THERMAX LIMITED THERMAX HOUSE, 14 MUMBAI - PUNE ROAD, WAKDEWADI, PUNE 411 003, INDIA D TEL.: +91 20 25542122, 25542263 D FAX: +91 20 25541226 Website : www.thermaxglobal.com D IT PAN - AAACT 391 OD Customer Care: 18002090115 (India Toll Free)

November 10, 2021

To The Secretary BSE Limited P J Towers, Dalal Street Mumbai: 400 001

Company Scrip Code: 500411

National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Koria Complex, Bandra (E) Mumbai-400 051

Company Scrip Code: THERMAX EQ

Sub: Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015- Investor Presentation

Dear Sir,

In terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions, please find enclosed the Investor Presentation for Q2 FY 21-22.

You are requested to take note of the same.

Thanking you,

Yours faithfully, For THERMAX LIMITED

Janhavi Khele Company Secretary Membership No: A20601

Encl: As above

Thermax Limited – Investor Presentation Q2 FY21-22

Energy | Environment | Chemical | Services

Our Vision

To be a globally respected highperformance organisation offering sustainable solutions in energy and the environment

Disclaimer

This presentation includes forward-looking information and statements including statements 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, including 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 and Exchange Board of India (SEBI), including its Annual Report

An Energy and Environment Solution Provider

Thermax offers integrated solutions in the areas of energy and environment heating, cooling, power, water and waste management, air pollution control and chemicals.

Business Portfolio

Thermax Social Compact Initiative

•

Pilot Study with Dasra and Aajeevika Bureau

Thermax partnered with Dasra and Aajeevika Bureau to review policies and practices across its supply chain related to informal workers to live a life of dignity and equity. It was done on 5 key areas of Wages, Safety, Health, Gender Equality, Entitlements & Social Security.
• Each business unit & our vendors have used the framework of Dasra Foundation and Aajeevika to identify catch up areas for implementation. Time bound action plans has been created to provide dignity of life and equity to informal workforce.

Organisation wide implementation

Dasra: a strategic philanthropy foundation that nurtures powerful partnerships to help India achieve SDGs by 2030. Aajeevika: the bureau provides a range of services to rural migrants – skill training, placement, legal aid, financial inclusion assistance and collectivization – in order to further their quest towards successful and stable livelihoods.

Business Highlights - Energy

Cooling the Petrochem Process

Reducing the Carbon footprint of a Food Major

Thermax commissioned its first halfeffect absorption chiller for Petrochemical company in Tamil Nadu.

Biomass boiler plant for a global Food major under Build-Own-Operate which will help them to reduce their carbon footprint.

TBWES has concluded Rs. 293 crore order for a boiler package comprising 3 Oil & Gas fired boilers on EPC basis for a refinery and petrochemical complex in western India.

Helping Global Tyre Company to reduce CO2 emissions

Generating green steam rubber curing; enabling the global tyre company to reduce its CO2emission by ~19,000 tons per year.

Business Highlights - Environment

Helping a Pharma Major to manage Particulate Emissions

Managing Emissions for an Oil Mill in Malaysia

ZLD Plant Commissioned at Glass Major

First installation of inhouse developed MVR

Commissioned ESP for CFBC boiler at a Pharma Major in India.

Commissioned Dry ESP for palm oil mill in Malaysia.

New Site Commissioned for 800 m3/day WWTP & ZLD at a prominent Glass Manufacturing Industry.

First in-house developed 10 KLD Mechanical Vapor Re-compression installed at an Engineering Pump Company.

Business Highlights - Chemical

Good Growth in Russian Oil Field chemicals

Oil field chemicals – high flash point pour point depressant application going strong in Russian market.

Helping Build Metro Rail

Supply of Construction Chemicals - Mould Releasing Agent at Metro project in West India. This helps clean and easy removal of moulds and formwork to ensure smooth finished concrete.

Growth in Construction Chemicals

Construction chemicals business have shown growth of 77% Y-O-Y by focusing on west region's key residential and infrastructure projects.

USA and Europe; catalyzing Growth for Chemical Resins

Order booking increased to 25% Y-O-Y for ion exchange resins due to major OB received from USA and Europe for industrial water treatment and chemical processing.

New Product Launches

Water and waste solutions launched new products on SBR, RO and Sewage Recycle Systems.

