MSME (Udyam registered) Ministry of MSME
- Category
- Medium (2024-25)
- Udyam number
- UDYAM-MH-26-0011308
Thermax Instrumentation Limited - infrastructure and utilities in Pune, Maharashtra, India. FY 2026 financials & compliance.
Revenue · FY 2025
₹62.94 Cr
▼ 50% YoY
Net profit · FY 2025
₹9.64 Cr
Net margin 15.3%
EBITDA · FY 2025
₹18.14 Cr
EBITDA margin 28.8%
Authorised capital
₹26 Cr
Registered with MCA
Paid-up capital
₹26 Cr
Issued & subscribed
Open charges
₹10 Cr
Satisfied ₹30 Cr
Company age
30 yrs
Est. 1996
Directors on board
3
As per MCA filings
About Thermax Instrumentation Limited
Data last updated:
Thermax Instrumentation Limited is a private limited company based in Pune, Maharashtra, India, a subsidiary of Thermax Limited. It operates in the power infrastructure and energy projects segment of the infrastructure and utilities sector. It was incorporated on 23 April 1996 and has been in existence for over 30 years.
The company is registered with the Registrar of Companies (ROC), Pune, under CIN U72200MH1996PTC099050. Its GSTIN is 27AACCT1032C1ZZ (Maharashtra). The company holds 18 GST registrations, of which 15 are active.
The company has an authorised share capital of ₹26 Cr and a paid-up capital of ₹26 Cr. It was formerly known as Thermax Fuji Electric Limited and Thermax Fuji Electric Private Limited. It is led by directors including Kirtiraj Rajendra Jilkar and Sandeep Prabhakar Deshpande.
Its last annual general meeting (AGM) was held on 21 July 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Thermax House 14 Mumbai – Pune Road Wakdewadi, Maharashtra, India – 411003.
As per the financials filed for FY 2025, the company reported a revenue of ₹62.94 Cr, a decline of 50% compared to the previous year. For the same year it recorded a net profit of ₹9.64 Cr (net margin 15.3%) and EBITDA of ₹18.14 Cr (EBITDA margin 28.8%). Revenue has declined at a compounded annual rate (CAGR) of 25% over three years and 19% over five years.
As per MCA filings, the company has open charges of ₹10 Cr and satisfied charges of ₹30 Cr on record. Court records list 12 cases involving the company, including 7 filed by the company and 5 filed against it; 3 cases are pending. The company has 3 deals on record (2 funding rounds, 1 secondary share transfer), with disclosed funding of ₹27 Cr; the latest was in January 2024. Its 10 peer companies in the Infrastructure industry (Power Projects) are compared by revenue, 5 larger and 5 smaller; the largest is Sunbreeze Renewables Private Limited with revenue of ₹75.22 Cr. The company has 27 MSME Form 1 returns on record between 2017 and 2024, listing 871 overdue payments to 132 micro and small suppliers.
Thermax Instrumentation Limited is registered as a medium enterprise under the Udyam registration framework (Reg. No. UDYAM-MH-26-0011308). 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 of Thermax Instrumentation Limited
CIN U72200MH1996PTC099050
Registration Number 099050
Incorporation Date 23 April 1996
ROC Pune
Listing Status Unlisted
Company Status Active
Date of Last AGM 21 July 2025
Date of Balance Sheet 31 March 2025
Parent Company Thermax Limited
Compliance Status Active Compliant
MSME Classification Medium
Udyam Registration UDYAM-MH-26-0011308
Name History of Thermax Instrumentation Limited
Thermax Instrumentation has undergone 2 name changes throughout its history. The company was previously known as Thermax Fuji Electric Limited, and Thermax Fuji Electric Private Limited. The current legal name is Thermax Instrumentation Limited.
