Thermax Limited — Q2FY27 earnings call summary

Filed 12 November 2026 · Official transcript

Legacy government projects reduced to INR 300 crore, less than 5% of order book; focus on profitable private and international projects
Management committed to improved project execution and transparency; expects profitability growth and order inflow exceeding last year
Q1 FY27 was challenging with a significant INR 91 crore loss on a government project nearing completion
Bio-CNG and FEPL segments faced losses due to project delays and restructuring; Bio-CNG losses expected to end by Q3
Order backlog strong with expected growth in Industrial Infra, Industrial Products, Chemicals, and TBWES segments
Data centre cooling solutions pipeline growing; hydrogen project order expected next quarter
INR 300 crore shipment delay impacted Industrial Products profitability due to Gulf war-related logistics