About Thermax Limited.
Data last updated: 08 December 2025
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 ₹75 Cr and a paid-up capital of ₹23.83 Cr. Formerly known as Thermo - Dynamics Private Limited. It is led by directors including Meher Pheroz Pudumjee and Pheroz Pudumjee Naswanjee.
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 financials filed for FY 2025, the company reported a revenue of ₹10,641 Cr, a growth of 11% compared to the previous year.
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.
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Email*****@*****.com
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Telephone+91-****-******
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Website
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Social Media
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Registered AddressD – 13 Midc Ind Arear D Aga Road Chinchwad, Pune, Maharashtra, India – 411019
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IndustryMachinery and Equipment, Industrial Machinery Manufacturing
- Historical Financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Litigation, compliance and MCA filings
- PDF report delivered after checkout
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 |
|---|---|---|
| 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
|
Developer and manufacturer of heating, ventilation, air conditioning and refrigeration equipment | Osaka, Japan, Japan | 1924 |
Mitsubishi Electric
|
Industrial automation, power systems, and semiconductors are manufactured globally. | Chiyoda City, Japan, Japan | 1921 |
Belimo
|
Control systems for heating, ventilation, and air conditioning are provided. | Hinwil, Switzerland, Switzerland | 1975 |
Ice Make Refrigeration
|
Industrial refrigeration systems and related products are manufactured. | Ahmedabad, India, India | 1993 |
nVent
|
Provider of electric heat solution products to industries | Saint Louis Park, United States, United States | 2001 |
SPX Corporation
|
Engineered products for HVAC and detection markets are supplied. | Charlotte, United States, United States | 1988 |
Rvesol
|
Manufacturer of solar powered products | Leiria, Portugal, Portugal | 2010 |
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 | ********* |
| E | Water supply, sewerage and waste management | E1 | Water collection, treatment and supply | ********* |
| C | Manufacturing | C6 | Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products | ********* |
Auditor Details of Thermax Limited.
Thermax Limited. is audited by Price Waterhouse Chartered Accountants LLP (ICAI peer reviewed, certificate valid till 2026-11-30) for the financial year 2026, as reported in its NSE exchange filings. The statutory auditor is responsible for expressing an independent opinion on whether the financial statements present a true and fair view in accordance with applicable accounting standards.
| Name | Financial year | Audit opinion |
|---|---|---|
| Price Waterhouse Chartered Accountants LLP (ICAI peer reviewed, certificate valid till 2026-11-30) | FY 2026 | Declaration of unmodified opinion |
Board of Directors of Thermax Limited.
Thermax Limited. is currently managed by 12 directors, with 24 former directors having served the organization. The current Directors play a crucial role in shaping the company's strategic direction and governance.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
|
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 5 Months | Current |
|
Pheroz Pudumjee Naswanjee
Also directs:
Mephezalea Asset Services Llp, Rda Holdings Private Limited, Ara Trusteeship Company Private Limited and 3 more
|
Director | 15 Jan 2001 | 25 Years 5 Months | Current |
|
Ravi Shankar Gopinath
Also directs:
Neuland Laboratories Ltd.
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Director | 10 Nov 2021 | 4 Years 7 Months | Current |
|
Shyamak Ramyar Tata
Also directs:
Thermax Babcock & Wilcox Energy Solutions Limited, Siemens Limited, Hawkins Cookers Limited and 3 more
|
Director | 17 Oct 2023 | 2 Years 8 Months | Current |
| Shashishekhar Pandit Balkrishna | Director | 30 May 2017 | 9 Years 1 Months | Current |
| Rajani Kesari | Director | 14 Nov 2018 | 7 Years 7 Months | Current |
Financials of Thermax Limited. FY 2026 filings available
Thermax Limited. reported revenue of ₹10,694 Cr (up 2.94% YoY) for FY 2026. Profit growth despite declining revenue indicates effective cost management and margin discipline.
