Synopsis:
Thermax Limited’s subsidiary, Thermax Babcock & Wilcox Energy Solutions, secured an order worth over Rs. 580 crore from Dangote Industries for supplying four high-pressure utility boilers to a Nigerian refinery and petrochemical complex.
This engineering solutions provider, known for its expertise in energy and environment management, saw its stock rise after securing a major order from a leading African industry player for a refinery and petrochemical complex, marking a significant international business win.
Thermax Limited‘s stock, with a market capitalisation of Rs. 34,884 crores, rose to Rs. 2,952.70, hitting a high of up to 2.42 percent from its previous closing price of Rs. 2,882.80. However, the stock over the past year has given a negative return of 36.8 percent.
Order Update
Thermax Babcock & Wilcox Energy Solutions, a part of Thermax, has got an order worth over Rs. 580 crore from Dangote Industries to supply utility boilers for their refinery in Nigeria. The deal includes making and supplying four 400 TPH high-pressure oil and gas fired boilers, with a delivery time of 22 months.
This contract covers project management and the complete installation of boiler systems, including design, engineering, manufacturing, and commissioning. Thermax has worked with Dangote before, reflecting a long partnership and trust built over several years.
Order Book
Thermax’s order booking grew from Rs. 2,748 crore in Q1 FY26 to Rs. 3,551 crore in Q2 FY26, showing good progress compared to Rs. 3,353 crore in Q2 FY25. This means the company is getting more new orders recently.
Their order balance, which shows all pending orders, also increased from Rs. 11,376 crore in Q1 FY26 to Rs. 12,300 crore in Q2 FY26, higher than last year’s Q2 balance of Rs. 11,593 crore. This signals a strong pipeline for future business.
Q2 Fianacial Highlight
The company reported revenue of Rs. 2,474 crore in Q2FY26, down 5.4% year-on-year from Rs. 2,616 crore but up 14.6% sequentially from Rs. 2,158 crore in Q1FY26, reflecting moderate quarterly growth despite annual decline. Over the past three years, revenue has grown at a CAGR of 19%.
Net profit stood at Rs. 119 crore in Q2FY26, decreasing 40% YoY from Rs. 198 crore and 21% QoQ from Rs. 151 crore, indicating weaker profitability both annually and sequentially. The company’s 3-year profit CAGR is 28%, with a 3-year ROE CAGR of 13%, highlighting consistent long-term growth despite near-term earnings pressure.
Written By Fazal Ul Vahab C H
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