Thermax Limited.

BSE: 500411 NSE: THERMAX
Thermax Limited. - machinery and equipment in Pune, Maharashtra, India. FY 2026 financials & compliance.
CIN L29299PN1980PLC022787 Incorporated 30 June 1980 ROC Pune HQ Pune, Maharashtra, India
Active Listed - NSE: THERMAX · BSE: 500411 Public Limited Company machinery and equipment Fortune India 500 · #251 Nifty 500
Data last updated
Market Cap
₹37,549 Cr
THERMAX · NSE
Share Price
₹3,213.90
+1.99% 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)
67.4x
P/B 6.7x
ROE
10.6%
ROCE 13.6%
Debt / Equity
0.39
Interest cover 17.4x

About Thermax Limited.

Data last updated:

Thermax Limited. is a public limited company based in Pune, Maharashtra, India, a subsidiary of Rda Holdings Private Limited. It operates in the industrial machinery manufacturing segment of the machinery and industrial equipment sector. It was incorporated on 30 June 1980 and has been in existence for over 46 years.

Thermax Limited is ranked #251 on the Fortune India 500 (2025). It is part of the Nifty 500 and BSE 500 indices. Its director Harsh Mariwala and family are #38 among India's richest people (2026).

The company is registered with the Registrar of Companies (ROC), Pune, under CIN L29299PN1980PLC022787. Its GSTIN is 03AAACT3910D1Z2 (Punjab). The company holds 34 GST registrations, of which 29 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 500411 and NSE: THERMAX.

The company has an authorised share capital of ₹77 Cr and a paid-up capital of ₹23.83 Cr. It was formerly known as Thermo - Dynamics Private Limited. It is led by directors including Ashish Bhandari (Managing Director) and Harsh Charandas Mariwala.

Its last annual general meeting (AGM) was held on 30 July 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office is at D – 13 MIDC Ind Arear D Aga Road Chinchwad, Pune, Maharashtra, India – 411019.

As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹10,774 Cr, a growth of 3.7% compared to the previous year. For the same year it recorded a net profit of ₹553.29 Cr (net margin 5.1%) and EBITDA of ₹1,004.81 Cr (EBITDA margin 9.3%). The net worth stands at ₹5,549.97 Cr (up 12.4% YoY). Total assets are valued at ₹8,100.76 Cr (up 17.2% YoY).

The company has about 5,828 employees on its provident fund (EPFO) records. Its group structure includes 18 subsidiaries.

The company is associated with 1 brand: Thermax. As per MCA filings, the company has open charges of ₹2,370 Cr and satisfied charges of ₹2,805.44 Cr on record. Court records list 459 cases involving the company, including 245 filed by the company and 214 filed against it; 82 cases are pending. The company has 12 deals on record (8 market trades, 4 secondary share transfers); the latest was in June 2024. Its 3 peer companies in the Machinery and Equipment industry (Industrial Products Manufacturers), with the same principal business activity (electrical equipment, general purpose and special purpose machinery & equipment, transport equipment) are compared by revenue, 2 larger and 1 smaller; the largest is Bosch Limited with revenue of ₹18,901 Cr. The company has 122 MSME Form 1 returns on record between 2005 and 2024, listing 32,783 overdue payments to 2,796 micro and small suppliers.

The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website thermaxglobal.com.

Company details

CIN L29299PN1980PLC022787
Registration Number 022787
Incorporation Date 30 June 1980
ROC Pune
Listing Status Listed - Listed on NSE (THERMAX); Listed on BSE (500411)
Company Status Active
Date of Last AGM 30 July 2026
Date of Balance Sheet 31 March 2026
Parent Company Rda Holdings Private Limited
Compliance Status Active Compliant

CIN history

Thermax Limited has one previous CIN (Corporate Identification Number): L29299MH1980PLC022787. The current CIN is L29299PN1980PLC022787, which is the unique identifier assigned by the Registrar of Companies.

CINStatus
L29299PN1980PLC022787Current
L29299MH1980PLC022787Previous
Key People
Ashish Bhandari Managing Director Harsh Charandas Mariwala Director Ravi Shankar Gopinath Director

Recognitions & Rankings of Thermax Limited

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
Stock market indices
Nifty 500 BSE 500

Contact details

Thermax Limited.'s registered office is in Pune, Maharashtra. Its website is thermaxglobal.com. Its e-mail address and telephone number are in the company report.