| Metrics | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Revenue from Operations | ₹10,694 Cr | ₹10,389 Cr | ₹9,323.46 Cr | ₹8,089.81 Cr | ₹6,128.33 Cr | ₹4,791.25 Cr | ₹5,731.31 Cr |
| Other Income | ₹267.48 Cr | ₹252.22 Cr | ₹232.57 Cr | ₹160.18 Cr | ₹127.01 Cr | ₹107.74 Cr | ₹100 Cr |
| Total Income | ₹10,962 Cr | ₹10,641 Cr | ₹9,556.03 Cr | ₹8,249.99 Cr | ₹6,255.34 Cr | ₹4,898.99 Cr | ₹5,831.31 Cr |
| Cost of Materials Consumed | ₹5,424.02 Cr | ₹5,553.67 Cr | ₹5,091.56 Cr | ₹4,442.7 Cr | ₹3,506.01 Cr | ₹2,467.43 Cr | ₹2,996.14 Cr |
| Purchases of Stock-in-Trade | ₹184.67 Cr | ₹193.19 Cr | ₹162.99 Cr | ₹152.73 Cr | ₹121.55 Cr | ₹83.36 Cr | ₹104.12 Cr |
| Changes in Inventories | -₹49.08 Cr | ₹66.64 Cr | -₹34.99 Cr | ₹29.25 Cr | -₹142.52 Cr | -₹12.16 Cr | -₹14.57 Cr |
| Employee Benefit Expense | ₹1,421.2 Cr | ₹1,268.94 Cr | ₹1,148.29 Cr | ₹954.17 Cr | ₹812.93 Cr | ₹758.76 Cr | ₹799.02 Cr |
| Finance Costs | ₹138.96 Cr | ₹116.78 Cr | ₹87.59 Cr | ₹37.59 Cr | ₹25.17 Cr | ₹20.64 Cr | ₹15.02 Cr |
| Depreciation & Amortisation | ₹207.64 Cr | ₹158.51 Cr | ₹148.08 Cr | ₹116.86 Cr | ₹113.24 Cr | ₹114.57 Cr | ₹116.63 Cr |
| Other Expenses | ₹2,687.09 Cr | ₹2,398.47 Cr | ₹2,158.22 Cr | ₹1,913.4 Cr | ₹1,408.99 Cr | ₹1,138.67 Cr | ₹1,440.42 Cr |
| Total Expenses | ₹10,015 Cr | ₹9,756.2 Cr | ₹8,761.74 Cr | ₹7,646.7 Cr | ₹5,845.37 Cr | ₹4,571.27 Cr | ₹5,456.78 Cr |
| Profit Before Exceptional Items & Tax | ₹947.13 Cr | ₹884.71 Cr | ₹794.29 Cr | ₹603.29 Cr | ₹409.97 Cr | ₹327.72 Cr | ₹374.53 Cr |
| Exceptional Items | ₹61.21 Cr | ₹0 | ₹75.49 Cr | ₹0 | ₹0 | -₹52.53 Cr | ₹0 |
| Profit Before Tax | ₹1,008.34 Cr | ₹884.71 Cr | ₹869.78 Cr | ₹603.29 Cr | ₹409.97 Cr | ₹275.19 Cr | ₹374.53 Cr |
| Total Tax Expense | ₹287.68 Cr | ₹257.77 Cr | ₹225.77 Cr | ₹152.36 Cr | ₹97.79 Cr | ₹68.61 Cr | ₹162.08 Cr |
| Net Profit | ₹720.26 Cr | ₹626.7 Cr | ₹643.19 Cr | ₹450.7 Cr | ₹312.31 Cr | ₹206.58 Cr | ₹212.45 Cr |
| attributable to Owners | ₹720.5 Cr | ₹634.47 Cr | ₹645.28 Cr | ₹450.29 Cr | ₹312.31 Cr | ₹206.58 Cr | ₹212.45 Cr |
| attributable to NCI | -₹24 Lakh | -₹7.77 Cr | -₹2.09 Cr | ₹41.1 Lakh | ₹0 | ₹0 | ₹0 |
| Other Comprehensive Income | -₹18.8 Cr | -₹2.33 Cr | -₹8.87 Cr | ₹19 Lakh | ₹7.62 Cr | ₹16.91 Cr | -₹8.78 Cr |
| Total Comprehensive Income | ₹701.46 Cr | ₹624.37 Cr | ₹634.32 Cr | ₹450.89 Cr | ₹319.93 Cr | ₹223.49 Cr | ₹203.67 Cr |
| EBITDA (computed) | ₹1,293.73 Cr | ₹1,160 Cr | ₹1,029.96 Cr | ₹757.74 Cr | ₹548.38 Cr | ₹462.93 Cr | ₹506.18 Cr |
| Basic EPS | ₹63.95 | ₹56.33 | ₹57.30 | ₹39.98 | ₹27.73 | ₹18.34 | ₹18.87 |
| Diluted EPS | ₹63.94 | ₹56.31 | ₹57.28 | ₹39.98 | ₹27.73 | ₹18.34 | ₹18.87 |
| Metrics | FY 2026 | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Total Assets | ₹13,282 Cr | ₹12,038 Cr | ₹10,153 Cr | ₹8,838.61 Cr |
| Non-current Assets | ₹6,173.31 Cr | ₹4,716.04 Cr | ₹3,704.93 Cr | ₹2,758.45 Cr |
