Thermax Ltd is an Indian multinational engineering conglomerate, involved in clean air, clean energy, and clean water, headquartered in Pune. Thermax was founded by A. S. Bhathena in 1966 as Wanson India Ltd, manufacturing package boilers. In February 1995, the company went public and listed on the Bombay Stock Exchange. Incorporated in 1966, Thermax Group is a 1 billion US$ company headquartered in Pune, India.
Over the years, it has grown into a leading conglomerate in the energy and environment space and a trusted partner in energy transition. Strategically spreading its operations to 90+ countries while catering to a gamut of industries, the company offers integrated solutions in heating, cooling, power generation, water treatment and recycling, air pollution control, and chemicals with a focus on ensuring clean air, clean energy, and clean water.
The company operates through four reportable segments which are industrial products, industrial infra, green solutions, and chemicals. It earns the majority of its revenue from the Industrial Infra segment.
The Industrial Products segment, which accounts for 40% in Q2 FY25, focuses on small capacity boilers and heating equipment, absorption chillers, heat pumps, air pollution control equipment, and water treatment solutions. The segment revenue grew by 55% between FY22 and FY24, supported by strong growth in the metal, cement, and food & beverage sectors.
The company offers vapor absorption and hybrid chillers, triple effect chillers, chiller-heaters, heat pumps, heat pump chillers, and heat transformers; evaporative condensers, closed loop cooling towers, adiabatic and dry coolers, and air-cooled heat exchangers; industrial refrigeration; and renewable energy solutions. It also provides biomass-fired, fixed plate, spent wash-fired, waste-to-energy, oil and gas-fired, lean gas-fired, waste heat recovery, and steam boilers; waste heat recovery units; fired heaters and process furnaces; thermic fluid, hot air, and hot water heaters; and waste heat recovery.
It serves automobiles, cement, chemicals and fertilizers, commercial/construction, dairy, distillery, paper and pulp, pharmaceuticals, plywood, power generation, food, refineries and petrochemicals, soft beverages, metals, sugar, textiles, and tyre industries.
Today, Thermax has a sales and service network spread over Asia, South East Asia, the Middle East, Africa, Europe, and the Americas. It operates globally through 34 international and 22 domestic offices, and has 14 manufacturing facilities – 10 of which are in India and four overseas.
The solutions, products, and services developed by Thermax help industries achieve better resource productivity and improve bottom line while maintaining a cleaner environment.
Thermax Ltd announced a 700% dividend of ₹14 per share for FY 2024-25, alongside a 10% rise in Q4 net profit to ₹206 Crore. Revenue increased to ₹3,085 Crore, though results missed estimates due to higher costs. The record date for the dividend is set for July 4, 2025.
Q4 FY25 Results:
* Net profit jumped 8.09% to ₹205.90 Crore in Q4 FY25, as against ₹190.33 Crore posted in Q4 FY24.
* Revenue from operations grew by 11.62% YoY to ₹3,084.93 Crore in the quarter ended March 31, 2025.
* The order booking for the quarter declined by 6% to ₹1,526 Crore, compared to ₹1,623 Crore in the same period last year.
* The order backlog as of March 31, 2025, stood at ₹6,026 Crore, a decrease of 3% from ₹6,213 Crore.
Annual Performance FY25:
* Sales rose 11.43% to ₹10,388.69 Crore in the year ended March 2025, as against ₹9,323.46 Crore during the previous year ended March 2024.
* Net profit declined 1.68% to ₹634.47 Crore in the year ended March 2025, as against ₹645.28 Crore during the previous year ended March 2024.
Market Cap ₹40,699 Crore as of recent data from Screener, while Thermax Ltd has a market capitalization of ₹41,665 Crore as per Business Standard. The Thermax Ltd's 52-week high share price is ₹5,835.00 and 52-week low share price is ₹2,930.05.
Promoter holding in Thermax Ltd has remained stable at 61.98% as of March 2025 (unchanged from June 2024). The company has a low return on equity of 13.3% over the last 3 years.
The board has approved the re-appointment of Ashish Bhandari as managing director, chief executive officer, and key managerial personnel of the company for a further term of five years, effective from September 1, 2025, to August 31, 2030.
Thermax's most recent deal was a Merger/Acquisition with Buildtech Products on December 20, 2024.
Appointed Ms. Sangeet Hunjan as Company Secretary and Compliance Officer effective June 27, 2025.
Thermax is positioned as a key player in India's energy transition journey. Thermax, with its integrated energy and environment solutions, is helping India unlock the energy potential of Bio-CNG, Green Hydrogen, coal gasification, waste-to-energy, and waste heat recovery.
The company has been actively pursuing green initiatives, including Green Hydrogen projects. Thermax recently ventured to explore green hydrogen projects, including new manufacturing facilities, in India. Thermax is also aligned to the Indian government's National Green Hydrogen Mission and ammonia/hydrogen policies.
Received the prestigious IMD Global Family Business Award 2023 at the 32nd Family Business Network (FBN) Global Summit held in Paris, France. Chosen amongst leading family businesses worldwide, this accolade underscores Thermax's excellence as a family enterprise not just in India but also as a benchmark globally.
Thermax, a leading energy and environment solutions provider, is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control, and chemicals. Thermax has manufacturing facilities in India, Europe, and Southeast Asia.
Thermax Limited is a subsidiary of RDA Holdings Private Limited. The company continues to strengthen its position in the energy and environment space while maintaining focus on sustainable growth and technological innovation.
