• Supercritical boiler order: Thermax secured a ₹1,600 crore domestic order for an 800 megawatt supercritical boiler to be executed over three to four years, with the majority of revenue recognized in years two and three.
• International order intake: International orders represent more than 30% of recent order intake, supported by project wins in the Middle East, African refinery and fertilizer sectors, and US data center equipment.
• Order backlog strategy: The current backlog is focused on industrial products and equipment supply with execution timelines of 12 to 24 months, intentionally moving away from margin-dilutive civil and construction-heavy public projects.
• Services footprint expansion: To capture higher-margin aftermarket revenue across its installed base, Thermax established a 100% owned legal entity in Saudi Arabia and is expanding operations and maintenance headcount across Africa and the Middle East.
• Middle East exposure: Regional conflicts have caused minor logistical shipping delays of one to two months, but project execution remains largely on track, with management anticipating long-term reconstruction opportunities.