THERMAX
500411Announcement under Regulation 30 (LODR)-Earnings Call Transcript
Thermax Limited has submitted before the Exchanges transcript of the earnings call held on Friday, July 31, 2026.
Thermax Ltd is a leading Indian engineering company specializing in energy and environment solutions. Founded in 1966 and headquartered in Pune, India, the company provides integrated solutions across heating, cooling, water and waste management, air pollution control, and chemicals for industrial and commercial clients. Thermax's offerings include products and services for power generation, water treatment, pollution control, and chemicals, addressing customers in over 90 countries and across a range of industries including power, oil & gas, cement, food & beverage, and pharmaceuticals.
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
Thermax Limited has submitted before the Exchanges transcript of the earnings call held on Friday, July 31, 2026.
Thermax Ltd
About
Thermax Ltd is a leading Indian engineering company specializing in energy and environment solutions. Founded in 1966 and headquartered in Pune, India, the company provides integrated solutions across heating, cooling, water and waste management, air pollution control, and chemicals for industrial and commercial clients. Thermax's offerings include products and services for power generation, water treatment, pollution control, and chemicals, addressing customers in over 90 countries and across a range of industries including power, oil & gas, cement, food & beverage, and pharmaceuticals.
With a strong focus on sustainability and green technologies, Thermax's business model is built around efficient resource use and environmentally-forward solutions. Its R&D and technical collaborations aim to address global energy and emission challenges, positioning the company as a pioneer in clean energy and water management solutions.
Business Model & Strategy
Thermax Ltd earns revenue primarily through turnkey project engineering, procurement, and construction (EPC) contracts, along with product sales and after-sales service in areas such as industrial boilers, chillers, water treatment, and pollution control systems. The company operates through key segments: Energy (boilers & heaters), Environment (air pollution control, water & waste solutions), and Chemical (specialty chemicals and performance-improving solutions). It leverages cross-sector expertise—integrating renewables, hybrid energy, and waste-to-resource models—to capture market opportunities in decarbonization, energy efficiency, and stricter environmental regulations.
Thermax's growth strategy centers on expanding global operations, investing in R&D for sustainable products, forging alliances for market reach and technology, and selectively pursuing acquisitions. Increasing after-sales and service revenues, recurring AMC contracts, and digitalization initiatives are long-term drivers of operational resilience and profitability.
Management Overview
11 MembersMrs.MEHER PUDUMJEE
Non-Executive - Non Independent Director-Chairperson related to PromoterMr.PHEROZ N PUDUMJEE
Non-Executive - Non Independent DirectorMr.HARSH CHARANDAS MARIWALA
Non-Executive - Independent DirectorMr.S.B. PANDIT
Non-Executive - Independent DirectorMrs.RAJANI KESARI
Non-Executive - Independent DirectorMr.RAVI SHANKAR GOPINATH
Non-Executive - Independent DirectorMr.SHYAMAK RAMYAR TATA
Non-Executive - Independent DirectorMr.PARAG C SHAH
Non-Executive - Independent DirectorMr.ASHISH BHANDARI
Executive Director-CEO-MDMr.Rajendran Arunachalam
Group Chief Financial OfficerMs.Sangeet Hunjan
Company Secretary & Compliance OfficerAwards & Recognition
5 Awards- Featured in 'Forbes Asia's Best Under a Billion' 2023
- Rated among 'India's Most Trusted Brands' by Brand Equity Survey 2024
