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THERMAX LIMITED.
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Updated: 13 Aug 2026
The company provides engineering solutions in India and internationally. It operates through three segments: Energy, Environment, and Chemical.
Thermax Limited., is a listed public company incorporated on 30 June, 1980. It is classified as a public limited company and is located in Pune, Maharashtra. It's authorized share capital is INR 77.00 cr and the total paid-up capital is INR 23.83 cr.
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Industry and products
Manufacturing (Machinery & Equipments)
- Solar Thermal, Boilers & Heaters, Energy Audit, Paper chemicals, Solid fuel conversion
Company size
₹ 77.0 Cr
₹ 23.8 Cr
₹ >5000 cr
Auth Capital
Paidup Capital
Revenue
Key Metrics
** All rupee values in INR crores.
Total Revenue
7.33%
7.33%
EBITDA
9.48%
9.48%
Net Profit
30.79%
30.79%
Networth
12.19%
12.19%
Borrowings
-72.54%
-72.54%
Assets
7.39%
7.39%
Gross Margin
0.32
0.32
Operating Margin
0.16
0.16
Net Profit Margin
1.59
1.59
Return on Equity
2.05
2.05
ROCE
-3.31
-3.31
Debt to Equity
-0.07
-0.07
Sales
Mar 2025
Net worth
Mar 2025
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Locations
India
(40)
| State | Type | Address |
|---|
Locations on Map
Locations on Map
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People
| Designation | Name | DIN/PAN | Tenure |
|---|---|---|---|
| Director | Jairam Varadaraj | 00003361 | 7 years |
| Director | Nawshir Hoshang Mirza
Shareholder
|
00044816 | 7 years |
| Managing Director | Ashish Bhandari | 05291138 | 6 years |
| Director | Harsh Charandas Mariwala | 00210342 | 5 years |
| Director | Ravi Shankar Gopinath | 00803847 | 5 years |
| Director | Shashishekhar Pandit Balkrishna | 00075861 | 4 years |
| Director | Arnavaz Rohinton Aga | 00019622 | 7 years |
| Cfo | Rajendran Arunachalam | 08446343 | 7 years |
| Director | Meher Pheroz Pudumjee | 00019581 | 26 years |
| Director | Pheroz Naswanjee Pudumjee
Shareholder
|
00019602 | 26 years |
| Director | Rajani Kesari | 02384170 | 3 years |
| Director | Parag Chandulal Shah | 00374944 | 2 years |
| Director | Shyamak Ramyar Tata | 07297729 | 3 years |
Financial Highlights
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Sales | GET PRO | GET PRO | GET PRO | GET PRO | GET PRO |
| Operating profit | GET PRO | GET PRO | GET PRO | GET PRO | GET PRO |
| Net profit | GET PRO | GET PRO | GET PRO | GET PRO | GET PRO |
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| Networth | |||||
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Margins
Gross margin
Operating margin
Net margin
Balance Sheet
Standalone
Consolidated
₹
%
Financials upto March 2025 available in Tofler Pro
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
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Total assets
Charges on assets
As per information available, the company has no registered charges.
Company Network
Companies connected through Directors
Subsidiary Companies
| Name | State / Country | Incorporation Year | Paidup Capital |
|---|---|---|---|
| THERMAX ENGINEERING CONSTRUCTION COMPANY LIMITED | Maharashtra | 1991 | ₹ 4.5 Cr |
| THERMAX INSTRUMENTATION LIMITED | Maharashtra | 1996 | ₹ 14.0 Cr |
| THERMAX ONSITE ENERGY SOLUTIONS LIMITED | Maharashtra | 2009 | ₹ 108.3 Cr |
| FIRST ENERGY PRIVATE LIMITED | Maharashtra | 2008 | ₹ 531.3 Cr |
| Thermax Europe Limited | United Kingdom | - | - |
| Thermax Inc. | United States | - | - |
| Thermax do Brasil-Energia e Equipamentos Ltda. | Brazil | - | - |
| FIRST ENERGY 2 PRIVATE LIMITED | Maharashtra | 2022 | ₹ 8.5 Cr |
| Thermax Denmark ApS | Denmark | - | - |