  • Email
  • Telephone
  • Website
    thermaxglobal.com
  • Social Media
  • Registered Address
    D – 13 MIDC Ind Arear D Aga Road Chinchwad, Pune, Maharashtra, India – 411019
  • Industry
    Machinery and Equipment, Industrial Machinery Manufacturing

To see the full contact details of Thermax Limited., buy the company report.

Comprehensive company report
Thermax Limited. - one report that includes everything
  • Company details, directors and signatories
  • Historical financials and ratios
  • Shareholding pattern and group structure
  • Charges with holder and property details
  • Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included

Brands

Thermax Limited operates one associated brand: Thermax. Each brand links to its own profile.

BrandDescriptionWebsite
Thermax
Energy and environmental solutions are provided for industrial sectors.thermaxglobal.com

Business activity

The main business activities of Thermax Limited are manufacturing and water supply, sewerage and waste management. In detail, this covers electrical equipment, general purpose and special purpose machinery & equipment, transport equipment, water collection, treatment and supply and chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products. 3 activity segments are registered with the MCA.

Main activity group codeMain activityBusiness activity codeBusiness activityShare of turnover
CManufacturingC10Electrical equipment, General Purpose and Special purpose Machinery & equipment, Transport equipment
EWater supply, sewerage and waste managementE1Water collection, treatment and supply
CManufacturingC6Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products

To see the full business activity and turnover split of Thermax Limited., buy the company report.

Financials of Thermax Limited.

FY 2025-26 filings available

Thermax Limited. reported revenue of ₹10,774 Cr (up 3.7% YoY) for FY 2025-26.

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 04 Nov 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

To see the full year-wise statements and ratios of Thermax Limited., buy the company report.

Board of directors of Thermax Limited.

Thermax Limited has 8 current directors and 19 former directors. Current directors are listed first, with their designation and appointment date.

Current Directors
NameDesignationAppointment DateTenureStatus
Ashish Bhandari
Also directs: First Energy Private Limited, Thermax Foundation, Thermax Babcock & Wilcox Energy Solutions Limited and 1 more
Managing Director18 Jun 20206 Years 4 MonthsCurrent
Harsh Charandas Mariwala
Also directs: Harsh Mariwala Enterprises LLP, Marico Limited, Kaya Limited and 5 more
Director10 Nov 20169 Years 11 MonthsCurrent
Ravi Shankar Gopinath
Also directs: Neuland Laboratories Ltd.
Director10 Nov 20214 Years 11 MonthsCurrent
Meher Pheroz Pudumjee
Also directs: Mephezalea Asset Services LLP, First Energy Private Limited, Rda Holdings Private Limited and 3 more
Director15 Jan 200125 Years 9 MonthsCurrent
Pheroz Naswanjee Pudumjee
Also directs: Mephezalea Asset Services LLP, Rda Holdings Private Limited, Ara Trusteeship Company Private Limited and 3 more
Director15 Jan 200125 Years 9 MonthsCurrent
Rajani Kesari
Also directs: Sanofi India Limited, Thermax Babcock & Wilcox Energy Solutions Limited, Translumina Therapeutics Private Limited and 1 more
Director14 Nov 20187 Years 11 MonthsCurrent
Showing 6 of 8 current directors. View all directors

Peer comparison

Thermax Limited. is compared with the 3 companies closest to it by revenue in the Machinery and Equipment industry (Industrial Products Manufacturers), with the same principal business activity (electrical equipment, general purpose and special purpose machinery & equipment, transport equipment), from the latest filed financials of each company.

CompanyRevenueNet profitMarginGrowth (1 yr)EmployeesLocation
Bosch Limited₹18,901 Cr (FY 2025)8.0%Bangalore, Karnataka, India
Simpson and Company Limited₹16,541 Cr (FY 2025)6.0%Chennai, Tamil Nadu, India
Thermax Limited.this company₹10,774 Cr (FY 2026)₹553.29 Cr5.1%3.7%5,828Pune, Maharashtra, India
CG Power and Industrial Solutions Limited₹8,152.24 Cr (FY 2024)16.0%Mumbai, Maharashtra, India

To see the full peer comparison of Thermax Limited., buy the company report.

Auditor

Thermax Limited. is audited by S R B C & CO LLP for the financial year 2024.

Auditor firmFinancial yearFirm registration number
S R B C & CO LLPFY 2024324982E/E300003

Shareholding

Shareholding for the quarter ended Sep 2026: promoters hold 62.00%, foreign institutional investors hold 11.50%, domestic institutional investors hold 15.20% and retail and other public shareholders hold 11.30%.