| Company Name | Status |
|---|---|
| Thermax Instrumentation Limited | Current |
| Thermax Fuji Electric Limited | Previous |
| Thermax Fuji Electric Private Limited | Previous |
Key People
Kirtiraj Rajendra Jilkar Director Sandeep Prabhakar Deshpande Director Sandeep Khemraj Raut Additional Director Recognitions & Rankings of Thermax Instrumentation
Contact Details
- EmailLocked
- TelephoneLocked
- Website
- Social Media
- Registered AddressThermax House 14 Mumbai – Pune Road Wakdewadi, Maharashtra, India – 411003
- IndustryInfrastructure and Utilities, Power Infrastructure & Energy Projects
Comprehensive company report
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Business Activity of Thermax Instrumentation Limited
The main business activities of Thermax Instrumentation are construction and professional, scientific and technical activities. In detail, this covers specialized construction activities and other professional, scientific and technical activities. 2 activity segments are registered with the MCA.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| F | Construction | 43 | Specialized construction activities | Locked |
| M | Professional, scientific and technical activities | 74 | Other professional, scientific and technical activities | Locked |
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Business activity turnover details
Turnover share and past changes in activity are in the company report.
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Financials of Thermax Instrumentation Limited FY 2025 filings available
Thermax Instrumentation Limited reported revenue of ₹62.94 Cr (down 50% YoY) for FY 2025.
Revenue · FY 2025
₹62.94 Cr ▼ 50%
Net profit · FY 2025
₹9.64 Cr margin 15.3%
EBITDA · FY 2025
₹18.14 Cr margin 28.8%
Compounded Annual Growth Rate (CAGR) of Thermax Instrumentation Limited
Revenue CAGR growth
1 year
▼ 50%
3 years · compounded
▼ 25%
5 years · compounded
▼ 19%
EBITDA CAGR growth
1 year
▲ 7%
3 years · compounded
▲ 4%
5 years · compounded
▲ 7%
Revenue has declined at a compounded annual rate (CAGR) of 19% over five years, including a 50% fall in the latest year. EBITDA rose 7% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary of Thermax Instrumentation Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | •••• | •••• | •••• | •••• | •••• |
| Other Income | •••• | •••• | •••• | •••• | •••• |
| Total Revenue | •••• | •••• | •••• | •••• | •••• |
| Cost of Materials Consumed | •••• | •••• | •••• | •••• | •••• |
| Employee Benefit Expense | •••• | •••• | •••• | •••• | •••• |
| Finance Costs | •••• | •••• | •••• | •••• | •••• |
| Depreciation and Amortisation | •••• | •••• | •••• | •••• | •••• |
| Other Expenses | •••• | •••• | •••• | •••• | •••• |
| Total Expenses | •••• | •••• | •••• | •••• | •••• |
| EBITDA | ₹18.14 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | ₹9.64 Cr | •••• | •••• | •••• | •••• |
| Balance Sheet | |||||
| Share Capital | •••• | •••• | •••• | •••• | •••• |
| Reserves and Surplus | •••• | •••• | •••• | •••• | •••• |
| Net Worth (Total Equity) | •••• | •••• | •••• | •••• | •••• |
| Long-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Short-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Trade Payables | •••• | •••• | •••• | •••• | •••• |
| Total Liabilities | •••• | •••• | •••• | •••• | •••• |
| Fixed Assets | •••• | •••• | •••• | •••• | •••• |
| Investments | •••• | •••• | •••• | •••• | •••• |
| Inventories | •••• | •••• | •••• | •••• | •••• |
| Trade Receivables | •••• | •••• | •••• | •••• | •••• |
| Cash and Bank Balance | •••• | •••• | •••• | •••• | •••• |
| Total Assets | •••• | •••• | •••• | •••• | •••• |
Financial Ratios of Thermax Instrumentation Limited
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 28.8% | •••• | •••• | •••• | •••• |
| Net Profit Margin | 15.3% | •••• | •••• | •••• | •••• |
| Return on Equity (ROE) | •••• | •••• | •••• | •••• | •••• |
| Return on Capital Employed (ROCE) | •••• | •••• | •••• | •••• | •••• |
| Return on Assets (ROA) | •••• | •••• | •••• | •••• | •••• |
| Liquidity and Debt | |||||
| Current Ratio | •••• | •••• | •••• | •••• | •••• |
| Quick Ratio | •••• | •••• | •••• | •••• | •••• |
| Debt-to-Equity Ratio | •••• | •••• | •••• | •••• | •••• |
| Interest Coverage Ratio | •••• | •••• | •••• | •••• | •••• |
| Efficiency and Growth | |||||
| Asset Turnover | •••• | •••• | •••• | •••• | •••• |
| Receivable Days | •••• | •••• | •••• | •••• | •••• |
| Payable Days | •••• | •••• | •••• | •••• | •••• |
| Inventory Days | •••• | •••• | •••• | •••• | •••• |
| Revenue Growth | •••• | •••• | •••• | •••• | •••• |
| Net Profit Growth | •••• | •••• | •••• | •••• | •••• |
Paid data: the figures shown as dots are available after purchase of the company report. Figures as filed with the MCA in Form AOC-4. The full year-wise statements and ratios of Thermax Instrumentation are in the company report.
