{"id":182506,"date":"2026-05-08T03:11:03","date_gmt":"2026-05-08T07:11:03","guid":{"rendered":"https:\/\/alphastreet.com\/india\/thermax-limited-thermax-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-08T03:55:28","modified_gmt":"2026-05-08T07:55:28","slug":"thermax-limited-thermax-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/thermax-limited-thermax-q4-2026-earnings-call-transcript\/","title":{"rendered":"Thermax Limited (THERMAX) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Thermax Limited (NSE: THERMAX) Q4 2026 Earnings Call dated May. 08, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Rajendran Arunachalam<\/strong> \u2014 Group Chief Financial Officer and Executive Vice President<\/em><\/p>\n

Analysts:<\/h2>\n

Kunal Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Ravi Swaminathan<\/strong> \u2014 Analyst<\/em><\/p>\n

Mohit Kumar<\/strong> \u2014 Analyst<\/em><\/p>\n

Aditya Mongia<\/strong> \u2014 Analyst<\/em><\/p>\n

Pulkit Patni<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Saif Sohrab Gujar<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Parikshit Kandpal<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Renu Baid Pugalia<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Thermux Q4 FY26 earnings call hosted by DAM Capital. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kunal Shah from DAM Capital.<\/p>\n

Thank you. And over to you, sir.<\/p>\n

Kunal Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Yeah. Hey. Good afternoon. Welcome to the 4K F26 earnings call of Thermax Limited. We have the management today, Mr. Rajendran, the Group CFO and Executive Vice President. Over to you sir, for the opening remarks post which we can take up the Q and A. Thank you.<\/p>\n

Rajendran Arunachalam<\/strong> \u2014 Group Chief Financial Officer and Executive Vice President<\/em><\/p>\n

Thank you, Kunal. Good morning to all of you. For those who have joined the call, a friend would want to inform you that Ashish Bandari, our Managing director and CEO normally heads this call. He is on travel and is unable to join this call. I would be picking this up today. I would be happy to answer your queries broadly. Talking of Q4, I think we came good on our plans for revenue execution of jobs and recognizing revenue this quarter. Better than the prior quarters. Profitability was planned for us.<\/p>\n

The order book number, I think, as you must have seen and as per an earlier disclosure we had done, we booked a supercritical job for roughly 1600 crores. So that has increased our order book number for the quarter. However, excluding that as well, our order book for the quarter has been reasonably robust I think on overall other performance parameters and the cash balance. I think you must have seen the investor presentation. We’re fairly better off than the prior period. So I’ll keep that comments brief and would now take any questions that you may have on the Q and A phone numbers.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. Thank you very much. We’ll now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone phone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use answers while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. The first question is from the line of Ravi Swaminathan from Avendis Park. Please go ahead.<\/p>\n

Ravi Swaminathan<\/strong><\/p>\n

Hi sir. Very good morning. Thanks a lot for taking this call and congrats on a good set of numbers, especially the order inflow. My first question is in terms of the Inquiry pipeline for the traditional sectors that generally gives you the orders, including steel, cement, power and oil and gas. How is the momentum there in terms of inquiries and pipeline of orders? That’s the first question.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Okay Ravi, I think thanks for that. The general order book outlook, both from a domestic perspective as well as on our international front is reasonably fair, reasonably robust. We seeing a good pipeline on the sectors that you mentioned, some on the large on the project for our industrial infra business as well as for our industrial products business where there are other sectors like pharma, chemicals, FMCG that we focus upon. I think the ordinal pipeline and outlook for heating, water treatment, pollution control businesses are also reasonably there at this point of time.<\/p>\n

So we feel confident of how the working platform looks on our order fronts now at this time. However, a point to note would be the impact of war prolonging and any other further impact that could be having across various industries, both domestically and internationally. If that was to develop more on that front, then I think we believe that there could be some impact going ahead in Q2, Q3, which we will have to watch out for. So I think that’s the cautious part that we have to be on the outlook front.<\/p>\n

Ravi Swaminathan<\/strong><\/p>\n

And are there any pipeline of large orders from the power and steel side just like how we had got this quarter, something similar. Can it pan out in the next 12 to 24 months?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Not sure that. Well there are quite a few on the refinery side and others that we are working upon. But I think there’s one which we are reasonably confident of having a win which is on the data center side. But that’s more on the energy front for our industrial infra business. This is for a supply of boilers to a steam turbine based solutions for a data center opportunity in the global market. We’re looking at that closely and we’re hoping that we’ll be able to conclude that we’ll see where that comes in in quarter one.<\/p>\n

Ravi Swaminathan<\/strong><\/p>\n

Sure sir. And with respect to data centers, just double clicking on the kind of opportunity that is there. What would be the addressable market in India and outside India, the US that we can end up catering to? Is there any market size for it for the chillers and possible boiler supplies also?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Okay, I think Ravi, I’ll take this as your last question and so that we can come back on other questions as well from others. Yeah, this particular one on the data center opportunity is, I think the first one which we informed you was of the cooling opportunity that we had both in the international market and the domestic one. The orders that we put in the quarter three. The outlook on that cooling opportunity remains robust for us at this time. However, we haven’t yet quantified the way that I think you would be looking for in terms of market opportunity, target market share, etc.<\/p>\n

