About Thermax
Thermax is a company based in Pune (India) founded in 1966 by Meher Pudumjee.. The company has 27,280 employees as of March 31, 2024. Thermax has completed 4 acquisitions, including BuildTech Products, Danstoker and First Energy. Thermax offers products and services including Boilers & Heaters, Water & Waste Solutions, Air Pollution Control, and Absorption Cooling. Thermax operates in a competitive market with competitors including Daikin, Mitsubishi Electric, nVent, Belimo and SPX Corporation, among others.
- Headquarter Pune, India
- Employees 27280 as on 31 Mar, 2024
- Founders Meher Pudumjee
- Stage Public
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Sectors
Energy & UtilitiesEnvironment
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Email
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Phone
*********
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Website
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Social
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- Legal Name Thermax Limited.
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Annual Revenue
$1.2 B (USD)10.93as on Mar 31, 2025
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Net Profit
$74.21 M (USD)-1.68as on Mar 31, 2025
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EBITDA
$104.99 M (USD)10.41as on Mar 31, 2025
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Latest Funding Round
$15 M (USD), Post-IPO
Jun 01, 2008
- Investors
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Employee Count
27280
as on Mar 31, 2024
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Investments & Acquisitions
BuildTech Products
& 3 more
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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.
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. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Systems for steam generation and process heating needs
Treatment systems for industrial water and effluent
Systems to manage particulate and gaseous emissions
Energy-efficient chillers for industrial cooling
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Funding Insights of Thermax
- Total Funding Total Funding
- Total Rounds 1
- Last Round Post-IPO — $15.0M
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First Round
First Round
(01 Jun 2008)
- Investors Count 1
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jun, 2008 | Amount | Post-IPO - Thermax | Valuation |
investors |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Thermax
Thermax has secured backing from 1 investor, including venture fund investors. Prominent investors backing the company include Elevation Capital. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Elevation Capital is focused on early-stage tech investments in India.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Thermax
Thermax has strategically engaged in corporate development activities, having acquired 4 companies. Notable acquisitions include BuildTech Products, Danstoker and First Energy. These strategic investments and acquisitions demonstrate the company's commitment to growth through portfolio expansion, market consolidation, technology integration, and strategic partnerships that enhance competitive positioning and drive long-term value creation.
| Company Name | Description | Domain | Location | Founded Year | Amount |
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Biomass-based stoves are manufactured by First Energy.
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2005 | ||||
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High purity water and process solutions are provided for pharma and biotech industries by TSA.
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2004 | ||||
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Steam, water, and gas boilers are manufactured by Danstoker.
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1935 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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OVO is recognized as a smart digital payment application.
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2017 | ||||
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Bionic investment advisor platform
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 |
Financial Statements - Thermax
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Thermax Comparisons
Competitors of Thermax
Thermax operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Daikin, Mitsubishi Electric, nVent, Belimo and SPX Corporation, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Developer and manufacturer of heating, ventilation, air conditioning and refrigeration equipment
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| domain | founded_year | HQ Location |
Industrial automation, power systems, and semiconductors are manufactured globally.
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| domain | founded_year | HQ Location |
Provider of electric heat solution products to industries
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| domain | founded_year | HQ Location |
Control systems for heating, ventilation, and air conditioning are provided.
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| domain | founded_year | HQ Location |
Engineered products for HVAC and detection markets are supplied.
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| domain | founded_year | HQ Location |
Industrial refrigeration systems and related products are manufactured.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Thermax
Frequently Asked Questions about Thermax
When was Thermax founded?
Thermax was founded in 1966 and raised its 1st funding round 42 years after it was founded.
Where is Thermax located?
Thermax is headquartered in Pune, India. It is registered at Pune, Maharashtra, India.
Who is the current CEO of Thermax?
Ashish Bhandari is the current CEO of Thermax.
How many employees does Thermax have?
As of Mar 31, 2024, the latest employee count at Thermax is 27,280.
What is the annual revenue of Thermax?
Annual revenue of Thermax is $1.2B as on Mar 31, 2025.
What does Thermax do?
Energy and environmental solutions are provided for industrial sectors.
Who are the top competitors of Thermax?
Thermax's top competitors include Daikin, Mitsubishi Electric and Belimo.
What products or services does Thermax offer?
Thermax offers Boilers & Heaters, Water & Waste Solutions, Air Pollution Control, and Absorption Cooling.
Is Thermax publicly traded?
Yes, Thermax is publicly traded on NSE under the ticker symbol THERMAX.
How many acquisitions has Thermax made?
Thermax has made 4 acquisitions, including BuildTech Products, Danstoker, and First Energy.
Who are Thermax's investors?
Thermax has 1 investor. Key investors include Elevation Capital.
What is Thermax's ticker symbol?
The ticker symbol of Thermax is THERMAX on NSE.