| Current Assets | ₹7,108.8 Cr | ₹7,312.88 Cr | ₹6,448.08 Cr | ₹6,072.26 Cr |
| Property, Plant & Equipment | ₹2,867.88 Cr | ₹2,615.19 Cr | ₹1,874.49 Cr | ₹1,215.95 Cr |
| Inventories | ₹909.5 Cr | ₹720.3 Cr | ₹764.9 Cr | ₹755.63 Cr |
| Trade Receivables | ₹2,204.84 Cr | ₹2,417.5 Cr | ₹2,116.43 Cr | ₹1,762.06 Cr |
| Cash & Equivalents | ₹674.45 Cr | ₹417.68 Cr | ₹486.58 Cr | ₹452.82 Cr |
| Equity (Net Worth) | ₹5,579.19 Cr | ₹4,942.58 Cr | ₹4,439.8 Cr | ₹3,870.22 Cr |
| Equity Share Capital | ₹22.53 Cr | ₹22.53 Cr | ₹22.52 Cr | ₹22.52 Cr |
| Borrowings (Non-current) | ₹1,615.83 Cr | ₹1,161.55 Cr | ₹789.48 Cr | ₹422.52 Cr |
| Borrowings (Current) | ₹672.18 Cr | ₹531.79 Cr | ₹466.47 Cr | ₹388.02 Cr |
| Total Debt (computed) | ₹2,288.01 Cr | ₹1,693.34 Cr | ₹1,255.95 Cr | ₹810.54 Cr |
| Current Liabilities | ₹5,820.36 Cr | ₹5,635.09 Cr | ₹4,725.35 Cr | ₹4,409.19 Cr |
| Total Liabilities | ₹7,702.92 Cr | ₹7,095.44 Cr | ₹5,713.21 Cr | ₹4,968.39 Cr |
| Metrics | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Operating Cash Flow | ₹541.54 Cr | ₹1,042.79 Cr | ₹247.3 Cr | ₹459.56 Cr | ₹324.71 Cr |
| Investing Cash Flow | -₹587.06 Cr | -₹1,240.55 Cr | -₹509.21 Cr | -₹679.68 Cr | -₹421.58 Cr |
| Financing Cash Flow | ₹247.64 Cr | ₹123.55 Cr | ₹285.4 Cr | ₹348.54 Cr | -₹20.58 Cr |
| Capital Expenditure | ₹952.4 Cr | ₹902.67 Cr | ₹843.94 Cr | ₹649.94 Cr | ₹83.78 Cr |
| Free Cash Flow (computed) | -₹410.86 Cr | ₹140.12 Cr | -₹596.64 Cr | -₹190.38 Cr | ₹240.93 Cr |
| Dividends Paid | ₹157.69 Cr | ₹135.23 Cr | ₹112.75 Cr | ₹102.13 Cr | ₹78.83 Cr |
| Net Change in Cash | ₹224.36 Cr | -₹74.21 Cr | ₹19.02 Cr | ₹144.29 Cr | -₹115.37 Cr |
| Metrics | Q4 FY26 | Q3 FY26 | Q2 FY26 | Q1 FY26 | Q4 FY25 | Q3 FY25 | Q2 FY25 | Q1 FY25 | Q4 FY24 | Q3 FY24 | Q2 FY24 | Q1 FY24 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | ₹3,428.04 Cr | ₹2,634.68 Cr | ₹2,473.9 Cr | ₹2,150.18 Cr | ₹3,084.93 Cr | ₹2,507.76 Cr | ₹2,611.59 Cr | ₹2,184.41 Cr | ₹2,763.68 Cr | ₹2,324.36 Cr | ₹2,302.46 Cr | ₹1,932.96 Cr |
| Other Income | ₹53.71 Cr | ₹62.73 Cr | ₹85.41 Cr | ₹65.63 Cr | ₹76.85 Cr | ₹31.51 Cr | ₹59.77 Cr | ₹84.09 Cr | ₹55.25 Cr | ₹58.4 Cr | ₹65.86 Cr | ₹53.06 Cr |
| Total Income | ₹3,481.75 Cr | ₹2,697.41 Cr | ₹2,559.31 Cr | ₹2,215.81 Cr | ₹3,161.78 Cr | ₹2,539.27 Cr | ₹2,671.36 Cr | ₹2,268.5 Cr | ₹2,818.93 Cr | ₹2,382.76 Cr | ₹2,368.32 Cr | ₹1,986.02 Cr |
| Cost of Materials Consumed | ₹1,747.6 Cr | ₹1,311.45 Cr | ₹1,335.55 Cr | ₹1,022.07 Cr | ₹1,661.44 Cr | ₹1,342.29 Cr | ₹1,395.91 Cr | ₹1,154.03 Cr | ₹1,531.91 Cr | ₹1,286.82 Cr | ₹1,244.29 Cr | ₹1,028.54 Cr |
| Purchases of Stock-in-Trade | ₹54.87 Cr | ₹39.77 Cr | ₹47.81 Cr | ₹42.22 Cr | ₹58.41 Cr | ₹53.79 Cr | ₹43.59 Cr | ₹37.4 Cr | ₹53.98 Cr | ₹36.69 Cr | ₹43.11 Cr | ₹29.21 Cr |
| Changes in Inventories | ₹9.08 Cr | ₹19.31 Cr | -₹73.54 Cr | -₹3.93 Cr | ₹24.96 Cr | ₹3.38 Cr | ₹95 Lakh | ₹37.35 Cr | -₹12.27 Cr | -₹35.49 Cr | -₹6.88 Cr | ₹19.65 Cr |