Promoters: 62.00%DII (Domestic Institutional): 15.20%FII (Foreign Institutional): 11.50%Retail & Others: 11.30%
Sep 2026
QUARTER
62.00% Promoters
15.20% DII (Domestic Institutional)
11.50% FII (Foreign Institutional)
11.30% Retail & Others
Promoter holding - history
Now 62.00% · Sep 2026High 62.00% · Dec 2025Low 62.00% · Dec 2025
61%61.5%62%62.5%63%Dec 2025Mar 2026Jun 2026Sep 2026Dec 2025: 62.00%Mar 2026: 62.00%Jun 2026: 62.00%Sep 2026: 62.00%62.00%62.00%
Shareholding trend - last 6 quarters
Sep 2026Jun 2026Mar 2026Dec 2025
Promoters62.00%62.00%62.00%62.00%
Public38.00%38.00%38.00%38.00%

Charges & borrowings

Open charges
₹2,370 Cr
Satisfied charges
₹2,805.44 Cr
Breakdown by lending institutions
Others₹1,470.00 Cr
Citi Bank N.A.₹450.00 Cr
Axis Bank Limited₹250.00 Cr
The Hongkong and Shanghai Banking Corporation Limited₹200.00 Cr
Latest charge details
DateCharge IDLenderAmountStatusModified or satisfied on
11 Feb 2025101055544Axis Bank Limited₹250 CrOpen
15 Nov 2021100507016Others₹330 CrOpen
15 Jun 2021100453045Others₹520 CrOpen
24 May 2021100448894The Hongkong and Shanghai Banking Corporation Limited₹200 CrOpen
19 May 2021100448892Others₹300 CrOpen

To see the full charge records of Thermax Limited., buy the company report.

Total charge records: 15 View all charges

Deals & funding

Thermax Limited. has 12 deals on record (8 market trades, 4 secondary share transfers); the latest was in June 2024.

Total deals
12
Market trades
8
Secondary share transfers
4

Deals on record (5 of 12)

WhenDealAmountParties
Jun 2024Market trade₹765.04 CrBuyer: Sbi Mutual Fund
Seller: Nalanda India Equity
Jan 2024Market trade₹51.58 CrBuyer: Marshall Wace Investment Strategiesgtops Fund, 2 individuals
Seller: an individual
Jan 2024Secondary share transferUndisclosedBuyer: Societe Generale
Seller: Others - Thermax Limited
Oct 2022Market trade₹59.35 CrBuyer: Ishares Msci India Small-Cap Etf, an individual
Seller: Ishares Core Emerging Markets Mauritius Co, Ishares India Sc Mauritius Company
Oct 2022Market trade₹56.86 CrBuyer: Ishares Msci India Small-Cap Etf, an individual
Seller: Ishares Core Emerging Markets Mauritius Co, Ishares India Sc Mauritius Company

To see the full deal history of Thermax Limited., buy the company report.

Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.

Credit ratings & regulatory alerts

Thermax Limited. was last rated by Brickwork on 15 Oct 2020.

Rating agencyRated onRating
Brickwork15 Oct 2020

To see the full credit ratings and regulatory alerts of Thermax Limited., buy the company report.

MSME payment delays

Thermax Limited. has 122 MSME Form 1 returns on record between 2005 and 2024, listing 32,783 overdue payments to 2,796 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.

Suppliers with reported dues (5 of 2,796)

SupplierAmount dueDue sinceReported on
CCS Enviro Control LLP
Altoni Union
an individual supplier
Simona India Private Limited
Orane Refractories Private Limited

To see the full MSME payment records of Thermax Limited., buy the company report.

Individuals and sole proprietors among the suppliers are not named.

Group structure & subsidiaries

Thermax Limited has 18 subsidiary companies and 2 associated companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.

18
Subsidiary companies
2
Associated companies
Key subsidiaries
Company NameCINShares held
Thermax Sustainable Energy Solutions Ltd.U29219PN1987PLC045658
Thermax Engineering Construction Company LtdU29246MH1991PLC062959
Thermax Babcock & Wilcox Energy Solutions Limited (Formerly Known As Thermax Babcock & Wilcox Energy Solutions Private Limited)U29253MH2010PLC204890
Thermax Cooling Solutions Ltd.U29299PN2009PLC134761
First Energy 6 Private LimitedU35105PN2023PTC218888
First Energy 7 Private LimitedU35105PN2023PTC218968

To see the full group structure of Thermax Limited., buy the company report.

Employees & EPFO

Thermax Limited. has a workforce of 5,828 employees on its EPFO records as of Apr 10, 2025, across 7 active EPFO establishments.