- Recognized for leadership in low-carbon energy solutions at the CII National Energy Leadership Awards 2024
- Consistent high performer in CRISIL ESG ratings (2023, 2024)
- Received 'Excellent Energy Efficient Unit' at the CII Energy Efficiency Awards 2024
Market Information
Company Timeline
58+ Years of Excellence | 7 Major Milestones
Thermax Ltd founded in Pune, India
Diversification into energy and environment solutions
Initial Public Offering (IPO) and BSE/NSE listing
Acquisition of Danstoker A/S (Denmark) to expand European footprint
Commissioned one of India's first integrated waste-to-energy projects
Launched advanced bio-energy systems to support carbon neutrality initiatives
Recognized for ESG leadership; announced digitalization and green technology initiatives
The Next Evolution
Contact Information
Registered Office
D-13, MIDC, Industrial Area, R D Aga Road Chinchwad
Tel: 020-66122100 / 27475941 / 25542122,
Fax: 020-27472049 / 25541226,
Email: igkcpl@karvy.com
Website: thermaxglobal.com
Corporate Actions
13| Purpose | Ex Date | Record Date | BC Start | BC End |
|---|---|---|---|---|
Final Dividend ₹14 per share | 03 Jul 2026 Friday | 03 Jul 2026 Friday | - | - |
Special Dividend ₹6 per share | 03 Jul 2026 Friday | 03 Jul 2026 Friday | - | - |
Final Dividend ₹14 per share | 04 Jul 2025 Friday | 04 Jul 2025 Friday | - | - |
Dividend ₹12 per share | 05 Jul 2024 Friday | 05 Jul 2024 Friday | - | - |
Dividend ₹10 per share | 21 Jul 2023 Friday | 21 Jul 2023 Friday | - | - |
Dividend ₹9 per share | 21 Jul 2022 Thursday | 22 Jul 2022 Friday | - | - |
Final Dividend ₹7 per share | 22 Jul 2021 Thursday | 23 Jul 2021 Friday | - | - |
Interim Dividend ₹7 per share | 20 Mar 2020 Friday | 23 Mar 2020 Monday | - | - |
Dividend ₹7 per share | 25 Jul 2019 Thursday | 27 Jul 2019 Saturday | - | - |
Dividend ₹6 per share | 26 Jul 2018 Thursday | - | 30 Jul 2018 Monday | 08 Aug 2018 Wednesday |
Dividend ₹6 per share | 27 Jul 2017 Thursday | - | 29 Jul 2017 Saturday | 08 Aug 2017 Tuesday |
Dividend ₹6 per share | 28 Jul 2016 Thursday | - | 01 Aug 2016 Monday | 10 Aug 2016 Wednesday |
Dividend ₹7 per share | 16 Jul 2015 Thursday | - | 20 Jul 2015 Monday | 28 Jul 2015 Tuesday |
₹46,483 Cr.
₹3,893
₹5,278 / 2,743
74.09
₹468.22
8.33
₹52.66
₹2.00
0.51 %
Manage Ratio
FINANCIALS
| Annual Results | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | - | - | - | 6,123 | 5,831 | 4,899 | 6,255 | 8,250 | 9,556 | 10,641 | 10,962 | 11,109 |
| Expenses | - | - | - | 5,622 | 5,457 | 4,571 | 5,845 | 7,647 | 8,762 | 9,756 | 10,015 | 10,332 |
| Profit | - | - | - | 325 | 212 | 207 | 312 | 451 | 643 | 627 | 720 | 591 |
| Tax | - | - | - | 85 | 162 | 69 | 98 | 152 | 226 | 258 | 288 | 248 |
| EPS | - | - | - | 29 | 19 | 18 | 28 | 40 | 57 | 56 | 64 | 2.24 |
| Ratios | - |
Cash Flow
Consolidated Figures in Rs. Crores
| Annual Balance Sheet | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | - |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | - | - | - | 6,800 | 5,956 | 6,507 | 7,461 | 8,839 | 10,153 | 12,038 | 13,282 | - |
| Equity And Liabilities | - | - | - | 6,800 | 5,956 | 6,507 | 7,461 | 8,839 | 10,153 | 12,038 | 13,282 | - |
Shareholding Pattern
Numbers in Percentages
| Quarterly SHP Announcement Date | Mar 2016 12 Apr '16 | Mar 2017 31 Mar '17 | Mar 2018 31 Mar '18 | Mar 2019 11 Apr '19 | Mar 2020 27 Apr '20 | Mar 2021 14 Apr '21 | Mar 2022 18 Apr '22 | Mar 2023 17 Apr '23 | Mar 2024 09 Apr '24 | Mar 2025 26 Aug '25 | Mar 2026 13 Apr '26 | - |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Goverments | - | - | - | - | - | - | - | - | - | - | - | - |
| Promoter And Promoter Group | - | - | - | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | 61.98% | - |
| Non Institutions | - | - | - | 6.75% | 7.18% | 5.48% | 5.01% | 4.60% | 4.48% | 4.44% | 5.82% | - |