Which we would, going ahead, be able to do it for you. But at this time I think we have no numbers to share on that front. On the other part of this data center opportunity is the boiler side opportunity that has come by. So that’s an interesting other solution opening for us in terms of revenues. So that’s a good part that we see on that opportunity.<\/p>\n

Ravi Swaminathan<\/strong><\/p>\n

Got it sir. Thanks a lot.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all the participants, please listen to yourself for two questions. The next question is from the line of Mohit Kumar from ICIC Securities. Please go ahead.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

Good morning, sir. Thanks for the opportunity. My first question is on the data center, sir. What is the capacity of the data center for which you are supplying the your cooling solution? Is it possible to share that number?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Mohit, I think I can get back to you on that. I don’t have it offhand. We will share that with you separately.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

Understood. My second question is around the green solution in this quarter. I think we have the losses in the quarter. Can you just explain the what led to the losses and what is the megawatt which has got commissioned at the end of, by the end of FY27. FY26. Right? Yeah,<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Yeah. So I think we have two sets of businesses under Green Solutions as you are aware of. One is on site energy solutions that we talk about, which is the biomass based heating solutions that we provide to our customers on site and other is the wind and solar energy hybrid solutions that we offer to our customers both on boo basis. One is on the captive power side that you’re aware of. I think our challenge, I think our Tomax on site energy solutions business has done very well. I think stable set of numbers from that.<\/p>\n

The challenge has been on the firstenergy business of ours, we’ve had one challenge on a project that we are executing down south where one of the contractors have, you know, has failed to perform as per the contractual terms. And that has forced us to step in and complete the contract or continue execution of that contract. And so there’s been a cost overrun on that account which involves picking up some of the challenges which are new to us at that location. So I think it’s incurring a bit more of the cost than we had planned originally for.<\/p>\n

And that’s the cost additional incurrence that we are having which is reflecting in the results for the period which is the unexpected impact to our bottom line from a capacity part of it thereabouts of about 250 megawatt on ground with two three large. One which has been commissioned as on 31st of March and two together large projects, one in Gujarat and one more in south that she talked about earlier which will be commissioned in the next 2, 3\/4. So I think those would add up to the balance that I mentioned.<\/p>\n

And I think FY27 will close probably much better than the number.<\/p>\n

Mohit Kumar<\/strong><\/p>\n

Understood sir. Thank you and all the best. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

The next question is from the line of Aditya Mongya from Kotak Securities. Please go ahead.<\/p>\n

Aditya Mongia<\/strong><\/p>\n

Yes, thank you for the opportunity, Rajesh. And the first question that I had was on margins in the top two segments. One could not see any impact of RM headwinds. When you do call that out in your presentation. Just trying to get a sense whether the margins were impacted by RM headwinds or is that something that can happen incrementally?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Thanks Aditya. I think that’s important for the quarter. We haven’t shown any large impact on the raw material cost for this quarter for sure because I think the impact came quite because of the war sometime in the month of March where by which time procurement for the quarter had all been completed and the execution was in progress. So I think the price increases that we are seeing in commodities across from steel to styrene to copper, nickel etc. I think all of them. I think we’re seeing the price movements for sure.<\/p>\n

You are aware of them as well. That is a bit of a challenge for us in this quarter. Having said that, I think traditionally I am sure you have seen that our margin impact on our industrial infra. The project business is fairly controllable given that we end up tying up on a back to back basis on all our bought outs as well as on contractual cost for large orders. However, on the product business side we would have a typically a shorter range of visibility on the inventory front coverage that we will have.<\/p>\n

So we would be exposed to some of these challenges that we are having going ahead on the industrial product side. Having said that these increases have not been substantial as you will also notice and we are handling the situation at this point of time. We would be able to. And with some coverage available on the inventory front as on March, I think we’ll be able to give you more better understanding of the impact by quarter one numbers. Thanks Aditya. I hope I answered your question. Yeah,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Pulkit Patny from Goldman Securities. Please go ahead.<\/p>\n

Pulkit Patni<\/strong><\/p>\n

Thank you for taking my question Rajendran. My first question is coal gasification. This is one opportunity where we are technology ready but we’ve never had a chance given that the commercials have not worked. Now that this is a global problem in terms of, you know, post the West Asia crisis do you see any shift in government policy, any viability, gap, funding, etc. That has been spoken about for the coal G opportunity? That would be question number one.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Yeah, thanks Pulkit. I think overall you’re right in identifying the opportunity vis a vis the current energy crisis that many of our green energy sustainable that we offer currently I think are bound for a better brighter market going ahead. I think you talked about classifications while we haven’t won any in the recent past but we’re sure that, you know, in terms of government coming in to support some of this is a, is a, is something that we would definitely look forward to. But just to mention simultaneously another one, biocng, where we see more of state government policies coming in to support that is a very similar way and better opportunity that is going to come in for our bio CNG business and similarly for other solutions that you have at this time.<\/p>\n

So yes, overall I think this energy challenge for India is a good opportunity for the solutions.<\/p>\n