| Employee Benefit Expense | ₹391.46 Cr | ₹360.22 Cr | ₹340.5 Cr | ₹329.02 Cr | ₹332.02 Cr | ₹322.68 Cr | ₹322.9 Cr | ₹291.34 Cr | ₹316.24 Cr | ₹292 Cr | ₹284.28 Cr | ₹255.77 Cr |
| Finance Costs | ₹42.35 Cr | ₹34.24 Cr | ₹32.17 Cr | ₹30.2 Cr | ₹31.25 Cr | ₹28.66 Cr | ₹29.39 Cr | ₹27.48 Cr | ₹27.81 Cr | ₹26.61 Cr | ₹19.8 Cr | ₹13.37 Cr |
| Depreciation & Amortisation | ₹54.01 Cr | ₹53.28 Cr | ₹51.47 Cr | ₹48.88 Cr | ₹45.34 Cr | ₹35.07 Cr | ₹42.07 Cr | ₹36.03 Cr | ₹49.88 Cr | ₹35.84 Cr | ₹32.96 Cr | ₹29.4 Cr |
| Other Expenses | ₹850.72 Cr | ₹649.11 Cr | ₹651.55 Cr | ₹535.7 Cr | ₹708.43 Cr | ₹596.63 Cr | ₹570.27 Cr | ₹523.14 Cr | ₹600.67 Cr | ₹556.92 Cr | ₹533.04 Cr | ₹467.59 Cr |
| Total Expenses | ₹3,150.09 Cr | ₹2,467.38 Cr | ₹2,385.51 Cr | ₹2,004.16 Cr | ₹2,861.85 Cr | ₹2,382.5 Cr | ₹2,405.08 Cr | ₹2,106.77 Cr | ₹2,568.22 Cr | ₹2,199.39 Cr | ₹2,150.6 Cr | ₹1,843.53 Cr |
| Profit Before Exceptional Items & Tax | ₹331.66 Cr | ₹230.03 Cr | ₹173.8 Cr | ₹211.65 Cr | ₹299.93 Cr | ₹156.77 Cr | ₹266.28 Cr | ₹161.73 Cr | ₹250.71 Cr | ₹183.37 Cr | ₹217.72 Cr | ₹142.49 Cr |
| Exceptional Items | ₹2.46 Cr | ₹58.75 Cr | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹126.12 Cr | ₹0 | -₹50.63 Cr |
| Profit Before Tax | ₹334.12 Cr | ₹288.78 Cr | ₹173.8 Cr | ₹211.65 Cr | ₹299.93 Cr | ₹156.77 Cr | ₹266.28 Cr | ₹161.73 Cr | ₹250.71 Cr | ₹309.49 Cr | ₹217.72 Cr | ₹91.86 Cr |
| Total Tax Expense | ₹89.73 Cr | ₹83.66 Cr | ₹54.27 Cr | ₹60.02 Cr | ₹95.09 Cr | ₹42.54 Cr | ₹68.25 Cr | ₹51.89 Cr | ₹63.28 Cr | ₹72.1 Cr | ₹58.87 Cr | ₹31.52 Cr |
| Net Profit | ₹244.4 Cr | ₹205.01 Cr | ₹119.4 Cr | ₹151.45 Cr | ₹205.55 Cr | ₹113.73 Cr | ₹198 Cr | ₹109.42 Cr | ₹187.58 Cr | ₹237.06 Cr | ₹158.6 Cr | ₹59.95 Cr |
| attributable to Owners | ₹244.28 Cr | ₹204.18 Cr | ₹119.66 Cr | ₹152.38 Cr | ₹205.73 Cr | ₹115.9 Cr | ₹197.03 Cr | ₹115.81 Cr | ₹190.33 Cr | ₹238.34 Cr | ₹157.73 Cr | ₹58.88 Cr |
| attributable to NCI | ₹12 Lakh | ₹83 Lakh | -₹26 Lakh | -₹93 Lakh | -₹18 Lakh | -₹2.17 Cr | ₹97 Lakh | -₹6.39 Cr | -₹2.75 Cr | -₹1.28 Cr | ₹87 Lakh | ₹1.07 Cr |
| Other Comprehensive Income | -₹27.57 Cr | ₹4.76 Cr | -₹23.85 Cr | ₹27.86 Cr | ₹18.55 Cr | -₹23.27 Cr | ₹9.58 Cr | -₹7.19 Cr | -₹12.15 Cr | ₹5.84 Cr | -₹6.9 Cr | ₹4.34 Cr |
| Total Comprehensive Income | ₹216.83 Cr | ₹209.77 Cr | ₹95.55 Cr | ₹179.31 Cr | ₹224.1 Cr | ₹90.46 Cr | ₹207.58 Cr | ₹102.23 Cr | ₹175.43 Cr | ₹242.9 Cr | ₹151.7 Cr | ₹64.29 Cr |
| EBITDA (computed) | ₹428.02 Cr | ₹317.55 Cr | ₹257.44 Cr | ₹290.73 Cr | ₹376.52 Cr | ₹220.5 Cr | ₹337.74 Cr | ₹225.24 Cr | ₹328.4 Cr | ₹245.82 Cr | ₹270.48 Cr | ₹185.26 Cr |
| Basic EPS | ₹21.68 | ₹18.12 | ₹10.62 | ₹13.53 | ₹18.27 | ₹10.29 | ₹17.49 | ₹10.28 | ₹16.90 | ₹21.17 | ₹14.00 | ₹5.23 |
| Diluted EPS | ₹21.68 | ₹18.12 | ₹10.62 | ₹13.52 | ₹18.26 | ₹10.29 | ₹17.49 | ₹10.28 | ₹16.88 | ₹21.17 | ₹14.00 | ₹5.23 |
| Segment · Q4 FY26 (latest quarter) | Revenue | Result (PBIT) | Assets | Liabilities |