| FII | - | - | - | - | - | - | - | 12.29% | 12.24% | 15.86% | 11.24% | - |
| DII | - | - | - | - | - | - | - | 15.63% | 15.82% | 12.25% | 15.49% | - |
| Total | - | - | - | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | - |
Thermax Ltd
Thermax Ltd
Thermax Ltd is a leading Indian engineering company specializing in energy and environment solutions. Founded in 1966 and headquartered in Pune, India, the company provides integrated solutions across heating, cooling, water and waste management, air pollution control, and chemicals for industrial and commercial clients. Thermax's offerings include products and services for power generation, water treatment, pollution control, and chemicals, addressing customers in over 90 countries and across a range of industries including power, oil & gas, cement, food & beverage, and pharmaceuticals.
With a strong focus on sustainability and green technologies, Thermax's business model is built around efficient resource use and environmentally-forward solutions. Its R&D and technical collaborations aim to address global energy and emission challenges, positioning the company as a pioneer in clean energy and water management solutions.
Thermax Ltd earns revenue primarily through turnkey project engineering, procurement, and construction (EPC) contracts, along with product sales and after-sales service in areas such as industrial boilers, chillers, water treatment, and pollution control systems. The company operates through key segments: Energy (boilers & heaters), Environment (air pollution control, water & waste solutions), and Chemical (specialty chemicals and performance-improving solutions). It leverages cross-sector expertise—integrating renewables, hybrid energy, and waste-to-resource models—to capture market opportunities in decarbonization, energy efficiency, and stricter environmental regulations.
Thermax's growth strategy centers on expanding global operations, investing in R&D for sustainable products, forging alliances for market reach and technology, and selectively pursuing acquisitions. Increasing after-sales and service revenues, recurring AMC contracts, and digitalization initiatives are long-term drivers of operational resilience and profitability.
Featured in 'Forbes Asia's Best Under a Billion' 2023
Rated among 'India's Most Trusted Brands' by Brand Equity Survey 2024
Recognized for leadership in low-carbon energy solutions at the CII National Energy Leadership Awards 2024
Consistent high performer in CRISIL ESG ratings (2023, 2024)
Received 'Excellent Energy Efficient Unit' at the CII Energy Efficiency Awards 2024
Thermax Ltd founded in Pune, India
Diversification into energy and environment solutions
Initial Public Offering (IPO) and BSE/NSE listing
Acquisition of Danstoker A/S (Denmark) to expand European footprint
Commissioned one of India's first integrated waste-to-energy projects
Launched advanced bio-energy systems to support carbon neutrality initiatives
Recognized for ESG leadership; announced digitalization and green technology initiatives
Peer Comparison
| S.No. | Company Name | CMP (₹) | Market Cap (₹ Cr) | Div Yld (%) | NP Qtr (₹ Cr) | Qtr Profit Var (%) | Sales Qtr (₹ Cr) | Qtr Sales Var (%) | ROCE (%) | ROE (%) | Book Value (₹) | EPS TTM (₹) | TTMPE Ratio (₹) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Not Found Data | |||||||||||||
Coming Soon
Heatmap View
Premium Feature| Company | CMP (₹) | MCap (₹ Cr) | EPS TTM (₹) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Not Found Data | |||||||||||||
Financial Ratios
Premium Feature| Company Name | P/E (TTM) | EPS (₹) | D/E | NPM | GPM | ROE (%) | ROCE (%) | P/B | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Not Found Data | |||||||||||||
Coming Soon