Thermax · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
U.S. exposure of ~$30 million (including cooling) faces potential tariff impact. Additionally, very aggressive pricing from China is pressuring both U.S./Europe markets and Southeast Asia. If tariffs persist beyond Q2, Chemicals growth targets could be impacted.
Heating segment pipeline (ethanol, sugar, distilleries) remains robust but financial closures are taking longer than expected, causing order booking delays. Management notes July showed improvement but Q2 timing remains uncertain.
Legacy FGD projects have significant claims on customers expected to be settled upon completion. CEA guidelines clarity on claim processing remains outstanding, creating uncertainty around timing and value recovery of these claims.
Bio-CNG business is no longer a major drain but continues to generate only high single-digit margins rather than being accretive. Management indicates the business is not completely out of the woods despite improved trajectory.
