THERMAX

What Thermax promised, and what happened

Every commitment management made on a call, tracked from the quarter it was made — reaffirmed, revised, diluted or quietly dropped.

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 3 delivered 3 missed 8 open
  • Bio-CNG Order Inflow missed said Q4 FY25 Promised: expect to take two orders on bio-CNG... in Q1 Q1 FY27: Original promise for Q1 FY26 remains missed. Management now points to a 'good pipeline' for Q3/Q4 FY27, contingent on policy changes.
  • Projects Segment PBT Margin on track said Q2 FY26 Promised: overall, the mix should be 10%-ish Q1 FY27: Management sees 'line of sight to taking that business to 10% and beyond on profitability', reinforcing the target for the Industrial Infra segment.

The rest of the ledger

Above is what the last two calls moved. Pro opens all 14 tracked commitments for Thermax — every quarter's revision, the source quote behind each one, and the topics management has stopped answering.

See what Pro opens