Slide 1: Exchange cover letter for investor presentation
July 31, 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 (LODR)
Slide 2: Thermax Limited: Investor Presentation Q1 FY 2025-2026
Thermax Limited: Investor Presentation Q1 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 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 Demineralisation plant for Helped an automobile a leading chlor-alkali company reduce carbon and castor-based emissions chemicals producer Commissioned a 289 kW water Commissioned a 6 MLD source electrical heat pump for demineralisation plant with a leading
Slide 7: Business Highlights – Industrial Infra
Business Highlights – Industrial Infra Successfully commissioned a waste heat recovery boiler Zero first-aid in central India cases/accidents in Q1 FY26 TBWES successfully commissioned Achieved 1.7 million safe a 71 TPH waste heat recovery manhours. Zero first-aid boiler at the downstream of a cases
Slide 8: Business Highlights – Green Solutions
Business Highlights – Green Solutions TOESL honoured with ‘Certification of Appreciation’ as best safety compliance contractor Greening the power TOESL was named ‘Best Safety requirement of Tamil Nadu Compliance Contractor’ of 2024–25 30/39 MW wind progressively by a leading FMCG client, commissione
Slide 9: Business Highlights – Chemical
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 NSF-Certified PFAS resin underground infrastructure o
Slide 10: Thermax Q1 FY 2025-26 Results
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
Slide 11: Q1 – Order Book Status
Q1 – Order Book Status Others BioCNG Drugs & Pharmaceuticals Textiles Fertilizer & Agro 3% 3% 2% 1% 4% Power • Missed OB targets in 14% Products & Chemicals Chemicals 6% Metals & Mining 13% • Enquiry inflows from Power, Sugar/Distillery and Metals Paper continue to remain strong and Pulp 7% • Huge u
Slide 12: Consolidated Performance Indicators
Consolidated Performance Indicators Q4, 2025 Performance Indicator Q1, 2026 Q1, 2025 2,119 Order Booking 2,748 2,569 10,693 Order Balance 11,376 10,681 3,085 Revenue 2,150 2,184 301 Profit Before Exceptional Item and Tax 211 161 9.7% PBT before Exceptional Item and Tax % 9.8% 7.4% - Exceptional Item
Slide 13: Consolidated Performance Summary by Segment
Consolidated Performance Summary by Segment Order Booking Order Balance Segment Q1, June 2026 YOY% Change Q1, June 2026 YOY% Change Industrial Products 1,295 2% 4,621 20% Industrial Infra 1,155 17% 5,625 -2% Green Solutions 128 28% 977 8% Chemicals 171 -20% 152 -15% Total 2,748 7% 11,376 7% • Order
Slide 14: Business Performance Summary
Business Performance Summary For Q1, FY 2025-26 For Q1, FY 2024-25 Segments Sales PBIT PBIT % Sales PBIT PBIT % Industrial Products 954 78 8.1% 961 87 9.0% Industrial Infra 890 71 8% 925 (18) -2.0% Chemicals 173 16 9.3% 171 30 17.8% Total 2,017 165 8.2% 2,057 99 4.8% Sales PBT PBT % Sales PBT PBT %
Slide 15: Business Segment Wise - Quarterly Trend
Business Segment Wise - Quarterly Trend Industrial Products Industrial Infra 2,000 100 1,800 80 Value in Rs. crore 1,600 250 1,600 1,400 Value in Rs. crore 200 1,400 60 1,200 1,200 40 PBIT 1,000 150 1,000 PBIT 800 800 20 600 100 600 - 400 50 400 200 200 (20) - - - (40) Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 16: Domestic – Export Business Performance
Domestic – Export Business Performance FY 2024-25 YTD June 2025 298 489 90 81 Chemicals Chemicals - - Order Green Solutions 225 2,643 Green Solutions 128 302 Book 1,667 853 Industrial Infra Industrial Infra 825 3,432 Industrial Products Industrial Products 470 1,582 - 2,000 4,000 6,000 - 500 1,000 1
Slide 17: Industry Outlook
Industry Outlook Input Cost Market Sentiments Demand • The average input costs for • The manufacturing • Missed OB targets in copper and aluminium were Purchasing Managers' Index Products & Chemicals up 5-7% during the quarter (PMI) averaged 58.1 in Q1 • Enquiry inflows from Power, as compared to Q4
Slide 18: Highlights at Thermax
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 t
Slide 19: 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