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Thermax Babcock & Wilcox Energy Solutions Limited
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Registered Details

THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS LIMITED

thermaxglobal.com

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Maharashtra ›

Manufacturing of Machinery ›

THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS LIMITED

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Updated: 20 Nov 2025

Thermax Babcock & Wilcox Energy Solutions Limited is a global energy solutions provider specializing in sustainable technologies and services for power generation and industrial processes. It offers innovative solutions in steam generation, air pollution control, and boiler systems, catering to sectors such as power, oil and gas, and manufacturing to enhance energy efficiency and environmental compliance.

Thermax Babcock & Wilcox Energy Solutions Limited, is an unlisted public company incorporated on 26 June, 2010. It is classified as a public limited company and is located in , Maharashtra. It's authorized share capital is INR 1,000.00 cr and the total paid-up capital is INR 628.22 cr.

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Industry and products

Manufacturing (Machinery & Equipments)

Retrofit, Renovation, Construction Services

Company size

Auth Capital

₹ 1,000.0 Cr

Paidup Capital

₹ 628.2 Cr

Revenue

₹ 2250-2500 cr

Key Metrics

** All rupee values in INR crores. Based on March 2024 numbers.

Total Revenue

6.88%

₹ 2,304.3

EBITDA

28.92%

₹ 185.2

Net Profit

43.59%

₹ 132.4

Networth

19.06%

₹ 826.2

Borrowings

24.91%

₹ 161.9

Assets

3.17%

₹ 2,061.3

Gross Margin

0.47

38.4 %

Operating Margin

1.44

8.2 %

Net Profit Margin

1.46

5.7 %

Return on Equity

2.74

16.0 %

ROCE

6.07

20.5 %

Debt to Equity

0.01

0.2

Sales

Mar 2024

Net worth

Mar 2024

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Locations

India (6)

State	Type	Address

Locations on Map

People

Designation	Name	DIN/PAN	Tenure
Director	Rajendran Arunachalam	08446343	6 years
Director	Rajani Kesari	02384170	5 years
Director	Ashish Bhandari	05291138	5 years
Additional Director	Shyamak Ramyar Tata	07297729	2 years
Additional Director	Rajesh Channakeshaviah Bukinkere	10486449	2 years

Financial Highlights

** All numbers in INR crores

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales	2,024.4	1,255.0	1,624.6	2,126.0	2,257.6
Operating profit	174.8	90.2	128.7	143.7	185.2
Net profit	29.0	9.0	66.5	92.2	132.4
Gross margin	40.7	38.4	39.5	37.9	38.4
Operating margin	8.6	7.2	7.9	6.8	8.2
Net margin	1.4	0.7	4.0	4.3	5.7
Networth	524.7	542.0	609.5	693.9	826.2
Borrowings	339.4	150.8	150.8	129.6	161.9
Assets	1,923.7	1,543.9	1,946.5	1,998.0	2,061.3
Debt to equity	0.7	0.3	0.2	0.2	0.2
Current ratio	1.2	1.1	1.2	1.3	1.3
ROE	5.5	1.7	10.9	13.3	16.0
Days payable	111.0	133.0	159.0	120.0	94.0
WC days	43.0	26.0	49.0	60.0	67.0

Margins

Gross margin

Operating margin

Net margin

Balance Sheet

₹

** All numbers in INR crores

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	628.2	628.2	628.2	628.2	628.2
Reserves	-103.5	-86.2	-18.7	65.7	198.0
Borrowings +	339.4	150.8	150.8	129.6	161.9
Long term borrowings	281.0	64.2	68.4	72.6	-
Short term borrowings	58.4	86.6	82.4	57.0	161.9
Trade payables +	363.9	282.1	428.9	433.4	357.0
Days payable	111.0	133.0	159.0	120.0	94.0
Other liabilities +	1,059.7	851.1	1,186.2	1,174.5	1,073.2
Other non-current liabilities	9.1	16.4	15.2	10.2	8.1
Other current liabilities	686.7	552.6	742.0	730.9	708.1
Total liabilities	1,923.7	1,543.9	1,946.5	1,998.0	2,061.3
Fixed Assets +	412.9	371.7	328.2	331.7	298.0
Tangible assets	410.5	362.5	319.5	324.0	288.3
CWIP	0.2	0.7	0.5	0.6	3.8
Intangible assets	2.2	8.6	8.1	7.0	6.0
LT loans and advances	2.7	2.6	0.9	1.0	0.8
Other non-current assets	160.1	159.7	146.4	97.1	120.4
Current assets +	1,348.0	1,009.9	1,471.0	1,568.2	1,642.1
Inventories	130.1	76.6	185.0	202.0	168.3
Trade receivables	627.9	396.2	455.1	555.4	525.5
Cash and cash equivalents	15.3	89.6	20.2	16.4	14.2
ST loans and advances	0.9	1.1	0.5	0.6	0.4
Other current assets	573.8	446.4	810.2	793.8	933.7
Total assets	1,923.7	1,543.9	1,946.5	1,998.0	2,061.3

