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
Data last updated
Market Cap
₹40,586 Cr
THERMAX · NSE
Share Price
₹3,447.20
+1.21% today
Revenue
₹10,774 Cr
FY 2025-26 · +3.1% YoY
EBITDA
₹1,005 Cr
Margin 9.3%
Net Profit
₹553 Cr
FY 2025-26 · +15.2% YoY
P/E (TTM)
75.0x
P/B 7.4x
ROE
10.6%
ROCE 13.6%
Debt / Equity
0.39
Interest cover 17.4x

About Thermax Limited.

Data last updated: 26 September 2026

Thermax Limited. is a public limited company based in Pune, Maharashtra, India, a subsidiary of Rda Holdings Private Limited. It specialises in industrial machinery manufacturing, a part of the broader machinery and industrial equipment sector. Incorporated on 30 June 1980, the company has been in operation for over 46 years.

Registered with ROC Pune under CIN L29299PN1980PLC022787. Listed on BSE: 500411 and NSE: THERMAX.

Capital: an authorised share capital of ₹77 Cr and a paid-up capital of ₹23.83 Cr. Formerly known as Thermo - Dynamics Private Limited. It is led by directors including Ashish Bhandari and Harsh Charandas Mariwala.

Last AGM: 31 July 2025. Financial statements filed for year ended 31 March 2025. Office: 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 3.73% compared to the previous year. The net worth stands at ₹5,549.97 Cr (up 12.42% YoY). Total assets are valued at ₹8,100.76 Cr (up 17.23% YoY).

The company has a workforce of approximately 5,828 employees as per the latest available data. It operates as a subsidiary of Rda Holdings Private Limited. 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.

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 Limited.
CIN L29299PN1980PLC022787
Registration Number 022787
Incorporation Date 30 June 1980
ROC Pune
Listing Status Listed (BSE: 500411, NSE: THERMAX)
Company Status Active
Date of Last AGM 31 July 2025
Date of Balance Sheet 31 March 2025
Parent Company Rda Holdings Private Limited
Compliance Status Active Compliant
Key People
Ashish Bhandari Managing Director Harsh Charandas Mariwala Director Ravi Shankar Gopinath Director
Contact Details
  • Email
    Locked
  • Telephone
    Locked
  • 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
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Financials, compliance, directors, charges, ownership and filings for Thermax Limited. in one report.

10-year financials Directors & ownership Charges & compliance

CIN History of Thermax Limited.

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.

CIN Status
L29299PN1980PLC022787 Current
L29299MH1980PLC022787 Previous

Associated Brands with Thermax Limited.

Thermax Limited. operates one associated brand: Thermax. These brands represent Thermax Limited.'s diversified market presence and brand portfolio.

Brand Description Website
Thermax
Energy and environmental solutions are provided for industrial sectors. thermaxglobal.com

Competitors & Alternatives of Thermax Limited.

Brands and companies operating in the same space as Thermax Limited. include Daikin, Mitsubishi Electric, Belimo and 5 more.

Competitor Description Location Founded
Daikin Daikin Developer and manufacturer of heating, ventilation, air conditioning and refrigeration equipment Osaka, Japan, Japan 1924
Mitsubishi Electric Mitsubishi Electric Industrial automation, power systems, and semiconductors are manufactured globally. Chiyoda City, Japan, Japan 1921
Belimo Belimo Control systems for heating, ventilation, and air conditioning are provided. Hinwil, Switzerland, Switzerland 1975
Ice Make Refrigeration Ice Make Refrigeration Industrial refrigeration systems and related products are manufactured. Ahmedabad, India, India 1993
nVent nVent Provider of electric heat solution products to industries Saint Louis Park, United States, United States 2001
SPX Corporation SPX Corporation Engineered products for HVAC and detection markets are supplied. Charlotte, United States, United States 1988
Rvesol Rvesol Manufacturer of solar powered products Leiria, Portugal, Portugal 2010
Solar Water Plc Solar Water Plc Solar-powered water filtration products are developed and supplied. London, United Kingdom, United Kingdom 2016

Business Activity of Thermax Limited.

Thermax Limited. is engaged in principal business activities including manufacturing and water supply, sewerage and waste management, with detailed activities including electrical equipment, general purpose and special purpose machinery & equipment, transport equipment, water collection, treatment and supply, chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products. The company has 3 registered principal business activity segments, demonstrating its operational diversity and market reach.

