India · Delayed Price · Currency is INR Thermax Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY26 saw strong revenue and order inflow, highlighted by a major supercritical boiler win and robust pipelines in core and emerging sectors. Margin pressures from raw material costs and project delays persist, but execution and CapEx plans support a positive FY27 outlook.
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Q3 FY26 saw mixed results with strong international order wins and a robust backlog, but margin pressures in Chemicals and Industrial Products due to mix and cost headwinds. Management expects Q4 to deliver improved profitability and remains bullish on growth, especially in data centers and green solutions.
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Order book grew 25% YoY in H1, with a 20%+ full-year growth target. Q2 saw a one-time hit from legacy projects, but most low-margin backlog will clear by early next year. Management expects strong H2 revenue and profit growth, with a focus on higher-margin orders and robust international opportunities.
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Q1 FY26 saw a 2% revenue decline due to project delays, but margins improved with a government incentive. Order book grew 7% and management expects double-digit growth, with new products and international markets driving future performance.
Fiscal Year 2025
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Q4 FY25 delivered INR 3,000 crores in revenue with strong operational consistency, despite a major bio-CNG loss. Order pipeline for FY26 is robust, with selective resumption in bio-CNG and continued growth expected in chemicals, industrial products, and green solutions.
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Q3FY25 was challenging with revenue and profitability misses due to project delays and losses in FGD and Bio-CNG, but a strong Q4 is expected with improved backlog management and robust order pipeline. Strategic focus is shifting away from low-margin government projects, with investments in chemicals and product innovation supporting future growth.
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Secured a major international order in Botswana, maintained steady base orders, and advanced green assets with 200 MW delivered and plans for 1 GW. Margins remain under pressure in Industrial Infra, but growth in Industrial Products and Chemicals is robust.
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Q1 was marked by significant one-time losses in industrial infra due to bio-CNG and FGD projects, but management expects normalization and improved margins ahead. Chemicals and industrial products segments are showing strong order growth and margin improvement, with new products and international recovery supporting a positive outlook.