Thermax Ltd (NSE:THERMAX)

Q2 2026 Thermax Limited Earnings Call Transcript

Nov 11, 2025 / 05:30 AM GMT

Release Date Price: ₹3061.2 (-3.36%)

Transcript

Key Points

Positve

Thermax Ltd (BOM:500411) has implemented a change in accounting policy to better align orders and revenue, which should provide clearer financial insights.
The company expects a strong second half of the year, particularly in the TBWES segment, with significant international orders anticipated.
Thermax Ltd (BOM:500411) is seeing a resurgence in its chemicals business, with plant utilization expected to improve and new partnerships boosting confidence.
The company has a robust pipeline of projects in sectors like power, metals, refining, petrochemical, and fertilizers, both domestically and internationally.
Thermax Ltd (BOM:500411) is optimistic about its bioCNG business, with potential policy changes and technology improvements expected to enhance profitability.

Negative

Thermax Ltd (BOM:500411) is dealing with low-margin projects, particularly in the industrial infra segment, which have negatively impacted profitability.
The company has faced unexpected engineering challenges in some projects, leading to additional costs and delays.
There is a significant backlog of low-margin public sector unit orders and bioCNG jobs, which are expected to continue affecting financial performance.
The chemicals segment has experienced headwinds due to international competition and pricing pressures, impacting margins.
Thermax Ltd (BOM:500411) has not taken any new bioCNG orders in the past two years, indicating challenges in this segment.

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

THMX.NS - Thermax Limited
Q2 2026 Thermax Limited Earnings Call
Nov 12, 2025 / 05:30AM 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 Thermax Q2 FY26 earnings conference call hosted by Dan Capital. As a reminder, all participant clients will be in 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, then 0 on your touchstone telephone. Please note that this conference is being recorded.

I now hand the conference over to Miss Pika Nayo from Dam Capital.

Thank you and over to you, ma'am.

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Unidentified_2 [2]
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