Main Activity Group Code Description of Main Activity Business Activity Code Description of Business Activity Turnover Percentage
C Manufacturing C10 Electrical equipment, General Purpose and Special purpose Machinery & equipment, Transport equipment Locked
E Water supply, sewerage and waste management E1 Water collection, treatment and supply Locked
C Manufacturing C6 Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products Locked
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Business activity turnover details for Thermax Limited.

Turnover contribution percentages and historical activity changes require an active report plan.

  • Turnover contribution
  • Historical classifications
  • Filing-level activity changes

Verified entity values are shown only after access is granted.

Auditor Details of Thermax Limited.

Thermax Limited. is audited by S R B C & CO LLP for the financial year 2024. The auditor plays a crucial role in ensuring financial transparency and compliance with accounting standards.

Name Status Appointment Date Cessation Date
S R B C & CO LLP Locked Locked Locked
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Complete auditor history for Thermax Limited.

Appointment status, appointment dates, cessation dates, and historical auditor changes require an active report plan.

  • Appointment status
  • Appointment dates
  • Cessation dates
  • Auditor changes

Verified entity values are shown only after access is granted.

Board of Directors of Thermax Limited.

Thermax Limited. is currently managed by 8 directors, with 19 former directors having served the organization. The current Directors play a crucial role in shaping the company's strategic direction and governance.

Current Directors
Name Designation Appointment Date Tenure Status
Ashish Bhandari
Also directs: First Energy Private Limited, Thermax Foundation, Thermax Babcock & Wilcox Energy Solutions Limited and 1 more
Managing Director 18 Jun 2020 6 Years 3 Months Current
Harsh Charandas Mariwala
Also directs: Harsh Mariwala Enterprises Llp, Marico Limited, Kaya Limited and 5 more
Director 10 Nov 2016 9 Years 10 Months Current
Ravi Shankar Gopinath
Also directs: Neuland Laboratories Ltd.
Director 10 Nov 2021 4 Years 10 Months Current
Meher Pheroz Pudumjee
Also directs: Mephezalea Asset Services Llp, First Energy Private Limited, Rda Holdings Private Limited and 3 more
Director 15 Jan 2001 25 Years 8 Months Current
Pheroz Naswanjee Pudumjee
Also directs: Mephezalea Asset Services Llp, Rda Holdings Private Limited, Ara Trusteeship Company Private Limited and 3 more
Director 15 Jan 2001 25 Years 8 Months Current
Rajani Kesari
Also directs: Sanofi India Limited, Thermax Babcock & Wilcox Energy Solutions Limited, Translumina Therapeutics Private Limited and 1 more
Director 14 Nov 2018 7 Years 10 Months Current
Showing 6 of 8 current directors. View all directors

Financials of Thermax Limited. FY 2025-26 filings available

Thermax Limited. reported revenue of ₹10,774 Cr (up 3.73% 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+3.1%+10.5%+14.5%+31.3%+27.1%-15.7%-5.0%
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%+10.2%+8.8%+13.6%
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+5.2%+4.7%+14.7%+25.2%+26.1%0.0%-12.6%
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%+11.7%-0.7%+5.5%
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 26 Sep 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%+10.2%+8.8%+13.6%
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+3.1%+10.5%+14.5%+31.3%+27.1%-15.7%-5.0%
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%-4.1%
EBITDA growth+10.7%+21.7%+24.9%+41.8%+39.2%-25.5%+10.7%
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%-43.9%
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%+11.7%-0.7%+5.5%
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+5.2%+4.7%+14.7%+25.2%+26.1%0.0%-12.6%
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%-9.2%
EBITDA growth-4.2%+46.2%-5.5%+78.1%+84.2%-42.1%+118.2%
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%-27.1%
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
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Shareholding Pattern of Thermax Limited.

As per the shareholding pattern for the quarter ended Jun 2026, promoters hold 62.00%, foreign institutional investors hold 11.50%, domestic institutional investors hold 15.20%, retail and other public shareholders hold 11.30% of Thermax Limited..

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

Group Structure of Thermax Limited.