|---|---|---|---|---|
| a. Industrial Products | ₹1,662.84 Cr | ₹225.64 Cr | ₹2,535.3 Cr | ₹2,220.28 Cr |
| b. Industrial Infra | ₹1,469.29 Cr | ₹95.89 Cr | ₹2,472.88 Cr | ₹2,312.76 Cr |
| c. Green Solutions | ₹203.74 Cr | -₹29.03 Cr | ₹3,383.04 Cr | ₹2,660.9 Cr |
| d. Chemical | ₹193.15 Cr | ₹9.52 Cr | ₹944.79 Cr | ₹83.24 Cr |
| Segment · FY 2026 (annual) | Revenue | Result (PBIT) | Assets | Liabilities |
|---|---|---|---|---|
| a. Industrial Products | ₹5,096.09 Cr | ₹540 Cr | - | - |
| b. Industrial Infra | ₹4,348.05 Cr | ₹217.51 Cr | - | - |
| c. Green Solutions | ₹732.24 Cr | ₹17 Lakh | - | - |
| d. Chemical | ₹757.59 Cr | ₹53.57 Cr | - | - |
| Metrics | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Revenue from Operations | ₹6,518.26 Cr | ₹6,254.07 Cr | ₹5,821.93 Cr | ₹5,141.16 Cr | ₹4,015.39 Cr | ₹3,131.48 Cr | ₹3,215.08 Cr |
| Other Income | ₹284.56 Cr | ₹202.53 Cr | ₹193.49 Cr | ₹136.34 Cr | ₹124.56 Cr | ₹140.4 Cr | ₹104.4 Cr |
| Total Income | ₹6,802.82 Cr | ₹6,456.6 Cr | ₹6,015.42 Cr | ₹5,277.5 Cr | ₹4,139.95 Cr | ₹3,271.88 Cr | ₹3,319.48 Cr |
| Cost of Materials Consumed | ₹3,439.78 Cr | ₹3,305.85 Cr | ₹3,115.66 Cr | ₹2,848.01 Cr | ₹2,342.29 Cr | ₹1,632.07 Cr | ₹1,760.38 Cr |
| Purchases of Stock-in-Trade | ₹182.28 Cr | ₹189.36 Cr | ₹161.49 Cr | ₹143.29 Cr | ₹108.84 Cr | ₹80.2 Cr | ₹99.53 Cr |
| Changes in Inventories | -₹65.07 Cr | ₹16.27 Cr | ₹10.69 Cr | -₹12.29 Cr | -₹46.81 Cr | ₹8.18 Cr | -₹12.8 Cr |
| Employee Benefit Expense | ₹837.55 Cr | ₹764.31 Cr | ₹683.61 Cr | ₹563.65 Cr | ₹477.81 Cr | ₹453.79 Cr | ₹430.94 Cr |
| Finance Costs | ₹24.87 Cr | ₹31.4 Cr | ₹23.84 Cr | ₹19.58 Cr | ₹13.33 Cr | ₹8.57 Cr | ₹5.23 Cr |
| Depreciation & Amortisation | ₹97.19 Cr | ₹78.39 Cr | ₹72.74 Cr | ₹73.15 Cr | ₹67.19 Cr | ₹63.99 Cr | ₹62.61 Cr |
| Other Expenses | ₹1,579.2 Cr | ₹1,451.61 Cr | ₹1,369.41 Cr | ₹1,217.82 Cr | ₹907.24 Cr | ₹739.13 Cr | ₹723.55 Cr |
| Total Expenses | ₹6,095.8 Cr | ₹5,837.19 Cr | ₹5,437.44 Cr | ₹4,853.21 Cr | ₹3,869.89 Cr | ₹2,985.93 Cr | ₹3,069.44 Cr |
| Profit Before Exceptional Items & Tax | ₹707.02 Cr | ₹619.41 Cr | ₹577.98 Cr | ₹424.29 Cr | ₹270.06 Cr | ₹285.95 Cr | ₹250.04 Cr |
| Exceptional Items | ₹87.84 Cr | ₹93.73 Cr | ₹2.08 Cr | ₹7.2 Cr | -₹14 Cr | -₹103.03 Cr | -₹14.89 Cr |
| Profit Before Tax | ₹794.86 Cr | ₹713.14 Cr | ₹580.06 Cr | ₹431.49 Cr | ₹256.06 Cr | ₹182.92 Cr | ₹235.15 Cr |
| Total Tax Expense | ₹145.95 Cr | ₹141 Cr | ₹142.62 Cr | ₹102.23 Cr | ₹55.27 Cr | ₹41.9 Cr | ₹73.76 Cr |
| Net Profit | ₹648.91 Cr | ₹572.14 Cr | ₹437.44 Cr | ₹329.26 Cr | ₹200.79 Cr | ₹141.02 Cr | ₹213.99 Cr |
| Other Comprehensive Income | -₹27.65 Cr | -₹3.52 Cr | -₹4.21 Cr | -₹7.78 Cr | ₹4.24 Cr | ₹87.2 Lakh | -₹13.16 Cr |
| Total Comprehensive Income | ₹621.26 Cr | ₹568.62 Cr | ₹433.23 Cr | ₹321.48 Cr | ₹205.03 Cr | ₹141.89 Cr | ₹200.83 Cr |