Pulkit Patni<\/strong><\/p>\n

So your line is actually not very clear but yeah, I did get what you said. My second question is on data centers since bulk of the data centers globally are not being put on captive power plants or thermal power plants is either grid or renewable. Is the opportunity size for us in terms of cooling towers relatively small to the overall cooling tower or say the chiller opportunity? I’m just trying to understand even if you don’t know, talk about the numbers but the area we can cater to within the data center opportunity is relatively limited given that we’ll mostly be using thermal heat in order to convert into those chillers.<\/p>\n

Is that understanding right in the first place?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

So Pulkit, I would not be too much detail to be able to answer that question a bit but I will try and get back to you on this that understanding from the line.<\/p>\n

Pulkit Patni<\/strong><\/p>\n

Sure, no problem. Thank you so much Rajendra.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Karthik Kohli from Kotak Securities. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir, thanks for taking a question. I had a copy of them. First of all I wanted to understand where is the progress for us on the coal gasification side, as far as I remember there has been progress in a facility where your technology has been broadly finalized. Is there progress on that front? Do you see incremental orders that you can do or partner with players who can utilize your technology? That’s my first question.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Yeah, Karthik, I think that your understanding is right. I think we have the technology solution tested fairly in place. But I think the technology solution in my understanding, I think hasn’t become viable for the market players to progress on this brand. So this is an area that we have been working on with, you know, interested customers who want to test out and sustainable energy solution. And I think from earlier that we had in this call we are hoping that the government there would be some support and this particular area picture.<\/p>\n

So at this time there’s nothing that on the order front that I have, I have an update for Q4 but going ahead we’re hopeful that things would get better. On the<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Answer, your strategy here is broadly on the lines of that you will be only offering technology and doing technology partnership. You will not be taking on the risk of executing the full project. Is that understanding correct?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

No APC capability we hold. So I think APC would also be an opportunity for us in this.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

But to you, like is there a. As far as I remember there were some talks in the past that you’ll be limiting yourself to smaller projects initially. Yeah, yeah,<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

That’s for sure. I think we talked about on the EPC front on the industrial infra, what we have been telling the market is that we have been cautious on the margin front and that I think would apply here as well. Otherwise I don’t think we are shying away from orders, just that we would be cautious to make sure that our margins beta protected. That I think would be the criteria. Yeah. Thanks Karthik.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Atul Tiwari from JP Morgan. Please go ahead.<\/p>\n

Ravi Swaminathan<\/strong><\/p>\n

Yes, sir. What is the outlook for revenue growth next year given that this year the console revenue growth was just about 3, 4% and obviously our order book has filled up quite a bit.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

So yeah, I can’t. Well, I can’t give you a number per se, but I think Atul. Yes, the order balance which is about 27% better than the prior year period closing gives us a better opportunity in terms of posting good numbers on the revenue front. Having said that, I think we have to look forward to executing better and specifically some of the site challenges and the delays that we have seen across customer sites on civil and other places. I Think those have been the disturbances in the past that we have seen and add in a bit of cost for our revenue performance over the quarters and I think also the Middle east related crisis, while at this time it does appear to be something that we have to watch for.<\/p>\n

I think these are one or two things that I think we have to keep in mind with the good order balance that we have for the execution ahead. But we are confident that the execution plans that we have across various business businesses of ours should come through. And I think the quarter one and quarter two with this balance would tell us really as to how we are able to catch up. But. Yes, but overall quite positive on our execution front.<\/p>\n

Ravi Swaminathan<\/strong><\/p>\n

Okay. And sir, as of now, I mean I know it is still very early days and probably the impact of fuel prices and shortage of gas and petrochemicals is still ahead of us. But looking at your client base and across industries, what is your sense? Are we seeing fair bit of disruption to business activity especially for the small scale industry and will it have some kind of adverse consequence for your order, especially in industrial product segment?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Yeah, so I think. Well, you picked up the industrial product segment but in terms of disturbance as what you talk about, I think we’ve had some bit of challenge really on our chemicals business business I think which I haven’t covered earlier but I thought I’ll speak about it now. I think our chemical business is having a bit of challenge clearly on the raw material side because many of the, some of the key raw material like styrene and some on the water treatment and construction chemicals have been disturbed in terms of supply as well as price increases, availability and booking some of the raw material for our execution I think at higher costs and correspondingly having to manage the prices with the customers to avoiding impact or contribution.<\/p>\n

I think that’s been one reasonably high challenge for our chemical business at this point of time. We’re doing our best in that regard and we are hopeful that we should be able to maintain our margin numbers and the volume that we have planned out for quarter one. We. Yes, and extending the discussion to what you had talked about in terms of smaller this thing as well as our industrial product business is getting impacted. Yes, I think what we started seeing in the month of March was with regards to the, you know, the gas availability impacting fabrication, smaller units and you know, that of course getting stabilized down the line.<\/p>\n

So yes, some bit of challenges around it and the raw material price increases on, you know, various commodities that we have talked about has definitely impacted operations for some of the smaller vendors. And that’s where I think I talked about you talked to you about the cost pressures for quarter one.<\/p>\n

