About Thermax Onsite Energy Solutions Limited
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Thermax Onsite Energy Solutions Limited is a public limited company based in Pune, Maharashtra, India, a subsidiary of Thermax Limited.. It operates in the industrial products retail and distribution segment of the machinery and industrial equipment sector. It was incorporated on 14 September 2009 and has been in existence for over 17 years.
The company is registered with the Registrar of Companies (ROC), Pune, under CIN U40109PN2009PLC134659. Its GSTIN is 06AADCT2702L1ZG (Haryana). The company holds 16 GST registrations, of which 14 are active.
The company has an authorised share capital of ₹150 Cr and a paid-up capital of ₹108.28 Cr. It is led by directors including Khushboo Bhatia (Whole-Time Director) and Ashish Bhandari.
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 2023, the company reported a revenue of ₹348.21 Cr, a growth of 60% compared to the previous year. For the same year it recorded a net profit of ₹15.99 Cr (net margin 4.6%) and EBITDA of ₹26.58 Cr (EBITDA margin 7.6%). Revenue has grown at a compounded annual rate (CAGR) of 39% over three years and 40% over five years.
The company has about 109 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.
The company is associated with 1 brand: Thermax. As per MCA filings, the company has open charges of ₹180 Cr and satisfied charges of ₹18.16 Cr on record. The company has 4 deals on record (3 acquisitions, 1 rights issue); the latest was in July 2023. The company has 27 MSME Form 1 returns on record between 2019 and 2024, listing 2,428 overdue payments to 221 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
Contact details
Thermax Onsite Energy Solutions 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
- Social Media
- Registered AddressThermax House 14 Mumbai Pune Road Wakdewadi, Maharashtra, India – 411003
- IndustryMachinery and Equipment, Industrial Products Retail & Distribution
To see the full contact details of Thermax Onsite Energy Solutions Limited, buy the company report.
- 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
Brands
Thermax Onsite Energy Solutions operates one associated brand: Thermax. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Energy and environmental solutions are provided for industrial sectors. | thermaxglobal.com |
Financials of Thermax Onsite Energy Solutions Limited
FY 2025 filings availableThermax Onsite Energy Solutions Limited reported revenue of ₹348.21 Cr (up 60% YoY) for FY 2023.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 40% over five years, including 60% growth in the latest year. EBITDA rose 28% 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
| Metrics | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | ₹348.21 Cr | ||||
| Other Income | |||||
| Total Revenue | |||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹26.58 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹15.99 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
| Net Worth (Total Equity) | |||||
| Long-term Borrowings | |||||
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| Trade Payables | |||||
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| Fixed Assets | |||||
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| Inventories | |||||
| Trade Receivables | |||||
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| Total Assets | |||||
Financial Ratios
| Metrics | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 7.6% | ||||
| Net Profit Margin | 4.6% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
| Liquidity and Debt | |||||
| Current Ratio | |||||
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| Efficiency and Growth | |||||
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| Receivable Days | |||||
| Payable Days | |||||
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| Revenue Growth | |||||
| Net Profit Growth | |||||
To see the full financial statements and ratios of Thermax Onsite Energy Solutions Limited, buy the company report.
Board of directors of Thermax Onsite Energy Solutions Limited
Thermax Onsite Energy Solutions has 4 current directors and 19 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Ashish Bhandari Also directs: Thermax Limited., Thermax Babcock & Wilcox Energy Solutions Limited, First Energy Private Limited and 1 more | Director | 08 Jun 2020 | 6 Years 5 Months | Current |
| Rajendran Arunachalam Also directs: Thermax Babcock & Wilcox Energy Solutions Limited, First Energy Private Limited, Fortmax Chemicals India Private Limited and 1 more | Director | 29 Jul 2019 | 7 Years 3 Months | Current |
| Arun Unni | Director | 27 Nov 2024 | 1 Years 11 Months | Current |
| Khushboo Bhatia Also directs: Enernxt Private Limited | Whole-Time Director | 30 Dec 2024 | 1 Years 10 Months | Current |
Auditor
Thermax Onsite Energy Solutions Limited is audited by S R B C & CO LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| S R B C & CO LLP | FY 2023 | 324982E/E300003 |
Shareholding
The shareholding of Thermax Onsite Energy Solutions Limited is on record for 5 financial years, the latest being FY 2024, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Thermax Onsite Energy Solutions Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 27 May 2024 | 100927609 | Others | ₹30 Cr | Open | |
| 06 Aug 2020 | 100362433 | The Hongkong and Shanghai Banking Corporation Limited | ₹150 Cr | Open | |
| 24 Dec 2019 | 100317235 | The Hongkong and Shanghai Banking Corporation Limited | ₹4.16 Cr | Satisfied | |
| 23 May 2014 | 10515458 | Tata Capital Financial Services Limited | ₹14 Cr | Satisfied |
To see the full charge records of Thermax Onsite Energy Solutions Limited, buy the company report.
