| Industrial Products | Boilers, cooling towers, chillers, heat pumps, and emission control systems | Proprietary technology, wide product portfolio, strong brand, extensive service network | B2B across steel, cement, power, chemical, and data centers sectors | After-sales services, advanced boiler systems, digital solutions | 4221 | 40 | Sales of equipment, EPC contracts, after-sales service and maintenance | Project-based sales and service contracts with long-term maintenance agreements | Industrial modernization, stricter emission norms, data center cooling demand | Thermax Boilers, Cooling Towers, Vapour Absorption Machines |
| Industrial Infra | Power plants, air pollution control equipment, EPC projects for industrial infrastructure | Joint ventures for advanced tech, strong project execution capabilities, wide global reach | Heavy industries, refineries, power generators (B2B) | EPC contracts, engineering consultancy, pollution control solutions | 4715 | 45 | EPC project revenues, service contracts for plant operation and maintenance | Turnkey EPC contracts, long-term O&M contracts | Infrastructure upgrades, captive power demand, environmental compliance | Cogeneration Plants, Utility Boilers, Flue Gas Desulfurization Systems |
| Green Solutions | Renewable energy projects, bio gas plants, wind and solar hybrid solutions | Pioneering green technologies, government partnerships, integrated renewable offerings | Renewable power developers, government, agro industries (B2B) | OPEX based renewable contracts, innovation in hybrid power systems | 690 | 7 | Project implementation fees, recurring revenues from renewable operations | Project-based and recurring OPEX models | Shift to renewables, govt. incentives for clean energy | Solar PV Solutions, Bio-CNG Plants, Hybrid Renewable Systems |
| Chemical | Water treatment resins, performance engineered chemicals for industrial use | In-house R&D, proprietary formulations, strong industry relationships | Power plants, steel, textiles, ceramics, chemical industries (B2B) | Specialty resins, high purity chemicals | 763 | 8 | Product sales, long-term supply contracts | Volume-based sales, contract manufacturing | Industrial demand for specialty chemicals, water treatment expansion | Specialty Resins, Performance Chemicals |
