- Total income
- ₹10,574 Cr
- Profit
- ₹634 Cr
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 βΉ11,124 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
- Valuation
- ₹55,340 Cr
- Headquarters Pune, India
- Employees 27,280
- Founders Meher Pudumjee
- Stage Public
- SectorsEnergy & UtilitiesEnvironment
- Website category Heavy Industry and Engineering · Energy Industry
- Emailβ’β’β’β’β’β’β’β’
- Phoneβ’β’β’β’ β’β’β’β’
- Website thermaxglobal.com
- Social LinkedIn X Facebook
- Legal Name Thermax Limited.
- 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
- ROE10.6%
ROCE 13.6%
- Debt / Equity0.39
Interest cover 17.4x
- Latest Funding Round$15M (USD), Post-IPO
Jun 2008
- Investors
- Employee Count27,280
- Investments & AcquisitionsBuildTech Products
& 4 more
Associated legal entities of Thermax
Thermax is associated with 3 registered companies on The Company Check; the primary company is Thermax Limited., a listed company. Each company page carries the filings, financials, charges and directors of that entity.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2026) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Thermax Limited. Listed CIN L29299PN1980PLC022787 | Active | 30 Jun 1980 | Pune, Maharashtra | ₹11,124 Cr | 5,828 | 10 | View details |
| Thermax Onsite Energy Solutions Limited CIN U40109PN2009PLC134659 | Active | 14 Sep 2009 | Pune, Maharashtra | ₹348 Cr | 109 | 8 | View details |
| Thermax Cooling Solutions Limited CIN U74909PN2009PLC134761 | Active | 06 Oct 2009 | Pune, Maharashtra | ₹3.9 Cr | 15 | 6 | View details |
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.
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
Funding Insights of Thermax
- Total Rounds 1
- Last Round Post-IPO β $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.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jun 2008 | $15M | Post-IPO | β | β |
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.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Elevation Capital is focused on early-stage tech investments in India. | elevationcapital.com | Delhi, India |
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
- Co-investor network
Verified entity values are shown only after access is granted.
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.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Meher Pheroz Pudumjee DIN 00019581 | Director | 15 Jan 2001 | 25 yrs 9 mo | Thermax Limited. |
| Pheroz Naswanjee Pudumjee DIN 00019602 | Director | 15 Jan 2001 | 25 yrs 9 mo | Thermax Limited. |
| Harsh Charandas Mariwala DIN 00210342 | Director | 10 Nov 2016 | 9 yrs 11 mo | Thermax Limited. |
| Rajani Kesari DIN 02384170 | Director | 14 Nov 2018 | 7 yrs 11 mo | Thermax Limited. |
| Rajendran Arunachalam DIN 08446343 | Director | 29 Jul 2019 | 7 yrs 3 mo | Thermax Onsite Energy Solutions Limited |
| Ashish Bhandari DIN 05291138 | Director | 08 Jun 2020 | 6 yrs 4 mo | Thermax Onsite Energy Solutions Limited, Thermax Limited. |
| Ravi Shankar Gopinath DIN 00803847 | Director | 10 Nov 2021 | 4 yrs 11 mo | Thermax Limited. |
| Kirtiraj Rajendra Jilkar DIN 09675574 | Director | 28 Jul 2022 | 4 yrs 3 mo | Thermax Cooling Solutions Limited |
| Sandeep Prabhakar Deshpande DIN 09748806 | Director | 03 Nov 2022 | 3 yrs 11 mo | Thermax Cooling Solutions Limited |
| Shyamak Ramyar Tata DIN 07297729 | Director | 17 Oct 2023 | 3 yrs | Thermax Limited. |
| Arun Unni DIN 10831177 | Director | 27 Nov 2024 | 1 yr 11 mo | Thermax Onsite Energy Solutions Limited |
| Parag Chandulal Shah DIN 00374944 | Director | 12 Dec 2024 | 1 yr 10 mo | Thermax Limited. |
| Khushboo Bhatia DIN 09019736 | Whole-time director | 30 Dec 2024 | 1 yr 10 mo | Thermax Onsite Energy Solutions Limited |
| Sandeep Khemraj Raut DIN 10994665 | Director | 26 Mar 2025 | 1 yr 7 mo | Thermax 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.
