Thermax Limited has submitted before the Exchanges transcript of the earnings call held on Friday, July 31, 2026.

AI summary - Q1 FY27 was difficult with a major INR 91 crore loss on a government project due to late engineering changes - INR 300 crore shipment delay impacted Industrial Products profitability; commodity price rise added INR 10 crore cost - Bio-CNG and renewable energy businesses faced losses; policy changes expected to boost bio-CNG pipeline from Q3 FY27 - Order backlog strong with expected growth in Industrial Infra, Industrial Products, Chemicals, and Green Solutions - Focus on exiting low-margin government projects; aiming for 10%+ EBITDA margin in Industrial Infra - Data centre cooling and hydrogen projects show promising pipeline and technology differentiation - Management acknowledges past execution issues, commits to improved transparency and project execution - Q2-Q4 expected to show significant profitability improvement over last year