Thermax

Pune, India Founded: 1966 • Age: 60 yrs Listed Fortune India 500 · #251
Energy and environmental solutions are provided for industrial sectors.
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About Thermax

Thermax is a publicly listed company based in Pune (India) founded in 1966 by Meher Pudumjee. Energy and environmental solutions are provided for industrial sectors. It operates in the Energy & Utilities and Environment sectors. The company has 27,280 employees. Thermax has completed 5 acquisitions, including BuildTech Products, Danstoker and ExactSpace. Its chief executive, as recorded, is Ashish Bhandari. Its website thermaxglobal.com draws about 118 thousand monthly visits. Its Indian entity Thermax Limited. reported revenue of ₹11,124 Cr. Thermax offers products and services including Boilers & Heaters, Water & Waste Solutions, Air Pollution Control, and Absorption Cooling. Its focus areas include Energy, Solar Energy, Solar Products and Water and Wastewater Treatment.

Thermax is ranked #251 on the Fortune India 500 (2025).

Recognitions & Rankings of Thermax

Fortune India 500 2025 edition
Rank#251
Total income
₹10,574 Cr
Profit
₹634 Cr
Last year #252
India's Most Valuable Companies 2024 edition · Source: Hurun India
Rank#120
Valuation
₹55,340 Cr
2023 #134 2022 #155 2021 #232
  • Headquarters Pune, India
  • Employees 27,280
  • Founders Meher Pudumjee
  • Stage Public
  • Sectors
    Energy & Utilities
    Environment
  • Website category Heavy Industry and Engineering · Energy Industry
  • Email
    ••••••••
  • Phone
    •••• ••••
  • Website thermaxglobal.com
  • Social LinkedIn X Facebook
  • Legal Name Thermax Limited.
Operational Areas
Energy & Utilities → Renewable & Sustainable Energy
Environment → Waste & Water Management Systems
Key Metrics
  • Market Cap
    ₹38,048 Cr

    THERMAX · NSE

  • Share Price
    ₹3,112.20

    -2.53% today

  • Revenue
    ₹10,774 Cr

    FY 2025-26 · +3.7% YoY

  • EBITDA
    ₹1,005 Cr

    Margin 9.3%

  • Net Profit
    ₹553 Cr

    FY 2025-26 · +15.2% YoY

  • P/E (TTM)
    68.9x

    P/B 6.8x

  • ROE
    10.6%

    ROCE 13.6%

  • Debt / Equity
    0.39

    Interest cover 17.4x

  • Latest Funding Round
    $15M (USD), Post-IPO

    Jun 2008

  • Investors
    Elevation Capital
  • Employee Count
    27,280
  • Investments & Acquisitions
    BuildTech Products

    & 4 more

Products & Services of Thermax

Thermax offers a comprehensive portfolio of products and services, including Boilers & Heaters, Water & Waste Solutions, Air Pollution Control, and Absorption Cooling.

Boilers & Heaters
Energy Solutions

Systems for steam generation and process heating needs

Water & Waste Solutions
Environmental Services

Treatment systems for industrial water and effluent

Air Pollution Control
Environmental Solutions

Systems to manage particulate and gaseous emissions

Absorption Cooling
Process Cooling

Energy-efficient chillers for industrial cooling

Funding Insights of Thermax

  • Total Rounds 1
  • Last Round Post-IPO — $15M
  • First Round $15M

    (Jun 2008)

  • Investors Count 1

All 1 funding rounds of Thermax with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.

DateAmountTransaction NameValuationLead InvestorsInvestors
Jun 2008$15MPost-IPO––
Elevation Capital
Valuation history

1 investors in total: 1 institutional.

Investors in Thermax

Thermax has secured backing from 1 investor, including venture fund investors. Prominent investors backing the company include Elevation Capital.

All
Venture Fund
InvestorDescriptionFounded YearDomainLocation
Elevation Capital
Elevation Capital is focused on early-stage tech investments in India.
elevationcapital.comDelhi, India
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Investor details for Thermax

The complete investor list, round-by-round participation and investor portfolios require an active premium plan.

