Thermax saw Q1 FY27 revenue climb 7% YoY to Rs. 2,303 Cr, but profit after tax (PAT) dropped 85% to Rs. 22 Cr.

This major dip was largely due to a Rs. 91 Cr project cost overrun in the Industrial Infra segment.

Order bookings, however, rose 2% to Rs. 2,809 Cr, with the total order book growing 23% to Rs. 14,045 Cr, driven by strong performance across Industrial Products, Green Solutions, and Industrial Infra.

The company is strategically focused on sustainable solutions, winning orders for multi-utility plants and advanced pollution control.

Data centers are a new high-growth area, with a substantial Rs. 400 Cr order for boiler parts in the USA.

Key developments include commissioning biomass-based energy plants in Thailand and India, plus significant progress on wind-solar hybrid projects.

Management highlighted robust demand in chemicals, food & beverages, and metals & mining.

While India's manufacturing outlook remains positive, rising input costs and geopolitical tensions in the Middle East are noted as challenges.