TV Interviews

In a conversation with CNBC Bajaar Earnings, MD & CEO Ashish Bhandari shared a strong profitability update driven primarily by a sharp rise in order inflows and a robust double-digit backlog. While one-time impacts — including a long-pending lawsuit settlement and changes related to gratuity and labour laws — influenced reported profits, with 15–20% linked to exceptional items.

Key growth drivers include Industrial Products, Industrial Infra, Green Solutions, and Chemicals, along with rising momentum in data centres and international large projects. Looking ahead to FY26 and FY27, management remains confident with 20% expected order growth, stable margins, and increasing investments in R&D. Strategic partnerships in hydrogen, carbon capture, and clean energy position Thermax strongly for the evolving global energy transition.

MD and CEO Ashish Bhandari at CNBC-TV18’s Budget Countdown shares Thermax’s outlook ahead of the Union Budget 2026, highlighting strong revenue growth, rising profits, and increasing factory capacity utilisation as clear signals that the environment is right for private capex to take off.