  • Complete investor list
  • Round participation
  • Investor portfolios
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Board of directors of Thermax Limited. (Thermax)

Thermax Limited. is the primary company behind Thermax. The boards of the 3 registered companies of Thermax currently have 14 directors; the longest-serving is Meher Pheroz Pudumjee, appointed in 2001. 76 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Meher Pheroz Pudumjee
DIN 00019581
Director15 Jan 200125 yrs 9 moThermax Limited.
Pheroz Naswanjee Pudumjee
DIN 00019602
Director15 Jan 200125 yrs 9 moThermax Limited.
Harsh Charandas Mariwala
DIN 00210342
Director10 Nov 20169 yrs 11 moThermax Limited.
Rajani Kesari
DIN 02384170
Director14 Nov 20187 yrs 11 moThermax Limited.
Rajendran Arunachalam
DIN 08446343
Director29 Jul 20197 yrs 3 moThermax Onsite Energy Solutions Limited
Ashish Bhandari
DIN 05291138
Director08 Jun 20206 yrs 4 moThermax Onsite Energy Solutions Limited, Thermax Limited.
Ravi Shankar Gopinath
DIN 00803847
Director10 Nov 20214 yrs 11 moThermax Limited.
Kirtiraj Rajendra Jilkar
DIN 09675574
Director28 Jul 20224 yrs 3 moThermax Cooling Solutions Limited
Sandeep Prabhakar Deshpande
DIN 09748806
Director03 Nov 20223 yrs 11 moThermax Cooling Solutions Limited
Shyamak Ramyar Tata
DIN 07297729
Director17 Oct 20233 yrsThermax Limited.
Arun Unni
DIN 10831177
Director27 Nov 20241 yr 11 moThermax Onsite Energy Solutions Limited
Parag Chandulal Shah
DIN 00374944
Director12 Dec 20241 yr 10 moThermax Limited.
Khushboo Bhatia
DIN 09019736
Whole-time director30 Dec 20241 yr 10 moThermax Onsite Energy Solutions Limited
Sandeep Khemraj Raut
DIN 10994665
Director26 Mar 20251 yr 7 moThermax Cooling Solutions Limited

People of Thermax

346 people are tracked at Thermax (103 in leadership, 7 in board & advisors, 236 in team); the tracked headcount is 27,280.

NameRoleGroup
Meher Pudumjee
FounderLeadership
Ashish Bhandari
CEO & MDLeadership
Harish Ramanathan
Global Head- Sales & Marketing-coolingLeadership
Rajath Raj
Head Project Business - Thailand/indonesia/vietnam/myanmarLeadership
Jasmeet Bhatia
EVP & Chief Human Resources OfficerLeadership
Rajendran Arunachalam
CFO & EVPLeadership
Kunal Goswami
HR Business PartnerLeadership
Shailesh Somvanshi
ER HeadLeadership
Dr. Meenal Rao
Group Head HR - Industrial ProductsLeadership
Anurag Chincholkar
Business Head - Service (air Pollution Control)Leadership
Venkata Ravikiran Jasti
Group Head - Process EngineeringLeadership
Shib Banerjee
Group Head ProjectsLeadership
Nagaraj Shenoy
SBU Head - ServicesLeadership
Sandeep Mandke
Head Of Treasury & Enterprise Risk ManagementLeadership
Tanveer Ahmad
National Sales Head - Cooling BusinessLeadership
Dattaram Godse
Head Engineering EPC -projectLeadership
Pallavi Rege
Group Head HR - New EnergyLeadership
Ca Bharat Parmar
Head Of FinanceLeadership
Vasundhara Sen
Head - Regulatory & PolicyLeadership
Sivaramakrishnan G
Group Head Construction ManagementLeadership

326 more people are available in the full profile.

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Complete people profiles for Thermax

Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.

  • Full employee list
  • Team structure
  • Board tenure
  • Professional contacts

Verified entity values are shown only after access is granted.