Percentage of assets	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	32.66	40.69	32.27	31.44	30.48
Reserves	-5.38	-5.59	-0.96	3.29	9.6
Borrowings +	17.64	9.77	7.75	6.49	7.85
Long term borrowings	14.61	4.16	3.51	3.63	0.0
Short term borrowings	3.04	5.61	4.24	2.85	7.85
Trade payables	18.92	18.27	22.03	21.69	17.32
Other liabilities +	55.08	55.13	60.94	58.78	52.06
Other non-current liabilities	0.47	1.06	0.78	0.51	0.39
Other current liabilities	35.69	35.79	38.12	36.58	34.35
Total liabilities
Fixed Assets +	21.46	24.08	16.86	16.6	14.46
Tangible assets	21.34	23.48	16.42	16.22	13.98
CWIP	0.01	0.04	0.03	0.03	0.18
Intangible assets	0.11	0.55	0.42	0.35	0.29
LT loans and advances	0.14	0.17	0.05	0.05	0.04
Other non-current assets	8.32	10.34	7.52	4.86	5.84
Current assets +	70.07	65.41	75.57	78.49	79.66
Inventories	6.76	4.96	9.51	10.11	8.16
Trade receivables	32.64	25.66	23.38	27.8	25.49
Cash and cash equivalents	0.79	5.8	1.04	0.82	0.69
ST loans and advances	0.05	0.07	0.02	0.03	0.02
Other current assets	29.83	28.92	41.63	39.73	45.3
Total assets

Total assets

Profit & Loss

₹

** All numbers in INR crores

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales +	2,024.4	1,255.0	1,624.6	2,126.0	2,257.6
Sales growth %	3912.73	-38.01	29.45	30.86	6.19
Expenses +	1,933.7	1,245.8	1,558.2	2,039.4	2,123.6
Cost of goods	1,200.1	772.5	982.4	1,319.8	1,391.0
Employee cost	148.1	135.7	149.4	165.8	195.1
Other costs	501.4	256.6	364.1	496.8	486.3
Operating profit +	174.8	90.2	128.7	143.7	185.2
Operating margin %	8.6	7.2	7.9	6.8	8.2
Other income	17.9	12.1	22.9	29.9	46.7
Interest	23.9	29.9	14.2	11.4	12.2
Depreciation	60.2	51.1	48.1	45.7	39.0
Exceptional items	-	-3.3	-	-	-
Profit before tax	108.6	18.0	89.3	116.5	180.8
Tax	79.6	8.9	22.8	24.4	48.4
Profit - disc. ops	-	-	-	-	-
Net profit	29.0	9.0	66.5	92.2	132.4
Net margin %	1.4	0.7	4.0	4.3	5.7

Precentage of total income	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales	99.12	99.05	98.61	98.61	97.97
Expenses +	94.68	98.32	94.58	94.59	92.15
Cost of goods	58.76	60.97	59.63	61.22	60.37
Employee cost	7.25	10.71	9.07	7.69	8.47
Other costs	24.55	20.25	22.1	23.04	21.1
Operating profit	8.56	7.11	7.81	6.66	8.04
Other income	0.88	0.95	1.39	1.39	2.03
Interest	1.17	2.36	0.86	0.53	0.53
Depreciation	2.95	4.03	2.92	2.12	1.69
Exceptional items	0.0	-0.26	0.0	0.0	0.0
Profit before tax	5.32	1.42	5.42	5.41	7.85
Tax	3.9	0.7	1.39	1.13	2.1
Profit - disc. ops	0.0	0.0	0.0	0.0	0.0
Net profit	1.42	0.71	4.03	4.28	5.74

Revenue from operations

Ratios

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Solvency +
Total Debt/Equity	0.7	0.3	0.2	0.2	0.2
Net Debt/Equity	0.6	0.1	0.2	0.2	0.2
Total Debt/Assets	0.2	0.1	0.1	0.1	0.1
Total Assets/Equity	3.7	2.9	3.2	2.9	2.5
Liquidity +
Current Ratio	1.2	1.1	1.2	1.3	1.3
Quick Ratio	1.1	1.0	1.0	1.1	1.2
Interest Coverage	7.3	3.0	9.0	12.6	15.2
Performance
Gross Margin	40.7	38.4	39.5	37.9	38.4
Operating Margin	8.6	7.2	7.9	6.8	8.2
Net Margin	1.4	0.7	4.0	4.3	5.7
Return +
Return on Equity	5.5	1.7	10.9	13.3	16.0
Pre-tax ROCE	17.6	8.5	14.8	14.4	20.5
Return on Assets	1.5	0.6	3.4	4.6	6.4
Pre-tax ROIC	13.5	6.5	10.9	12.1	15.0
Efficiency +
Days Payable	111.0	133.0	159.0	120.0	94.0
Days Inventory	40.0	36.0	69.0	56.0	44.0
Days Receivable	113.0	115.0	102.0	95.0	85.0
Fixed Asset Turnover	4.9	3.4	5.0	6.4	7.6
Total Asset Turnover	1.1	0.8	0.8	1.1	1.1
Working Capital
Cash Conversion Cycle	42.0	18.0	12.0	31.0	35.0
Working Capital Days	43.0	26.0	49.0	60.0	67.0