| Name | Role | Group |
|---|---|---|
| Founder | Leadership | |
| CEO & MD | Leadership | |
Harish Ramanathan | Global Head- Sales & Marketing-cooling | Leadership |
Rajath Raj | Head Project Business - Thailand/indonesia/vietnam/myanmar | Leadership |
Jasmeet Bhatia | EVP & Chief Human Resources Officer | Leadership |
| CFO & EVP | Leadership | |
Kunal Goswami | HR Business Partner | Leadership |
Shailesh Somvanshi | ER Head | Leadership |
Dr. Meenal Rao | Group Head HR - Industrial Products | Leadership |
Anurag Chincholkar | Business Head - Service (air Pollution Control) | Leadership |
Venkata Ravikiran Jasti | Group Head - Process Engineering | Leadership |
Shib Banerjee | Group Head Projects | Leadership |
Nagaraj Shenoy | SBU Head - Services | Leadership |
Sandeep Mandke | Head Of Treasury & Enterprise Risk Management | Leadership |
Tanveer Ahmad | National Sales Head - Cooling Business | Leadership |
Dattaram Godse | Head Engineering EPC -project | Leadership |
Pallavi Rege | Group Head HR - New Energy | Leadership |
Ca Bharat Parmar | Head Of Finance | Leadership |
Vasundhara Sen | Head - Regulatory & Policy | Leadership |
Sivaramakrishnan G | Group Head Construction Management | Leadership |
326 more people are available in the full profile.
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 Β· ConsolidatedRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 10,774 | 10,387 | 9,323 | 8,090 | 6,128 | 4,791 | 5,731 |
| Revenue growth | +3.7% | +11.4% | +15.3% | +32.0% | +27.9% | -16.4% | - |
| EBITDA | 1,005 | 908 | 746 | 597 | 421 | 303 | 406 |
| EBITDA margin | +9.3% | +8.7% | +8.0% | +7.4% | +6.9% | +6.3% | +7.1% |
| Profit before tax | 1,008 | 884 | 869 | 603 | 410 | 275 | 375 |
| Net profit | 553 | 480 | 590 | 453 | 306 | 245 | 209 |
| Net profit margin | +5.1% | +4.6% | +6.3% | +5.6% | +5.0% | +5.1% | +3.7% |
| EPS (βΉ) | 63.96 | 56.32 | 57.31 | 39.99 | 27.74 | 18.35 | 18.87 |
| Balance sheet | |||||||
| Total assets | 8,101 | 6,910 | 5,887 | 4,820 | 3,998 | 3,728 | 3,362 |
| Net worth | 5,550 | 4,937 | 4,440 | 3,868 | 3,492 | 3,251 | 3,028 |
| Total debt | 2,353 | 1,718 | 1,277 | 831 | 368 | 328 | 230 |
| Cash & bank | 1,191 | 1,147 | 975 | 1,132 | 954 | 1,939 | 481 |
| Net working capital | 691 | 647 | 831 | 663 | 511 | 1,580 | 571 |
| Cash flow | |||||||
| Cash from operations | 542 | 1,080 | 247 | 460 | 325 | 769 | 326 |
| Cash from investing | (565) | (1,257) | (514) | (664) | (420) | (627) | (140) |
| Cash from financing | 248 | 123 | 285 | 349 | (20.58) | 77.24 | (232) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,303 | 3,428 | 2,635 | 2,474 | 2,158 | 3,046 | 2,529 | 2,616 |
| Revenue growth (YoY) | +6.7% | +12.5% | +4.2% | -5.4% | -1.2% | - | - | - |
| Other income | 68.19 | 56.18 | 121 | 85.41 | 65.63 | 77.56 | 31.51 | 59.77 |
| EBITDA | 68.62 | 374 | 255 | 172 | 225 | 300 | 188 | 278 |
