16
Manufacturing Facilities
(12 Domestic, 4 International)
About the theme
Our ethos of being a ‘business with a purpose' dates back to our beginnings as a small boiler manufacturer. As Thermax marks 60 years, this belief stands reaffirmed, guiding not only what we do, but how we do it.
Over the decades, as we have evolved into a global energy and environment solutions company, our conviction has remained constant: business can, and must, be a force for good.
Read More Read MoreHeadquartered in Pune, Thermax Limited (NSE: THERMAX) has been at the forefront of the energy and environment sector since 1966. As a trusted partner in the global energy transition, we deliver sustainable solutions to industries across heating, cooling, power generation, and air pollution control.
51
Subsidiaries (29 Domestic,
22 International)
90+
Countries Served
5,832
Permanent Employees
Key Highlights of
FY 2025-26
Rs.10,694 crore
3.1%
Consolidated Revenue
FY 2025-26
Rs.720 crore
14.9%
Consolidated PAT
Rs.13,871 crore
34.2%
Order Booking
In 2025, Thermax marked 30 years since its listing on the National Stock Exchange (NSE) with a ceremonial bell-ringing event in Mumbai. Hosted by the NSE, the occasion was attended by members of the promoter family, the Managing Director & CEO, former and current Board members, senior leaders, customers, and long-standing stakeholders who have contributed to the Company’s growth and evolution over the past three decades.
Thermax Babcock & Wilcox Energy Solutions Limited (TBWES) secured a breakthrough boiler
package supply order valued at approximately Rs. 1,600 crore from a leading thermal power
projects company in Central India for a
1 x 800 MW ultra-supercritical thermal power plant.
Thermax entered into a strategic partnership with HydrogenPro for its proven alkaline electrolyser technology. Under this collaboration, Thermax will have exclusive rights in India for the supply, installation, commissioning, and lifecycle support of HydrogenPro’s electrolyser systems, further strengthening its capabilities in the green hydrogen ecosystem.
Message from the Chairperson
A Legacy of Purpose,
A Legacy of Purpose,
A Future of Possibilities
My Dear Shareholders
"Amidst global uncertainty, India's economic trajectory remained a source of confidence. Real GDP growth held at approximately 7.6%, supported by the government's continued commitment to infrastructure investment, clean energy acceleration and industrial decarbonisation. Policy frameworks around bioenergy adoption, green hydrogen mobilisation, emission reduction norms and energy-efficient manufacturing continue to create direct and specific demand for energy and environmental solutions."
Meher Pudumjee
Chairperson
Stakeholder-Wise Highlights
Delivering Value
Delivering Value
Across Our Ecosystem
Owners and Shareholders
Executing Our Strategy with Purpose
Innovation, sustainability and global expansion remain at the core of our strategic focus, supported by a disciplined, integrated approach aimed at long-term value creation. Grounded in deep customer insight and operational excellence, we are strengthening execution while accelerating investments in digitalisation and advanced manufacturing.
SO1
Innovate for Energy Transition
Introduce products and technologies to help industries bridge the gap between energy availability and energy sustainability.
Focus Areas
- Develop cutting-edge energy transition products
- Foster technology partnerships
- Invest in R&D
SO2
Strengthen Solutions Businesses
Enhance our capabilities to provide long-term utility services.
Focus Areas
- Implement build-own-operate (BOO) model for utility delivery services
- Provide renewable energy solutions
- Offer end-to-end energy management for utilities
SO3
Scale Up Businesses Relating to Sustainability and Urbanisation
Grow our air pollution control, water, cooling and chemicals businesses to offer comprehensive solutions beyond energy transition.
Focus Areas
- Form strategic partnerships and diversify product portfolio
- Establish new growth units
- Expand manufacturing capabilities and capacities
SO4
Drive Digital Transformation
Leverage digitalisation to improve efficiency both internally and externally.
Focus Areas
- Increase digital interventions across processes
- Proliferate customer-centric digital platforms
- Strengthen cybersecurity measures
SO5
Build an Agile, Market Responsive Organisation Structure
Assess evolving market demands and align the organisation with them to optimise business performance and resource management.
Focus Areas
- Solution selling approach
- Accelerate market penetration with unified, cross-business energy transition offerings
- Drive internal changes to mobilise, manage and retain talent
- Foster a performance-driven culture
SO6
Energise the Core
Continue to build on our existing strategic priorities.
Focus Areas
- Increase the share of green offerings
- Grow services portfolio
- Internationalisation
Awards and Accolades
View All
View All
Highlighting Key Achievements
CEO of the Year 2025 – Sustainability
Ashish Bhandari, Managing Director & CEO of Thermax, received the CEO of the Year 2025 award (Sustainability category) from ET Now Machinist at the 11th Super Shopfloor Awards in New Delhi. This recognition acknowledges his leadership in advancing green growth and steering the sustainable transformation of industrial operations.
Sustainable Organisation Award 2025
Vipin Upadhyay, Head – HSE, Thermax, receiving the award at the forum
Thermax received the Sustainable Organisation Award 2025 at the 5th Sustainability Summit & Awards hosted by UBS Forums. The recognition reflects our continued commitment to energy and water conservation, circularity, ESG transparency, and embedding sustainability into everyday business decisions.
Water Positive Certification
Thermax's Sri City manufacturing plant in Andhra Pradesh, India, received the Water Positive Certification from TÜV SÜD, recognising its efforts in conserving, recycling, and replenishing water resources. The certification reflects Thermax's commitment to sustainable water management and responsible green manufacturing practices.
Operational Excellence in Biofuels
Dr. Vasundhara Sen, Head – Regulatory Affairs at Thermax, receiving the award from Mr. Gaurav Kedia, Chairman of Indian Biogas Association (IBA)
Thermax was recognised for Operational Excellence in Biofuels at the International Summit and Expo on Bioenergy Value Chain in Delhi, India. The Company received the JEEV (Journey for Energy, Environment, and Vitality) Award for its impactful contributions to sustainability, innovation, and environmental stewardship.
