Thermax Ltd (NSE:THERMAX)

Q3 2025 Thermax Limited Earnings Call Transcript

Feb 6, 2025 / 05:45 AM GMT

Release Date Price: ₹3388.05 (+2.19%)

Transcript

Key Points

Positve

Thermax Ltd (BOM:500411) expects a strong Q4 with potential revenue and order growth exceeding 3,000 crores and profitability north of 10%.
The company has cleared a significant backlog at the beginning of January, which should positively impact Q4 results.
Thermax Ltd (BOM:500411) has seen a 40% growth in its industrial products order book and a 30% increase in backlog, indicating strong demand.
The company is witnessing a revival in project pipelines across sectors like steel, power, cement, refining, and petrochemical, which could boost future growth.
Thermax Ltd (BOM:500411) is investing in new technologies and products, such as heat pumps and bio CNG, which have potential for future growth and profitability.

Negative

Q3 results were below expectations due to revenue misses and project execution challenges, impacting profitability.
The company faced significant costs in its FGD projects, particularly in the Myon project, which affected financial performance.
Thermax Ltd (BOM:500411) has been soft on the project side, with no large project orders for several quarters, impacting revenue growth.
The bio CNG segment has required over 100 crores in additional investment due to underperformance, affecting overall profitability.
The company is dealing with a high base cost in its large projects segment, requiring consistent project inflow to maintain profitability.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

THMX.NS - Thermax Limited
Q3 2025 Thermax Limited Earnings Call
Feb 07, 2025 / 05:45AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good day and welcome to the Q3 FY25 earnings conference call of Thermax hosted by Dan Capital Advisors Limited.

As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then 0 on your touchstone phone.

Please note that this conference is being recorded.

I now hand the conference over to Miss Bhumika Nair from Dam Capital Advisors.

Thank you and over to you, ma'am.

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Unidentified_2 [2]
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