| EBITDA margin | +3.0% | +10.9% | +9.7% | +6.9% | +10.4% | +9.8% | +7.5% | +10.6% |
| Depreciation | 59.52 | 54.01 | 53.28 | 51.47 | 48.88 | 45.34 | 35.07 | 42.07 |
| Interest | 35.15 | 42.35 | 34.24 | 32.17 | 30.20 | 31.25 | 28.66 | 29.39 |
| Profit before tax | 42.14 | 334 | 289 | 174 | 211 | 301 | 156 | 266 |
| Tax | 20.35 | 89.73 | 83.66 | 54.27 | 60.02 | 95.09 | 42.54 | 68.25 |
| Net profit | 21.79 | 244 | 205 | 119 | 151 | 206 | 114 | 198 |
| EPS (βΉ) | 2.24 | 21.68 | 18.12 | 10.62 | 13.52 | 18.26 | 10.29 | 17.49 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 6,518 | 6,245 | 5,822 | 5,141 | 4,015 | 3,131 | 3,215 |
| Revenue growth | +4.4% | +7.3% | +13.2% | +28.0% | +28.2% | -2.6% | - |
| EBITDA | 500 | 522 | 357 | 378 | 212 | 115 | 199 |
| EBITDA margin | +7.7% | +8.4% | +6.1% | +7.4% | +5.3% | +3.7% | +6.2% |
| Profit before tax | 795 | 713 | 580 | 431 | 256 | 183 | 288 |
| Net profit | 476 | 350 | 436 | 326 | 206 | 213 | 226 |
| Net profit margin | +7.3% | +5.6% | +7.5% | +6.4% | +5.1% | +6.8% | +7.0% |
| EPS (βΉ) | 54.46 | 48.02 | 36.71 | 27.63 | 16.85 | 11.84 | 17.96 |
| Balance sheet | |||||||
| Total assets | 4,590 | 4,137 | 3,920 | 3,500 | 3,287 | 3,138 | 2,883 |
| Net worth | 4,427 | 3,968 | 3,537 | 3,218 | 3,001 | 2,879 | 2,737 |
| Total debt | 132 | 89.80 | 314 | 224 | 185 | 142 | 73.46 |
| Cash & bank | 178 | 120 | 347 | 408 | 442 | 1,387 | 228 |
| Net working capital | 188 | (37.53) | 253 | 68.98 | 44.25 | 1,075 | 159 |
| Cash flow | |||||||
| Cash from operations | 416 | 373 | 90.79 | 419 | 93.87 | 409 | 253 |
| 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) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,303 | 2,232 | 1,599 | 1,505 | 1,195 | 1,942 | 1,469 | 1,523 |
| Revenue growth (YoY) | +9.0% | +15.0% | +8.9% | -1.2% | -8.8% | - | - | - |
| Other income | 35.27 | 35.61 | 124 | 178 | 35.03 | 149 | 40.87 | 37.48 |
| Total expenses | 1,331 | 1,986 | 1,460 | 1,399 | 1,141 | 1,729 | 1,358 | 1,396 |
| EBITDA | (27.72) | 246 | 139 | 106 | 54.17 | 212 | 110 | 127 |
| EBITDA margin | -2.1% | +11.0% | +8.7% | +7.0% | +4.5% | +10.9% | +7.5% | +8.3% |
| Depreciation | 26.04 | 21.49 | 27.02 | 25.63 | 23.79 | 15.61 | 18.93 | 20.31 |
| Interest | 5.89 | 7.89 | 8.49 | 5.01 | 3.41 | 8.77 | 8.49 | 8.30 |
| Profit before tax | (24.38) | 252 | 227 | 253 | 62.00 | 337 | 124 | 136 |
| Tax | (6.28) | 51.22 | 52.01 | 27.49 | 15.48 | 62.15 | 20.71 | 27.94 |
Financial Statements
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,303 | 3,428 | 2,635 | 2,474 | 2,158 | 3,046 | 2,529 | 2,616 |
| Revenue growth (YoY) | +6.7% | +12.5% | +4.2% | -5.4% | -1.2% | - | - | - |
| Other income | 68.19 | 56.18 | 121 | 85.41 | 65.63 | 77.56 | 31.51 | 59.77 |
| EBITDA | 68.62 | 374 | 255 | 172 | 225 | 300 | 188 | 278 |
| EBITDA margin | +3.0% | +10.9% | +9.7% | +6.9% | +10.4% | +9.8% | +7.5% | +10.6% |
| Depreciation | 59.52 | 54.01 | 53.28 | 51.47 | 48.88 | 45.34 | 35.07 | 42.07 |
