Thermax Secures Rs 1,600 Crore Boiler Order for Power Project

Introduction to the Major Contract

Thermax Ltd announced on Saturday that its wholly-owned subsidiary, Thermax Babcock & Wilcox Energy Solutions (TBWES), has secured a substantial order valued at approximately Rs 1,600 crore. The contract is for the supply of a boiler package for an ultra-supercritical thermal power project. This significant win underscores the company's strong position in the large-scale energy solutions market and its technical expertise in handling complex, high-value projects.

Details of the Landmark Order

The order has been placed by Anuppur Powerprojects for a 1x800 MW ultra-supercritical thermal power plant located in the Anuppur district of Madhya Pradesh. The scope of the contract is comprehensive, covering the design, engineering, manufacturing, supply, supervision of installation, commissioning, and performance guarantee testing of the boiler package. This turnkey project highlights the trust placed in Thermax's end-to-end execution capabilities. An ultra-supercritical plant operates at higher temperatures and pressures than conventional power plants, leading to greater efficiency and reduced carbon emissions, aligning with modern energy sector requirements for cleaner power generation.

A Strategic Breakthrough for Thermax

Ashish Bhandari, MD & CEO of Thermax, described the order as a "significant breakthrough" for the company. In a statement, he emphasized that this contract reinforces Thermax's proven capabilities in large-scale energy solutions. He also expressed gratitude for the customer's trust and affirmed the company's commitment to delivering the project with accelerated timelines and successful execution. The company has clarified that this transaction does not fall under related party transactions, as the promoter and promoter group hold no interest in the awarding entity.

Thermax's Financial Health and Market Performance

The announcement comes at a time when Thermax has demonstrated robust financial performance. For the third quarter of fiscal year 2026, the company's consolidated net profit surged by an impressive 76.16% to Rs 204.18 crore, up from Rs 115.90 crore in the same period of the previous year. Revenue from operations also saw a growth of 4.19%, reaching Rs 2,634.68 crore for the quarter ending December 31, 2025. Despite the positive news, the company's shares experienced a slight downturn, declining 1.61% to close at Rs 3,192.35 on March 27, 2026, reflecting broader market movements.

A History of Securing Major Contracts

This Rs 1,600 crore order adds to Thermax's long history of securing high-value contracts, reinforcing its reputation as a reliable partner in the energy and infrastructure sectors. The company has consistently built its order book with significant wins both domestically and internationally. Below is a summary of some key orders secured in recent years, showcasing the company's consistent growth trajectory.

The Role of TBWES in Thermax's Strategy

Thermax Babcock & Wilcox Energy Solutions (TBWES) is central to Thermax's operations in the power sector. As a wholly-owned subsidiary, it specializes in providing advanced solutions for steam generation through the combustion of various fuels. Its portfolio includes equipment for heat recovery from industrial processes and heaters for the chemical and petrochemical industries. TBWES also has a dedicated services arm that focuses on the renovation and modernization of old boilers, extending the life and efficiency of existing power infrastructure.

Market Impact and Industry Outlook

The new order is set to significantly boost Thermax's order book, which has previously reached a record high of Rs 9,410 crore. This win strengthens the company's revenue visibility for the coming years. It also positions Thermax favorably within India's ongoing push to expand and modernize its power generation capacity. As the country continues to invest in infrastructure to meet growing energy demands, companies with proven expertise in delivering large, complex, and efficient power solutions like Thermax are expected to play a crucial role.

Conclusion

In summary, the Rs 1,600 crore order from Anuppur Powerprojects is a major achievement for Thermax and its subsidiary, TBWES. It not only enhances the company's order book but also validates its technical leadership and project execution skills in the competitive energy sector. This contract is a testament to Thermax's sustained growth and its strategic importance in contributing to India's energy infrastructure development. The successful execution of this project will further cement its standing as a premier provider of energy and environmental solutions.