• Order backlog expansion: Thermax's order backlog stands at ₹14,000 crore, driven by cleaner, higher-margin orders that are expected to boost revenue and profitability starting from Q2.
• International business growth: The international segment accounts for 30% of the company's total order book, with the Middle East remaining its fastest-growing market over the last three-plus years despite geopolitical volatility.
• Legacy project runoff: The remaining legacy book has been reduced to ₹400 crore and is largely expected to wrap up this year, as Thermax actively exits and avoids low-margin, civil-heavy L1 government tenders.
• Data center prospects: Data centers have emerged as a top-five segment for Thermax across cooling and water solutions, with its current order book of around ₹200 crore positioned for substantial long-term expansion in India and the US.