Ravi Swaminathan<\/strong><\/p>\n

And sir, finally what is the planned CapEx for FY27 console entity?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

So I think we will have a regular capex of about 100, 150 crores of regular capex that we would be doing. Apart from this, I think we have a few capexes that we have planned upon on some bit of capacity expansion in our boiler facility as well as in our cooling facility. They are more like not, you know, I think I would say some bit of a capacity line extensions kind of capex I think put together. I think the number would roughly be about 250 crores.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Saif Shorab Gujar from ICICI Prudential amc. Please go ahead.<\/p>\n

Saif Sohrab Gujar<\/strong><\/p>\n

Thank you for the opportunity. First question is on the supercritical boiler order from MB Power. You can just elicit more on this order in terms of the execution period and specifically on supercritical boiler from say other utilities. Are there similar tenders in pipeline?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

So supercritical opportunities I think would continue to be there and I think we have, I think clarified in the past which we are stands on the public sector opportunities and the private sector opportunities. And you will note of course our preference on the private sector space and I think this particular one is also on the private sector. As you can see this order would get executed over a period of 40 to 45 months time frame. And yeah, I think you know the order value that we have disclosed about and I think the year one would be more focused on design, engineering and ordering and I think it will become lead in the coming periods.<\/p>\n

Saif Sohrab Gujar<\/strong><\/p>\n

Got it. And second question on the Middle east part, how much is the exposure in terms of sales for you and specifically each of these segments may be on industrial products and industrial infrastructure. And on those exposure are you seeing any execution challenges in terms of supply chain or cost or payment challenges?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Sorry, can you just repeat the first part of your question? I missed a bit of that.<\/p>\n

Saif Sohrab Gujar<\/strong><\/p>\n

On the Middle east exposure in terms of sales which you would have on industrial products as well as industrial inspiration, how much is that? And any cost or execution challenges currently like that’s a supply chain or any payment delays currently being noticed?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Yeah, so I think you know Middle east has been a good opportunity for us over the last two years. I think we’ve been mentioning that. So the opportunity has some order balances for execution at this point of time for us we haven’t seen specifically any delays at this stage at this point and things are fine. Having said that in terms of future opportunities, I think hopefully there could be more given the damages that have been there on account of the war. We are hoping for some opportunities coming around on account of that.<\/p>\n

But yeah, the price cost disturbances, you know, due to fate and other things was a reality when we were executing it in the month of March as well. And that’s, that’s the place that we will have to be watching about. However, no executions have got delayed per se at this point of time.<\/p>\n

Saif Sohrab Gujar<\/strong><\/p>\n

Can we quantify the exposure? Decent percentage of order book or something like that?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

I think we did disclose to you that in quarter three we had booked quarter two we had booked a large 450 crore order on the Middle east front in our industrial infra business. That’s one among the large ones. The other ones will be in our industrial product business which will be of smaller values. So I don’t have a consolidated number for MIT released on the order back balance this thing but we will see whether we’ll be able to get together, get that together and disclose.<\/p>\n

Saif Sohrab Gujar<\/strong><\/p>\n

Sure. Thanks.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Manit Mahamar from UBS. Please go ahead.<\/p>\n

Kunal Shah<\/strong><\/p>\n

Conversations on ending fiscal with a very strong line by Amit. Sir, sorry to interrupt.<\/p>\n

Operator<\/strong><\/p>\n

I would request you to be little bit louder or get the handset near to you.<\/p>\n

Kunal Shah<\/strong><\/p>\n

Yeah, is it fine now?<\/p>\n

Operator<\/strong><\/p>\n

Yeah, that’s better.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Yeah, better able to hear. Go ahead.<\/p>\n

Kunal Shah<\/strong><\/p>\n

Yeah, yeah. I think my question is on segment one we can see a very strong momentum and this has been there, you know, for rising compliance and maybe package boiler business. Can we grow at like 15, 20%, 20% next year on segment one and because you also have some large wins impacting segment one and second question is on segment two where you know, in the Babcock segment beyond utility supercritical order, you might have quite a few large boiler orders. So can we broadly achieve a 2x top line in 28 visa view what we did in 2526 on second segment.<\/p>\n

That’s two questions for me.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Okay. Yes, I think you know on the industrial product bit, I think well yes Indus, the boiler business is one specific segment and the large segment, largest segment, largest business within that segment. I think we’ve been commenting over the last couple of quarters or probably, probably more on the increasing mix change that’s happening in terms of our growth in our enviro, that’s our air pollution control and water treatment businesses more significantly. So I Think those growths of those businesses have been robust as well.<\/p>\n

So industrial boilers, I think the growth continues to be reasonably good. On your ask as to whether they would see a 15, 20% growth. I think I will go back to my comments on that. The reasonable working platform on the order book looking good for us on Q1 but I think we’ll have to temper that with the war impact across various industries and what decisions that could cause on the Capex frat which we’ll have to watch carefully. So at this time I think reasonably optimistic but I think we’re a bit cautious on that.<\/p>\n

That for the future. On the industrial infra. Yes, I think you are seeing the recent trend of wins that we have been declaring on the space for the last boiler business. I think one quarter two, another one in quarter three which is.<\/p>\n