| Interest | 35.15 | 42.35 | 34.24 | 32.17 | 30.20 | 31.25 | 28.66 | 29.39 |
| Profit before tax | 42.14 | 334 | 289 | 174 | 211 | 301 | 156 | 266 |
| Tax | 20.35 | 89.73 | 83.66 | 54.27 | 60.02 | 95.09 | 42.54 | 68.25 |
| Net profit | 21.79 | 244 | 205 | 119 | 151 | 206 | 114 | 198 |
| EPS (βΉ) | 2.24 | 21.68 | 18.12 | 10.62 | 13.52 | 18.26 | 10.29 | 17.49 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 10,774 | 10,387 | 9,323 | 8,090 | 6,128 | 4,791 | 5,731 |
| Revenue growth | +3.7% | +11.4% | +15.3% | +32.0% | +27.9% | -16.4% | - |
| Other income | 350 | 252 | 359 | 160 | 127 | 108 | 100 |
| Total expenses | 9,769 | 9,480 | 8,578 | 7,492 | 5,707 | 4,489 | 5,325 |
| Employee cost | 1,445 | 1,285 | 1,159 | 960 | 813 | 759 | 799 |
| EBITDA | 1,005 | 908 | 746 | 597 | 421 | 303 | 406 |
| EBITDA margin | +9.3% | +8.7% | +8.0% | +7.4% | +6.9% | +6.3% | +7.1% |
| Depreciation | 208 | 159 | 148 | 117 | 113 | 115 | 117 |
| Interest | 139 | 117 | 87.59 | 37.59 | 25.17 | 20.64 | 15.02 |
| Profit before tax | 1,008 | 884 | 869 | 603 | 410 | 275 | 375 |
| Tax | 288 | 258 | 226 | 152 | 97.79 | 68.61 | 162 |
| Net profit | 553 | 480 | 590 | 453 | 306 | 245 | 209 |
| Net profit margin | +5.1% | +4.6% | +6.3% | +5.6% | +5.0% | +5.1% | +3.7% |
| EPS (βΉ) | 63.96 | 56.32 | 57.31 | 39.99 | 27.74 | 18.35 | 18.87 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 22.53 | 22.53 | 22.52 | 22.52 | 22.52 | 22.52 | 22.52 |
| Reserves & surplus | 5,527 | 4,914 | 4,417 | 3,846 | 3,470 | 3,229 | 3,005 |
| Shareholders' funds (net worth) | 5,550 | 4,937 | 4,440 | 3,868 | 3,492 | 3,251 | 3,028 |
| Minority interest | 29.22 | 5.69 | 0.00 | 2.15 | 0.00 | 0.00 | 0.00 |
| Secured loans | 1,961 | 1,299 | 934 | 438 | 92.93 | 89.96 | 166 |
| Unsecured loans | 391 | 418 | 343 | 393 | 275 | 238 | 63.96 |
| Total debt | 2,353 | 1,718 | 1,277 | 831 | 368 | 328 | 230 |
| Total liabilities | 8,101 | 6,910 | 5,887 | 4,820 | 3,998 | 3,728 | 3,362 |
| Assets | |||||||
| Gross block | 4,703 | 4,268 | 3,228 | 2,469 | 2,352 | 2,328 | 2,255 |
| Net block | 3,048 | 2,806 | 1,906 | 1,248 | 1,195 | 1,242 | 1,283 |
| Capital work in progress | 1,442 | 563 | 525 | 434 | 44.32 | 24.16 | 56.00 |
| Investments | 1,784 | 1,699 | 1,765 | 1,626 | 1,477 | 234 | 875 |
| Inventories | 910 | 717 | 765 | 756 | 727 | 405 | 455 |
| Sundry debtors | 2,205 | 2,003 | 2,116 | 1,762 | 1,424 | 1,237 | 1,386 |
| Cash & bank balances | 1,191 | 1,147 | 975 | 1,132 | 954 | 1,939 | 481 |
| Loans & advances | 1,527 | 1,252 | 1,228 | 1,030 | 867 | 770 | 839 |
| Total current assets | 5,832 | 5,119 | 5,085 | 4,679 | 3,971 | 4,351 | 3,161 |
| Total current liabilities | 5,141 | 4,472 | 4,254 | 4,016 | 3,460 | 2,772 | 2,590 |
| Net working capital | 691 | 647 | 831 | 663 | 511 | 1,580 | 571 |
| Total assets | 8,101 | 6,910 | 5,887 | 4,820 | 3,998 | 3,728 | 3,362 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 412 | 467 | 448 | 303 | 419 | 199 | 246 |