Thermax Limited. has 18 subsidiary companies and 2 associated companies. This group structure data is as of FY 2023. The corporate group structure reflects Thermax Limited.'s business expansion strategy and organizational complexity.

18
Subsidiary companies
2
Associated companies
Key Subsidiaries
Company Name CIN Shares Held
Thermax Sustainable Energy Solutions Ltd. U29219PN1987PLC045658 -
Thermax Engineering Construction Company Ltd U29246MH1991PLC062959 -
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 Limited U35105PN2023PTC218888 -
First Energy 7 Private Limited U35105PN2023PTC218968 -

Showing major subsidiaries. Total: 18.

Charges & Borrowings of Thermax Limited.

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
DateLenderAmountStatus
11 Feb 2025 Axis Bank Limited ₹250 Cr Open
15 Nov 2021 Others ₹330 Cr Open
15 Jun 2021 Others ₹520 Cr Open
24 May 2021 The Hongkong and Shanghai Banking Corporation Limited ₹200 Cr Open
19 May 2021 Others ₹300 Cr Open

Total charge records: 15 View all charges

Employees and EPFO Compliance at Thermax Limited.

Thermax Limited. has a workforce of 5,828 employees as of Apr 10, 2025.

Employee count
5,828
Active EPFO establishments
7
Employee growth
-23.2%
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Employee and EPFO history for Thermax Limited.

Monthly headcount, contribution history, establishment records, and filing compliance require an active report plan.

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GST Compliance of Thermax Limited.

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GST registrations and filing compliance for Thermax Limited.

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Credit Ratings, Litigation & Regulatory Alerts for Thermax Limited.

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Credit ratings, litigation, and regulatory alerts for Thermax Limited.

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MSME Payment Delays by Thermax Limited.

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MSME payment history for Thermax Limited.

Amounts outstanding to micro and small suppliers, delay reasons, and MSME-1 filing history require an active report plan.

  • Outstanding amounts
  • Delay periods and reasons
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  • Vendor payment signals

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Subsidiaries & Group Companies of Thermax Limited.

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Corporate group structure for Thermax Limited.

Parent, subsidiary, associate, joint venture, and ownership records require an active report plan.

  • Parent company
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MCA Filings & Documents of Thermax Limited.

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MCA filings and documents for Thermax Limited.

Official forms, annual returns, financial statements, charge filings, and document dates require an active report plan.

  • Incorporation documents
  • Annual returns and statements
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Recent Activity on Thermax Limited.

Activity
31 Jul 2025
Thermax Limited. last Annual general meeting of members was held on 31 Jul 2025 as per latest MCA records.
Directors
04 Jul 2025
Sangeet Kaur Hunjan was appointed as a Company Secretary on 04 Jul 2025 & has been associated with this company since 1 year 2 months.
Charges
09 Jun 2025
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
02 Apr 2025
A charge with Others of Rs. 320.00 Cr registered on 18 May 2021 with Charge ID 100445730 was modified on 02 Apr 2025.
Activity
31 Mar 2025
Thermax Limited. has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Pune.
Charges
11 Feb 2025
A charge with Axis Bank Limited amounted to Rs. 250.00 Cr with Charge ID 101055544 was registered on 11 Feb 2025.

Recent News on Thermax Limited.

Lower margins on some orders hit Thermax Q3 profitability
04 Feb 2025 · Thehindubusinessline

Frequently Asked Questions about Thermax Limited.

Thermax Limited. is an active public limited company in the machinery and equipment sector based in Pune, Maharashtra, India. It was incorporated on 30 June 1980 (46+ years old) and is registered under CIN L29299PN1980PLC022787. Listed on BSE: 500411 and NSE: THERMAX. The company has 5,828 employees.

Thermax Limited. reported revenue of ₹10,774 Cr for FY 2025-26 (up 3.73% YoY) based on consolidated financials.

The current directors of Thermax Limited. are:

The primary industry of Thermax Limited. is machinery and equipment. The company specifically operates in industrial machinery manufacturing. The company is currently active in this sector.

Yes. Thermax Limited. is listed on both BSE (code: 500411) and NSE (symbol: THERMAX).

Thermax Limited. can be reached at the registered office: D – 13 Midc Ind Arear D Aga Road Chinchwad, Pune, Maharashtra, India – 411019, or through the website thermaxglobal.com.

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