Kunal Shah<\/strong><\/p>\n

I think. Yeah, there’s slight disturbance on the line. I’m sorry sir, if it’s only. Is<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

It better?<\/p>\n

Kunal Shah<\/strong><\/p>\n

Yeah. Yes sir. Yeah.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Okay. And the supercritical order in quarter four that we talked about and I just now and the call talked about another opportunity on data center side on the energy front. So I think we are reasonably in a good bit of order. Sorry<\/p>\n

Operator<\/strong><\/p>\n

To interrupt sir.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Yeah,<\/p>\n

Operator<\/strong><\/p>\n

The voice is you know, breaking a lot. Just give me a moment.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Sure.<\/p>\n

Operator<\/strong><\/p>\n

I’ll disconnect and reconnect your lens. Just a moment.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sa. Sam, We have the management line reconnected. Yes sir. You can go ahead.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Yes, so. Yes, so I was talking to you about the strong momentum on the large orders that we are booking apart from the regular ones that we have a pipeline of. So yes, I think we’re bullish and we’re confident of that business doing well. This is the pipeline that we are seeing. So I’ll limit my comments to that and I hope I answered to some extent.<\/p>\n

Kunal Shah<\/strong><\/p>\n

Yeah. Thank you. And good to see the leadership programs at Termex working very well. Thank you.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Sure. Thanks Amit.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Parikshit Khanpal from HDFC Securities. Please go ahead.<\/p>\n

Parikshit Kandpal<\/strong><\/p>\n

Hi Rajendran. Congratulations on a good quarter. So my first question is on the boiler opportunity which you spoke on the data center side. So is the boiler opportunity much bigger in the global markets or is the cooling opportunity. So how does one look at this?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

So I think, you know, honestly I think Parikshit, I think this would be a difficult one to quantify at this stage. These are opening up for us. I think we’ve been making the similar commentary on the cooling front as well. We’ve seen These opportunities, I think we won the first set of ones. I think you’ll have to give us some time to be able to assess this and let you know on both on the energy side as well as on the cooling side. So give us some time on this one.<\/p>\n

Parikshit Kandpal<\/strong><\/p>\n

But the data center one is on the large boilers and will it be done through the TVWS or we can directly do that. So it will be done first TVWS business. Okay. And there’s a second question on the capex I think capex and capacity building on the cooling side. Last time I think it was mentioned by the management team that given how the disorder performance is, the market is quite big and competition and pricing is not that of a bigger concern. So how are we planning for building capacity and the capex on the data center business side?<\/p>\n

So if you can help us understand<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

So we have a reasonable facility to be able to handle this demand requirement and at our three city site for our cooling business. And I think I earlier mentioned that there is a capex on a line building that you could, you know and line building that we would be an expansion that we are doing there this financial year and that would come in to support the growth, the demand, additional demand that we can expect on this particular one.<\/p>\n

Parikshit Kandpal<\/strong><\/p>\n

Okay, those were my two questions. Thank you.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Priyankar Vishwas from JP Financial. JM Financial. Please go ahead.<\/p>\n

Saif Sohrab Gujar<\/strong><\/p>\n

Good morning sir. Thanks for this opportunity. My first question is sir, I see that compared to FY25 it seems there has been a substantial working capital built Visa Vista last year. Can you please provide the what is, what are the causes for it and is there some way that we should look at a reversal of this working capital build in the next year? How, how should we see it?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Yeah, I think this is well observed. You’re right. I think we’ve had a bit of working capital increase in this particular quarter. This has been caused by some project delays and hence the related collection delays on some of our receivables as well as retentions have happened across a few large orders as well as overall in some portion of our industrial product and industrial infra business. Be conscious of this fact and we are focusing on this in the coming quarters to back on better numbers for working capital and would remain a focus.<\/p>\n

So yes, thanks for spotting that. And<\/p>\n

Saif Sohrab Gujar<\/strong><\/p>\n

So should we like see like this coming up let’s say if not let’s say next couple of quarters but maybe over a period in FY27, would that be the Right way to look at it.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Yeah, it’s not going to you know, while I’ll be hopeful that we should, you know, resolve all the overdues in one quarter, but yes, the business realities, I’m sure that we would be able to work it over the next couple of quarters.<\/p>\n

Saif Sohrab Gujar<\/strong><\/p>\n

The second question is Dangote. If I remember in third quarter now usually what we have seen from and also other companies involved in let’s say Nigeria and those countries like in cases of when hard currency that is USD or EUR availability is kind of at a stress and in those countries go with the sort of fiscal stress like execution difficulties tends to naturally crop up. So given that has happened in the past history, what are the risk mitigation measures that we are taking specifically for Dangote?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Yeah, so see I think while I think this has been the past, we’ve experienced it as well though not, not specifically in the large order that we executed in the past which was backed up by letter of credit and which will be the case, you know, quite a bit. The, the, the currently I think the currency if I have, if I though not been closely following it but if I know of what we have seen in the recent past, those issues have fairly stabilized for Nigeria and with the oil prices where they are, I think things are fairly stable is what my last understanding of that matter was.<\/p>\n