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Financial statements from 2015
Earlier years and trend charts are in the company report.
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Board of Directors of Thermax Instrumentation Limited
Thermax Instrumentation has 3 current directors and 17 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Kirtiraj Rajendra Jilkar Also directs: Thermax Cooling Solutions Limited | Director | 28 Jul 2022 | 4 Years 2 Months | Current |
| Sandeep Prabhakar Deshpande | Director | 18 Apr 2024 | 2 Years 6 Months | Current |
| Sandeep Khemraj Raut Also directs: Thermax Cooling Solutions Limited | Additional Director | 06 Nov 2025 | 0 Years 11 Months | Current |
Peer Comparison of Thermax Instrumentation Limited
Thermax Instrumentation Limited is compared with the companies closest to it by revenue in the Infrastructure industry (Power Projects). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Sunbreeze Renewables Private Limited | ₹75.22 Cr (FY 2025) | •••• | •••• | 11.0% | •••• | New Delhi, Delhi, India |
| Rajesh Construction Company Private Limited | ₹72.5 Cr (FY 2017) | •••• | •••• | -51.0% | •••• | Mumbai, Maharashtra, India |
| Adani Green Energy Twenty Five Limited | ₹71.78 Cr (FY 2025) | •••• | •••• | •••• | Ahmedabad, Gujarat, India | |
| Karnataka Resco Rooftop Solar Private Limited | ₹65.48 Cr (FY 2025) | •••• | •••• | -1.0% | •••• | Hyderabad, Telangana, India |
| GMR Energy Limited | ₹64.22 Cr (FY 2025) | •••• | •••• | -99.0% | •••• | Mumbai, Maharashtra, India |
| Thermax Instrumentation Limited this company | ₹62.94 Cr (FY 2025) | •••• | •••• | -50.0% | •••• | Pune, Maharashtra, India |
| Totalenergies Gas & Power Projects India Private Limited | ₹62.55 Cr (FY 2025) | •••• | •••• | 92.0% | •••• | Mumbai, Maharashtra, India |
| Solenco Infra Private Limited | ₹62.35 Cr (FY 2025) | •••• | •••• | 1053.0% | •••• | Mumbai, Maharashtra, India |
| Am Green Ammonia (India) Private Limited | ₹61.92 Cr (FY 2025) | •••• | •••• | •••• | Hyderabad, Telangana, India | |
| Fujin Wind Parks Private Limited | ₹59.53 Cr (FY 2024) | •••• | •••• | -1.0% | •••• | Hyderabad, Telangana, India |
| Electryone Power Private Limited | ₹59.1 Cr (FY 2025) | •••• | •••• | -8.0% | •••• | Kolkata, West Bengal, India |
Peers are the five companies nearest above and the five nearest below Thermax Instrumentation by revenue in the Infrastructure industry (Power Projects), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details of Thermax Instrumentation Limited
Thermax Instrumentation Limited is audited by S R B C & CO LLP for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| S R B C & CO LLP | Locked | Locked | Locked |
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Ownership and Shareholding of Thermax Instrumentation Limited
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Charges & Borrowings of Thermax Instrumentation Limited
Open charges
₹10 Cr
Satisfied charges
₹30 Cr
Breakdown by lending institutions
Latest charge details
| Date | Lender | Amount | Status |
|---|---|---|---|
| 17 Dec 2024 | Others | ₹10 Cr | Open |
| 29 May 2013 | Hdfc Bank | ₹30 Cr | Satisfied |
Total charge records: 2 View all charges
Deals & Funding of Thermax Instrumentation Limited
Thermax Instrumentation Limited has 3 deals on record (2 funding rounds, 1 secondary share transfer), with disclosed funding of ₹27 Cr; the latest was in January 2024.
