THERMAX IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Business | REV SHARE | 9,697 | 9,697–9,697 | 90.0% | CAPEX | FY26 | DISC | 90% |
| “Details of business activities (accounting for 90% of the turnover) S. No. Description of Main Activity Description of Business Activity % of Turnover of the E…” AR · +1 DOC | ||||||||
| IOCIndian Oil Corporation Ltd. | UNSTATED | 9,697 | 9,697–9,697 | 90.0% | CAPEX | 2026-10 | EST | 75% |
| “(Make: Xebec, Canada based – Equipment supplied by EPC vendor i.e. Thermax Bioenergy Solutions Pvt. Ltd.) the year of import: 2024-25 whether the technolog…” AR DOC | ||||||||
| NTPCNTPC Ltd. | UNSTATED | 1,909 | 212–1,909 | 17.7% | — | FY25 | EST | 60% |
| “So, all of FY '25, we said no to orders and FY '26, where we started to focus a lot more on international, even domestic, we said no to NTPC orders for supercr…” CONCALL DOC | ||||||||
| Renewable Energy | REV SHARE | 727 | 727–727 | 7.0% | COGS | FY25 | DISC | 90% |
| “16Manufacturing Facilities (12 Domestic and 4 International) 49Subsidiaries (28 Domestic and 21 International) 90+Countries Served 5,601Permanent Employees (4,…” AR DOC | ||||||||
| BSEBSE Ltd. | UNSTATED | 0 | 0–0 | 0.0% | — | FY26 | EST | 60% |
| “• Declaration pursuant to BSE Circular No. LIST/ COMP/14/2018-19 dated June 20, 2018, and NSE Circular No. NSE/CML/2018/24 dated June 20, 2018 that he has not …” AR DOC | ||||||||
| Dangote Industries | CONTRACT | CT 580 | — | — | CAPEX | FY26 | EST | 75% |
| “Press Release Thermax Group secures an order valued at more than Rs. 580 crore from an African industry major Pune, November 26, 2025 Thermax Babcock & Wilcox …” ORDER p.3 · 26-NOV-25 DOC | ||||||||
| ATGLAdani Total Gas Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 75% |
| “(Make: Xebec, Canada based – Equipment supplied by EPC vendor i.e. Thermax Bioenergy Solutions Pvt. Ltd.) The year of import 2024-25 Whether the technology has…” AR DOC | ||||||||
| Authority. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “• Further expanded the green energy portfolio with a Letter of Award from Deendayal Port Authority for developing India’s first 5 TPD green methanol facility a…” AR DOC | ||||||||
| TBWES. | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Transactions carried out in the capacity of agent with TBWES: Description As at March 31, 2025 Revenue from contracts with customers - Purchase of raw material…” AR · +1 DOC | ||||||||
| Business | UNSTATED | — | — | — | SG&A | FY26 | EST | 75% |
| “Focus areas Highlights Solution-Selling Approach Accelerate Market Penetration With Unified, Cross- Business Energy Transition Offerings Drive Internal Changes…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY25 | EST | 75% |
| “(a) Other Non-Current Financial Assets As at March 31, 2025 As at March 31, 2024 Security Deposits 9.39 8.52 Total 9.39 8.52 (b) OTHER CURRENT FINANCIAL ASSETS…” AR DOC | ||||||||
| TBWES. | CONTRACT | — | — | — | CAPEX | FY26 | EST | 70% |
| “Like the previously executed project, this order includes four units of 400 TPH high- pressure utility boilers, along with allied auxiliaries, to be designed a…” ORDER p.3 · 26-NOV-25 DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “and • A declaration to the effect that he is not debarred/ restrained from holding the office by virtue of any Securities and Exchange Board of India (SEBI) Or…” AR · +1 DOC | ||||||||
| TBWES. | CONTRACT | CT 1,600 | — | — | — | FY26 | EST | 70% |
| “Leveraging Energy Transition: The ongoing shift toward cleaner energy presents an opportunity for TBWES to apply its technology, capabilities, and expertise to…” AR · +2 DOC | ||||||||
| FY27 | CONTRACT | CT 10,337 | — | — | — | FY27 | EST | 70% |
| “Orders grew from Rs. 10,337 crore to Rs. 13,871 crore, resulting in a healthy order backlog of Rs. 13,604 crore, up 27.2% year-on-year, which will be carried f…” AR DOC | ||||||||
| United States | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Our Cooling business secured its first large data centre orders in both India and the United States.” AR DOC | ||||||||
| Buyer | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Less: Amount disclosed under the head “Current borrowings” (note 16 (b)) - Current maturities of term Loans (48.08) (53.28) 1,161.55 789.48 (b) Current borrowi…” AR · +1 DOC | ||||||||
| Business | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Excellence in Sustainability and Circular Economy At the 12th Annual Manufacturing Today Awards 2024, Thermax was recognised for pioneering efforts in air poll…” AR · +1 DOC | ||||||||
| Karnataka | UNSTATED | — | — | — | COGS | FY23 | EST | 70% |
| “In FY 2023-24, TOESL secured a biomass-based boiler contract for a wholly owned subsidiary of a leading battery manufacturer that is setting up India’s first 1…” AR DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Complaints/grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business Conduct (NGRBC) Stakeholder Group from…” AR · +1 DOC | ||||||||
| Maharashtra | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “• Orders span across key industrial clusters in Maharashtra, Gujarat, Tamil Nadu, Andhra Pradesh, and Rajasthan, reflecting the company’s expanding geographica…” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “As at March 31, 2024 As at March 31, 2024 Opening unbilled revenue (Refer note 9(a) and 9(b)) 495.13 Opening unearned revenue (Refer note 20) 764.76 (269.63) -…” AR · +1 DOC | ||||||||
