Raw material cost inflation
Rising prices of steel, copper, nickel, and styrene could pressure margins, especially in industrial products and chemicals.
THERMAX / Q4-FY26 / risks
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Thermax · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Middle East conflict impact
Prolonged war could disrupt supply chains, delay customer capex, and affect order inflows in Q2-Q3.
Green solutions project cost overrun
A contractor failure on a wind-solar project led to cost overruns, impacting green solutions profitability.
Execution delays on large orders
Customer site delays and working capital build-up from project delays could impact revenue recognition and cash flows.