Thermax Limited , a leading energy and environment solutions provider, recently celebrated a significant milestone - 30 years of listing on the National Stock Exchange (NSE). The company marked this achievement with a ceremonial bell-ringing event at NSE Mumbai, highlighting its remarkable journey from a packaged boiler manufacturer to a key player in energy transition solutions.

Key Highlights of the Celebration

• Event Attendees:
  • Ashishkumar Chauhan, MD & CEO of NSE
  • Meher Pudumjee, Chairperson, Thermax
  • Ashish Bhandari, Managing Director & CEO, Thermax Ltd.
  • Thermax's board of directors and senior leaders
  • Key stakeholders from the Thermax ecosystem

Thermax's Journey: From Boilers to Energy Solutions

Thermax's transformation over the past three decades is truly noteworthy. The company has evolved from its initial focus on packaged boilers and heating equipment to become a comprehensive provider of clean air, clean energy, and clean water technologies.

Financial Growth

The company's financial performance over the years demonstrates its successful evolution:

This represents a remarkable growth of over 2,100% in revenue since its listing.

Expanding Global Footprint

Thermax has significantly expanded its manufacturing capabilities:

• Total manufacturing facilities: 16
• Facilities in India: 12
• Overseas facilities: 4

Historical Perspective

• Founded: 1966 (as Wanson India by A.S. Bhathena)
• Listed on NSE: August 30, 1995

Leadership Insights

Meher Pudumjee, Chairperson of Thermax Limited, expressed her pride and emotion at this milestone, stating, "Thirty years ago, when my father Rohinton Aga took this company public, it was driven by a belief he always championed - that profit is not just a set of figures, but of values. His vision was to build a responsible organisation that would stand the test of time."

Looking Ahead

As Thermax celebrates this milestone, it reaffirms its commitment to sustainable solutions and responsible business practices. The company's journey from a boiler manufacturer to a global conglomerate in the energy and environment space positions it well for future challenges and opportunities in the evolving energy landscape.

This 30-year milestone on the NSE not only celebrates Thermax's past achievements but also sets the stage for its continued innovation and growth in the energy transition and sustainability solutions sector.

Thermax Babcock & Wilcox Energy Solutions Limited (TBWES), a wholly owned subsidiary of Thermax Limited, has secured an order worth over Rs. 580 crore from Dangote Industries, a major West African conglomerate. The order is for the supply of utility boilers and associated systems for Dangote's refinery and petrochemical complex in Nigeria.

Order Details

Scope of Work

The comprehensive project scope includes:

• Design and engineering
• Manufacturing
• Testing
• Supply of plug-and-play modules
• Supervision of construction and commissioning

This order marks a continuation of Thermax's partnership with Dangote Industries, which began in 2017. The company had previously secured a publicly disclosed contract valued at approximately US$157.00 million in 2017 for Dangote's refinery project in Lekki, Nigeria.

Strategic Importance

This order is significant for several reasons:

1. Market Expansion: It strengthens Thermax's presence in the African market.
2. Technological Prowess: The order showcases TBWES's capabilities in designing and manufacturing high-capacity utility boilers.
3. Long-term Partnership: It reinforces the trust Dangote Industries places in Thermax's expertise and quality standards.

Management Comments

Ashish Bhandari, MD & CEO of Thermax, expressed satisfaction with the order, stating that it supports Dangote's aspiration to advance Africa's energy independence and security. He emphasized that the order reflects Dangote's trust in Thermax's expertise, quality standards, and ability to execute complex projects.

Aliko Dangote, Founder and President of Dangote Industries, highlighted the long-standing partnership with Thermax, praising their expertise and reliable solutions as instrumental in the success of their projects.

This order not only bolsters Thermax's order book but also underscores its position as a trusted partner in energy transition and industrial solutions across international markets.