Business description: Thermax Limited

Thermax Limited is an India-based energy and environment solutions provider. The Company's segments include Industrial Products, Industrial Infra, Green Solutions and Chemical. Industrial Products segment includes air pollution control, cooling, heating, water and waste solutions, and specialized services. Industrial Infra segment includes boilers and fired heaters, projects and energy solutions, and specialized services. Green Solutions segment includes build-own-operate, energy management solutions, green hydrogen projects and renewable energy (solar/wind). Chemical segment includes construction chemicals, ion exchange resins, oil field chemicals and performance chemicals. Its Thermax EDGE Live is a digital solution that uses AI and machine learning to analyze data from all industrial equipment worldwide and help clients to optimize asset performance in terms of up time and efficiency. It serves various industries, including aviation, construction, biotechnology and chemicals.

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 Assets

-60Cr -138.37Cr -211.26Cr -357.37Cr -307.57Cr

Environment

794.13Cr 1.29TCr - - -
See all business segments

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
See all geographic segments

Executive Committee: Thermax Limited

Manager TitleAgeSince
Chief Executive Officer 54 07/04/2020
Director of Finance/CFO - 01/06/2019
Chief Tech/Sci/R&D Officer - 01/10/2022
Chief Administrative Officer - 19/11/2020
Compliance Officer - 27/06/2025
See THERMAX LIMITED governance

Composition of the Board of Directors: Thermax Limited

Director TitleAgeSince
Chairman 59 05/10/2004
Director/Board Member - 15/01/2001
Director/Board Member 74 10/11/2016
Director/Board Member 75 30/05/2017
Director/Board Member 54 18/06/2020
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
Composition of the Board of Directors

Shareholders: Thermax Limited

NameEquities%Valuation
RDA Holding & Trading Pvt Ltd.
53.99 %
6,43,28,500 53.99 % 2 160 M ₹
ARA Trusteeship Co. Pvt Ltd.
7.99 %
95,20,805 7.99 % 320 M ₹
SBI Funds Management Ltd.
7.819 %
93,16,644 7.819 % 313 M ₹
Nalanda Capital Pte Ltd.
5.134 %
61,18,073 5.134 % 205 M ₹
Kotak Mahindra Asset Management Co. Ltd.
2.442 %
29,10,224 2.442 % 98 M ₹
List of THERMAX LIMITED shareholders

Company details: Thermax Limited

Thermax Ltd.

Thermax House

411003, Pune

+91 20 6605 1200

http://www.thermaxglobal.com
address Thermax Limited(THERMAX)

Group companies: Thermax Limited

NameCategory and Sector
Thermax Instrumentation Ltd.
Thermax Onsite Energy Solutions Ltd.
See all subsidiaries

Other Industrial Machinery & Equipment

Change 5d. change 1-year change 3-years change Capi.($)
-0.05%-2.98%-26.02%+51.00% 370.49Cr
-0.19%+2.48%+43.29%+199.90% 12TCr
-1.57%+5.53%+51.76%+58.08% 3.98TCr
+0.38%+4.08%+22.23%+25.34% 3.53TCr
+0.66%+2.75%-3.18%+54.68% 3.45TCr
+0.18%+2.13%+6.02%+42.88% 2.82TCr
+3.20%+16.95%+16.72%+9.45% 2.57TCr
+4.87%+9.25%+3.20%+5.89% 2.31TCr
-0.24%+3.07%+5.62%+55.03% 2.28TCr
+0.99%+4.28%+84.77%+279.26% 2.27TCr
Average +0.86%+4.49%+20.44%+78.15% 3.55TCr
Weighted average by Cap. +0.50%+4.89%+29.65%+107.90%
See all sector performances
Trader
Investor
Global
Quality
ESG MSCI
BB
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
21
Last Close Price
2,970.30INR
Average target price
3,424.19INR
Spread / Average Target
+15.28%
Consensus

Quarterly revenue - Rate of surprise