IPO & Listings of Thermax

Thermax is a publicly listed company on the NSE with ticker symbol THERMAX in India, operating in the Producer manufacturing sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date05 Jul 2002
  • Listed onBSE: 500411
  • Listed entityThermax Limited.
  • Exchange sectorProducer manufacturing
  • ISININE152A01029
  • Share price₹3,310.90 (+0.37% on the day) · 2026-10-14
  • Market capitalisation₹39,347 Cr
  • Price to earnings62.9
  • EPS (diluted, trailing year)₹52.68
  • Dividend yield0.42%
  • Volume (last session)57,916

Financials of Thermax

Exchange-reported figures of Thermax Limited., the listed company behind Thermax (NSE: THERMAX).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹10,774 Cr
+3.7% YoY
EBITDA
₹1,005 Cr
+10.7% YoY
Profit After Tax
₹553 Cr
+15.2% YoY
Net Worth
₹5,550 Cr
+12.4% YoY
Total Assets
₹8,101 Cr
+17.2% YoY
Total Debt
₹2,353 Cr
+37.0% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue10,77410,3879,3238,0906,1284,7915,731
Revenue growth+3.7%+11.4%+15.3%+32.0%+27.9%-16.4%-
EBITDA1,005908746597421303406
EBITDA margin+9.3%+8.7%+8.0%+7.4%+6.9%+6.3%+7.1%
Profit before tax1,008884869603410275375
Net profit553480590453306245209
Net profit margin+5.1%+4.6%+6.3%+5.6%+5.0%+5.1%+3.7%
EPS (₹)63.9656.3257.3139.9927.7418.3518.87
Balance sheet
Total assets8,1016,9105,8874,8203,9983,7283,362
Net worth5,5504,9374,4403,8683,4923,2513,028
Total debt2,3531,7181,277831368328230
Cash & bank1,1911,1479751,1329541,939481
Net working capital6916478316635111,580571
Cash flow
Cash from operations5421,080247460325769326
Cash from investing(565)(1,257)(514)(664)(420)(627)(140)
Cash from financing248123285349(20.58)77.24(232)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue2,3033,4282,6352,4742,1583,0462,5292,616
Revenue growth (YoY)+6.7%+12.5%+4.2%-5.4%-1.2%---
Other income68.1956.1812185.4165.6377.5631.5159.77
EBITDA68.62374255172225300188278
EBITDA margin+3.0%+10.9%+9.7%+6.9%+10.4%+9.8%+7.5%+10.6%
Depreciation59.5254.0153.2851.4748.8845.3435.0742.07
Interest35.1542.3534.2432.1730.2031.2528.6629.39
Profit before tax42.14334289174211301156266
Tax20.3589.7383.6654.2760.0295.0942.5468.25
Net profit21.79244205119151206114198
EPS (₹)2.2421.6818.1210.6213.5218.2610.2917.49
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue6,5186,2455,8225,1414,0153,1313,215
Revenue growth+4.4%+7.3%+13.2%+28.0%+28.2%-2.6%-
EBITDA500522357378212115199
EBITDA margin+7.7%+8.4%+6.1%+7.4%+5.3%+3.7%+6.2%
Profit before tax795713580431256183288
Net profit476350436326206213226
Net profit margin+7.3%+5.6%+7.5%+6.4%+5.1%+6.8%+7.0%
EPS (₹)54.4648.0236.7127.6316.8511.8417.96
Balance sheet
Total assets4,5904,1373,9203,5003,2873,1382,883
Net worth4,4273,9683,5373,2183,0012,8792,737
Total debt13289.8031422418514273.46
Cash & bank1781203474084421,387228
Net working capital188(37.53)25368.9844.251,075159
Cash flow
Cash from operations41637390.7941993.87409253
Cash from investing(287)(126)103(338)(100)(375)(98.40)
Cash from financing(146)(394)(51.38)(81.49)(52.64)62.92(239)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue1,3032,2321,5991,5051,1951,9421,4691,523
Revenue growth (YoY)+9.0%+15.0%+8.9%-1.2%-8.8%---
Other income35.2735.6112417835.0314940.8737.48
Total expenses1,3311,9861,4601,3991,1411,7291,3581,396
EBITDA(27.72)24613910654.17212110127
EBITDA margin-2.1%+11.0%+8.7%+7.0%+4.5%+10.9%+7.5%+8.3%
Depreciation26.0421.4927.0225.6323.7915.6118.9320.31
Interest5.897.898.495.013.418.778.498.30
Profit before tax(24.38)25222725362.00337124136
Tax(6.28)51.2252.0127.4915.4862.1520.7127.94