Total deals
3
Funding rounds
2
Secondary share transfer
1
Disclosed funding
₹27 Cr
Deals on record (1 of 3)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2020 | Secondary share transfer | Undisclosed | Seller: Thermax Limited. |
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Full deal history
All 3 deals with amounts, valuations, instruments and every party are in the company report.
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Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal Cases of Thermax Instrumentation Limited
Thermax Instrumentation Limited has 12 court cases on record: 7 filed by Thermax Instrumentation, 5 filed against it. 3 cases are pending and 9 are disposed. Status as checked between 21 Sep 2026 and 04 Oct 2026.
Total cases
12
Filed by the company
7
Filed against the company
5
Pending
3
Disposed
9
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 10 | 4 | 1 |
| District courts | 2 | 1 | 2 |
Cases on record (5 of 12)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Interim or miscellaneous application | Filed against the company by Ahluwalia Contracts (India) Limited | Disposed |
| Bombay High Court | Arbitration matter | Filed against the company by Ahluwalia Contracts (India) Limited | Disposed |
| Bombay High Court | Arbitration matter | Filed against the company by Ahluwalia Contracts (India) Limited | Disposed |
| District court, Pune, Maharashtra | Court case (Sum.Civ.Suit) | Filed against the company by an individual | Pending |
| High Court of Orissa | Writ petition | Filed by the company against State of Odisha | Pending |
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All 12 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
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MSME Payment Delays by Thermax Instrumentation Limited
Thermax Instrumentation Limited has 27 MSME Form 1 returns on record between 2017 and 2024, listing 871 overdue payments to 132 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 132)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Ms Rajabari Engineering and Construction Company | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
| Blown Insulation Services Private Limited | •••• | •••• | •••• |
| India Insulation Private Limited | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
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Every supplier, amount and due date from all 27 MSME Form 1 returns is in the company report.
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Individuals and sole proprietors among the suppliers are not named. Amounts, due dates and filing dates are in the company report.
Employees and EPFO Compliance at Thermax Instrumentation Limited
Employment history and EPFO contributions of people linked to Thermax Instrumentation.
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Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
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Recent Activity on Thermax Instrumentation Limited
Thermax Instrumentation Limited has 18 board changes on record since 2007: 4 appointments and 14 cessations. The latest: Sandeep Khemraj Raut was appointed as Additional Director on 06 Nov 2025.
Charges
A charge with Others of Rs. 10.00 Cr registered on 17 Dec 2024 with Charge ID 101023068 was modified on 25 Nov 2025.
Appointed
Sandeep Khemraj Raut was appointed as Additional Director.
AGM
Thermax Instrumentation Limited last Annual general meeting of members was held on 21 Jul 2025 as per latest MCA records.
Charges
A charge registered on 29 May 2013 via Charge ID 10430650 with Hdfc Bank was fully satisfied on 24 Apr 2025.
Filing
Thermax Instrumentation Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Pune.
