Reporting Approach

The terms ‘Thermax’, ‘Thermax Group’, ‘the Group’, ‘the Company’, ‘your Company’, ‘we’, ‘our’ and ‘us’ refer to Thermax Limited.

Developed in accordance with the International Integrated Reporting Council’s (IIRC) <IR> framework, Thermax Limited is pleased to present its Integrated Report for FY 2021-22. The Report provides key insights into how the Company creates value in the short, medium and long-term for its stakeholders.

In addition to this and as mandated by SEBI, stakeholder relevant performance is also reported by Thermax through a Business Responsibility Report. Both reports have been combined to avoid duplication and ensure comprehensive yet concise information to all shareholders.

As a Company, we are committed to achieving the highest governance standards essential for sustainable value creation. This is reflected in our reporting philosophy which is founded on the principles of accountability, transparency, accuracy, integrity, responsibility and compliance.

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. Disclosures pertaining to the period April 1, 2021, to March 31, 2022, are also covered under this Report, unless stated otherwise.

Responsibility Statement

The management has evaluated the contents presented in the Report and assured its integrity to the best of its knowledge in the capacity of Those Charged With Governance (TCWG). The publication of this Report has been approved by the management on May 20, 2022.

Forward-looking Statements

Certain statements in this Report regarding Thermax’s business operations may constitute forward-looking statements. While these statements reflect the Company’s 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.


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

Future Generations

Feedback and Suggestions

We welcome your feedback and suggestions on this Report.

You may email us at cservice@thermaxglobal.com

Strategic Objectives

SO1: Increase the share of green offerings

SO2: Grow products and services portfolio

SO3: Focus on internationalisation

Approach to Materiality

Identifying material issues and priority matrix showing current status and future path

Evaluating current status

Mapping ambitions against issues

Identifying key actionable areas

Sustainable Development Goals