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 31 Oct 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue2,3033,4282,6352,4742,1583,0462,5292,616
Revenue growth (YoY)+6.7%+12.5%+4.2%-5.4%-1.2%---
Other income68.1956.1812185.4165.6377.5631.5159.77
EBITDA68.62374255172225300188278
EBITDA margin+3.0%+10.9%+9.7%+6.9%+10.4%+9.8%+7.5%+10.6%
Depreciation59.5254.0153.2851.4748.8845.3435.0742.07
Interest35.1542.3534.2432.1730.2031.2528.6629.39
Profit before tax42.14334289174211301156266
Tax20.3589.7383.6654.2760.0295.0942.5468.25
Net profit21.79244205119151206114198
EPS (₹)2.2421.6818.1210.6213.5218.2610.2917.49
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue10,77410,3879,3238,0906,1284,7915,731
Revenue growth+3.7%+11.4%+15.3%+32.0%+27.9%-16.4%-
Other income350252359160127108100
Total expenses9,7699,4808,5787,4925,7074,4895,325
Employee cost1,4451,2851,159960813759799
EBITDA1,005908746597421303406
EBITDA margin+9.3%+8.7%+8.0%+7.4%+6.9%+6.3%+7.1%
Depreciation208159148117113115117
Interest13911787.5937.5925.1720.6415.02
Profit before tax1,008884869603410275375
Tax28825822615297.7968.61162
Net profit553480590453306245209
Net profit margin+5.1%+4.6%+6.3%+5.6%+5.0%+5.1%+3.7%
EPS (₹)63.9656.3257.3139.9927.7418.3518.87
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital22.5322.5322.5222.5222.5222.5222.52
Reserves & surplus5,5274,9144,4173,8463,4703,2293,005
Shareholders' funds (net worth)5,5504,9374,4403,8683,4923,2513,028
Minority interest29.225.690.002.150.000.000.00
Secured loans1,9611,29993443892.9389.96166
Unsecured loans39141834339327523863.96
Total debt2,3531,7181,277831368328230
Total liabilities8,1016,9105,8874,8203,9983,7283,362
Assets
Gross block4,7034,2683,2282,4692,3522,3282,255
Net block3,0482,8061,9061,2481,1951,2421,283
Capital work in progress1,44256352543444.3224.1656.00
Investments1,7841,6991,7651,6261,477234875
Inventories910717765756727405455
Sundry debtors2,2052,0032,1161,7621,4241,2371,386
Cash & bank balances1,1911,1479751,1329541,939481
Loans & advances1,5271,2521,2281,030867770839
Total current assets5,8325,1195,0854,6793,9714,3513,161
Total current liabilities5,1414,4724,2544,0163,4602,7722,590
Net working capital6916478316635111,580571
Total assets8,1016,9105,8874,8203,9983,7283,362
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash412467448303419199246
Net cash from operating activities5421,080247460325769326
Net cash from investing activities(565)(1,257)(514)(664)(420)(627)(140)
Net cash from financing activities248123285349(20.58)77.24(232)
Net change in cash224(54.91)19.02144(115)220(46.89)
Closing cash1,1911,1479751,1329541,939481
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+3.7%+11.4%+15.3%+32.0%+27.9%-16.4%-
EBITDA growth+10.7%+21.7%+24.9%+41.8%+39.2%-25.5%-
PBT growth+14.0%+1.8%+44.1%+47.1%+49.0%-26.5%-8.7%
Net income growth+15.2%-18.6%+30.2%+47.8%+24.9%+17.2%-
Revenue CAGR (3Y)+10.0%+19.2%+24.9%+12.2%+0.9%+2.4%+8.5%
EBITDA CAGR (3Y)+18.9%+29.1%+35.1%+13.7%+4.7%-7.0%-0.7%
Profitability & leverage
Net income margin+6.7%+6.0%+6.9%+5.6%+5.1%+4.3%+3.7%
Return on capital employed+13.6%+13.9%+17.9%+14.5%+11.3%+9.9%+11.6%
Return on net worth+10.6%+10.1%+15.5%+12.3%+9.3%+7.8%+7.0%
Debt / equity0.390.320.250.160.100.090.08
Long-term debt / equity0.270.210.150.070.010.010.01
Interest cover17.4315.5914.657.828.1710.975.19
Efficiency & per share
Fixed asset turnover2.402.773.273.362.622.092.55
Inventory turnover13.2514.0212.2610.9110.8311.1511.90
Debtors turnover5.125.044.815.084.613.654.15
EPS (₹)63.9656.3257.3139.9927.7418.3518.87
Dividend per share (₹)20.0014.0012.0010.009.007.007.00