Employee count
5,828
Active EPFO establishments
7
Employee growth
-23.2%

GST

Thermax Limited has 34 GST registrations: 29 active and 5 cancelled or inactive. The first 4 active GSTINs are listed below.

Total GSTINs
34
Active
29
Cancelled / inactive
5
GSTINStateStatusRegistered on
03AAACT3910D1Z2PunjabActive01 Jul 2017
04AAACT3910D2ZZChandigarhActive01 Jul 2017
05AAACT3910D1ZYUttarakhandActive01 Jul 2017
06AAACT3910D1ZWHaryanaActive01 Jul 2017

To see the full GST registrations and return filing status of Thermax Limited., buy the company report.

Recent activity

Thermax Limited. has 40 board changes on record since 1982: 25 appointments and 15 cessations. The latest: Parag Chandulal Shah was appointed as Director on 12 Dec 2024.

AGM
Thermax Limited. last Annual general meeting of members was held on 30 Jul 2026 as per latest MCA records.
Filing
Thermax Limited. has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Pune.
Charges
A charge with The Hongkong And Shanghai Banking Corporation Limited of Rs. 200.00 Cr registered on 24 May 2021 with Charge ID 100448894 was modified on 09 Jun 2025.
Charges
A charge with Others of Rs. 320.00 Cr registered on 18 May 2021 with Charge ID 100445730 was modified on 02 Apr 2025.
Charges
A charge with Axis Bank Limited amounted to Rs. 250.00 Cr with Charge ID 101055544 was registered on 11 Feb 2025.
Appointed
Parag Chandulal Shah was appointed as Director.
Ceased
Jairam Varadaraj ceased to be Director.
Ceased
Nawshir Hoshang Mirza ceased to be Director.
Appointed
Shyamak Ramyar Tata was appointed as Director.
Charges
A charge with Others of Rs. 300.00 Cr registered on 19 May 2021 with Charge ID 100448892 was modified on 24 Jan 2023.
Ceased
Valentin Albrecht Herwart ceased to be Director.
Charges
A charge registered on 30 Sep 2010 via Charge ID 10245831 with Biotechnology Industry Research Assistance Council was fully satisfied on 04 Mar 2022.

61 earlier events are in the company report.

News

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.
09 Oct 2026 · Exchange Update
Thermax: Subsidiary Tecc Forms Fully-Owned Sub-Subsidiary Thermax Botswana Proprietary Limited.
15 Sep 2026 · Exchange Update

Frequently asked questions

Thermax Limited is an active public limited company based in Pune, Maharashtra, India. The company works in industrial machinery manufacturing, within the machinery and equipment industry. It was incorporated on 30 June 1980 (46+ years old) and is registered under CIN L29299PN1980PLC022787. Listed on BSE: 500411 and NSE: THERMAX.

Thermax Limited reported revenue of ₹10,774 Cr for FY 2025-26 (up 3.7% YoY) based on consolidated financials.

Thermax Limited has 8 current directors:

The latest financial statements of Thermax Limited on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 30 July 2026. Year-wise statements from 2015 are in the company report.

The GSTIN of Thermax Limited is 03AAACT3910D1Z2, registered in Punjab. The company has 34 GST registrations in all, of which 29 are active and 5 are cancelled or inactive. Other active GSTINs include 04AAACT3910D2ZZ (Chandigarh), 05AAACT3910D1ZY (Uttarakhand), 06AAACT3910D1ZW (Haryana).

The CIN (Corporate Identification Number) of Thermax Limited is L29299PN1980PLC022787. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.

Yes. Thermax Limited is a listed company as per MCA records. Its shares are listed on both BSE (code: 500411) and NSE (symbol: THERMAX).

Thermax Limited has 459 court cases on record: 245 filed by the company and 214 filed against it. 82 are pending. Most are in the high courts.

Thermax Limited was incorporated on 30 June 1980, making it 46+ years old. It is registered with the Registrar of Companies, Pune.

Thermax Limited has 12 deals on record (8 market trades, 4 secondary share transfers); the latest was in June 2024.

The peers of Thermax Limited by revenue are Bosch Limited, Simpson and Company Limited, CG Power and Industrial Solutions Limited, all in the Machinery and Equipment industry (Industrial Products Manufacturers), with the same principal business activity (electrical equipment, general purpose and special purpose machinery & equipment, transport equipment).

Parag Chandulal Shah was appointed as Director on 12 Dec 2024. Jairam Varadaraj ceased to be Director on 21 Jul 2024. Nawshir Hoshang Mirza ceased to be Director on 21 Jul 2024. Thermax Limited has 40 board changes on record in total.