THERMAX LTD

Engineers, manufactures and supplies industrial products including boilers and heating equipment, and executes large industrial infrastructure projects, alongside a smaller chemicals business and an early-stage green-solutions arm. In FY26, Industrial Products generated Rs 5,096.09 cr (46.6% of segment revenue) and Industrial Infra Rs 4,348.05 cr (39.8%), while Chemicals and Green Solutions contributed Rs 757.59 cr and Rs 732.24 cr respectively. Demand is pivoting toward data centre cooling — a Rs 400+ cr boiler order was won for a US data centre project, and two more US cooling wins are expected in Q3-Q4 FY27 — while legacy PSU and government project exposure is being wound down to Rs 300-400 cr. FY26 order intake was Rs 13,871 cr, up 34.2%, and the order balance stood at Rs 14,045 cr at the end of Q1 FY27, up 23% year-on-year. Standalone exports run at 20% of turnover across 90 countries, and a new Dubai entity was set up in June 2026 for on-site project management and turnkey contracting in the Middle East. Materials are the largest cost line at 50.7% of revenue, followed by employees at 13.3% and other operating expenses at 25.1%, with capex running at 8.9% of revenue.