Book value per share (₹)492.67438.25394.30343.52310.17288.76268.91
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue1,3032,2321,5991,5051,1951,9421,4691,523
Revenue growth (YoY)+9.0%+15.0%+8.9%-1.2%-8.8%---
Other income35.2735.6112417835.0314940.8737.48
Total expenses1,3311,9861,4601,3991,1411,7291,3581,396
EBITDA(27.72)24613910654.17212110127
EBITDA margin-2.1%+11.0%+8.7%+7.0%+4.5%+10.9%+7.5%+8.3%
Depreciation26.0421.4927.0225.6323.7915.6118.9320.31
Interest5.897.898.495.013.418.778.498.30
Profit before tax(24.38)25222725362.00337124136
Tax(6.28)51.2252.0127.4915.4862.1520.7127.94
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue6,5186,2455,8225,1414,0153,1313,215
Revenue growth+4.4%+7.3%+13.2%+28.0%+28.2%-2.6%-
Other income417296320147125140157
Total expenses6,0185,7225,4654,7633,8033,0163,016
Employee cost842755684564478454431
EBITDA500522357378212115199
EBITDA margin+7.7%+8.4%+6.1%+7.4%+5.3%+3.7%+6.2%
Depreciation97.1973.6472.7473.1567.1963.9962.61
Interest24.8731.5323.8419.5813.338.575.23
Profit before tax795713580431256183288
Tax14614114310255.2741.9073.76
Net profit476350436326206213226
Net profit margin+7.3%+5.6%+7.5%+6.4%+5.1%+6.8%+7.0%
EPS (₹)54.4648.0236.7127.6316.8511.8417.96
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital23.8323.8323.8323.8323.8323.8323.83
Reserves & surplus4,4033,9443,5133,1942,9772,8562,714
Shareholders' funds (net worth)4,4273,9683,5373,2183,0012,8792,737
Secured loans65.0033.4390.0010.000.003.7531.38
Unsecured loans66.6756.3722421418513942.08
Total debt13289.8031422418514273.46
Total liabilities4,5904,1373,9203,5003,2873,1382,883
Assets
Gross block1,8381,7151,4241,3401,3391,3181,246
Net block1,020977750714746771748
Capital work in progress69.9882.7111244.9114.9723.3655.42
Investments2,7812,7052,3932,2701,9959031,410
Inventories482379397391370246255
Sundry debtors1,5241,4081,5021,210953824753
Cash & bank balances1781203474084421,387228
Loans & advances972832834710418513449
Total current assets3,1562,7403,0802,7202,1832,9691,686
Total current liabilities2,9682,7772,8272,6512,1391,8941,527
Net working capital188(37.53)25368.9844.251,075159
Total assets4,5904,1373,9203,5003,2873,1382,883
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash11726412112118083.43167
Net cash from operating activities41637390.7941993.87409253
Net cash from investing activities(287)(126)103(338)(100)(375)(98.40)
Net cash from financing activities(146)(394)(51.38)(81.49)(52.64)62.92(239)
Net change in cash(16.91)(147)143(0.44)(58.94)96.77(83.81)
Closing cash1781203474084421,387228
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+4.4%+7.3%+13.2%+28.0%+28.2%-2.6%-
EBITDA growth-4.2%+46.2%-5.5%+78.1%+84.2%-42.1%-
PBT growth+11.5%+22.9%+34.4%+68.5%+40.0%-36.4%-25.2%
Net income growth+36.2%-19.8%+33.6%+58.7%-3.4%-5.9%-
Revenue CAGR (3Y)+8.2%+15.9%+23.0%+16.9%+4.3%+4.7%-5.1%
EBITDA CAGR (3Y)+9.8%+35.0%+45.9%+23.9%+32.6%-18.7%-6.2%
Profitability & leverage
Net income margin+10.0%+9.2%+7.5%+6.4%+5.0%+4.5%+6.7%
Return on capital employed+15.5%+14.1%+16.3%+13.3%+8.4%+9.8%+7.0%
Return on net worth+11.4%+9.3%+13.0%+10.6%+6.8%+7.6%+8.3%
Debt / equity0.030.050.080.070.060.040.02
Long-term debt / equity0.010.000.000.000.000.000.00
Interest cover6.177.038.396.439.2016.773.85
Efficiency & per share
Fixed asset turnover3.673.984.213.843.022.442.66
Inventory turnover15.1416.0814.7713.5113.0312.5013.25
Debtors turnover4.454.294.294.754.523.974.04
EPS (₹)54.4648.0236.7127.6316.8511.8417.96
Dividend per share (₹)20.0014.0012.0010.009.007.007.00
Book value per share (₹)371.56333.01296.83270.06251.87241.66229.75

