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5-day change | 1st Jan Change | ||
| 4,416.60 INR | +0.53% |
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-1.48% | +46.12% |
| 11/05 | Kotak Securities Downgrades Thermax to Sell from Buy; Price Target is INR4,000 | MT |
| 11/05 | ICICI Securities Downgrades Thermax to Hold from Buy; Price Target is INR4,500 | MT |
Business description: Thermax Limited
Number of employees: 5,601
Sales by Activity: Thermax Limited
| Fiscal Period: March | 2021 (INR) | 2022 (INR) | 2023 (INR) | 2024 (INR) | 2025 (INR) |
|---|---|---|---|---|---|
Industrial Infra | - | - | 3.93TCr | 4.46TCr | 4.71TCr |
Green Solutions | - | - | 362.71Cr | 507.06Cr | 689.88Cr |
Industrial Products | - | - | 3.34TCr | 4.06TCr | 4.53TCr |
Energy | 3.63TCr | 4.43TCr | - | - | - |
Chemical | 429.45Cr | 538.51Cr | 672.83Cr | 663.35Cr | 762.83Cr |
Inter Segment Revenue | -60Cr | -138.37Cr | -211.26Cr | -357.37Cr | -307.57Cr |
Environment | 794.13Cr | 1.29TCr | - | - | - |
Geographical breakdown of sales: Thermax Limited
| Fiscal Period: March | 2021 (INR) | 2022 (INR) | 2023 (INR) | 2024 (INR) | 2025 (INR) |
|---|---|---|---|---|---|
India | 3.12TCr | 4.51TCr | 6.04TCr | 7.26TCr | 8.06TCr |
Outside India | 1.68TCr | 1.62TCr | 2.05TCr | 2.06TCr | 2.33TCr |
Executive Committee: Thermax Limited
| Manager | Title | Age | Since |
|---|---|---|---|
Ashish Bhandari
CEO | Chief Executive Officer | 55 | 07/04/2020 |
| Director of Finance/CFO | - | 01/06/2019 | |
Sangeet Hunjan
CMP | Compliance Officer | - | 27/06/2025 |
| Chief Tech/Sci/R&D Officer | - | 21/10/2024 | |
Amit Sethi
CTO | Chief Tech/Sci/R&D Officer | - | 01/10/2022 |
Composition of the Board of Directors: Thermax Limited
| Director | Title | Age | Since |
|---|---|---|---|
| Chairman | 59 | 05/10/2004 | |
| Director/Board Member | - | 15/01/2001 | |
| Director/Board Member | 75 | 10/11/2016 | |
Ashish Bhandari
BRD | Director/Board Member | 55 | 18/06/2020 |
Rajani Kesari
BRD | Director/Board Member | 54 | 14/11/2018 |
| Director/Board Member | - | 10/11/2021 | |
| Director/Board Member | 62 | 17/10/2023 | |
| Director/Board Member | 51 | 12/12/2024 |
Company details: Thermax Limited
Group companies: Thermax Limited
| Name | Category and Sector |
|---|---|
Thermax Instrumentation Ltd. | |
Thermax Babcock & Wilcox Energy Solutions Pvt Ltd.
 Thermax Babcock & Wilcox Energy Solutions Pvt Ltd. Electric UtilitiesUtilities Manufactures boilers for thermal power generation |
Electric Utilities
|
Thermax Onsite Energy Solutions Ltd. | |
First Energy Pvt Ltd.
 First Energy Pvt Ltd. Alternative Power GenerationUtilities Provides renewable energy solutions |
Alternative Power Generation
|
Thermax, Inc.
 Thermax, Inc. Industrial MachineryProducer Manufacturing Manufactures cryogenic fluid vaporizers |
Industrial Machinery
|
Other Industrial Machinery & Equipment
| Change | 5d. change | 1-year change | 3-years change | Capi.($) | ||
|---|---|---|---|---|---|---|
 | +0.53% | -1.48% | +25.73% | +98.33% | 513.69Cr | |
| -0.50% | -1.82% | +26.17% | +156.13% | 11TCr | |
| -3.82% | -1.14% | +101.95% | +63.68% | 4.68TCr | |
| +0.03% | -4.16% | +12.92% | +49.71% | 2.84TCr | |
| -0.42% | -5.46% | +28.63% | +49.46% | 2.76TCr | |
| -0.54% | -6.33% | -16.71% | +16.75% | 2.74TCr | |
| +0.51% | -20.62% | +28.31% | -10.44% | 2.65TCr | |
| +0.17% | -3.30% | -15.41% | +3.71% | 2.57TCr | |
| +1.35% | +2.69% | +31.15% | +37.87% | 2.38TCr | |
| -0.74% | -0.47% | +89.32% | +209.50% | 2.37TCr | |
| Average | -0.33% | -3.77% | +31.21% | +67.47% | 3.43TCr | |
| Weighted average by Cap. | -0.64% | -2.87% | +33.92% | +85.34% |
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