New Delhi, Nov. 14 -- It's raining earnings downgrades for Thermax Ltd, an engineering and environment solutions company, after a dismal September quarter (Q2FY26).

Revenue fell 5% year-on-year to Rs.2,474 crore, while Ebitda plunged 38% to Rs.172 crore. The drag came from execution challenges and cost overruns in the Industrial Infra segment, which has been weighed down for nearly two years by old, low-margin government and refinery orders.

The segment declined 24% year-on-year, with margins collapsing to 1.6% versus 7.1% a year earlier. These legacy contacts-some taken at thin or even negative margins-have consistently dented performance.

The silver lining: most of these low-margin orders are finally nearing completion, with only Rs....