Thermax Limited has submitted the investor presentation for Q2FY 2026-27

November 5, 2026 The Secretary National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, PJ Towers, Dalal Street Bandra Kurla Complex, Mumbai: 400 001 Bandra (E) Company Scrip Code: 500411 Mumbai – 400 051 Company Scrip Code: THERMAX EQ Sub: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Investor Presentation Dear Sir/Madam, In terms of Regulation 30 of the SEBI (LODR) Regulations, 2015, please find enclosed the Investor Presentation for Q2 FY 2026-27. You are requested to kindly take note of the above. Thanking you, Yours faithfully, For THERMAX LIMITED Sangeet Hunjan Company Secretary & Compliance Officer M.N.: A23218 Encl.: As above Thermax Limited: Investor Presentation Q2 FY 2026 - 2027 Conserving Resources, Preserving the Future. Thermax at a Glance OUR VISION To be a globally respected high performance organisation offering sustainable solutions in energy and the environment. REVENUE Rs. 10,694 crore 9,291 90+ Employees globally* Countries with Thermax installations 30+ 18 Countries with sales & service Manufacturing locations: presence 14 in India, 4 international *Includes permanent employees, FTCs, and permanent workers 2 Conserving Resources, Preserving the Future. Disclaimer This presentation includes forward-looking information and statements, including those concerning the outlook for our businesses. These statements are based on current expectations, estimates and projections about the factors that may affect our future performance, encompassing global economic conditions, and the economic conditions of the regions and industries that are major markets for Thermax. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects”, “believes”, “estimates”, “targets”, “plans”, “outlook” or similar expressions. There are numerous risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this presentation and which could affect our ability to achieve any or all of our stated targets. The important factors that could cause such differences include, among others: • Business risks associated with the volatile global economic environment and political conditions • Costs associated with compliance activities • Market acceptance of new products and services • Changes in governmental regulations and currency exchange rates, and • Such other factors as may be discussed from time to time in Thermax Ltd.'s filings with the Securities Conserving Resources, Preserving the Future and Exchange Board of India (SEBI), including its Annual Report 3 Confidential and Internal Purpose only CCoonnsseerrvviinngg RReessoouurrcceess,, PPrreesseerrvviinngg tthhee FFuuttuurree. Business Highlights – Industrial Products PROCESS HEAT SOLUTIONS COOLING & HEATING SOLUTIONS AIR POLLUTION CONTROL WATER & WASTE SOLUTIONS Enabling cleaner process First-of-its-kind high- Strategic milestone Giving wastewater a new heat at scale temperature electric heat strengthening Thermax’s life at a leading pump for the textile petrochemical plant green hydrogen presence industry in India. Commissioned an 8 Mn kcal/hr A dual-source electric heat pump Secured a first-of-its-kind green Installed an ETP for plant effluent biomass-fired, RG-based thermic installed to meet the high- hydrogen purification order for treatment to meet statutory fluid heater for one of India’s temperature hot-water needs of a 96 MW green hydrogen discharge norms at Haldia, West largest food processing players. textile processing. Supplying hot project, largest in India, Bengal with the integration of water at up to 100°C, it helps the marking a significant milestone advance molecular media. customer progress toward its in Thermax’s clean energy ESG targets. journey. Conserving Resources, Preserving the Future 4 Confidential and Internal Purpose only CCoonnsseerrvviinngg RReessoouurrcceess,, PPrreesseerrvviinngg tthhee FFuuttuurree. Business Highlights – Industrial Infra Representative image of a previous installation. LARGE BOILERS & FIRED LARGE BOILERS & FIRED PROJECTS & ENERGY PROJECTS & ENERGY HEATERS HEATERS SOLUTIONS SOLUTIONS Enabling reliable captive Strengthening captive Strengthening our Expanding EPC presence power with greater fuel power reliability with presence in Africa with in Bhutan’s ferro-alloys choice multi-fuel flexibility large-scale EPC industry capabilities TBWES commissioned 2 x 65 TBWES secured an order for an Secured an order for 2 x 155 TPH Balance-of-plant package for a TPH IR-CFB boilers for a leading over 300 TPH IR-CFB boiler as a CFBC boilers, along with balance 1 × 18 MVA Submerged Arc chemical manufacturer’s captive standby unit for a leading steel of plant, buildings and structures, Furnace in Bhutan, covering power facility in Eastern India, manufacturer’s captive power from a leading cement mechanical, electrical, C&I, enabling reliable steam plant in South India. The scope manufacturer in Nigeria. The structural and civil works through generation for cogeneration with spans design through scope includes coal, ash and erection and commissioning, the flexibility to operate on commissioning, with fuel limestone handling systems, ESP, targeted within 18 months. 100% imported or Indian coal. flexibility including operation on chimney, and associated Conserving Resources, Preserving the Future 100% dolochar or Indian coal. mechanical, electrical and civil works. 5 Confidential and Internal Purpose only CCoonnsseerrvviinngg RReessoouurrcceess,, PPrreesseerrvviinngg tthhee FFuuttuurree. Business Highlights – Green Solutions BUILD-OWN-OPERATE BUILD-OWN-OPERATE BIO-CNG SOLUTIONS RENEWABLE ENERGY SOLUTIONS SOLUTIONS Exceeding guaranteed Industry recognition for Strengthening green steam Advancing hybrid operational excellence CBG capacity with multi- portfolio renewable power with feedstock flexibility 17.1 MW commissioned Successfully completed PGTR, TOESL’s site received industry Secured a 14 TPH biomass Achieved partial commissioning achieving 21+ TPD CBG recognition in the textile category boiler order from a leading of 9.9 MW wind and 7.2 MW production against a guaranteed at the ‘Best Boiler User Award pharma major in Nanjangud, solar capacity at the FEPL 20 TPD. The plant operates on 2026’, among 55 nominations, Karnataka, enabling reliable Gujarat project. six feedstocks, individually or reflecting its commitment to green steam supply with an through co-digestion: rice straw, operational excellence and estimated CO₂ reduction napier grass, wheat straw, soya, strong performance. potential of ~26,000 MT pressmud and ethanol industry per annum. Conserving Resources, Preserving the Future waste. 6 Confidential and Internal Purpose only CCoonnsseerrvviinngg RReessoouurrcceess,, PPrreesseerrvviinngg tthhee FFuuttuurree. Business Highlights – Chemicals CONSTRUCTION CHEMICALS WATER TREATMENT CHEMICALS ION EXCHANGE RESINS Securing approvals Balancing pricing and new Increase in international orders delivering value across major renewable product development energy and pumped storage projects Obtained approvals for Adani’s Pursuing ~Rs. 60 crore in Secured resin orders across 4,050 MW project in Andhra petrochemical and refinery the USA, Europe, SEA and the Pradesh, Saundatti’s 2.66 GW tenders, with Q2 CSG price Far East, improving utilisation IRESP in Karnataka and realisation at ~13%. Developed at all three facilities despite Bhivpuri’s 1,000 MW PSP in a calcium carbonate slurry poly- freight-driven export pricing Maharashtra. Raw material price dispersant for coatings and pressures, raw material volatility and supply chain coagulants for COD/BOD volatility and supply disruptions challenges continued amid reduction, amid raw material and amid Middle East tensions. Conserving Resources, Preserving the Future Middle East geopolitic [Showing first 8,000 characters — download PDF for full document]