Thermax Limited has announced that its wholly-owned subsidiary, Thermax Babcock & Wilcox Energy Solutions Limited (TBWES), has secured a significant domestic order valued at approximately Rs. 1,600 Crore (excluding GST). The contract, signed on March 27, 2026, involves the design, engineering, manufacturing, supply, and supervision of the installation and commissioning of a boiler package for a 1×800 MW ultra-supercritical thermal power plant. This project is located in the Anuppur district of Madhya Pradesh, India, and was awarded by M/s Anuppur Powerprojects Private Limited.

The detailed scope of this significant contract includes conducting performance guarantee tests for the boiler package, with execution aligned to defined project milestones and delivery schedules. This order marks a substantial addition to the company’s domestic project pipeline in the thermal power sector. Thermax confirmed that neither the promoter nor any group companies have any interest in the awarding entity, and the transaction does not fall under related party transactions.

Thermax Limited is a leading global provider of energy and environment solutions, operating through segments such as Industrial Products, Industrial Infra, Green Solutions, and Chemicals. In early 2026, the company signed a Memorandum of Understanding (MoU) with Hindustan Petroleum Corporation Limited (HPCL) to collaborate on sustainable energy solutions and joint research. Additionally, in February 2026, Thermax entered into a definitive agreement to increase its stake in Exactspace Technologies to 51%, making it a subsidiary to strengthen its digital asset support and service offerings. Other recent 2025 updates include securing a Rs. 580 Crore order from Dangote Industries for utility boilers in Nigeria and partnering with Norway’s HydrogenPro for alkaline water electrolysis solutions.

For the third quarter ended December 31, 2025, Thermax reported a consolidated revenue of Rs. 2,634.68 Crore, representing a 4.19% year-on-year growth. The consolidated net profit for the same period surged by 76.17% to Rs. 204.18 Crore compared to Rs. 115.90 Crore in the corresponding quarter of the previous year. This significant profit growth was attributed to improved operational efficiency and a low base effect from the previous year. Notable institutional investors in the company as of late 2025 and early 2026 include the SBI Energy Opportunities Fund (7.81%), Nalanda India Equity Fund Limited (5.13%), and Kotak Mahindra Trustee (2.44%).