Thermax Limited — Q1FY27 earnings call summary

Filed 06 August 2026 · Official transcript

INR 300 crore shipment delay impacted Industrial Products profitability; commodity price rise added INR 10 crore cost
Focus on exiting low-margin government projects; aiming for 10%+ EBITDA margin in Industrial Infra
Q2-Q4 expected to show significant profitability improvement over last year
Q1 FY27 was difficult with a major INR 91 crore loss on a government project due to late engineering changes
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
Data centre cooling and hydrogen projects show promising pipeline and technology differentiation
Management acknowledges past execution issues, commits to improved transparency and project execution