 1,523 ▲ 5% 279 ▼ 9% 220 ▲ 10% Order balance Order balance Order balance Order balance 5,079 ▲ 4% 7,421 ▲ 26% 1,557 ▲ 18% 193
Slide 12: Business Performance Summary
Business Performance Summary For Q2, FY27 For Q2, FY26 YTD Sep 2026-27 YTD Sep 2025-26 Segments Sales PBIT PBIT % Sales PBIT PBIT % Sales PBIT PBIT % Sales PBIT PBIT % Industrial 1,303 78 6.0% 1,181 116 9.8% 2,362 144 6.1% 2,132 195 9.2% Products Industrial Infra 1,006 56 5.6% 886 (1) -0.1% 1,818 (1
Slide 13: Business Segment Wise - Quarterly Trend
Business Segment Wise - Quarterly Trend Industrial Infra Industrial Products 2,500 140 120 Value in Rs. Crore 1,800 250 2,000 100 1,600 Value in Rs. Crore 80 1,400 200 60 1,200 1,500 PBIT 150 40 PBIT 1,000 20 800 1,000 - 100 600 (20) 400 50 500 (40) 200 (60) - - - (80) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 14: Domestic – Export Business Performance
Domestic – Export Business Performance FY 2025-26 YTD Sep FY 2026-27 Q2 FY 2026-27 270 535 132 257 110 110 Chemicals 66% Chemicals 66% Chemicals 50% 9 3 3 1,156 Green Solutions 1% Green Solutions 0% 658 Green Solutions 1% 276 Order 4,028 1,887 1,414 973 1,050 473 Industrial Infra 32% Industrial Infr
Slide 15: Industry Outlook
Industry Outlook Input cost Market sentiment Demand Rising Positive Mixed • Higher fuel prices and freight charges • Data centre investments continue to amid the Middle East crisis increased input costs, while shipping disruptions 55.1 India Manufacturing PMI, September 2026 accelerate, driven by AI
Slide 16: Highlights at Thermax
Highlights at Thermax • During the quarter, Thermax launched the Thermax-i series of intelligent boilers and heaters. The series continuously optimises performance as operating conditions change. Its first product, UltraPac-i, is a biomass-fired boiler that anticipates variations in fuel characteris
Slide 17: Contact Us
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