But yes, we conscious of that and so we do take care of our payment terms to be secured and so that we are not unduly exposed on the credit risk side and that would be the case for this as well. So I mean I, I think we, I think we’ll be cautious on this plan for sure.<\/p>\n

Saif Sohrab Gujar<\/strong><\/p>\n

So that was broadly just. If you can just answer just a bookkeeping question because a lot of the order wins that has happened this year and hopefully the next year is tbw. Can you some, can you provide let’s say a broad ballpark number that what would be the order book of DVWS and maybe its revenues and margin for FY26. That’s all for me.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

For FY26. I think you’ll have to wait for it so that you know, you know that there’s a separate subsidiary and a hundred percent subsidiary. So its financials will be available in the public space and I think you should wait for it. Yeah. That’s<\/p>\n

Saif Sohrab Gujar<\/strong><\/p>\n

All sir.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Shirom Kapoor from Jefferies. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir, thanks for the opportunity. Just wanted to ask you a little bit more on the large boiler Order that you received in March, what would be your capacity on these boilers? How much could you execute? How many more orders could you take on in this field?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

So I think we have three facilities for this particular overall for the boiler business. And I think we would be able to execute this particular one. And while I think yes, to the extent that there has been other demands as well, I think we talked about it on the order flow side as well as a regular business that we would have have. I think yes, our ability to service would be constrained to that extent of capacity becoming available. And I talked to you about the expansion that we are doing, you know, to debottle like the facility to certain extent.<\/p>\n

So that would keep us ready for any opportunities that might come in the future. But I think and we also have ability to develop and execute some of them through outsourced facilities on the fabrication front. So I think fairly confident of what we have won and what we will be able to execute. I think the supercritical one opportunities, if they were to come, we would be obviously looking at it closely on our abilities to pick them at the right time, price and being able to execute. So I don’t think I answered you fully on the capacity front but I think that’s something that we review that closely in terms of our abilities to execute orders.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood sir. And would you be able to give some sort of quantification of the pipeline for these kinds of boiler orders, specifically these large boilers like what is the bid pipeline and what is the outlook for the next two to three years or even more near term, one to two years?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

I don’t have that number, sorry. This particular one I don’t have at this time to share any with you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure sir. Thank you.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Tina Virmani from Motivelal Oswald Financial Services. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, thanks for taking my question. Sir, I have two questions. One on the legacy orders which were pending earlier to an extent of around 500 to 600 crore in the books of the company. So what would be the status of those legacy orders? And my second question is regarding the margin profile for the large orders that you have booked both on the data center side and even on the boiler side. So is the margin profile of those orders much better than the margin profile that you are currently having in your current set of business and ultimately how to view the margin profile for the upcoming orders also on these two areas?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Okay. I think yes, I think we probably failed to put an update in the investor presentation that we were Planning to I think on the those low margin orders that we had specifically in our bio CNG business as well as our FGD business as well as some bit on our power and energy solutions business, I think we almost executed them at least the biocng one I think very clearly there. But I think the large project NRL that we have talked about on the bioenergy solutions and the two large FGD projects that we are currently executing on the Balance Closure Completion NRL 1 I think we’ve talked about the cost overruns and this thing.<\/p>\n

We are hopeful, we are keeping an eye on it and I think it would take the entire year and bit to get that order to its closure. We are hopeful that we have the right cost estimates at this time for its closure. However, the FGD orders that we are executing at this time are better off for us and the margins are stable there. On the bio CNG side I think we have, you know we are in the performance completion performance trial stage for most of our orders and I think the quarter one and two of those this year we should be able to complete them and that should, that should settle them.<\/p>\n

So yeah, and all the new set of orders that we have booked across our industrial infra industrial product, I think every other places I think they have been with better margin margin target profile that we have internally Talking of this cooling as well as the supercritical order that you talked about, the margins on the cooling one are good and I think on the supercritical one we have been conscious on the margin front when we booked this and I think they are stable and you know, as per our target margin profile for the particular segment, I wouldn’t be able to obviously talk about the margin specifically because it’s a single order and I’m sure you’ll appreciate that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, sure. But there is sufficient buffer that you would have booked taking into account the higher RN prices which are prevailing right now.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

So the order was finalized in the month of March. The prevalent situation obviously would have been factored in. Yes, but we have to manage that with the developing situation and that would be have to be handled over a period of time as well because it’s a long time, a couple, you know it will be executed over the next three to four years.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood, Understood. Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Amit Anwani from PL Capital. Please go ahead.<\/p>\n

Saif Sohrab Gujar<\/strong><\/p>\n

Hi. So thanks for taking my question. First question on if you could give some color in terms of the heating, cooling, electric boiler, how that has performed in Industrial product and there was a kind of double digit margin which we have been doing last year we did good EBIT margin there. This is also the margin has came off by more than 100bps but still we are in double digits. So just wanted to understand what one should take it as a sustainable margin for F97 and how has been the performance of each of the sub verticals in the industrial product business.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Okay, thanks Amit for that question. I think we broadly talk about the industrial product business of the multiple businesses that under them but we haven’t disclosed specifically any margin profiles for each one of them. Having said that I think there have been in the past. I think I can see that your question is around the margin drop over the last year on the industrial product business. So the prior period had a set of good projects where there were good savings opportunities for us having those projects having been picked up during a certain cycle of commodity cost being higher and being executed at a time when the commodity cost costs had cooled off.<\/p>\n