An Improved Version 2 for the Compact and Modularized Membrane-based Sewage Recycle System

A New Modularized Sequential-Batch Reactor (SBR) based STP Recycle System

A Compact and Automated RO plant

Customer Accolades

Thermax honoured for 'Zero Accident Achievement' from JSW Steel Ltd.

Thermax Q2 FY2021-22 Results

* : % Growth with respect to Q2 FY 2020-21

* : Profit Before Tax and exceptional item

Refinery and Petrochemicals19%

Food and Beverages 10%

Textile

10%

Metals and Steel15%

• Received INR 293 crore order for a refinery and petrochemical complex in India

• First of a kind order received to set up Bio CNG plant based on rice straw
• Enquiry pipeline from Refinery, Cement and Metal sectors continues to be strong

Sugar/Distillery 10%

Others19%

Chemical7%

Cement4%

Transportation 6%

Consolidated Performance Summary by Segment

	Odrer	Bkioong	OdBlreraance
Stegmen	Q2,2022	O%CYYhange	SYTDEP2021	O%CYYhange
Energy	1,432	%69	4870,	%39
Eitnvronmen	285	84%	1,325	%5-
Chilemca	139	2%5	113	34%
Ttloa	1,856	67%	6,516	26%

Consistent healthy order booking and order balance across segments

Note: Values are in Rs. crore

Consolidated Performance Indicators

Q1,2021	PfIditerormancencaor	Q2,2022	Q2,2021
1,696	OdBkireroong	1,856	1,114
6,109	OdBlreraance	6,165	1905,
1,052	Reenevu	1,469	1,141
56	ff()PitBTdEtilPBTroeoreaxanxcepona	114	69
3%5	PBTbfEil%teorexcepona	8%7.	60%
-	EilIttceponaemx	-	25-
56	PfiBfT(PBT)troeoreax	114	44
53%	PBT%	7.8%	39%
42	PfitAftT(PAT)roerax	88	31
0%4	%PAT		%27

Note: Values are in Rs. crore and ratios are in %

Business Performance Summary

	For	Q2,S21FQ2,2020epor		YTDSEP21			YTDSEP20
Stegmens	Reenuev	PBIT	%PBIT	Reenuev	PBIT	%PBIT	Reenuev	PBIT	%PBIT	Reenuev	PBIT	%PBIT
Energy	1,057	84	%8.0	886	39	%4.4	1,820	112	%6.2	1,386	12	%0.9
Eitnvronmen	312	6	2.0%	155	10	6.%7	492	9	1.9%	239	(0)	0.1%-
Chilemca	129	20	1%5.5	115	35	30.%5	215	42	16.%5	199	25	26.3%

PBIT - Segment PBIT before exceptional & Unallocated Overheads

Business Segment Wise - Quarterly Trend

OB	Order Bkinoog
RR	Ree Ritiovenuecognn
PBIT	Set PBITbefortiolgmene excepna& Ullocd Orheadatenaves

Energy | Environment | Chemical | Services www.thermaxglobal.com

Environment and Industry Outlook

SEA, Europe, Africa, US has faced 3rd Wave in Q2 impacting business visibility.

India's PMI for manufacturing during Q2 was seen above 52 levels, thus showing expansion sentiments in manufacturing companies.
PMI for other Asian Countries like Indonesia, Malaysia, Philippines, Saudi Arabia, UAE, Qatar also showed increase in the number; showing positive sentiments for future investment.
For FY 2022, the GDP growth for India is projected at 9.5%. (source: IMF)

The commodity prices stayed high and is still a key concern.

Steel price continued to remain high thus increasing the input cost.
Raw material costs to chemical stayed higher:
Ocean freight have increased 3 to 4 times due to the rise in fuel prices and domestic diesel prices have also increased during the quarter.
Industrial sectors such as Food, Pharma, Oil & Gas Refinery and Chemical continues to perform well.
In Q2 2021, the enquiry pipeline in domestic operations improved across industry segments.
Improving enquiry pipeline in export markets.

Sources: RBI, MOSPI, WHO, IMF, Projects today

For more information about Thermax:

Contact UsThermax Limited Thermax House 14, Mumbai – Pune Road Wakdewadi, Pune 411003, India

visit: www.thermaxglobal.com

Energy | Environment | Chemical | Services

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Thermax Ltd. Investor Presentation 2021