Investments & Acquisitions by Thermax

Thermax has strategically engaged in corporate development activities, having acquired 5 companies. Notable acquisitions include BuildTech Products, Danstoker and ExactSpace.

Acquisitions
Company NameDescriptionDomainLocationFoundedAcquiredAmount
ExactSpace
Developer of online predictive maintenance solutions for manufacturing
exactspace.coBengaluru, India2018Apr 2026••••
BuildTech Products
buildtechproducts.comIndia0Oct 2024$8.56M
TSA
High purity water and process solutions are provided for pharma and biotech industries by TSA.
tsaprocessequipments.comMumbai, India2004Feb 2024$8.57M
First Energy
Biomass-based stoves are manufactured by First Energy.
firstenergy.inPune, India2005Dec 2020••••
Danstoker
Steam, water, and gas boilers are manufactured by Danstoker.
danstoker.comHerning, Denmark1935Dec 2010••••
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Complete acquisition details for Thermax

Acquired stakes, deal sources and the complete acquisition history require an active premium plan.

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Timeline of Thermax

8 dated milestones of Thermax across 60 years, from founding to its latest funding, stage changes and deals.

  1. Founded Thermax is founded.
  2. IPO Lists on the stock exchange (IPO).
  3. Funding First funding round of $15.0M.
  4. Acquisition Acquires Danstoker.
  5. Acquisition Acquires First Energy.
  6. Acquisition Acquires TSA.
  7. Acquisition Acquires BuildTech Products.
  8. Acquisition Acquires ExactSpace.

Web traffic of Thermax

The website of Thermax (thermaxglobal.com) receives about 117.6K visits a month and ranks #384,348 among all websites worldwide, #4,688 in Energy Industry.

