Q3 2026 Thermax Limited Earnings Call Transcript
Key Points
- Thermax Ltd (BOM:500411) reported a strong international order book, with 50% of business coming from international markets in the last quarter.
- The company is optimistic about future orders, particularly in the Industrial Infra segment, with a healthy pipeline of projects both domestically and internationally.
- Thermax Ltd (BOM:500411) has successfully entered the data center cooling market, securing significant orders from marquee clients in the US and India.
- The company is making strategic investments in growth areas such as construction chemicals and international expansions, which are expected to yield positive results in the future.
- Thermax Ltd (BOM:500411) is well-positioned to capitalize on emerging opportunities in carbon capture, supported by strong R&D and partnerships with global EPC players.
- The Chemicals segment experienced a significant contraction in profitability, with a notable under-recovery of fixed costs due to new capacity additions.
- The Industrial Products segment saw a decline in EBIT margin despite strong top-line growth, attributed to a slower growth in the most profitable product line, heating.
- Execution delays in certain projects, partly due to extended rains, impacted revenue performance in Q3.
- The company continues to face challenges in the ethanol market, with financial closures for many projects proving difficult.
- Thermax Ltd (BOM:500411) is still dealing with legacy issues in projects such as bio-CNG and FGDs, which are affecting overall profitability.
Ladies and gentlemen, good day, and welcome to Thermax Q3 FY26 earnings call.
(Operator Instructions)
Please note that this conference is being recorded. I now hand the conference over to Mr. Kunal Shah from DAM Capital. Thank you, and over to you, sir.
Yes. Good afternoon. Welcome to the 3Q FY26 earnings call of Thermax Limited. We have the management today, Mr. Ashish Bhandari, MD, and CEO; and Mr. Arunachalam, Group CFO and Executive Vice President. At this point, I'll hand over the floor to the management for their opening remarks. Thank you, and over to you, sir.
Hello. A very good afternoon to everyone on the call. And in these particular results that we have shared, there's a lot to unpack. There are some onetime items. There are some exceptional items and just a lot to discuss. So without any further ado, let's just jump in, and we'll go to the
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