Thermax Limited. · NSE:THERMAX
Thermax — Q3 FY2025-26 Earnings Presentation
19 slides from Thermax's earnings presentation, Feb 2, 2026
Slide 1: Regulation 30 cover letter to stock exchanges
February 2, 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 (LOD
Slide 2: Thermax Limited: Investor Presentation Q3 FY 2025-2026
Thermax Limited: Investor Presentation Q3 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 100 MW+ Successful delivery of data centre growth with 300 m3/hr effluent recycle next-gen cooling solutions plant for a leading steel & Orders for 28 units of cooling power producer towers for a 50 MW hyperscale Strengthening Thermax’s data centre
Slide 7: Business Highlights – Industrial Infra
Business Highlights – Industrial Infra TBWES secures a major boiler order from refinery in Nigeria First cascade dispatched Received an order to supply four from the MSW-to-CBG plant 400 TPH plug-and-play, in Prayagraj, Uttar Pradesh modularised boilers for a refinery First cascade dispatched from m
Slide 8: Business Highlights – Green Solutions
Business Highlights – Green Solutions TOESL recognised with Greening the power “Contractor Safety requirement of Tamil Nadu Management award 2025” In Tamil Nadu, 39 MW of wind capacity has been commissioned TOESL received the Contractor under the TN-II cluster. For the Safety Management Award 2025,
Slide 9: Business Highlights – Chemicals
Business Highlights – Chemicals Continued volume growth and diversified order wins The ceramic industry continues to show strong traction, with volumes scaling to over 300 MT per month, complemented by order wins worth Rs. 5 crore across steel, textiles, cement, and carbon black segments Thermax cho
Slide 10: Thermax Q3 FY 2025-26 Results
Thermax Q3 FY 2025-26 Results 3,080 12,641 2,635 230* 205 2,558 34% 11% 4% 47% 80% -8% • Order booking and balance for the current year is higher, primarily driven by improved performance in the Industrial Products and Industrial Infra segments. Company has secured a large order for utility boilers
Slide 11: Q3 – Order Book Status
Q3 – Order Book Status Data Centres Others 2% Textiles 8% Drugs & Pharmaceuticals 1% 2% • Improved performance in export in Refinery & Petrochem 25% the MENA region Paper and Pulp 2% BioCNG 4% • OB inflows from refinery & Power 5% petrochemical are highest given large Dangote order (Rs. 584 cr.) Fer
Slide 12: Consolidated Performance Indicators
Consolidated Performance Indicators Q2, FY26 Performance Indicator Q3, FY26 Q3, FY25 3,551 Order Booking 3,080 2,296 12,300 Order Balance 12,641 11,383 2,474 Revenue 2,635 2,529 174 PBT Before Exceptional Items and Tax 230 156 7.0% PBT Before Exceptional Item and Tax % 8.7% 6.2% - Exceptional Item G
Slide 13: Consolidated Performance Summary by Segment
Consolidated Performance Summary by Segment Order Booking Order Balance Segment Q3, Dec FY26 YOY% Change Q3, Dec FY26 YOY% Change Industrial Products 1,580 14% 5,154 15% Industrial Infra 1,120 68% 6,278 9% Green Solutions 173 268% 965 8% Chemicals 207 8% 244 -4% Total 3,080 34% 12,641 11% • Order bo
Slide 14: Business Performance Summary
Business Performance Summary For Q3, FY 2025-26 For Q3, FY 2024-25 YTD Dec FY 2025-26 YTD Dec FY 2024-25 Segments Sales PBIT PBIT % Sales PBIT PBIT % Sales PBIT PBIT % Sales PBIT PBIT % Industrial 1,290 119 9.3% 1,093 122 11.1% 3,433 314 9.0% 3,113 323 10.4% Products Industrial Infra 1,033 65 6.3% 1
Slide 15: Business Segment Wise - Quarterly Trend
Business Segment Wise - Quarterly Trend Industrial Products Industrial Infra 1,800 250 1,600 2,000 100 Value in Rs. crore 1,800 Value in Rs. crore 1,400 200 80 1,200 1,600 150 1,400 60 PBIT 1,000 1,200 40 PBIT 800 100 1,000 600 800 20 400 50 600 - 200 400 - - 200 (20) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 - (40)
Slide 16: Domestic – Export Business Performance
Domestic – Export Business Performance FY 2024-25 YTD Dec 2025 Q3 FY 2025-26 298 489 40 167 Chemicals 190 387 Chemicals - Chemicals 174 6 Green Solutions 225 Green Solutions - Order Green Solutions 591 2,643 2,0301,704 436 Book 1,667 684 Industrial Infra Industrial Infra Industrial Infra 1,461 963 1
Slide 17: Industry Outlook
Industry Outlook Input Cost Market Sentiments Demand • The average input costs for • India’s manufacturing PMI • Data center is emerging as a copper, aluminium, and zinc remained firmly in new sector with tremendous continued their upward expansionary territory through future potential. trajectory,
Slide 18: Highlights at Thermax
Highlights at Thermax • 30 Years of NSE Listing – Thermax recently celebrated 30 years of listing at the National Stock Exchange (NSE) with a ceremonial bell-ringing event at NSE Mumbai. Conserving Resources, Preserving the Future 17 Confidential and Internal Purpose only Future Conserving Resources
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