Thermax at a Glance

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A Brief Overview

Headquartered in Pune, India, Thermax Limited was incorporated in 1966 as Wanson India by A.S. Bhathena. It offers integrated solutions in heating, cooling, power generation, water treatment and recycling, air pollution control, and chemicals with a focus on ensuring clean air, clean energy, and clean water.

Our Global Operations

We operate globally through 34 international and 22 domestic offices, 14 manufacturing facilities – 10 in India and 4 overseas, spanning Europe and South East Asia.

Our Global Presence

Our presence extends to over 90 countries and we support customers through an extensive service network spread across Asia, South East Asia, the Middle East, Africa, Europe and the Americas.

Key Financial Highlights of FY 2022-23

Recorded consolidated revenue of Rs.8,090 crore in FY 2022-23, up 32% as compared to Rs. 6,128 crore in FY 2021-22

Profit After Tax (PAT) stood at Rs. 451 crore, up 45% as compared to Rs. 312 crore in the previous year

Order booking for the year at a consolidated level stood at Rs. 8,788 crore as compared to Rs. 9,410 crore in FY 2021-22, down 7%

Concluded an order of Rs. 522 crore for two units of 260 TPH high pressure utility boilers and associated systems for a grassroot refinery and petrochemical complex in Rajasthan, India

Received an order for Rs. 251.7 crore from an Indian public sector power company for the renovation and modernisation of the ESP package of its 3 x 210 MW thermal power station in West Bengal, India

Thermax’s Business Philosophy

Vision

To be a globally respected high-performance organisation offering sustainable solutions in energy and the environment.

Values

Respect

Commitment

Honesty and Integrity

Concern for Society and the Environment

Ethos

Our business ethos is rooted in good governance. We respect and balance the interests of our diverse stakeholders.

17

Domestic Subsidiaries

20

Overseas Subsidiaries

Rs. 8,090 Crore

Revenue

30+

Countries Sales and Service Presence

3,767

Permanent Employees Globally

Partnerships in FY 2022-23

Thermax partnered with Fortescue Future Industries (FFI) to jointly develop fully integrated green hydrogen projects for commercial and industrial customers.
Thermax collaborated with EverEnviro for setting up bio-CNG turnkey projects.
Thermax partnered with Covacsis, an IoT solution partner, to provide enhanced energy management capabilities to customers.

Thermax Foundation collaborated with RPG Foundation and NGO Lokbharati in Vadodara, Tata Motors CSR in Shirwal and Adani Foundation in Mundra to train girls and local youth respectively under skill development programmes, as its always more impactful to partner with local industry.
Launched a worker facilitation centre (WFC) in collaboration with the Centre for Social Justice in Savli, and continued partnership with Aajeevika Bureau and Bajaj Auto CSR to operate a WFC at Pimpri Chinchwad Municipal Corporation as part of its Social Compact initiative.
Thermax partnered with universities in India and abroad for leadership development programmes with an aim to equip talent for the Company’s growth journey in the years ahead.

Thermax’s Board of Directors and Executive Council collaborated to devise a detailed three-year roadmap for
2023-2026 that supports the Company’s overall strategic priorities for 2030.
An external consultant conducted a training session for key Board members, key managerial personnel and the leadership team on Business Responsibility and Sustainability Reporting (BRSR) and ESG.
Thermax, in collaboration with the Institute of Directors (IOD), India, conducted a masterclass on corporate governance topics for directors who are on the Boards of its subsidiaries.