Thermax Limited has released the audio recording of its investor conference call, which took place on July 31, 2026, at 11:00 a.m. (IST). The recording is now accessible on the company’s website, allowing investors and stakeholders to review management’s commentary on the latest financial performance. This disclosure ensures transparency regarding the discussions held during the earnings review period.

The release of the recording follows a formal intimation sent to the exchanges on July 21, 2026. Thermax Limited notified both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE) about the scheduling of the call. The company complied with the regulatory timeline by uploading the audio file shortly after the event concluded on July 31, 2026.

This filing is made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The regulation mandates that listed entities make audio recordings of investor conferences available on their websites within a specified timeframe after the event. The company’s communication was addressed to the Secretary of BSE Limited, located at PJ Towers, Dalal Street, Mumbai, and the National Stock Exchange of India Limited, located at Exchange Plaza, Bandra Kurla Complex, Mumbai.

Sangeet Hunjan, Company Secretary and Compliance Officer at Thermax Limited, signed the disclosure letter. The document confirms that the audio recording can be accessed via the 'Investors' section under 'Quarterly Results' on the official website, www.thermaxglobal.com . The filing serves as a formal record for the stock exchanges and investors seeking detailed insights into the company’s operational and financial updates discussed during the call.

Regulatory Compliance Details

The availability of the recording allows market participants to verify the information presented during the live session. Investors are advised to refer to the official transcript or audio file for precise details on revenue trends, profit margins, and future guidance provided by the management team during the discussion.

Thermax Limited reported a sharp contraction in profitability for the quarter ended June 30, 2026, with consolidated net profit after tax (PAT) falling 85% year-on-year to ₹21.79 crore from ₹151.45 crore in the corresponding period of the previous year. The decline was driven predominantly by a ₹91 crore increase in estimated costs to complete one specific project within the Industrial Infra segment. Despite the margin pressure, consolidated revenue from operations grew 7% to ₹2,302.73 crore, supported by robust order inflows that saw the total order book rise 23% to ₹14,045 crore.

The Board of Directors approved the unaudited standalone and consolidated financial results at its meeting held on July 30, 2026. The results were reviewed by statutory auditors Price Waterhouse Chartered Accountants LLP. In addition to approving the financials, the Board sanctioned a composite Scheme of Arrangement and Amalgamation involving its wholly-owned subsidiaries Thermax Bioenergy Solutions Private Limited (TBSPL) and Thermax Cooling Solutions Limited (TCSL). The scheme aims to simplify the group structure and reduce administrative overheads, with an appointed date of April 1, 2026.

Financial Performance Highlights

Consolidated profit before tax (PBT) dropped 80% to ₹42.14 crore from ₹211.47 crore in the prior year quarter. The comparative quarter benefited from ₹56 crore in income under the Package Scheme of Incentives (PSI) for a subsidiary in the Industrial Infra segment, whereas the current quarter PSI income was only ₹2.47 crore. Standalone operations also faced headwinds, reporting a net loss of ₹18.10 crore compared to a profit of ₹46.52 crore in the prior year, largely due to the same project cost overrun. EBITDA for the quarter declined sharply to ₹69 crore from ₹225 crore in the year-ago period, with the EBITDA margin contracting significantly to 3% from 10.47%.

The following table summarises the key consolidated financial metrics for the quarter:

Segmental analysis reveals divergent trends across business verticals. The Industrial Products segment, the largest revenue contributor at ₹1,058 crore, saw its operating profit decline to ₹64 crore from ₹79 crore, impacted by lower export sales. Conversely, the Chemicals segment improved its profitability to ₹26 crore from ₹16 crore. The Green Solutions segment continued to report a loss of ₹17 crore, slightly widening from a ₹5 crore loss in the previous year.

Operational Updates and Restructuring

Order bookings for the quarter stood at ₹2,809 crore, up 2% from ₹2,748 crore in the prior year quarter. A significant milestone was the securing of an order worth over ₹400 crore for boiler pressure parts for a data centre project in the USA. The Green Solutions segment's reported order book increased by ₹139 crore due to a change in reporting methodology by Thermax Onsite Energy Solutions Limited (TOESL), which now uses a rolling 12-month forecast model rather than recognising only the first year's revenue from long-term contracts.

The approved amalgamation scheme involves the demerger of the Bio-Compressed Natural Gas (Bio CNG) EPC business from TBSPL into Thermax Limited, while TBSPL retains its Operations and Maintenance (O&M) business. Simultaneously, TCSL will merge entirely into Thermax Limited. The management stated that this consolidation is expected to improve key financial ratios and result in annual cost savings. The scheme requires approval from the National Company Law Tribunal (NCLT) and other regulatory authorities. There will be no change in the shareholding pattern of Thermax Limited as no new shares are being issued.

What the Numbers Show

The divergence between top-line growth and bottom-line collapse highlights significant execution risk in the Industrial Infra segment. While revenue grew 7%, the ₹91 crore cost overrun wiped out nearly all operating leverage, reducing PAT margins from 7.0% to just 0.9%. This suggests that while demand remains strong (evidenced by the 23% rise in order book), margin stability is vulnerable to project-specific cost escalations, particularly in the PSU and export-heavy Infra vertical where revenue mix shifted towards lower-margin services (20% vs 16% in Q1FY26).