Thermax MD & CEO Ashish Bhandari spoke exclusively to NDTV Profit about new product launch, order backlog, data center growth and bio CNG opportunity

Fri 9 Oct 2026

Order backlog

14,000 crore rupees

Guided quarterly revenue

3,000 crore rupees

Expected quarterly revenue from backlog

3,500 crore rupees

US boiler order size

400 crore rupees

Efficiency improvement from intelligent boiler

10 percent

Heard on business television between 12:52:16 - 12:55:16 IST.

• Launched an 'intelligent boiler' for its 60th anniversary, which can deliver up to 10% efficiency improvement over manual operation, with patent updates and claimed as a world-first.
• Order backlog stood at over 14,000 crore rupees, expected to translate into 3,500 crore rupee plus quarters; guided more than 3,000 crore for the year despite geopolitical challenges affecting shipments and project execution.
• Secured a 400 crore rupee US boiler order; expects data centers to become one of the larger growth segments over next 2-3 years, driving growth across power, cooling and water chemicals verticals.
• New Gobardhan policy raising CNG price benchmark to 105-110 rupees (from 78-79 rupees) seen as a trigger for massive growth in bio CNG sector, where Thermax sees opportunity in large-scale plants (15 tons/day or larger).
• Sees future growth from thermal power expansion (India adding 80 GW), new energy segments like CBG, hydrogen, advanced biofuels and isobutanol, as part of energy transition strategy.

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