Thermax CEO Foresees 15-20% Growth Driven by Robust Order Pipeline

• Thermax expects to sustain a 15-20% compound annual growth rate (CAGR) due to a strengthening order backlog and robust industrial infrastructure pipeline.
• CEO Ashish Bhandari's optimism stems from strong international project wins, steady domestic demand, and a tighter strategic focus.
• The Pune-based company, celebrating its 60th anniversary in 2026, is strategically shifting to become a leading new energy solutions provider.
• Key growth drivers include significant international orders from the Middle East, Africa, and the United States, alongside domestic demand from refineries, petrochemicals, steel, and thermal power.
• Thermax is selectively executing projects, avoiding high civil construction risk, and its industrial products division is the fastest-growing and most profitable segment.

Why It Matters: Thermax is poised for 15-20% growth, fueled by strong orders, strategic shifts, and improved execution.