Thermax provides engineering solutions across energy, environment, and chemicals, operating through Industrial Products, Industrial Infra, and Green Solutions segments. Over the next 2-3 years, revenue trajectory will be driven by a 27% higher order book anchored by an INR 1,600 crore supercritical boiler order and expanding data centre cooling and boiler opportunities. Management is executing INR 250 crore in capacity expansions for boiler and cooling facilities to support this demand. Margin dynamics will shift as legacy low-margin bio-CNG and FGD orders conclude, replaced by new cooling and supercritical orders booked with better target profiles. Industrial Products margins should also recover via a favorable mix shift toward biomass boilers in Europe. Green Solutions will scale past the 250 MW commissioned in FY26, with FY27 expected to close stronger. The key execution watchpoint is resolving recent working capital build-up from project delays and managing raw material inflation, alongside potential capex delays from the Middle East crisis.
companyname: Thermax Limited ticker: THERMAX sector: Energy & Environment Engineering / Capital Goods Thermax Limited (NSE/BSE: THERMAX), headquartered in Pune, is a Rs. 10,694 crore engineering company that designs, manufactures, installs and services equipment and systems for industrial heating, cooling, power generation, air pollution control, water treatment and process chemicals. It was founded in 1966 as Wanson (India), a boiler maker, and has spent six decades expanding from steam genera...
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