Thermax Limited has received an assessment order from the Joint Commissioner CGST, Pune, Maharashtra, imposing a penalty of Rs 3.14 crore. The company disclosed this development under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Assessment Order Details

The assessment order was received by the company on March 30, 2026 at 6:30 p.m. IST. The penalty relates to alleged violations concerning GST rate classification for goods under the Harmonized System of Nomenclature (HSN) codes.

Nature of Alleged Violation

The assessment order pertains to the disallowance of lower GST rates for goods that were allegedly incorrectly classified under HSN codes. This classification issue spans a period from 2019-20 to 2022-23, indicating a multi-year assessment by the GST authorities.

The penalty arises from the tax department's contention that certain goods manufactured or traded by Thermax should have attracted higher GST rates than what was applied during the specified period.

Company's Response

Thermax Limited has indicated that it will file an appeal challenging the assessment order and the associated demand. The company stated that the appeal will be filed in due course of time, suggesting a structured legal response to contest the penalty.

Regulatory Compliance

The disclosure was made in accordance with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The company fulfilled its obligation to inform stock exchanges BSE and NSE about this material development through its Company Secretary and Compliance Officer, Sangeet Hunjan.

The assessment order represents a regulatory challenge that Thermax will need to address through the appropriate legal channels while continuing its business operations.

Thermax Limited has announced a major contract win through its wholly owned subsidiary, Thermax Babcock & Wilcox Energy Solutions Limited (TBWES). The company disclosed this significant development under Regulation 30 of the SEBI Listing Regulations, following the contract signing for a breakthrough boiler package supply order.

Contract Details and Scope

TBWES has secured a substantial contract worth approximately ₹1600 crore from a leading thermal power projects company in Central India. The contract encompasses comprehensive services for a 1 × 800 MW ultra-supercritical thermal power plant.

Technical Specifications and Services

The contract involves a comprehensive range of services for the boiler package of the thermal power plant. TBWES will be responsible for multiple critical aspects of the project implementation.

The scope of work includes:

• Manufacturing of boiler package components
• Supply of complete boiler package
• Supervision of installation and commissioning
• Performance testing of the boiler package

Management Commentary

Ashish Bhandari, MD & CEO of Thermax, commented on this significant achievement: "This order marks a significant breakthrough for Thermax and reinforces our proven capabilities in large scale energy solutions. We thank our customer for their trust in Thermax and look forward to delivering this project with accelerated timelines and successful execution."

Project Timeline and Execution

The execution timeline for this major contract will be aligned with project milestones and delivery schedules as defined in the contract agreement. The project represents a significant addition to TBWES's order book and reinforces the company's position in the thermal power sector.

Regulatory Compliance

Thermax Limited has fulfilled all disclosure requirements under SEBI regulations for material contracts. The company filed the regulatory disclosure ensuring complete transparency in the business arrangement and compliance with listing obligations.