THERMAX

execution continues in Q1FY26

-> Q1 FY26 Performance:

's Q1 FY26 consolidated revenue fell 1.6% YoY to Rs 2,150 crore due to project execution delays from early monsoon and site issues. -> Profitability and Margins: Despite the revenue dip, profitability surged. EBITDA increased by 60% YoY to Rs 225 crore, with margins expanding 400 basis points to 10.5% as last year's cost pressures eased. This was supported by lower expenses, leading to a 32% jump in net profit. -> Outlook and Growth Drivers: The company is cautiously optimistic about a recovery, expecting margins to improve to 12-13% and order execution to pick up. Order inflow grew 7% YoY, driven by large projects in industrial infrastructure and green energy solutions, with a strong opportunity pipeline for Q2 and Q3. -> Strategic Focus: The company is positioning itself as an energy transition beneficiary, with its water segment performing well and new emerging industrial products (like electric boilers) contributing nearly 20% to the product mix, with a projected CAGR of over 15%.