Synopsis: A leading engineering and energy solutions company has secured a major domestic order through its wholly owned subsidiary for a large thermal power project, strengthening its order book and improving execution visibility over the coming quarters.
The shares of this mid-cap company majorly engaged in offering solutions to energy, environment and chemical sectors, were in focus after securing orders worth Rs. 1600 Crores
With the market capitalizations of Rs. 38,169 Crores, the shares of Thermax Ltd were trading at around Rs. 3203 per share which is 21.7 percent discount from its 52 weeks high of Rs. 4092 per share and is trading at P/E 59.6 whereas industry P/E stands at 30.6
What is the NEWS:
Thermax Limited has informed the stock exchanges that its wholly-owned subsidiary, Thermax Babcock & Wilcox Energy Solutions Limited (TBWES), has secured a significant domestic order. The order will be executed with Anuppur Power Projects Private Limited for the design, engineering, manufacturing, supply, supervision of installation and commissioning, and performance guarantee tests of the Boiler Package for the 1 x 800 MW Ultra Supercritical Thermal Power Plant located at Anuppur District, Madhya Pradesh, India.
The total size of the order is approximately Rs. 1,600 crores. Additionally, the company has informed the stock exchanges that the execution of the order would be in sync with the project milestones and the project delivery schedules stipulated in the above order. Further, the company has informed the stock exchanges that there is no interest of the Promoters, Promoter Group, or Group Companies in the Awarding Entity and that the above transaction is not related party transactions.
About the company and financials:
Thermax Limited offers solutions across the energy, environment, and chemical sectors. The company’s portfolio includes boilers and heaters, absorption chillers and heat pumps, power plants, solar equipment, air pollution control systems, water and waste recycling plants, ion exchange resins, performance chemicals, and related services.
As of Q3 FY26, the company has an order book of Rs.3,080 crore, supported by key segments such as industrial products, industrial infrastructure, green solutions, and chemicals. The diversified business mix provides revenue visibility and helps the company benefit from demand across power, manufacturing, sustainability, and industrial capex-led growth opportunities in both domestic and international markets.
Year on Year analysis: Revenue from operations has increased from Rs. 2529 Crores to Rs. 2635 Crores, up 4.1 percent. Operating profit has increased from Rs. 188 Crores to Rs. 255 Crores, up 35.6 percent and net profit has increased from Rs. 114 Crores to Rs. 205 Crores, up 80 percent
Quarter on Quarter analysis: Revenue from operations has increased from Rs. 2474 Crores to Rs. 2635 Crores, up 6.5 percent. Operating profit has increased from Rs. 172 Crores to Rs. 255 Crores, up 48 percent and net profit has increased from Rs. 119 Crores to Rs. 205 Crores, up 72 percent
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