Thermax Wins ₹580 Crore Order from Dangote Industries for Nigeria Refinery

Thermax has received a ₹580 crore order from West Africa’s largest conglomerate, Dangote Industries. The project involves supplying utility boilers and related systems for Dangote’s massive refinery and petrochemical complex in Nigeria.

What the Project Includes

According to the company’s filing, the order covers:

• Project management
• Engineering and procurement
• Manufacturing of boiler modules
• Supply of plug-and-play systems
• On-site support during construction and commissioning

Thermax says this order highlights Dangote’s confidence in its ability to handle large, complex projects.

A Partnership Built Over Years

Thermax and Dangote Industries share a strong relationship since 2017, when Thermax won a $157 million order for boilers and steam generators for Dangote’s refinery in Lekki.

Over the years, Thermax has helped with installation, commissioning, and upgrading of boiler systems, building a trusted long-term partnership.

Dangote Group Chairman, Aliko Dangote, said the collaboration reflects the strong trust and proven performance built over many years.

Also Read: Jio Platforms May Be Valued Up to US$170 Billion Ahead of IPO!

Thermax Share Price Movement

Thermax share price (NSE: THERMAX) closed at ₹2,931.20 on November 26, rising 1.68% (₹48.40) during the day. The stock opened at ₹2,934, touched a high of ₹2,952.70, and fell to a low of ₹2,876 during intraday trade. Thermax currently has a market capitalisation of ₹33,020 crore, with a P/E ratio of 55.63 and a dividend yield of 0.48%. Over the past year, the stock has moved between a 52-week high of ₹4,989 and a 52-week low of ₹2,840.

Conclusion

Thermax’s new order from Dangote Industries strengthens its global presence in the energy and refinery sector. The long-standing partnership and continued large-scale projects underline Thermax’s strong engineering capabilities and growing role in Africa’s energy development.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.