Charges
A charge with Others amounted to Rs. 10.00 Cr with Charge ID 101023068 was registered on 17 Dec 2024.
Ceased
Sandeep Prabhakar Deshpande ceased to be Additional Director.
Appointed
Sandeep Prabhakar Deshpande was appointed as Director.
Ceased
Kirtiraj Rajendra Jilkar ceased to be Additional Director.
Appointed
Kirtiraj Rajendra Jilkar was appointed as Director.
Ceased
Mahesh Channakeshaviah Bukinkere ceased to be Director.
Ceased
Rajendran Arunachalam ceased to be Additional Director.
13 earlier events are listed in the company report.
Credit Ratings, Litigation & Regulatory Alerts for Thermax Instrumentation Limited
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Subsidiaries & Group Companies of Thermax Instrumentation Limited
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Corporate group structure
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GST Compliance of Thermax Instrumentation Limited
Thermax Instrumentation has 18 GST registrations: 15 active and 3 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
18
Active
15
Cancelled / inactive
3
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AACCT1032C1ZZ | Maharashtra | Active | 01 Jul 2017 |
| 27AACCT1032C2ZY | Maharashtra | Active | 14 May 2025 |
| 19AACCT1032C1ZW | West Bengal | Active | 01 Jul 2017 |
| 20AACCT1032C1ZD | Jharkhand | Active | 01 Jul 2017 |
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MCA Filings & Documents of Thermax Instrumentation Limited
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Related news about Thermax Instrumentation Limited
Frequently Asked Questions about Thermax Instrumentation Limited
Thermax Instrumentation is an active private limited company based in Pune, Maharashtra, India. The company works in power infrastructure and energy projects, within the infrastructure and utilities industry. It was incorporated on 23 April 1996 (30+ years old) and is registered under CIN U72200MH1996PTC099050.
Thermax Instrumentation reported revenue of ₹62.94 Cr for FY 2025 (down 50% YoY).
Thermax Instrumentation has 3 current directors:
- Kirtiraj Rajendra Jilkar - Director
- Sandeep Prabhakar Deshpande - Director
- Sandeep Khemraj Raut - Additional Director
Thermax Instrumentation reported a net profit of ₹9.64 Cr (net margin 15.3%) and EBITDA of ₹18.14 Cr (EBITDA margin 28.8%) for FY 2025, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Thermax Instrumentation is -25% over three years and -19% over five years. In the latest year (FY 2025) revenue fell 50%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of Thermax Instrumentation is 27AACCT1032C1ZZ, registered in Maharashtra. The company has 18 GST registrations in all, of which 15 are active and 3 are cancelled or inactive. Other active GSTINs include 27AACCT1032C2ZY (Maharashtra), 19AACCT1032C1ZW (West Bengal), 20AACCT1032C1ZD (Jharkhand).
The CIN (Corporate Identification Number) of Thermax Instrumentation is U72200MH1996PTC099050. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Thermax Instrumentation has 12 court cases on record: 7 filed by the company and 5 filed against it. 3 are pending. Most are in the high courts.
Thermax Instrumentation was incorporated on 23 April 1996, making it 30+ years old. It is registered with the Registrar of Companies, Pune.
Thermax Instrumentation has 3 deals on record (2 funding rounds, 1 secondary share transfer), with disclosed funding of ₹27 Cr; the latest was in January 2024.
The peers of Thermax Instrumentation by revenue are Sunbreeze Renewables Private Limited, Rajesh Construction Company Private Limited, Adani Green Energy Twenty Five Limited, Karnataka Resco Rooftop Solar Private Limited, GMR Energy Limited and 5 more, all in the Infrastructure industry (Power Projects).
Sandeep Khemraj Raut was appointed as Additional Director on 06 Nov 2025. Sandeep Prabhakar Deshpande ceased to be Additional Director on 25 Jul 2024. Sandeep Prabhakar Deshpande was appointed as Director on 18 Apr 2024. Thermax Instrumentation has 18 board changes on record in total.