| Mumbai | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “MD and CEO Ashish Bhandari addressing the media at the Boiler India 2024 event held in Mumbai Year in a Review Governance Strategy Understanding Thermax Stakeh…” AR DOC | ||||||||
| Mumbai | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Thermax Europe, Bletchley, United Kingdom TSA Process Equipments, Mumbai, IndiaThermax Inc., Houston, USA Domestic (Indian) Subsidiaries MANAGEMENT DISCUSSION …” AR DOC | ||||||||
| Uttar Pradesh | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “Key Industries • Oil & Gas • Transportation (bio-CNG as a mobility fuel) Order Highlights • Secured a bio-CNG project order in Prayagraj, Uttar Pradesh, India,…” AR DOC | ||||||||
| Karnataka | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “Geographical Footprint • India (Andhra Pradesh, Karnataka, Gujarat, and Meghalaya) Key Industries • Food & Beverages • Pharmaceuticals • Textiles • Automotive …” AR DOC | ||||||||
| Parties | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “(a) Other Current Liabilities As at March 31, 2025 As at March 31, 2024 Unearned revenue (Contract liabilities) 710.05 613.62 Customer advances (Contract liabi…” AR DOC | ||||||||
| ACCACC Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 65% |
| “Sr No. Name of the entity Place of business/ Country of incorporation Ownership interest held by the Group Principal activities As at March 31, 2025 As at Marc…” AR · +1 DOC | ||||||||
| ATULAtul Ltd. | UNSTATED | — | — | — | — | 2026-05→2026-07 | EST | 60% |
| “but I think Atul, yes, the order balance, which is about 27% better than the prior period closing, gives us a better opportunity in terms of posting better, go…” CONCALL · +1 DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Financial Year | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Percentage of input material (inputs to total inputs by value) sourced from suppliers: FY2024-25 (Current Financial Year) FY2023-24 (Previous Financial Year) D…” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “c) Others^ As at March 31, 2025 As at March 31, 2024 Liability for export obligations 0.68 3.08 Claims against the Company not acknowledged as debt* 177.28 177…” AR · +1 DOC | ||||||||
| BLUESTARCOBlue Star Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Prior to this, he served as the Managing Director of the Thermax Group, an Indian engineering major focused on energy and environmental solutions, with a manuf…” AR DOC | ||||||||
| NEULANDLABNeuland Laboratories Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He also serves as a Non‑Executive Director on the board of Thermax Ltd (NSE:THERMAX) and is the Chair of the Strategy and Business Development Committee of the…” AR DOC | ||||||||
| ATGLAdani Total Gas Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Thermax Ltd Chairperson Ms Meher Pudumjee and MD & CEO Ashish Bhandari at ATGL's SOUL Centre 6968Integrated Annual Report 2025-26 Promoters Overview Corporate …” AR DOC | ||||||||
| Business | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “1,74,117 GJ RE consumption 2,07,929 GJ Non-RE consumption 10,43,235 m3 Water withdrawal 1,41,355 m3 Rainwater harvesting capacity (domestic) Rs. 4.7 crore Cape…” AR DOC | ||||||||
| Business | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Enabling Mindset Change Year in a Review Governance Strategy Understanding Thermax Stakeholder Value Creation Statutory Reports Financial Statements #ThermaxFo…” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “Concerns Raised: (1) Quality (2) Responsiveness (3) Timely project completion (4) Engineering technique B U S I N E S S R E S P O N S I B I L I T Y A N D S U S…” AR DOC | ||||||||
| Business | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “Concerns Raised: (1) Quality (2) Responsiveness (3) Timely project completion (4) Engineering technique B U S I N E S S R E S P O N S I B I L I T Y A N D S U S…” AR DOC | ||||||||
| Business | UNSTATED | — | — | — | COGS | FY24 | EST | 70% |
| “To reduce biomass dependency risks, we diversify feedstock, strengthen supplier partnerships and establish dedicated briquetting facility.#ThermaxForABetterTom…” AR DOC | ||||||||
| PFOCUSPrime Focus Ltd. | UNSTATED | — | — | — | COGS | 2026-10 | EST | 70% |
| “Additionally, the first domestic order for a PAT (90 kW) unit, featuring Duplex Stainless Steel MOC from Thermax Ltd for the RSPL Dwarka Greenfield Nano Seawat…” AR DOC | ||||||||
| ITCITC Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “and reversal of ITC where supplier invoices remain unpaid beyond 180 days.” AR DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 10/10 | 100% | 08-NOV-26 |
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 2/2 | 100% | 15-OCT-26 |
| ORDERS | 6/6 | 100% | 08-NOV-26 |
| RATINGS | 0/2 | 0% | — |
| SCREENER | 1/1 | 100% | 09-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.725 | 14-NOV-26 | Indian Oil Corporation Ltd. share 84% · NTPC Ltd. share 16% |
| CUST MOM 1M | +11.8% | 14-NOV-26 | from 15-OCT-26 · Adani Total Gas Ltd. -0.2% w 0 · Indian Oil Corporation Ltd. +11.8% w 1 · ACC Ltd. +7.3% w 0 · Atul Ltd. -16.6% w 0 |
| SUPP MOM 1M | +2.1% | 14-NOV-26 | from 15-OCT-26 · Adani Total Gas Ltd. -0.2% w 0 · ITC Ltd. +8.0% w 0 · Blue Star Ltd. -0.3% w 0 · Neuland Laboratories Ltd. +5.6% w 0 · Prime Focus Ltd. -2.7% w 0 |