The cumulative value of our Intellectual Capital has improved over the years. The capital refers to our knowledge base as well as patents, copyrights, licenses, systems, software, and procedures, along with our R&D policies. Based on our evolving business strategy, we are constantly strengthening this capital by inculcating business model innovations and R&D, which support the development of our products and technological processes.

Key Highlights of FY 2021-22

New Product Launches

CuBe, Revomax Nxt, FlexiSource


Sales Portal, Thermax Edge,
Dealer Management System

Interlinkage with Other Capitals

SDGs Impacted

Strategies Impacted




We are harnessing our Intellectual Capital by investing in advanced and disruptive technologies to create sustainable solutions for a better tomorrow. Our investment in smart technologies is aimed at enhancing the existing business delivery. We are building our innovation capabilities through our Research, Technology and Innovation Centre (RTIC), with a talented team of 137 R&D engineers and scientists. We aim to work on new, world-class technologies to improve resource productivity, while our multi-sectoral technical prowess helps customers cut down on carbon and water footprint.

Clean Technology for a Greener Planet


We subscribe to a greener and cleaner environment by propelling medium and heavy commercial vehicles to become more fuel-efficient. Developed by the RTIC team, the unequalled T-HVAC (Thermal Heating, Ventilation and Air Conditioning), a waste heat recovery product for the automobile sector, aims to deliver 5-8% fuel savings.

Globally, on-road testing and performance benefit analysis were done on the bus of a major European OEM. Recently, a 32 kW capacity T-HVAC unit was installed on a popular bus model, in conjunction with one of India’s leading commercial vehicle OEMs. Further, we are working towards the development of a commercially ready-to-use product, ensuring faster adoption of the advanced technology.

ii. CDI Technology for Water Treatment

The capacitive deinonisation (CDI) technology is a substitute for reverse osmosis (RO) in the process of treating drinking water. This helps to generate three times lower reject water than RO. The treatment also ensures that vital salts like calcium, magnesium and zinc are not removed from water. Further, energy consumption is also reduced by 30%. As on date, field trials of five units stand completed, and the commercialisation activity is underway.

Digitalisation for a Better Tomorrow

At Thermax, we have set up a digital and analytics (DnA) garage to conceive and implement a set of solutions to leverage digitalisation with a keen focus on customer processes.

i. Thermax Edge

This is a customised platform which specialises in bringing the breadth of our services to the fingertips of customers. The portal’s uncluttered landing page provides all the information in one place, such as installations, asset lifecycle and order history. Thermax Edge has been built on three key cornerstones with the customer in mind.

ii. Sales Portal

iii. Dealer Management System (DMS)

DMS is a platform for our channel associates to simplify processes.

Integrated with channel partners’ Tally and other accounting system and customised to suit business needs

Integrated with Oracle and SAP ERPs to align despatches and product sale with DMS

Integrated with a custom balanced scorecard solution to provide channel partners with specific rating and a detailed performance scorecard

Enhancing Digital Presence

i. FEPL website and social media pages

We constructed an exclusive website for our wholly-owned subsidiary, First Energy Private Limited, to connect with customers and understand their requirements in a better way. We also leveraged the social media platform and created LinkedIn, Facebook and Twitter pages to provide the customers and readers with regular updates and a comprehensive overview of our renewable energy offerings.

For more details, click here

ii. Campaign on
#ThermaxForABetter Tomorrow

Human pressure on the environment has soared. Ecosystems, the fabric of life on which we all depend, are declining rapidly because of human actions. Hence, the risks posed by climate change have been demanding greater industrial sustainability. As an energy and environment solutions provider, we have a significant role to play in addressing these existential threats and building a more sustainable and hopeful future. With this sustainability campaign, we aim to spread awareness on environmental sensitivity and the need for sustainable solutions to conserve natural resources and align them with our brand promise of ‘Conserving Resources, Preserving the Future’.

For more details, click here

iii. Campaign on

Through #ZeroWeGo, our move towards reviving a healthier and greener world begins with the fundamental aspect of reduced emissions. As a thought leader of sustainability and energy savings, Thermax intends to inspire and encourage industries to incorporate zero-emission solutions, such as the vapour absorption machine (VAM), to realise their net zero dream. Its major goal is to position absorption cooling as a viable candidate for industries and commercial complexes’ cooling requirements.

For more details, click here

iv. YouTube Revamp

The digital space of today is dynamic with search engine updates, website trends, new and evolving features and functionalities. To stay abreast with the latest trends, our Company’s YouTube channel has been revamped to provide a seamless experience to the users. The YouTube channel showcases new product launches, product videos, leadership talks, Life at Thermax and news features.

For more details, click here

Thermax Finance Services (TFS)

Thermax Finance Services (TFS) changed the financial transaction processing of all the domestic group companies, bringing about a significant transformation in the Company’s finance division.

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

Advanced Technologies for a Better Tomorrow

i. CuBe

The Water and Waste Solutions division launched CuBe, a completely modularised and aesthetically appealing sewage treatment plant. This is a pre-fabricated and pre-assembled sequential batch reactor with completely automated features. The product is available in 10, 20, 30 and 50 KLD capacities, turning it into a perfect solution for commercial and residential segments.

For more details, click here

ii. Revomax Nxt

Revomax Nxt is an efficient instant steam generator preferred by various process industries. It has been geared up with higher system efficiency and improved dryness fraction to elevate its performance for customers’ processes through world-class aesthetics and ergonomic design.

For more details, click here

iii. Gasification

India has one of the highest coal reserves in the world, most of which is high ash coal. The utilisation of Indian coal through the gasification route is a promising way of achieving India’s energy security. The flue gas (commonly known as Syngas) produced from coal can be utilised to indigenously produce fuels like ethanol, methanol and various downstream chemicals. Hence, Indian coal can substitute import of crude oil in the future. At Thermax, we have taken strenuous efforts for over a decade to develop the most appropriate coal gasification technology suitable for high-ash Indian coal. Multiple pilot-scale gasifier projects have been conceptualised, designed and installed in collaboration with IIT Delhi. At Thermax, we are all geared to demonstrate our gasification technology at a commercial scale.

iv. FlexiSource

The world’s commitment towards net-zero is leading to an increased demand for adaptive changes towards decarbonisation. Thermax Babcock & Wilcox Energy Solutions Limited (TBWES) launched FlexiSource, which can efficiently combust multi-waste fuels and provide high flexibility to customers, thereby achieving high efficiency.

For more details, click here