So we had good savings opportunity in some of them. In couple of our businesses we missed in one of the businesses we missed a bit of export opportunity which had better margin profile. So that’s been one, the other one has been on our one which I can talk about more clearly on the Dan Stoker business that we have in the Europe I think we have a mix of oil and gas as well as biomass based boilers and I think the margin mix on the biomass based boilers are better off than the oil and gas boilers.<\/p>\n

And in the last year’s cycle the oil and gas boilers were much more executed than the biomass ones. But we see the mix changing for the year ahead. So I think that was also cause of the change in the margin that you saw in that segment. So a couple of reasons for this thing. Broadly I think the mix change change on the, on the, on the individual businesses I think was the main cause for the margin dip. But yes, we would I think look forward to some improvements going ahead subject to of course commodity cost impacts.<\/p>\n

Saif Sohrab Gujar<\/strong><\/p>\n

Right. Intra business does this boiler order, I’m just again asking for better understanding has the price variation clock and second is that the correct understanding that at least this is at the margin accretive margin relative to the overall farm level margins? If you could give some color for this utility boiler order which you have taken that will be helpful.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Thanks Amit. I think, I think I’ll reiterate what I think I told earlier that I would not be able to talk specifically about this this job margin because it’s a specific order. And yeah, I can’t also discuss any bilateral clauses that we have in the contracts. Having said that, I think we and firm level segment level target margins we have kept in mind at the time of finalizing this order and I think that’s, that’s the confidence that I can have at this time.<\/p>\n

Saif Sohrab Gujar<\/strong><\/p>\n

Right. So with this order, Kev, and as you explained already about the legacy order status on that order, can we see meaningful improvement further for the industrial infra business? We had a good improvement this year in terms of margins. So is that on the card or this should stabilize at the current levels?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

I think the current levels are good levels. I think you have seen them increasing over the last two, three years. But I will just draw your attention to and specific state incentive that we have been receiving and which we have been disclosing in our quarterly and in our annual results as well. That’s an accretion to that business which has happened over the last two, three years. But that’s available. I think we have disclosed it. It will be for till 27, 28 cycle. So I think that is one piece of margin, meaning one piece of profit that I think is for a limited cycle.<\/p>\n

Otherwise yes, I think with the flow of orders and certain operating leverage, I think we should definitely be having confidence on our margins going.<\/p>\n

Saif Sohrab Gujar<\/strong><\/p>\n

Right. So lastly on the data center is there any lead time or you have to get on some approval process which takes some time. So just wanted to understand when did you started applying for this orders and when did they convert it for you? Is there if you could let us understand the timelines or process to get these orders and are you in touch with multiple OEMs in us to get further business for cooling towers or at least where we got the order with that, are you looking for orders from the same vendor or you’re talking to more OEMs?<\/p>\n

There some color on that?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Yeah. Yes Amit, I think the color is going to be limited. I’m not obviously going to Discuss whom, what, etc. I think yes, as we, I think earlier commented, we are confident of the order pipeline and the discussions that we are having. But this is something that we will, you know, continue to comment in the coming quarters and you know and have nothing more to add than what I told earlier. Thanks, thanks. Thank<\/p>\n

Operator<\/strong><\/p>\n

You. The next question is from the line of Renu Bail from IIFL Capital. Please go ahead.<\/p>\n

Renu Baid Pugalia<\/strong><\/p>\n

Yeah, hi morning team. Just a small follow up question, more on the bookkeeping side. So can you help us give what is the broad order Book split between fixed price and variable price projects, projects and orders.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

So I think you can fully assume that all our orders are fixed price orders. There would be a few which if at all very and large ones if any that we would have price variation clauses but I think they would be you know, fairly few and far. I think by and large all our orders are<\/p>\n

Renu Baid Pugalia<\/strong><\/p>\n

Because this is more pertinent with respect to large orders. This one or two of the large orders that we have recently won in the last two quarters is there price variation because that it changes the mix materially. So which is the reason why. So should we assume broadly 90% is all fixed price or in value terms how would this be?<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

As I said to you, I think you should assume fixed price order because that’s primarily the nature of all our businesses and orders.<\/p>\n

Renu Baid Pugalia<\/strong><\/p>\n

Sure. And given the way the execution has stand out of the overall backlog while we have these three, four large orders of which you can count on what percentage of the backlog has execution cycle beyond 12 months.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

So I think some of the large jobs that we have picked up naturally the execution cycles are more than this thing. I think the supercritical one I commented earlier as well I think yeah so would be also with all clearly exceed 12 months they would more be in 16 to 18 kind of ranges for execution.<\/p>\n

Renu Baid Pugalia<\/strong><\/p>\n

Got it, Got it. Sure. Thank you and best wishes to you. Thank you. Thank<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

