Here's a concise summary for retail investors: **Business Performance:** Thermax's Q1 FY27 revenue grew 7% YoY to 2,303 Cr, but PAT plummeted 86% to 22 Cr, impacted by a 91 Cr project cost overrun in Industrial Infra.

Order booking rose 2% to 2,809 Cr, with backlog up 23% to 14,045 Cr, driven by Industrial Products and Green Solutions.

Chemicals showed improved profitability. **Growth Drivers & Strategy:** Data center investments are a key focus, securing a major boiler order for a US project.

The company emphasizes sustainable solutions like biomass-based multi-utility plants and advanced CBG production, leveraging India's robust manufacturing growth. **Recent Developments:** Key projects include a multi-utility plant in Thailand, advanced ESPs for steel, and progress on hybrid solar/wind energy in India.

Specialty resin production capacity also expanded at Jhagadia. **Key Financials:** Revenue: 2,303 Cr (+7% YoY); PAT: 22 Cr (-86% YoY); Order Booking: 2,809 Cr (+2% YoY); Order Balance: 14,045 Cr (+23% YoY). **Outlook:** Management notes sustained Indian manufacturing growth, volatile input costs, robust data center demand, but softer Middle East trade sentiment due to regional conflicts.