  • Monthly visits
    117.6K

    ▲ 32.7% vs previous month

  • Unique visitors
    33.3K

    per month

  • Global rank
    #384,348

    among all websites

  • Category rank
    #4,688

    Heavy Industry and Engineering · Energy Industry

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••••••••••••••••.com••%•.•M#•••••–
••••••••••••••••.com••%•.•M#•••••–
••••••••••••••••.com••%•.•M#•••••–
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All 25 similar websites and full traffic analytics for Thermax

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Top companies in Renewable & Sustainable Energy

3 companies that operate in the same segment as Thermax (Renewable & Sustainable Energy) in India, ranked by their profile score on The Company Check.

CompanyDescriptionFoundedLocationTotal fundingRevenueEmployees
Husk Power Systems
Hybrid renewable energy solutions are provided for rural communities.
2008Patna, Bihar, IndiaUSD 73.99 MUSD 3.46 M294
CleanMax
Solar energy projects are developed for commercial and industrial clients.
2011Mumbai, Maharashtra, IndiaUSD 442.67 MUSD 166.51 M365
Waaree Energies
Manufacturer of solar PV modules
1990Mumbai, Maharashtra, IndiaUSD 111.38 MUSD 2.77 B8,690
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Related news about Thermax

Thermax: Kotak Inst Eqt on Thermax Upgrades to Buy, Target Price ₹4,000; expects 16% revenue CAGR over FY26–29, with data centres and compressed biogas potentially adding 5–6% to revenue CAGR; margins should benefit from completion of legacy orders and higher contributions from power, TBWES and services, making 35x FY28 earnings attractive.
Exchange Update • 23 days ago
Bharat Heavy Electricals Ltd Spurts 1.05% | Capital Market News - Business Standard
Business Standard • 1 month ago
Stocks to watch, Sept 16: Bharat Forge, Titagarh Rail, BHEL, Cochin Shipyard, Thermax, Blue Star, Allen Blenders, Tata Communications, Mazagon Dock - The HinduBusinessLine
Thehindubusinessline • 1 month ago
Thermax: Subsidiary Tecc Forms Fully-Owned Sub-Subsidiary Thermax Botswana Proprietary Limited.
Exchange Update • 1 month ago
After missteps, Thermax puts energy back on growth path: Ashish Bhandari, MD & CEO - The Economic Times
Economic Times • 1 month ago
Thermax Ltd spurts 1.47%, up for third straight session | Capital Market News - Business Standard
Business Standard • 1 month ago
Thermax Shares Fall Over 2% Amid Bearish Sentiment
Moneycontrol • 2 months ago
Thermax Shares Gain 2.70%, Trading at Rs 4,154.00
Moneycontrol • 2 months ago
Thermax shares fall 2.01% to Rs 4,001.30
Moneycontrol • 2 months ago
Thermax Shares Fall 2.03% Amid Bearish Sentiment
Moneycontrol • 2 months ago
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Frequently Asked Questions about Thermax

Thermax was founded in 1966 and raised its 1st funding round 42 years after it was founded.

Thermax is headquartered in Pune, India. It is registered at Pune, Maharashtra, India.

Ashish Bhandari is the CEO of Thermax, as recorded in our data.

Thermax has 27,280 employees.

The primary company behind Thermax, Thermax Limited., reported revenue of ₹11,124 Cr for FY 2026, up 4% year on year.

Energy and environmental solutions are provided for industrial sectors.

Thermax offers Boilers & Heaters, Water & Waste Solutions, Air Pollution Control, and Absorption Cooling.

Yes, Thermax is publicly traded on NSE under the ticker symbol THERMAX.

Thermax has made 5 acquisitions, including BuildTech Products, Danstoker, and ExactSpace.

Thermax has 1 investor. Key investors include Elevation Capital.

Thermax is associated with 3 legal entities: Thermax Limited., Thermax Onsite Energy Solutions Limited, Thermax Cooling Solutions Limited.

The legal entities of Thermax currently have 21 directors, including Kajal Rajgopal Kabra, Deepak Joshi, Khushboo Bhatia and others.

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