Financial Capital

Financial Capital is a critical input in the conduct of our business activity which helps us to leverage the value of other capitals. It represents the surplus funds generated from business operations and financial activities, which are further utilised in infrastructure development, technologies, manufacturing, working capital, marketing, overall development, and talent retention.

Rs. 6,128 crore


Rs. 456 crore

Operational EBITDA

Rs. 312 crore


Manufactured Capital

Manufactured Capital comprises the tangible and intangible infrastructure used for value creation and is represented by our manufacturing facilities, offices, physical assets and logistics facilities.


Green portfolio

785 MW

Total power generated

4.89 times

Fixed asset turnover ratio

Human Capital

Human Capital indicates the economic value of our employees’ work experience, and well-being. It includes intangible assets like education, training, skills, knowledge, intelligence, health and traits like loyalty and punctuality, enabling Thermax to deliver on its corporate vision.


Employees with tenure of over 10 years

Rs. 3.3

Value added per rupee of employee cost


Lost time injury frequency rate (LTIFR)

Intellectual Capital

Intellectual Capital refers to the collective knowledge, research, thought leadership and intellectual property that supports our business activities. It also includes our innovation quotient, world-class technology and robust processes to improve process efficiencies and optimise resource utilisation.

Patents applied 11

Total granted 14


No. of equipment with remote monitoring functionality


Customer processes digitalised

Social & Relationship Capital

Social and Relationship Capital refers to the value derived from the long-term and trust-based relationships established with our customers, investors, suppliers and the communities we operate within. We align our social interventions with the United Nation’s Sustainable Development Goals (SDGs).


No. of direct beneficiaries of CSR initiatives


No. of active MSME suppliers


No. of student beneficiaries

Natural Capital

Natural Capital refers to the renewable and non-renewable natural resources like raw materials, energy, land and water, and processes directed towards conservation and footprint reduction. With sustainability as our core, we invest significantly in Natural Capital, as it directly contributes to our economic turnover and in delivering stakeholder value.

20,551 GJ

Energy savings

2,362 tCO2e

Carbon emissions reduced

2,24,488 m3

Water reused and recycled