| Net cash from operating activities | 542 | 1,080 | 247 | 460 | 325 | 769 | 326 |
| Net cash from investing activities | (565) | (1,257) | (514) | (664) | (420) | (627) | (140) |
| Net cash from financing activities | 248 | 123 | 285 | 349 | (20.58) | 77.24 | (232) |
| Net change in cash | 224 | (54.91) | 19.02 | 144 | (115) | 220 | (46.89) |
| Closing cash | 1,191 | 1,147 | 975 | 1,132 | 954 | 1,939 | 481 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 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 / equity | 0.39 | 0.32 | 0.25 | 0.16 | 0.10 | 0.09 | 0.08 |
| Long-term debt / equity | 0.27 | 0.21 | 0.15 | 0.07 | 0.01 | 0.01 | 0.01 |
| Interest cover | 17.43 | 15.59 | 14.65 | 7.82 | 8.17 | 10.97 | 5.19 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 2.40 | 2.77 | 3.27 | 3.36 | 2.62 | 2.09 | 2.55 |
| Inventory turnover | 13.25 | 14.02 | 12.26 | 10.91 | 10.83 | 11.15 | 11.90 |
| Debtors turnover | 5.12 | 5.04 | 4.81 | 5.08 | 4.61 | 3.65 | 4.15 |
| EPS (βΉ) | 63.96 | 56.32 | 57.31 | 39.99 | 27.74 | 18.35 | 18.87 |
| Dividend per share (βΉ) | 20.00 | 14.00 | 12.00 | 10.00 | 9.00 | 7.00 | 7.00 |
| Book value per share (βΉ) | 492.67 | 438.25 | 394.30 | 343.52 | 310.17 | 288.76 | 268.91 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,303 | 2,232 | 1,599 | 1,505 | 1,195 | 1,942 | 1,469 | 1,523 |
| Revenue growth (YoY) | +9.0% | +15.0% | +8.9% | -1.2% | -8.8% | - | - | - |
| Other income | 35.27 | 35.61 | 124 | 178 | 35.03 | 149 | 40.87 | 37.48 |
| Total expenses | 1,331 | 1,986 | 1,460 | 1,399 | 1,141 | 1,729 | 1,358 | 1,396 |
| EBITDA | (27.72) | 246 | 139 | 106 | 54.17 | 212 | 110 | 127 |
| EBITDA margin | -2.1% | +11.0% | +8.7% | +7.0% | +4.5% | +10.9% | +7.5% | +8.3% |
| Depreciation | 26.04 | 21.49 | 27.02 | 25.63 | 23.79 | 15.61 | 18.93 | 20.31 |
| Interest | 5.89 | 7.89 | 8.49 | 5.01 | 3.41 | 8.77 | 8.49 | 8.30 |
| Profit before tax | (24.38) | 252 | 227 | 253 | 62.00 | 337 | 124 | 136 |
| Tax | (6.28) | 51.22 | 52.01 | 27.49 | 15.48 | 62.15 | 20.71 | 27.94 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 6,518 | 6,245 | 5,822 | 5,141 | 4,015 | 3,131 | 3,215 |
| Revenue growth | +4.4% | +7.3% | +13.2% | +28.0% | +28.2% | -2.6% | - |
| Other income | 417 | 296 | 320 | 147 | 125 | 140 | 157 |
| Total expenses | 6,018 | 5,722 | 5,465 | 4,763 | 3,803 | 3,016 | 3,016 |
| Employee cost | 842 | 755 | 684 | 564 | 478 | 454 | 431 |
| EBITDA | 500 | 522 | 357 | 378 | 212 | 115 | 199 |
| EBITDA margin | +7.7% | +8.4% | +6.1% | +7.4% | +5.3% | +3.7% | +6.2% |
| Depreciation | 97.19 | 73.64 | 72.74 | 73.15 | 67.19 | 63.99 | 62.61 |
| Interest | 24.87 | 31.53 | 23.84 | 19.58 | 13.33 | 8.57 | 5.23 |
| Profit before tax | 795 | 713 | 580 | 431 | 256 | 183 | 288 |
| Tax | 146 | 141 | 143 | 102 | 55.27 | 41.90 | 73.76 |
| Net profit | 476 | 350 | 436 | 326 | 206 | 213 | 226 |
