Key Highlights of FY 2020-21

Thermax Group recorded a total revenue of Rs. 4,791 crore in FY 2020-21, as compared to Rs. 5,731 crore in FY 2019-20. Profit after tax stood at Rs. 207 crore, compared to Rs. 212 crore in the previous year.

Thermax Group’s MD & CEO, M.S. Unnikrishnan, retired on August 31, 2020; Ashish Bhandari took over the reins of the company as the new MD & CEO with effect from September 1, 2020.

Thermax booked an order of Rs. 320 crore to set up a captive Combined Heat and Power (CHP) plant on EPC basis for a public sector biorefinery company in Assam. The company is developing India’s first biorefinery, to produce cellulosic ethanol from bamboo biomass.

Thermax Babcock & Wilcox Energy Solutions Private Limited (TBWES), a wholly-owned subsidiary of Thermax, signed a know-how transfer and licence agreement with Germany based Steinmüller Babcock Environment GmbH (SBE) for waste to energy technology. Under the agreement, TBWES will design, engineer, manufacture and sell Municipal Solid Waste (MSW) fired waste to energy solutions, by incorporating SBE’s well established grate and boiler technology.

The Chemical segment witnessed its highest ever growth in three years, registering a profit before interest of Rs. 103 crore in FY 2020-21. Additional manufacturing capacity of 10,000 m3 per annum was added to meet the growing demand for specialty chemicals.

Thermax Onsite Energy Solutions Limited (TOESL), a 100% subsidiary providing utility delivery services, concluded its maiden deals for international, multi-utility, cogeneration and treated effluent supply. This translated into more than 3x growth in order booking over the previous fiscal.

Thermax partnered with Defence Research and Development Organisation (DRDO) for the supply of fuel cell stacks, to realise India’s ambition of developing homegrown Air Independent Propulsion system for the Scorpene class submarines of the Indian Navy. A crucial milestone of the programme was the successful demonstration of a land-based prototype to the Indian Navy on March 8, 2021.

The Group announced an agreement with Power Roll, a developer of unique, low-cost and lightweight flexible solar films, to develop the market for solar film in India.

An Energy and Environment Solutions Provider

Thermax offers integrated solutions in the areas of energy and environment – heating, cooling, power, water and waste management, air pollution control and chemicals.


To be a globally respected, high performance organisation offering sustainable solutions in energy and the environment




Honesty and Integrity

Concern for Society and the Environment

Explore About Thermax

Thermax Stakeholder Engagement Framework

Company Responsibility
  • To execute the company’s commitment to its group ethos
Mode of Engagement
  • Customer satisfaction survey, company website, brochures, customer meets, mailers, social media, exhibitions, roadshows, brochures, promotional campaigns, in-house magazine (Fireside), customer programmes (InTouch)
Company Responsibility
  • To have an engaged and committed workforce to drive the organisation towards growth, with the company providing necessary growth opportunities
Mode of Engagement
  • Open forums, online and functional training, people and leadership development, communication blogs, celebrations like Technology Day, Environment Day, Safety Week
Company Responsibility
  • To develop mutually beneficial and long-term relationships
Mode of Engagement
  • Vendor meets, dealer conferences, site visits, selection process, vendor visits, training, vendor surveys, personal communication
Company Responsibility
  • To provide accurate, transparent and timely information, and enable the stakeholder group to make informed investment decisions
Mode of Engagement
  • Quarterly updates, half-yearly updates, annual general meetings, press releases, investor meets and annual reports
Company Responsibility
  • To ensure full compliance and regulatory requirements, thus setting industry benchmarks
Mode of Engagement
  • Government forums, interaction with statutory bodies
Company Responsibility
  • To uplift the communities impacted by the business around the manufacturing facilities and offices
Mode of Engagement
  • Meeting with local communities and NGOs, sustainability related information, education of underprivileged children, campus connect programmes, media

For detailed information on how Thermax engages with its stakeholders, for Social and Relationship Capital and Human Capital click here

Battling the COVID-19 Crisis


The pandemic sharpened the company’s focus on the overall well-being, health and safety of employees.


Thermax is reimagining customer experience, and advancing its capabilities to adapt to the fast changing external environment.

Channel and Vendor Partners

Thermax acknowledges the dedication of its channel and vendor partners, who have been working tirelessly during these challenging times to maintain their supply to the company’s manufacturing sites in India.


In keeping with its long tradition of promoting the well-being of communities, Thermax has been adopting several key measures to battle the pandemic.

Global Presence

*Map not to scale

Manufacturing Units
  • India (10)
  • Indonesia
  • Denmark
  • Germany
  • Poland
Head Office
  • India
International Subsidiaries, Sales and Service
  • Bangladesh
  • Brazil
  • Canada
  • Denmark
  • Egypt
  • Germany
  • India
  • Indonesia
  • Italy
  • Kenya
  • Malaysia
  • Mauritius
  • Myanmar
  • Netherlands
  • Nigeria
  • Philippines
  • Poland
  • Russia
  • Saudi Arabia
  • Senegal
  • Singapore
  • Sri Lanka
  • Tanzania
  • Thailand
  • Vietnam
  • Zambia
  • U.S.A
  • UAE
  • U.K.
  • Turkey