Thermax Limited has submitted the Investor Presentation for Q1FY27.

July 30, 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 (“Listing Regulations”)– Investor Presentation Dear Sir/Madam, In terms of Regulation 30 of the Listing Regulations, please find enclosed the Investor Presentation for Q1 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 Q1 FY 2026 - 2027 Conserving Resources, Preserving the Future. To be a globally respected high performance organisation offering sustainable solutions in energy and the environment 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. Thermax at a Glance 9,291 Employees*, Globally Installations in Sales and Service Presence in 90+ Countries 30+ Countries 18 Manufacturing Revenue Rs.10,694 crore Locations (14 in India, 4 International) Conserving Resources, Preserving the Future *Includes permanent employees, FTCs, and permanent workers 4 Confidential and Internal Purpose only CCoonnsseerrvviinngg RReessoouurrcceess,, PPrreesseerrvviinngg tthhee FFuuttuurree. Business Highlights – Industrial Products Engineered compact and Strengthening efficient Zero Liquid decarbonisation in Sri Lankan Discharge solutions for rubber processing industry India's leading auto Dipped Products Limited (DPL), component manufacturer Sri Lanka successfully Supplied a standalone 30 KLD commissioned a 60 TR steam- VapoNovae+ with ATFD, driven vapour absorption chiller for providing automated operations rubber glove manufacturing and enhanced value through process, utilising available steam reduced opex. as the energy source. Multi-utility plant for a Advanced ESP solutions for Thailand based rubber glove sustainable steel production manufacturer Commissioned multiple high- A first-of-its-kind multi-utility plant capacity WHR ESPs for 650 TPD that generates steam and thermic kiln lines, each designed to treat fluid heat from a single energy 4,98,000 m³/hr of flue gas, with source, combining two utilities into additional ESP installations Conserving Resources, Preserving the Future one integrated solution to enhance currently under execution at the efficiency while reducing costs, same site. maintenance, and complexity. 5 Confidential and Internal Purpose only CCoonnsseerrvviinngg RReessoouurrcceess,, PPrreesseerrvviinngg tthhee FFuuttuurree. Business Highlights – Industrial Infra TBWES secures CFBC boiler order for captive power project in India’s steel sector TBWES will supply a large CFBC boiler for a captive power project in East India, designed to fire dolochar and Indian coal. The order covers design, engineering, manufacturing, supply, commissioning, and performance testing. TBWES delivers 60 TPH 4.9 MW biomass-based Flexisource boiler for multi-utility plant paper industry commissioned in Thailand The fuel-flexible 60 TPH Commissioned a 4.9 MW biomass- Flexisource boiler efficiently based multi-utility plant for a leading utilises multiple waste fuels— medical materials manufacturer in including NRSW, rice husk, Thailand, delivering power, thermal oil, woodchips, mill bagasse, RDF Conserving Resources, Preserving the Future and hot water to improve energy and sludge to deliver reliable efficiency and reduce fossil fuel steam generation while reducing dependence. dependence on fossil fuels. 6 Confidential and Internal Purpose only CCoonnsseerrvviinngg RReessoouurrcceess,, PPrreesseerrvviinngg tthhee FFuuttuurree. Business Highlights – Green Solutions TOESL enables green steam Greening the power solutions for a global leader requirement of Tamil Nadu in natural ingredient 12 out of 17 WTGs and solutions transmission completed for the 60 TOESL commissioned a 12 TPH MW Trichy project. The 100 MW biomass boiler in Coimbatore, Karur project has commenced, with expanding its footprint in the food foundations completed for 10 of 17 ingredients and spice processing WTGs. The 9.1 MWp Tuticorin solar sector and reducing ~11,000 tonnes expansion is nearing of CO emissions annually. commissioning. Hybrid project progresses CBG plant exceeds towards commissioning at guaranteed production Jafrabad, Gujarat capacity Achieved key project milestones Successfully completed PGTR, with successful PSS charging, achieving 22+ TPD CBG completion of 69.5 MWp solar production against the module installation, and erection guaranteed 20 TPD, Conserving Resources, Preserving the Future of 12 out of 21 WTGs. with proven multi-feedstock operations. 7 Confidential and Internal Purpose only CCoonnsseerrvviinngg RReessoouurrcceess,, PPrreesseerrvviinngg tthhee FFuuttuurree. Business Highlights – Chemicals Water treatment chemicals – balancing pricing and demand dynamics Gross margins remained resilient at an average 14% price realisation, while new business wins of Rs. 5 crore in the Power segment helped offset volume softness across key end-user industries, particularly the SMI segment. Actively advancing hydro Global resin market update projects across India and Production capacity expansion Nepal at Jhagadia strengthened Supported the acceleration of manufacturing, reinforced the Dibang Hydro Project in customer confidence, and Arunachal Pradesh while supported growing global advancing hydropower and R&R specialty resin orders despite Conserving Resources, Preserving the Future project development in Nepal raw material volatility and through close engagement with Middle East supply chain government authorities. disruptions. 8 Confidential and Internal Purpose only CCoonnsseerrvviinngg RReessoouurrcceess,, PPrreesseerrvviinngg tthhee FFuuttuurree. Thermax Q1 FY 2026-27 Results 2,809 14,045 2,303 42 22 3,231 2% 23% 7% 80% 86% 2% • Order booking and balance for the current year is higher primarily driven by improved performance in TBWES, Industrial Products and Green Solutions. • The lower profit for the quarter was predominantly due to the one project cost overrun of Rs. 91 crore recognised in the Industrial Infra segment. Conserving Resources, Preserving the Future Note - Values are [Showing first 8,000 characters — download PDF for full document]