Pune-based engineering major Thermax, which supplies industrial boilers, power equipment, cooling, and water-treatment solutions, could post about 22 per cent revenue growth in FY27, reaching nearly ₹13,000 crore from ₹10,694 crore last year, according to industry sources familiar with the company’s plans. The anticipated acceleration, driven by infrastructure investments, data-centre demand and exports, is backed by a ₹14,045-crore order book.
The expectation follows FY26 revenue growth of 3.64 per cent and a 15 per cent increase in consolidated profit to ₹720 crore. June-quarter revenue rose 7 per cent to ₹2,303 crore, although profitability was affected by a ₹91-crore cost revision on a legacy infrastructure project.
Speaking to businessline on Thursday after unveiling Thermax-i, a new range of intelligent boilers and heaters that can reduce industrial fuel consumption by up to 10 per cent, Ashish Bhandari, Managing Director and CEO, outlined opportunities in domestic power, data centres and exports.
Bhandari said Thermax was becoming more selective about long-duration, fixed-price construction contracts, where rising costs create execution risks.
Bio-CNG operations are also improving after nearly three years of technological challenges involving agricultural residue, moisture management, and gas purification.
“Every step of this process, taking it from a small scale to a large scale, was full of learning,” he said.
Bhandari believes better government support for pricing and operational efficiency could help the business turn the corner.
The first product, UltraPac-i, uses proprietary EDGE Control technology to adjust automatically to changing fuel characteristics and operating conditions. Pilot installations demonstrated fuel savings of up to 10 per cent, while the technology can be retrofitted to suitable existing boilers.
Thermax’s order book grew 23 per cent year on year. Bhandari said geopolitical disruptions had delayed overseas equipment deliveries and domestic project execution, although the company expects stronger revenue conversion as bottlenecks ease.
Thermax has secured two significant US data-centre orders, including one exceeding ₹400 crore for boiler pressure parts and another involving absorption chillers for facilities with captive power generation.
In India, opportunities are emerging in hybrid cooling towers, water treatment, chemicals and wastewater recycling, particularly for semiconductor plants and water-intensive industries.
International revenue rose 33.4 per cent to ₹3,084 crore in FY26, accounting for about 29 per cent of sales. Overseas orders represent roughly 30 per cent of the backlog.
“A few years ago, Thermax was not qualified for many of the large Middle Eastern oil and gas companies. Now we are getting systematically qualified with those companies,” Bhandari said.
Thermax held ₹2,467 crore in cash, bank balances and current investments against borrowings of ₹2,288 crore at March-end. Operating cash flow stood at ₹542 crore in FY26, reflecting higher project retention and lower customer advances.
PL Capital forecasts FY27 revenue of ₹12,286 crore, implying approximately 15 per cent growth.
Bhandari identified the energy transition, international competitiveness, innovation, and stronger project execution as priorities to sustain Thermax’s next growth phase.
Published on October 9, 2026
