Thermax Arm Bags Rs 1,600 Crore Power Project Deal

Thermax Subsidiary Secures Major Power Sector Contract

Thermax Limited, a prominent energy and environment solutions provider, announced on Saturday that its wholly-owned subsidiary has secured a major domestic order. Thermax Babcock & Wilcox Energy Solutions (TBWES) has been awarded a contract worth approximately Rs 1,600 crore for a boiler package intended for an ultra-supercritical thermal power project. The contract, finalized on March 27, 2026, marks a significant addition to the company's project pipeline and reinforces its position in India's power infrastructure sector.

Details of the Rs 1,600 Crore Order

The order was placed by Anuppur Powerprojects Private Limited for its 1x800 MW ultra-supercritical thermal power plant located in the Anuppur district of Madhya Pradesh. The value of the contract is approximately Rs 1,600 crore, excluding Goods and Services Tax (GST). This type of power plant operates at higher temperatures and pressures, leading to greater efficiency and reduced emissions compared to conventional subcritical plants.

The scope of work for TBWES is comprehensive. It includes the design, engineering, manufacturing, and supply of the boiler package. Furthermore, the subsidiary will be responsible for the supervision of the installation and commissioning process, along with conducting performance guarantee tests to ensure the equipment meets the specified operational benchmarks. The project's execution will adhere to the milestones and delivery schedules outlined in the contract.

Management Commentary

Ashish Bhandari, MD & CEO of Thermax, commented on the development, stating, "This order marks a significant breakthrough for Thermax and reinforces our proven capabilities in large-scale energy solutions." He expressed gratitude for the client's trust and affirmed the company's commitment to executing the project with accelerated timelines. This statement highlights the strategic importance of the order in showcasing Thermax's technical expertise and project management skills in the high-stakes energy sector.

About Thermax Babcock & Wilcox Energy Solutions (TBWES)

TBWES is a key subsidiary of Thermax, specializing in providing advanced equipment and solutions for steam generation. The company's expertise covers a wide range of applications, including generating steam for industrial processes and power generation. It achieves this through the combustion of various solid, liquid, and gaseous fuels. Additionally, TBWES is proficient in heat recovery from turbine and engine exhausts, as well as waste heat from other industrial processes, contributing to energy efficiency and sustainability.

Strengthening a Robust Order Book

This Rs 1,600 crore contract significantly boosts Thermax's already healthy order book. The company has demonstrated consistent success in securing large-value projects both domestically and internationally. Recently, TBWES also received a repeat order worth Rs 516 crore for a 300 MW energy project in Botswana, making Thermax the sole partner for the entire 600 MW project. In late 2025, the company had also secured a Rs 580 crore utility boiler order, signaling strong momentum in its core business. These wins contribute to what has been reported as the company's highest-ever order book, standing at Rs 9,410 crore.

Financial and Strategic Overview

Thermax has maintained a steady growth trajectory, reflected in its financial performance. The company's focus on integrated solutions across heating, cooling, power, and water management has allowed it to build a resilient business model. The following table provides a snapshot of its recent financial health.

All figures in Rs. Crore

Beyond its traditional strengths, Thermax is actively positioning itself for the future of energy. The company has entered the green hydrogen market through strategic partnerships with global players like Fortescue Future Industries and Ceres. It has also expanded its portfolio by acquiring Buildtech Products India Private Limited to strengthen its construction chemicals business. These moves indicate a clear strategy to diversify and capitalize on emerging opportunities in the global energy transition.

Conclusion

The successful acquisition of the Rs 1,600 crore boiler package order from Anuppur Powerprojects is a testament to Thermax's engineering prowess and market leadership. It not only enhances the company's order book but also solidifies its role as a critical partner in developing India's modern power infrastructure. As the company continues to execute large-scale projects while simultaneously investing in green technologies, it is well-positioned to drive growth and contribute to a more sustainable energy future.