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Thermax outlook clouded by margin woes, execution pains

Mint Mumbai

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September 16, 2025

Mind the gap

- Harsha Jethmalani harsha.j@htlive.com

Thermax Ltd recently invested ₹115 crore in its wholly owned renewable energy arm, First Energy Private Ltd (FEPL), which helps customers transition to green energy and offers sustainable solutions.

While positive, the move is unlikely to alter the stock’s fortunes—it has fallen around 34% over the past year. Persistent execution challenges continue to cloud its revenue and margin trajectory, even as order inflows improve. In the June quarter (Q1FY26), order inflows rose 7% year-on-year to ₹2,748 crore on a large win in the industrial infrastructure segment. The order book grew 7% year-on-year to ₹11,376 crore in Q1.

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