| EBITDA (computed) | ₹829.08 Cr | ₹729.2 Cr | ₹674.56 Cr | ₹517.02 Cr | ₹350.58 Cr | ₹358.51 Cr | ₹317.88 Cr |
| Basic EPS | ₹54.46 | ₹48.02 | ₹36.71 | ₹27.63 | ₹16.85 | ₹11.83 | ₹13.54 |
| Diluted EPS | ₹54.46 | ₹48.02 | ₹36.71 | ₹27.63 | ₹16.85 | ₹11.83 | ₹13.54 |
| Metrics | FY 2026 | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Total Assets | ₹7,558.2 Cr | ₹7,245.75 Cr | ₹6,747.37 Cr | ₹6,151.31 Cr |
| Non-current Assets | ₹3,690.72 Cr | ₹2,778.22 Cr | ₹2,701.93 Cr | ₹2,241.07 Cr |
| Current Assets | ₹3,867.48 Cr | ₹4,457.53 Cr | ₹4,045.44 Cr | ₹3,903.71 Cr |
| Property, Plant & Equipment | ₹994.6 Cr | ₹953.71 Cr | ₹727.81 Cr | ₹692.87 Cr |
| Inventories | ₹481.55 Cr | ₹383.05 Cr | ₹397.33 Cr | ₹390.78 Cr |
| Trade Receivables | ₹1,524.25 Cr | ₹1,651.55 Cr | ₹1,501.64 Cr | ₹1,210.22 Cr |
| Cash & Equivalents | ₹100.14 Cr | ₹118.18 Cr | ₹263.62 Cr | ₹120.82 Cr |
| Equity (Net Worth) | ₹4,427.09 Cr | ₹3,967.76 Cr | ₹3,536.7 Cr | ₹3,217.76 Cr |
| Equity Share Capital | ₹23.83 Cr | ₹23.83 Cr | ₹23.83 Cr | ₹23.83 Cr |
| Borrowings (Non-current) | ₹25 Cr | ₹25.18 Cr | ₹0 | ₹0 |
| Borrowings (Current) | ₹100.16 Cr | ₹59.33 Cr | ₹307.8 Cr | ₹220 Cr |
| Total Debt (computed) | ₹125.16 Cr | ₹84.51 Cr | ₹307.8 Cr | ₹220 Cr |
| Current Liabilities | ₹3,069.83 Cr | ₹3,169.8 Cr | ₹3,136.4 Cr | ₹2,872.51 Cr |
| Total Liabilities | ₹3,131.11 Cr | ₹3,277.99 Cr | ₹3,210.67 Cr | ₹2,933.55 Cr |
| Metrics | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Operating Cash Flow | ₹416.48 Cr | ₹374.17 Cr | ₹90.79 Cr | ₹418.68 Cr | ₹93.87 Cr |
| Investing Cash Flow | -₹287.39 Cr | -₹125.94 Cr | ₹103.39 Cr | -₹337.63 Cr | -₹100.17 Cr |
| Financing Cash Flow | -₹146 Cr | -₹393.67 Cr | -₹51.38 Cr | -₹81.49 Cr | -₹52.64 Cr |
| Capital Expenditure | ₹144 Cr | ₹269.84 Cr | ₹151.37 Cr | ₹49.22 Cr | ₹31.85 Cr |
| Free Cash Flow (computed) | ₹272.48 Cr | ₹104.33 Cr | -₹60.58 Cr | ₹369.46 Cr | ₹62.02 Cr |
| Dividends Paid | ₹166.84 Cr | ₹142.95 Cr | ₹119.32 Cr | ₹107.33 Cr | ₹83.41 Cr |
| Net Change in Cash | -₹16.91 Cr | -₹145.44 Cr | ₹142.8 Cr | -₹43.8 Lakh | -₹58.94 Cr |
| Metrics | Q4 FY26 | Q3 FY26 | Q2 FY26 | Q1 FY26 | Q4 FY25 | Q3 FY25 | Q2 FY25 | Q1 FY25 | Q4 FY24 | Q3 FY24 | Q2 FY24 | Q1 FY24 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | ₹2,225.85 Cr | ₹1,599.01 Cr | ₹1,504.6 Cr | ₹1,182.66 Cr | ₹1,971.65 Cr | ₹1,452.71 Cr | ₹1,518.76 Cr | ₹1,310.95 Cr | ₹1,737.64 Cr | ₹1,479.78 Cr | ₹1,443.9 Cr | ₹1,160.61 Cr |
| Other Income | ₹32.96 Cr | ₹38.7 Cr | ₹178.05 Cr | ₹34.85 Cr | ₹55.65 Cr | ₹40.87 Cr | ₹37.48 Cr | ₹68.53 Cr | ₹51.85 Cr | ₹34.7 Cr | ₹57.79 Cr | ₹49.15 Cr |
| Total Income | ₹2,258.81 Cr | ₹1,637.71 Cr | ₹1,682.65 Cr | ₹1,217.51 Cr | ₹2,027.3 Cr | ₹1,493.58 Cr | ₹1,556.24 Cr | ₹1,379.48 Cr | ₹1,789.49 Cr | ₹1,514.48 Cr | ₹1,501.69 Cr | ₹1,209.76 Cr |
| Cost of Materials Consumed | ₹1,193.09 Cr | ₹852.5 Cr | ₹816.93 Cr | ₹572.46 Cr | ₹1,054.48 Cr | ₹762.07 Cr | ₹798.34 Cr | ₹690.96 Cr | ₹971.37 Cr | ₹801.48 Cr | ₹756.24 Cr | ₹586.57 Cr |
