According to reports from NDTV Profit, Thermax expects to commission more than 10 bio-CNG plants annually over the next two to three years. Managing Director and Chief Executive Ashish Bhandari stated that this aggressive expansion timeline would translate into ₹1,000-1,500 crore in annual order inflows as these plants convert into revenue streams. The company currently operates four bio-CNG plants and is positioned to scale up significantly based on improved policy conditions.
As reported by NDTV Profit, Bhandari highlighted that recent government price increases combined with state-level incentives under the Gobardhan scheme have created optimal conditions for meaningful segment scaling. "The price increase that the government has given, along with both of the state incentives that are coming into play, has got the potential to make this an ethanol-like sector for the next few years," Bhandari explained. He noted that the underlying technology has matured, policy support is strong, and building blocks are now in place for stable, well-understood operations. "The policy is supportive. The building blocks are in place. Technology is also now finally at a place that it is stable and relatively well understood," Bhandari added.
According to NDTV Profit reports, Bhandari identified three key growth levers for the company's future performance. The first focuses on data centre-linked orders, currently representing 5-10% of Thermax's order book, with the US identified as the biggest opportunity. The second lever centers on India's ongoing thermal power capex cycle, which he compared to the 2008-2012 power boom period. The third growth driver encompasses CBG and Bio-CNG projects, positioning these segments as complementary to the company's diversified portfolio. "If you're looking at three tailwinds, one would be data centers... Second would be on India's power growth and thermal... And then the last bit, if I had to say, CBG and Bio-CNG," Bhandari said.
As reported by NDTV Profit, Thermax is currently navigating a challenging period, having reported an 83% year-on-year drop in first-quarter profit due to cost overruns on a legacy government project, higher shipping costs linked to the Gulf conflict, and rising steel prices. Despite these headwinds, Bhandari expressed confidence that the company's overall revenue run-rate would strengthen through the rest of the financial year, supported by an order backlog exceeding ₹14,000 crore. The bio-CNG expansion represents a strategic pivot toward more stable, policy-supported growth segments.
