Q4 2025 Thermax Limited Earnings Call Transcript
Key Points
- Thermax Ltd (BOM:500411) achieved INR3,000 crores in revenue, demonstrating consistency in operations despite challenges.
- The company managed to deliver profitability across all businesses, even with significant hits in the BioCNG segment.
- Industrial Products segment showed strong performance with a backlog nearly 20% higher than the previous year.
- Thermax Ltd (BOM:500411) is seeing a decent pipeline in sectors like steel, power, and Waste to Energy, indicating potential growth.
- The company is investing in new technologies and partnerships, such as entering the ethanol sector with international technology partnerships.
- Thermax Ltd (BOM:500411) faced a significant miss on order inflows, particularly in the BioCNG segment, impacting overall performance.
- The BioCNG projects did not meet guaranteed numbers, leading to a substantial financial hit of over INR85 crores.
- Margins in the Chemicals segment were affected by product mix changes and increased costs from new business setups.
- The Industrial Infra segment continues to face challenges, particularly with low-margin FGD and BioCNG orders.
- The company has historically struggled with project execution, leading to repeated issues in translating orders into profitability.
Ladies and gentlemen, good day, and welcome to Thermax Limited Q4 FY25 earnings conference call hosted by DAM Capital. (Operator Instructions) please note that this conference is being recorded. I now hand the conference over to Ms. Bhoomika Nair from DAM Capital. Thank you, and over to you, ma'am.
Thanks, Steve. Good morning, everyone. A warm welcome to the Q4 FY25 earnings call of Thermax Limited. We have the management today being represented by Mr. Ashish Bhandari, Managing Director and CEO; and Mr. Rajendran Arunachalam, Group CFO and Executive Vice President. At this point, I'll hand over the floor to Mr. Bhandari for his initial remarks, post which we'll open up the floor for Q&A. Thank you, and over to you, sir.
Thank you. Thank you very much to everyone that's on the call. I'll keep my opening remarks very brief because I expect that through the questions, we'll
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