At Thermax, our focussed investments in the business supported our key objectives and helped create a business where purpose and profits are aligned. During the year, we propelled our investment proposition forward with an integrated value chain, a multi-sector approach and our talented team. The collective strength of our balance sheet, judicious risk management and an astute focus on cash conservation led us to build a significant cost advantage and deliver strong returns.

Key Highlights of FY 2021-22

Rs. 31.25 crore

Investment in R&D

Rs. 18.2 crore

Investment in digitalisation

Rs. 26 crore

Investment made in First Energy Private Limited

Interlinkage with Other Capitals

SDGs Impacted

Strategies Impacted




Our Financial Capital strategy is aligned towards building a robust balance sheet, maintaining an effective capital structure and minimising risk exposure. This capital has a significant influence on other capitals and is leveraged adequately to gainfully create value. Cash generated, debt and equity financing are utilised to optimise returns from our operations.

Investments in R&D and Green Initiatives

Being set on a journey towards energy transition, we continue to remain focussed on differentiated programmes with innovative outcomes that will create a positive impact on the environment. During the year, we embarked on a number of such initiatives to become a champion in the energy transition space. One such initiative was the setting up of a wholly-owned subsidiary, First Energy Private Limited, through which we endeavour to boost our capabilities in green energy and accelerate our customers’ decarbonisation journey.

Digital Future-readiness for a Better Tomorrow

During the year, we further expanded our digital capabilities to build an organisation that drives excellence, inclusivity and innovation. We acquired 15.16% stake in ExactSpace, which provides artificial intelligence (AI) and internet of things (IoT) solutions in the energy market. Its proven expertise will help us deliver superior customer support and increase our share of service offerings. Investment in ThermaxNXT, a transformation project for scaling up identified businesses, has witnessed growth. DnA Garage, an initiative under ThermaxNXT, launched the Dealer Management System, Sales Portal and Customer Portal (Thermax Edge).

Decentralising Finance Processes

Ushering in another transformational change, we launched Thermax Finance Services (TFS) to decentralise our finance processes and deliver better business support. Digitalisation of processes is targeted towards inculcating cost efficiency, productivity and scalability, and deriving business benefits. TFS has strengthened our ability to respond to internal and external customers across all our 22 domestic business set-ups.

Key benefits include:

Faster processing of vendor bills as per the defined timeline

Help desk to address queries

Discounting programmes for early cash flows

For more details, refer to the chapter on Intellectual Capital, click here

Other Financial Highlights

The Board recommended a dividend of Rs. 9 per share for FY 2021-22, demonstrating our commitment to return the value created to our shareholders.

Other Initiatives Include:



Flexible solar
PV films



For more details, refer to the chapter on Intellectual Capital, click here

Hon’ble Dr. V K Saraswat, member of NITI Aayog, inaugurates the Indian high ash coal gasification facility for methanol production, a collaborative project of Thermax and IIT Delhi

Key Financial Indices

Thermax Group

Order Booking

(Rs. in crore)

Profit After Tax

(Rs. in crore)

Order Balance

(Rs. in crore)

Earnings Per Share (EPS)


International Order Booking

(Rs. in crore)

Cash and Cash Equivalent
(Including Current Investments)

(Rs. in crore)

Revenue from Operations
(Excluding Excise Duty/GST)

(Rs. in crore)

International Revenue

(Rs. in crore)

Financials at a Glance

Thermax Group

# Figures have been reclassified as per Indian Accounting Standards (“IND AS”) as prescribed by Ministry of Corporate Affairs
* It is the interim dividend paid to shareholders