You.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Aditya Mongya from Kotak Securities. Please go ahead.<\/p>\n

Aditya Mongia<\/strong><\/p>\n

Thank you for the opportunity. Again Rajendran, a few questions as in another context the first question is that you had in Veeam Solutions a partner who did not fully do the work and then the company had to take it up and in the same year earlier there was an issue on the design engineering part with a certain partner as well. I’m just trying to get a sense that this is becoming an issue that the company would want to kind of see through an address and what steps are being taken in this selection wherein the partner network is better than Rdya<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Agree with the question Aditya And I think unfortunately the issue has been with the same partner that we’ve had and so it’s not across multiple partners who would want to give you some color around that and yes the impact I think we’ve explained that that so yeah we aren’t facing this across our projects or across across vendors so and we are conscious of this and for future orders as well. Thanks.<\/p>\n

Aditya Mongia<\/strong><\/p>\n

So the second question that I had was more linked up to the Order inflows that have happened in the year on the domestic side inside industrial infrastructure flat by over. If I take away the thermal order I think expectations would have been better for the year. So just trying to get a sense across customer sets where have the disappointments come in and if in those segments anything is changing for the better as we see through.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Yeah, I think, yeah I think our industrial infra business I think the two other parts I think apart from what we have talked about I think FGD I think you are aware of we’ve been speaking about it for the last one or two, one year or more I think on the drydown of orders on that front Bio CNG business I think has also been less on orders but I think in the recent past we won some change orders in the existing with our existence existing clients but otherwise I think it’s been there’s been a change in the market and I think there’s some bit of slowdown and I think biocng business order book has also been not as per our expectations.<\/p>\n

So that’s another area that I think is which is part of industrial infra which has not picked up. Yeah so I think those would be the concerns for us at this time. But I think as I said earlier by CNG is a business that we’re looking forward to of better opportunities and you know and better market down the line.<\/p>\n

Aditya Mongia<\/strong><\/p>\n

Any comment on the green methanol endeavor of the company? There is a certain small quantum of capacities being set up but how does the company think through it and any investment targets that you would want to share.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

I don’t have an current update but I think Aditya maybe I might be able to get back to you on this if there’s any further development but nothing at this time that I have to share.<\/p>\n

Aditya Mongia<\/strong><\/p>\n

Thank you for this response.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Nikhil Chaudhary from Toro Wealth Management. Please go in.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Hi, good afternoon and congratulations on a great set of numbers. I had two questions so wanted to understand following on to the earlier participants with respect to the data center do we say that we have lesser competition in the North American cooling solution and our value add is higher. So wanted to get a sense around when the qualifications are done with probably say the hyperscalers, the incremental orders, do we get a higher chance with the same hyperscaler or do we is it like a. Each project is a fresh fight like wanted to understand that.<\/p>\n

Second thing is we’ve been very vocal in our earlier Calls that we’ll be steering, staying away from very heavy projects. Citing probably the FCD as a one of our lessons. Then this recent 16 stores of that probably we have taken. It has got very long delivery timelines. So wanted to understand what was our thought process behind and if you may allow, I have one more question but. Yeah,<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Yeah. So Nikhil, I think the data center piece, I think I’ve spoken enough. There have been multiple questions. I think I clarified as much as we can. I don’t have anything to add beyond that. Nothing specific on the parts that you had to ask on that one. But however we’ll add on the heavy projects or the 16 and the supercritical order that this thing I think supercritical. We have been earlier clarifying that we are staying away from possible, you know, possible challenges in our abilities to execute any.<\/p>\n

Any supercritical orders on the public sector side and had shown our preference and inclination to execute on the private sector side. And I think you will see that this one is on the private sector side. And so yes, the margin concern that we had I think is something that we have commented earlier on the call already. Yes it is. It’s a slightly long cycle order but I think this is a sort of a breakthrough as well for us in terms of the supercritical business and sets up our capability to execute more on this particular space.<\/p>\n

And I think yes, we are seeing this more this opportunity as an ability to get into the space as well as execute it profitably. I’ll stop there. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. That was the last question for the day. I now hand the conference over to the management for closing comments.<\/p>\n

Rajendran Arunachalam<\/strong><\/p>\n

Yeah, thanks. I think I have nothing more to add. I think I hope I have been able to answer the questions today on the call. Thank you and we look forward to seeing you again in the quarter. One call. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

On behalf of DAM Capital, that concludes this conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Thermax Limited (NSE: THERMAX) Q4 2026 Earnings Call dated May. 08, 2026 Corporate Participants: Rajendran Arunachalam \u2014 Group Chief Financial Officer and Executive Vice President Analysts: Kunal Shah \u2014 Analyst Ravi Swaminathan \u2014 Analyst Mohit […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":146519,"url":"https:\/\/alphastreet.com\/india\/thermax-ltd-q4fy23-results-out-revenue-grows-by-16\/","url_meta":{"origin":182506,"position":0},"title":"Thermax Ltd Q4FY23 results out, revenue grows by 16%","author":"Chirag Gupta","date":"May 17, 2023","format":false,"excerpt":"Thermax Limited offers solutions to energy, environment and chemical sectors. 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