Total charge records: 4 View all charges
Deals & funding
Thermax Onsite Energy Solutions Limited has 4 deals on record (3 acquisitions, 1 rights issue); the latest was in July 2023.
Deals on record (4 of 4)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jul 2023 | Rights issue | ₹36 Cr | Investors: Thermax Limited. |
| Mar 2021 | Acquisition | ₹53.63 Cr | Buyer: Thermax Limited. |
| Mar 2013 | Acquisition | ₹15 Cr | Buyer: Thermax Limited. |
| Oct 2010 | Acquisition | ₹3.6 Cr | Buyer: Thermax Limited. |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
No court or tribunal cases involving Thermax Onsite Energy Solutions Limited are on our record; a case search with case numbers, parties and status is in the company report Buy the company report.
Credit ratings & regulatory alerts
Thermax Onsite Energy Solutions Limited was last rated by Icra on 29 Jan 2021.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 29 Jan 2021 |
To see the full credit ratings and regulatory alerts of Thermax Onsite Energy Solutions Limited, buy the company report.
MSME payment delays
Thermax Onsite Energy Solutions Limited has 27 MSME Form 1 returns on record between 2019 and 2024, listing 2,428 overdue payments to 221 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 221)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Decon Equipments and Systems Private Limited | |||
| Goenka Rockwool (India) Private Limited | |||
| Godawari Briquettes Private Limited | |||
| an individual supplier | |||
| Hariom Agro Industries |
To see the full MSME payment records of Thermax Onsite Energy Solutions Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Thermax Onsite Energy Solutions has 1 subsidiary company. This group structure data is as of FY 2024. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| Enernxt Private Limited | U40107PN2021PTC197447 |
To see the full group structure of Thermax Onsite Energy Solutions Limited, buy the company report.
Employees & EPFO
Thermax Onsite Energy Solutions Limited has a workforce of 109 employees on its EPFO records as of Apr 05, 2024, across 1 active EPFO establishment.
GST
Thermax Onsite Energy Solutions has 16 GST registrations: 14 active and 2 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 06AADCT2702L1ZG | Haryana | Active | 01 Jul 2017 |
| 09AADCT2702L1ZA | Uttar Pradesh | Active | 01 Jul 2017 |
| 10AADCT2702L1ZR | Bihar | Active | 01 Jul 2017 |
| 19AADCT2702L1Z9 | West Bengal | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Thermax Onsite Energy Solutions Limited, buy the company report.
Recent activity
Thermax Onsite Energy Solutions Limited has 20 board changes on record since 2009: 4 appointments and 16 cessations. The latest: Arun Unni ceased to be Additional Director on 20 Jul 2025.
18 earlier events are in the company report.
News
Frequently asked questions
Thermax Onsite Energy Solutions is an active public limited company based in Pune, Maharashtra, India. The company works in industrial products retail and distribution, within the machinery and equipment industry. It was incorporated on 14 September 2009 (17+ years old) and is registered under CIN U40109PN2009PLC134659.
Thermax Onsite Energy Solutions has 4 current directors:
- Khushboo Bhatia - Whole-Time Director
- Ashish Bhandari - Director
- Rajendran Arunachalam - Director
- Arun Unni - Director
The latest financial statements of Thermax Onsite Energy Solutions on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 21 July 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Thermax Onsite Energy Solutions is 06AADCT2702L1ZG, registered in Haryana. The company has 16 GST registrations in all, of which 14 are active and 2 are cancelled or inactive. Other active GSTINs include 09AADCT2702L1ZA (Uttar Pradesh), 10AADCT2702L1ZR (Bihar), 19AADCT2702L1Z9 (West Bengal).
The CIN (Corporate Identification Number) of Thermax Onsite Energy Solutions is U40109PN2009PLC134659. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Thermax Onsite Energy Solutions was incorporated on 14 September 2009, making it 17+ years old. It is registered with the Registrar of Companies, Pune.
Thermax Onsite Energy Solutions has 4 deals on record (3 acquisitions, 1 rights issue); the latest was in July 2023.
Arun Unni ceased to be Additional Director on 20 Jul 2025. Deepak Joshi ceased to be CFO on 31 Mar 2025. Khushboo Bhatia was appointed as Whole-Time Director on 30 Dec 2024. Thermax Onsite Energy Solutions has 20 board changes on record in total.
Thermax Onsite Energy Solutions has 27 MSME Form 1 returns on record between 2019 and 2024, listing 2,428 overdue payments to 221 micro and small suppliers. The latest return was filed on 24 Apr 2024.
Thermax Onsite Energy Solutions can be reached through the website thermaxglobal.com. Its registered office is in Pune, Maharashtra, India.
The registered office of Thermax Onsite Energy Solutions is at Thermax House 14 Mumbai Pune Road Wakdewadi, Maharashtra, India – 411003.
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