| Purchases of Stock-in-Trade | ₹53.6 Cr | ₹39.4 Cr | ₹47.1 Cr | ₹42.18 Cr | ₹55.02 Cr | ₹53.68 Cr | ₹43.34 Cr | ₹37.32 Cr | ₹53.68 Cr | ₹36.64 Cr | ₹42.37 Cr | ₹28.8 Cr |
| Changes in Inventories | ₹22.73 Cr | -₹22.39 Cr | -₹42.93 Cr | -₹22.48 Cr | ₹40.04 Cr | -₹17.63 Cr | -₹11.29 Cr | ₹5.15 Cr | ₹6.31 Cr | -₹6.77 Cr | -₹1.51 Cr | ₹12.66 Cr |
| Employee Benefit Expense | ₹213.61 Cr | ₹215.33 Cr | ₹205.37 Cr | ₹202 Cr | ₹191.47 Cr | ₹200.1 Cr | ₹196.98 Cr | ₹175.76 Cr | ₹191.37 Cr | ₹175.85 Cr | ₹166.67 Cr | ₹149.72 Cr |
| Finance Costs | ₹7.97 Cr | ₹8.49 Cr | ₹5.01 Cr | ₹3.4 Cr | ₹8.64 Cr | ₹8.49 Cr | ₹8.3 Cr | ₹5.97 Cr | ₹6.75 Cr | ₹6.16 Cr | ₹5.61 Cr | ₹5.32 Cr |
| Depreciation & Amortisation | ₹20.38 Cr | ₹27.02 Cr | ₹25.63 Cr | ₹24.16 Cr | ₹20.36 Cr | ₹18.93 Cr | ₹20.31 Cr | ₹18.79 Cr | ₹19.48 Cr | ₹17.98 Cr | ₹17.75 Cr | ₹17.53 Cr |
| Other Expenses | ₹497.85 Cr | ₹375.25 Cr | ₹372.13 Cr | ₹333.87 Cr | ₹413.82 Cr | ₹344.05 Cr | ₹364.39 Cr | ₹329.35 Cr | ₹379.96 Cr | ₹351.57 Cr | ₹338.76 Cr | ₹299.12 Cr |
| Total Expenses | ₹2,009.23 Cr | ₹1,495.6 Cr | ₹1,429.24 Cr | ₹1,155.59 Cr | ₹1,783.83 Cr | ₹1,369.69 Cr | ₹1,420.37 Cr | ₹1,263.3 Cr | ₹1,628.92 Cr | ₹1,382.91 Cr | ₹1,325.89 Cr | ₹1,099.72 Cr |
| Profit Before Exceptional Items & Tax | ₹249.58 Cr | ₹142.11 Cr | ₹253.41 Cr | ₹61.92 Cr | ₹243.47 Cr | ₹123.89 Cr | ₹135.87 Cr | ₹116.18 Cr | ₹160.57 Cr | ₹131.57 Cr | ₹175.8 Cr | ₹110.04 Cr |
| Exceptional Items | ₹2.46 Cr | ₹85.38 Cr | ₹0 | ₹0 | ₹93.73 Cr | ₹0 | ₹0 | ₹0 | ₹0 | ₹126.12 Cr | -₹73.41 Cr | -₹50.63 Cr |
| Profit Before Tax | ₹252.04 Cr | ₹227.49 Cr | ₹253.41 Cr | ₹61.92 Cr | ₹337.2 Cr | ₹123.89 Cr | ₹135.87 Cr | ₹116.18 Cr | ₹160.57 Cr | ₹257.69 Cr | ₹102.39 Cr | ₹59.41 Cr |
| Total Tax Expense | ₹51 Cr | ₹52.01 Cr | ₹27.49 Cr | ₹15.45 Cr | ₹62.15 Cr | ₹20.71 Cr | ₹27.94 Cr | ₹30.2 Cr | ₹32.02 Cr | ₹57.07 Cr | ₹38 Cr | ₹15.53 Cr |
| Net Profit | ₹201.04 Cr | ₹175.48 Cr | ₹225.92 Cr | ₹46.47 Cr | ₹275.05 Cr | ₹103.18 Cr | ₹107.93 Cr | ₹85.98 Cr | ₹128.55 Cr | ₹200.62 Cr | ₹64.39 Cr | ₹43.88 Cr |
| Other Comprehensive Income | -₹10.72 Cr | -₹2.41 Cr | -₹16 Cr | ₹1.48 Cr | ₹7.12 Cr | -₹5.06 Cr | -₹4.37 Cr | -₹1.21 Cr | ₹1.17 Cr | -₹1.71 Cr | -₹2.28 Cr | -₹1.39 Cr |
| Total Comprehensive Income | ₹190.32 Cr | ₹173.07 Cr | ₹209.92 Cr | ₹47.95 Cr | ₹282.17 Cr | ₹98.12 Cr | ₹103.56 Cr | ₹84.77 Cr | ₹129.72 Cr | ₹198.91 Cr | ₹62.11 Cr | ₹42.49 Cr |
| EBITDA (computed) | ₹277.93 Cr | ₹177.62 Cr | ₹284.05 Cr | ₹89.48 Cr | ₹272.47 Cr | ₹151.31 Cr | ₹164.48 Cr | ₹140.94 Cr | ₹186.8 Cr | ₹155.71 Cr | ₹199.16 Cr | ₹132.89 Cr |
| Basic EPS | ₹16.87 | ₹14.73 | ₹18.96 | ₹3.90 | ₹23.09 | ₹8.66 | ₹9.06 | ₹7.22 | ₹10.79 | ₹16.84 | ₹5.41 | ₹3.68 |
| Diluted EPS | ₹16.87 | ₹14.73 | ₹18.96 | ₹3.90 | ₹23.09 | ₹8.66 | ₹9.06 | ₹7.22 | ₹10.79 | ₹16.84 | ₹5.41 | ₹3.68 |
Shareholding Pattern of Thermax Limited.