| Net profit margin | +7.3% | +5.6% | +7.5% | +6.4% | +5.1% | +6.8% | +7.0% |
| EPS (βΉ) | 54.46 | 48.02 | 36.71 | 27.63 | 16.85 | 11.84 | 17.96 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 23.83 | 23.83 | 23.83 | 23.83 | 23.83 | 23.83 | 23.83 |
| Reserves & surplus | 4,403 | 3,944 | 3,513 | 3,194 | 2,977 | 2,856 | 2,714 |
| Shareholders' funds (net worth) | 4,427 | 3,968 | 3,537 | 3,218 | 3,001 | 2,879 | 2,737 |
| Secured loans | 65.00 | 33.43 | 90.00 | 10.00 | 0.00 | 3.75 | 31.38 |
| Unsecured loans | 66.67 | 56.37 | 224 | 214 | 185 | 139 | 42.08 |
| Total debt | 132 | 89.80 | 314 | 224 | 185 | 142 | 73.46 |
| Total liabilities | 4,590 | 4,137 | 3,920 | 3,500 | 3,287 | 3,138 | 2,883 |
| Assets | |||||||
| Gross block | 1,838 | 1,715 | 1,424 | 1,340 | 1,339 | 1,318 | 1,246 |
| Net block | 1,020 | 977 | 750 | 714 | 746 | 771 | 748 |
| Capital work in progress | 69.98 | 82.71 | 112 | 44.91 | 14.97 | 23.36 | 55.42 |
| Investments | 2,781 | 2,705 | 2,393 | 2,270 | 1,995 | 903 | 1,410 |
| Inventories | 482 | 379 | 397 | 391 | 370 | 246 | 255 |
| Sundry debtors | 1,524 | 1,408 | 1,502 | 1,210 | 953 | 824 | 753 |
| Cash & bank balances | 178 | 120 | 347 | 408 | 442 | 1,387 | 228 |
| Loans & advances | 972 | 832 | 834 | 710 | 418 | 513 | 449 |
| Total current assets | 3,156 | 2,740 | 3,080 | 2,720 | 2,183 | 2,969 | 1,686 |
| Total current liabilities | 2,968 | 2,777 | 2,827 | 2,651 | 2,139 | 1,894 | 1,527 |
| Net working capital | 188 | (37.53) | 253 | 68.98 | 44.25 | 1,075 | 159 |
| Total assets | 4,590 | 4,137 | 3,920 | 3,500 | 3,287 | 3,138 | 2,883 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 117 | 264 | 121 | 121 | 180 | 83.43 | 167 |
| Net cash from operating activities | 416 | 373 | 90.79 | 419 | 93.87 | 409 | 253 |
| 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 cash | 178 | 120 | 347 | 408 | 442 | 1,387 | 228 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 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 / equity | 0.03 | 0.05 | 0.08 | 0.07 | 0.06 | 0.04 | 0.02 |
| Long-term debt / equity | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest cover | 6.17 | 7.03 | 8.39 | 6.43 | 9.20 | 16.77 | 3.85 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 3.67 | 3.98 | 4.21 | 3.84 | 3.02 | 2.44 | 2.66 |
| Inventory turnover | 15.14 | 16.08 | 14.77 | 13.51 | 13.03 | 12.50 | 13.25 |
| Debtors turnover | 4.45 | 4.29 | 4.29 | 4.75 | 4.52 | 3.97 | 4.04 |
| EPS (βΉ) | 54.46 | 48.02 | 36.71 | 27.63 | 16.85 | 11.84 | 17.96 |
| Dividend per share (βΉ) | 20.00 | 14.00 | 12.00 | 10.00 | 9.00 | 7.00 | 7.00 |
| Book value per share (βΉ) | 371.56 | 333.01 | 296.83 | 270.06 | 251.87 | 241.66 | 229.75 |
Investments & Acquisitions by Thermax
Thermax has strategically engaged in corporate development activities, having acquired 5 companies. Notable acquisitions include BuildTech Products, Danstoker and ExactSpace.