Ratios

Current ratio

Debt/equity ratio

Charges on assets

Bank wise

Charges

ICICI Bank Limited

No. of Loans: 1

Total Amount : 400.0 cr

CitiBank N.A.

No. of Loans: 1

Total Amount : 305.0 cr

The Hongkong and Shanghai Banking Corporation Limited

No. of Loans: 1

Total Amount : 112.5 cr

Axis Bank Limited

No. of Loans: 1

Total Amount : 110.0 cr

Charge Holder	Amount	Date of creation/modification
The Hongkong and Shanghai Banking Corporation Limited	112.5 cr	17 Jun, 2025
Axis Bank Limited	110.0 cr	21 Mar, 2025
CitiBank N.A.	305.0 cr	26 Aug, 2024
ICICI Bank Limited	400.0 cr	23 Mar, 2024

Charges

ICICI Bank Limited

CitiBank N.A.

The Hongkong and Shanghai Banking Corporation Limited

Axis Bank Limited

Company Network

Companies connected through Directors

Name	Status	Paid up Capital	Common Directors	Address
LK INDIA PRIVATE LIMITED	Amalgamated	6.0 Cr	1	Delhi
SCHNEIDER ELECTRIC FUSEGEARS INDIA PRIVATE LIMITED	Strike Off	5.0 L	1	Delhi
SCHNEIDER ELECTRIC CONZERV INDIA PRIVATE LIMITED	Amalgamated	17.6 Cr	1	Delhi
THERMAX LIMITED.	Active	23.8 Cr	3	Maharashtra
THERMAX FOUNDATION	Active	0.0	1	Maharashtra
FIRST ENERGY PRIVATE LIMITED	Active	531.3 Cr	2	Maharashtra
THERMAX ONSITE ENERGY SOLUTIONS LIMITED	Active	108.3 Cr	2	Maharashtra
HDFC AMC INTERNATIONAL (IFSC) LIMITED	Active	34.0 Cr	1
HAWKINS COOKERS LIMITED	Active	5.3 Cr	1	Maharashtra
C&S ELECTRIC LIMITED	Active	44.3 Cr	1	Delhi
ENDURANCE TECHNOLOGIES LIMITED	Active	140.7 Cr	1	Maharashtra
SIEMENS LIMITED	Active	71.2 Cr	1	Maharashtra
THERMAX INSTRUMENTATION LIMITED	Active	9.0 Cr	1	Maharashtra
FORTMAX CHEMICALS INDIA PRIVATE LIMITED	Active	9.0 Cr	1	Maharashtra
THERMAX BIOENERGY SOLUTIONS PRIVATE LIMITED	Active	38.0 Cr	1	Maharashtra
THERMAX ENGINEERING CONSTRUCTION COMPANY LIMITED	Active	4.5 Cr	1	Maharashtra

Tofler Score

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No risks identified

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No risks identified

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About Tofler Score

Tofler Score measures the quality of performance and integrity of a company. It is dependent on three key factors - Sustainability, Governance, and Growth.

CIN

U29253MH2010PLC204890

PAN

AADCT5273A

Incorporation

2010, 15.4 years

Company Email

apurva[dot]gupte[at]thermaxglobal[dot]com

Paid up Capital

₹ 628.2 Cr

Authorised Capital

₹ 1,000.0 Cr

AGM

Jul 2025

Type

Public

Others

FAQ - THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS LIMITED

What is the incorporation date of THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS LIMITED?

The incorporation date of THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS LIMITED is 26 June, 2010

What is the authorized share capital of THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS LIMITED?

The authorized share capital of THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS LIMITED is INR ₹ 1,000.0 Cr.

What is the paid-up capital of THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS LIMITED?

The paid-up capital of THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS LIMITED is INR ₹ 628.2 Cr.

What is the registered address of THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS LIMITED?

The registered address of THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS LIMITED is Dhanraj Mahal, 2nd Floor, Chhatrapati Shivaji Maharaj Marg, Near Regal Cinema, Colaba, Mumbai, Maharashtra, India, 400039 - 400039

What is the CIN number of THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS LIMITED?

The CIN number of THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS LIMITED is U29253MH2010PLC204890.

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