1. Data centre cooling wins - Two marquee U.S. data centre cooling orders booked in Q2 FY26, including one of the largest in cooling history for a marquee U.S. name, with two more wins expected between Q3 and Q4 FY27. Data centres already constitute 17% of the order book, and cooling carries mid-to-high teens margins with only 1-2 global competitors.
2. Supercritical boiler orders - TBWES signed a ₹1,600 crore boiler package for a 1x800 MW ultra-supercritical plant in Central India in March 2026, underpinning 37.9% order booking growth in FY26. Management expects to repeat at least one supercritical project this year, with the power pipeline the strongest in 2-3 years.
3. U.S. boiler pressure parts - Industrial Products secured a ₹400+ crore order for boiler pressure parts for a U.S. data centre project in Q1 FY27, with first shipment delayed to Q3. Very few Indian companies have this capability, and competition is from U.S. firms, not China.
4. FEPL renewable scale-up - FEPL is adding \~250 MW this year to reach \~700 MW next year and \~1.1 GW by FY28, with a 139 MW wind-solar hybrid in Gujarat commissioning in Q2 FY27. Management plans to bring in an external partner for a substantial majority stake this year, potentially monetising the platform.
5. TOESL biomass steam expansion - TOESL booked its largest-ever order at ₹120+ crore in Q1 FY27, with a 10-year revenue outlook of ₹2,000 crore, and is on a run rate above ₹600 crore. Order booking grew 519.8% in FY26, with visibility to ₹800-1,000 crore over the next two years.
6. Chemicals margin recovery - Management expects at least 20% chemicals growth in FY27, with Q1 FY27 sales at ₹230 crore and PBIT margin at 11.2%. New Jhagadia capacity, the OCQ resins partnership, and Vebro flooring are now operational, targeting 13-14% EBITDA next year versus the current sub-10%.
7. Bio-CNG policy catalyst - The government is expected to raise bio-CNG prices by 20-30% and increase blending mandates, with announcements expected around August 2026. Mandatory CBG blending rises from 1% in FY26 to 5% by FY28-29, which could create a significant pipeline for Thermax's 14 operational plants.
8. International Middle East breakthrough - TBWES booked a large order from a marquee Middle East oil & gas customer in Q3 FY26, with Thermax the only qualified Indian company, and incorporated subsidiaries in Saudi Arabia and Dubai in 2026. International business hit 50% of quarterly order booking in Q3 FY26, including the ₹580+ crore Dangote order.
9. Hydrogen commercialisation - A hydrogen project handshake is expected to book in Q2 FY27, with revenues starting next year, and a SOEC demo plant with "couple of very big names" going up by end of this year. The HydrogenPro alkaline electrolyser licence is exclusive for India, targeting the National Green Hydrogen Mission's 5 MMT annual production goal by 2030.
10. Industrial Infra margin shift - Management sees line of sight to 10%+ profitability in Industrial Infra once legacy problem projects clear, with the ₹91 crore NRL hit taken in Q1 FY27 and only ₹300-400 crore of government/PSU backlog remaining. New order quality is better, with international orders at 10%+ margins versus 5-8% domestic.