| Thermax Netherlands B.V. | Netherlands | - | - |
| Danstoker A/S | Denmark | - | - |
| Ejendomsanp-artsselskabet Industrivej Nord 13 | Denmark | - | - |
| Boilerworks A/S | Denmark | - | - |
| Rifox-Hans Richter GmbH Spezialarmaturen | Germany | - | - |
| Thermax SDN. BHD | Malaysia | - | - |
| Thermax Engineering Singapore Pte. Ltd | Singapore | - | - |
| PT Thermax International Indonesia | Indonesia | - | - |
| JALANSAR WIND ENERGY PRIVATE LIMITED | India | - | - |
| Thermax Energy & Environment Philippines Corporation | Philippines | - | - |
| Thermax Nigeria Limited | Nigeria | - | - |
| Thermax Energy & Environment Lanka (Private) Limited | Sri Lanka | - | - |
| THERMAX BABCOCK & WILCOX ENERGY SOLUTIONS LIMITED | Maharashtra | 2010 | ₹ 628.2 Cr |
| THERMAX COOLING SOLUTIONS LIMITED | Maharashtra | 2009 | ₹ 20.0 Cr |
| Thermax Engineering Construction FZE | Nigeria | - | - |
| Danstoker Poland Spolka Z Ograniczona Odpowiedzialnoscia | Poland | - | - |
| Thermax (Thailand) Limited | Thailand | - | - |
| FIRST ENERGY TN 1 PRIVATE LIMITED | Maharashtra | 2022 | ₹ 22.0 Cr |
| ENERNXT PRIVATE LIMITED | Maharashtra | 2021 | ₹ 23.6 Cr |
| Thermax International Tanzania Limited | Tanzania, United Republic Of | - | - |
| KANAKAL WIND ENERGY PRIVATE LIMITED | India | - | - |
| FIRST ENERGY 3 PRIVATE LIMITED | Maharashtra | 2022 | ₹ 99.8 Cr |
| FIRST ENERGY 4 PRIVATE LIMITED | Maharashtra | 2022 | ₹ 1.0 L |
| FIRST ENERGY 5 PRIVATE LIMITED | Maharashtra | 2022 | ₹ 95.0 Cr |
| FIRST ENERGY 6 PRIVATE LIMITED | Maharashtra | 2023 | ₹ 1.0 L |
| Thermax International Ltd. | Mauritius | - | - |
| THERMAX BIOENERGY SOLUTIONS PRIVATE LIMITED | Maharashtra | 2022 | ₹ 38.0 Cr |
| FIRST ENERGY 7 PRIVATE LIMITED | Maharashtra | 2023 | ₹ 1.0 L |
| FIRST ENERGY 8 PRIVATE LIMITED | Maharashtra | 2023 | ₹ 1.0 L |
| FIRST ENERGY NINE PRIVATE LIMITED | Maharashtra | 2024 | ₹ 1.0 L |
| FIRST ENERGY 10 PRIVATE LIMITED | 2024 | ₹ 10.0 Cr | |
| FIRST ENERGY 11 PRIVATE LIMITED | 2024 | ₹ 84.0 Cr | |
| TSA PROCESS EQUIPMENTS PRIVATE LIMITED | Maharashtra | 2004 | ₹ 1.4 Cr |
| BUILDTECH PRODUCTS INDIA PRIVATE LIMITED | Delhi | 1995 | ₹ 1.5 Cr |
| THERMAX VEBRO POLYMERS INDIA PRIVATE LIMITED | 2024 | ₹ 16.2 Cr | |
| THERMAX CHEMICAL SOLUTIONS PRIVATE LIMITED | 2024 | ₹ 14.9 Cr | |
| Thermax Chemical Europe A/S | Denmark | - | - |
| THERMAX SUSTAINABLE ENERGY SOLUTIONS LIMITED | Maharashtra | 1987 | ₹ 4.8 Cr |
Tofler Score
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Risk
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- No risks identified
Moderate Risk
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Low Risk
- No risks identified
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.
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Registered Details
CIN
L29299PN1980PLC022787Incorporation
1980, 46.1 yearsCompany Email
Janhavi.khele@thermaxglobal.comPaid up Capital
₹ 23.8 CrAuthorised Capital
₹ 77.0 CrAGM
Jul 2025Type
Public
Others
FAQ - THERMAX LIMITED.
What is the incorporation date of THERMAX LIMITED.?
The incorporation date of THERMAX LIMITED. is 30 June, 1980
What is the authorized share capital of THERMAX LIMITED.?
The authorized share capital of THERMAX LIMITED. is INR ₹ 77.0 Cr.
What is the paid-up capital of THERMAX LIMITED.?
The paid-up capital of THERMAX LIMITED. is INR ₹ 23.8 Cr.
What is the registered address of THERMAX LIMITED.?
The registered address of THERMAX LIMITED. is D-13 MIDC IND AREAR D AGA ROAD CHINCHWAD PUNE Maharashtra - 411019
What is the CIN number of THERMAX LIMITED.?
The CIN number of THERMAX LIMITED. is L29299PN1980PLC022787.
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