About this Integrated Report

Reporting Approach

Thermax Limited is pleased to present its FY2021 Integrated Report, which aims to provide its shareholders with a balanced insight into how the company’s business creates value in the short, medium and long-term. As a company, it is committed to achieving the highest governance standards essential for sustainable value creation. Thermax’s reporting philosophy is founded on the principles of accountability, transparency, accuracy, integrity, responsibility and compliance. The report is prepared in accordance with the International Integrated Reporting Council’s (IIRC) <IR> framework. Since 2016, Thermax has been reporting stakeholder relevant performance through a Business Responsibility Report, as required by SEBI. The company has combined these two reports to avoid duplication. It also believes that this reporting approach enables a comprehensive but concise coverage of stakeholder relevant information.

Framework, Guidelines and Standards

The report covers key performance indicators in line with the <IR> framework. It also links the company’s capital-wise performance to the United Nations Sustainable Development Goals (UN SDGs). Sections of the document also comply with the requirements of the Companies Act, 2013 (and the rules made thereunder); Indian Accounting Standards; the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015; and the Secretarial Standards issued by the Institute of Company Secretaries of India. Stakeholders are encouraged to read them in conjunction with the contents prepared using the <IR> format, to get a holistic view of the company’s annual performance.

Boundary and Scope of Reporting

The report covers information pertaining to, but not limited to, manufacturing facilities, products and solutions, operations and maintenance, office premises of the Thermax Group and its material subsidiaries. The report contains disclosures that pertain to the period April 1, 2020, to March 31, 2021, unless stated otherwise.

Responsibility Statement

As Those Charged With Governance (TCWG), the management has evaluated the contents presented in the report and assured its integrity to the best of its knowledge. The management has approved the publication of this report on May 25, 2021.

Forward-looking Statements

Certain statements in this report regarding Thermax’s business operations may constitute forward-looking statements. While these statements reflect its future expectations, it is important to remain mindful that a number of risks, uncertainties and other important factors could cause actual results to differ materially from the company’s expectations.

How to Read the Report


Financial Capital

Manufactured Capital

Intellectual Capital

Human Capital

Social and Relationship Capital

Natural Capital




Vendors and Business Partners

Owners and Shareholders

Government Authorities

Communities and Academic Groups

Feedback and Suggestions

We welcome your feedback and suggestions on this report. You may email us at cservice@thermaxglobal.com