As per the shareholding pattern filed with NSE for the quarter ended Mar 2026, promoters hold 61.98%, foreign institutional investors hold 11.24%, domestic institutional investors hold 15.49%, retail and other public shareholders hold 5.82% of Thermax Limited.. The company had 89,964 shareholders on record.
| Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|
| Promoters | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% |
| Public | 32.56% | 32.56% | 32.56% | 32.55% | 32.55% | 32.55% |
| Employee Trusts | 5.46% | 5.46% | 5.46% | 5.47% | 5.47% | 5.47% |
| Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% |
| Public | 32.56% | 32.55% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% | 32.53% |
| Employee Trusts | 5.46% | 5.47% | 5.48% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% | 5.49% |
| Promoter change (YoY, %pts) | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | +0.00 | - |
Board & Governance of Thermax Limited.
As per the corporate governance filing with NSE for the quarter ended 31-MAR-2026, the board of Thermax Limited. has 9 directors - 6 independent and 1 executive. The board is chaired by MEHER PUDUMJEE.
| Director | Position | On board since | Listed boards |
|---|---|---|---|
| MEHER PUDUMJEE | Non-Executive - Non Independent Director · Chairperson | 2001-01-15 | 1 |
| PHEROZ N PUDUMJEE | Non-Executive - Non Independent Director | 2001-01-15 | 2 |
| HARSH CHARANDAS MARIWALA | Non-Executive - Independent Director | 2016-11-10 | 4 |
| S.B. PANDIT | Non-Executive - Independent Director | 2017-05-30 | 2 |
| RAJANI KESARI | Non-Executive - Independent Director | 2018-11-14 | 1 |
| RAVI SHANKAR GOPINATH | Non-Executive - Independent Director | 2021-11-10 | 2 |
| SHYAMAK RAMYAR TATA | Non-Executive - Independent Director | 2023-10-17 | 4 |
| PARAG C SHAH | Non-Executive - Independent Director | 2024-12-12 | 4 |
| ASHISH BHANDARI | Executive Director · CEO-MD | 2020-09-01 | 1 |
| Committee | Members |
|---|---|
| Audit Committee | SHYAMAK RAMYAR TATA (Chairperson), RAJANI KESARI, PHEROZ N PUDUMJEE, PARAG C SHAH |
| Nomination and remuneration committee | HARSH CHARANDAS MARIWALA (Chairperson), MEHER PUDUMJEE, S.B. PANDIT, RAVI SHANKAR GOPINATH |
| Stakeholders Relationship Committee | PHEROZ N PUDUMJEE (Chairperson), MEHER PUDUMJEE, S.B. PANDIT, ASHISH BHANDARI |
| Risk Management Committee | S.B. PANDIT (Chairperson), PHEROZ N PUDUMJEE, SHYAMAK RAMYAR TATA, RAVI SHANKAR GOPINATH |
| Corporate Social Responsibility Committee | MEHER PUDUMJEE (Chairperson), S.B. PANDIT, SHYAMAK RAMYAR TATA |
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.
| 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.
| Date | Lender | Amount | Status |
|---|---|---|---|
| 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 & EPFO Data of Thermax Limited.
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GST Compliance of Thermax Limited.
GSTIN & GST Filing Data of Thermax Limited.
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Credit Ratings, Litigation & Regulatory Alerts for Thermax Limited.
Credit Ratings, Legal Cases & Regulatory Alerts of Thermax Limited.
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MSME Payment Delays by Thermax Limited.
MSME Payment Delays by Thermax Limited.
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Subsidiaries & Group Companies of Thermax Limited.
Subsidiaries & Group Companies of Thermax Limited.
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MCA Filings & Documents of Thermax Limited.
MCA Filings & Documents of Thermax Limited.
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Recent Activity on Thermax Limited.
Recent News on Thermax Limited.
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 ₹10,641 Cr for FY 2025 (up 11.00% YoY).
The current directors of Thermax Limited. are:
- Meher Pheroz Pudumjee
- Pheroz Pudumjee Naswanjee
- Ravi Shankar Gopinath
- Shyamak Ramyar Tata
- Shashishekhar Pandit Balkrishna
- Rajani Kesari
- Parag Chandulal Shah
- Ashish Bhandari
- Rajendran Arunachalam
- Janhvie Kishor Khele
- Harsh Charandas Mariwala
- Mr Rajendran Arunachalam
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.