Thermax Ltd

- Thermax expects margin confidence going forward due to order flow and operating leverage (Page 15). - Industrial Infra business margins have improved and are expected to stabilize at current good levels, aided by state incentives (Page 14). - New large orders (cooling and supercritical boilers) are margin accretive and aligned with target margin profiles (Pages 13-14). - Order backlog is strong with many large orders having execution cycles beyond 12 months, supporting medium-term revenue growth (Page 15). - The company is cautiously optimistic about 15-20% growth in Industrial Products segment, tempered by macro factors like war impact and industry capex decisions (Page 9). - Revenue growth outlook is positive given a 27% increase in order backlog, but no specific future numbers disclosed (Page 6). - Regular capex of INR 100-150 crores planned for FY27 to support capacity expansions, aiding growth (Page 7). - Overall, the outlook indicates stable to improving margins and growth driven by order book and execution.

- Order book is about 27% higher than the prior period closing, providing a better opportunity for revenue growth. - Large orders include an INR 1600 crore supercritical boiler order, with execution over 40-45 months. - Some large jobs have execution cycles exceeding 12 months, typically 16-18 months. - Larger orders in Industrial Infra and Industrial Products have a good margin profile. - Several legacy orders, including bio-CNG and FGD, are near execution completion. - Order book predominantly consists of fixed-price orders with very few variable price clauses. - Order inflows in Middle East and North American data center cooling solutions are progressing with strong pipeline discussions. - Capacity expansions and debottlenecking are underway to handle larger future orders. - Pending orders include projects in data centre cooling and boilers, with confidence in continued order pipeline.

- The transcript provided on page 17 and surrounding pages does not mention any current or future plans for fundraising through debt or equity. - There is no specific discussion by management about raising capital via equity or debt financing during this call. - The focus of the conversation is on order book, execution, margin outlook, and project status rather than financial restructuring or capital raising. - Management discusses selective project executions, capacity expansions, and caution regarding large projects but no explicit mention of new fundraising activities. - Therefore, based on the available information in this document, there is no indication of any planned debt or equity fundraising at this time.

- Regular capex for FY'27 is planned to be around INR 100 to 150 crores. - Additional capex is planned for capacity expansion specifically in the boiler facility. - Capacity expansion is also planned in the cooling facilities. - Some capacity debottlenecking is underway to enhance execution capabilities, especially for boiler orders. - There is consideration of developing and executing orders through outsourced fabrication facilities to manage capacity constraints. - No specific investments shared regarding green methanol; potential updates may come later.

- The order book is approximately 27% higher than the prior period closing, providing a good base for improved revenue performance. - Revenue growth is expected to be better than the 3-4% seen in the current fiscal year. - Growth outlook for Industrial Products, especially in boilers, pollution control, and water treatment, is reasonably optimistic but tempered by potential external factors like war impact. - Industrial Infra business has shown strong recent sales trends, particularly in large boiler orders (e.g., Dangote orders). - The company aims for sustained growth but remains cautious due to ongoing macroeconomic and commodity price uncertainties. - Capacity expansion plans are underway to support execution capabilities and accommodate potential future order inflows. - The regular capex budget is around INR 100-150 crores, including capacity debottlenecking in boiler and cooling facilities.