| Company Name | Description | Domain | Location | Founded | Acquired | Amount |
|---|---|---|---|---|---|---|
Developer of online predictive maintenance solutions for manufacturing | exactspace.co | Bengaluru, India | 2018 | Apr 2026 | β’β’β’β’ | |
| buildtechproducts.com | India | 0 | Oct 2024 | $8.56M | ||
High purity water and process solutions are provided for pharma and biotech industries by TSA. | tsaprocessequipments.com | Mumbai, India | 2004 | Feb 2024 | $8.57M | |
Biomass-based stoves are manufactured by First Energy. | firstenergy.in | Pune, India | 2005 | Dec 2020 | β’β’β’β’ | |
Steam, water, and gas boilers are manufactured by Danstoker. | danstoker.com | Herning, Denmark | 1935 | Dec 2010 | β’β’β’β’ |
Complete acquisition details for Thermax
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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.
- Founded Thermax is founded.
- IPO Lists on the stock exchange (IPO).
- Funding First funding round of $15.0M.
- Acquisition Acquires Danstoker.
- Acquisition Acquires First Energy.
- Acquisition Acquires TSA.
- Acquisition Acquires BuildTech Products.
- 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 visits117.6K
▲ 32.7% vs previous month
- Unique visitors33.3K
per month
- Global rank#384,348
among all websites
- Category rank#4,688
Heavy Industry and Engineering · Energy Industry
- Bounce rate36%
- Pages per visit3.0
- Average visit2 min 11 sec
- DevicesDesktop 38% Β· Mobile 62%
Websites whose visitors overlap most with Thermax. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
| trivenigroup.com | 100% | 11.5K | #2,070,256 | View details | |
| kirloskarpumps.com | 100% | 168.2K | View details | ||
| solarquarter.com | 100% | 109.6K | #331,720 | View details | |
| velosiaims.com | 100% | #717,718 | View details | ||
| isgec.com | 100% | 16K | #1,561,583 | View details | |
| β’β’β’β’β’β’β’β’β’β’ | β’β’β’β’β’β’.com | β’β’% | β’.β’M | #β’β’β’β’β’ | β |
| β’β’β’β’β’β’β’β’β’β’ | β’β’β’β’β’β’.com | β’β’% | β’.β’M | #β’β’β’β’β’ | β |
| β’β’β’β’β’β’β’β’β’β’ | β’β’β’β’β’β’.com | β’β’% | β’.β’M | #β’β’β’β’β’ | β |
All 25 similar websites and full traffic analytics for Thermax
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- 25 similar websites
- Audience overlap
- Engagement analytics
- Traffic by brand
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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.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Hybrid renewable energy solutions are provided for rural communities. | 2008 | Patna, Bihar, India | USD 73.99 M | USD 3.46 M | 294 | |
Solar energy projects are developed for commercial and industrial clients. | 2011 | Mumbai, Maharashtra, India | USD 442.67 M | USD 166.51 M | 365 | |
Manufacturer of solar PV modules | 1990 | Mumbai, Maharashtra, India | USD 111.38 M | USD 2.77 B | 8,690 |
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Related news about Thermax
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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 βΉ11,124 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.

