Archive · 8 Oct 2026
Thermax Eyes Data Centres as a Major Growth Segment
Thermax makes equipment that helps businesses produce and use energy.
It runs or is building more than 55 plants that use biomass, such as plant-based material, for customers.
The company says this part of its business has grown quickly and expects it to grow further.
Thermax also sees data centres in India and the United States as a major opportunity in the next few years.
It has launched boilers and heaters that can adjust how they work when conditions change.
The company says clean-energy choices need to be affordable for customers.
Its CEO says traditional energy and newer energy sources are both important to the business.
He also said the West Asia crisis affected revenues through shipping problems and higher freight costs.
Thermax says it operates or is building more than 55 biomass plants under its build, operate and transfer model.
The company sources 3,500 tonnes of biomass daily and has operations in Indonesia and Sri Lanka.
Its biomass business grew from Rs 100 crore in 2021 to Rs 600 crore, with a target to exceed Rs 1,000 crore this year.
CEO Ashish Bhandari expects data centres in the US and India to become one of Thermax’s largest segments within two to three years.
Thermax launched intelligent biomass-fired boilers and heaters and plans to extend the capabilities to other product lines.
- Who
- Thermax and its Managing Director and CEO, Ashish Bhandari.
- What
- Thermax outlined growth plans, discussed business impacts and launched intelligent biomass-fired boilers and heaters.
- When
- The interview was published on Thursday; the company discussed expectations for this year and the next two to three years.
- Where
- Thermax is based in Pune; its biomass BOT plants include sites in Indonesia and Sri Lanka, and it is considering expansion in South East Asia, West Asia and Africa.
- Why
- Thermax is expanding intelligent products and pursuing growth in biomass, thermal energy, data centres and other energy-related markets.
Traditional energy
Newer energy
Role in Thermax’s growth
Traditional energy
Bhandari said traditional energy, including thermal energy, is in high demand and is discussed more often by customers.
Newer energy
Bhandari also described newer energy forms as growing, citing biomass, green hydrogen, green ammonia, carbon capture products and green molecules.
Conditions for clean-energy adoption
Traditional energy
Bhandari said a shift to green energy does not make sense if it is not commercially viable.
Newer energy
He said companies are moving toward green energy because of costs or regulatory guidelines, and that some biomass products are competitive and offer customers good payback.
- Biomass BOT plants
- More than 55, including plants under construction.
- Daily biomass sourcing
- 3,500 tonnes for customers.
- Biomass business
- Rs 100 crore in 2021; Rs 600 crore currently, with a target to exceed Rs 1,000 crore this year.
- International orders
- More than 30% of Thermax’s orders are international.
- Thermal energy target cited
- The government wants 80 GW of thermal energy by 2032, according to Bhandari.
- Growth expectation
- Data centres in the US and India could become one of Thermax’s largest segments in two to three years.
- West Asia impact
- Shipping disruptions and higher freight rates affected revenues, Bhandari said.