Thermax Share Price


CMP as on 01-Jul-22 16:00

₹ 2,041.15
-56.00 -2.67%


₹ 2,060.00

Turnover (lac)

₹ 632

Prev. Close

₹ 2,097.15

Day's Vol (shares)

₹ 30,977

Day's Range (₹)

₹ 2,022.35
₹ 2,079.95

CMP as on01-Jul-22 16:01

₹ 2,038.55
-63.95 -3.04%


₹ 2,074.75

Turnover (lac)

₹ 133

Prev. Close

₹ 2,102.50

Day's Vol (shares)

₹ 6,504

Day's Range

₹ 2,025.25
₹ 2,079.95

Headquartered in Pune, India, Thermax Limited provides integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, China, Europe and South East Asia. The sustainable solutions Thermax develops for client companies are environment-friendly and enable efficient deployment of energy and water resources. Thermax is one of the few Indian companies that has sourced supercritical technology to build boilers for mega power plants. Thermax also harnesses solar energy to support its clients in their heating, cooling and power generation requirements.The companys international presence spans 86 countries across Asia Pacific, Africa and the Middle East, CIS countries, Europe, USA and South America. It has 5 wholly owned domestic subsidiaries, 20 wholly owned overseas subsidiaries and 2 joint ventures. Thermax came to business in 30th June of the year 1980. Tulsi Fine Chemical Industries Private Ltd and Kailas Castings Private Ltd were merged with the company with effective from 1st July of the year 1982. As at 1st July 1989, Thermax became a deemed public company. In the year 1991, T. K. Steel Industries Ltd was merged with the company. During the year 1994, the companys status was changed from deemed public company public company. The process heat division came out with a new boiler design in the year 1995, an oil fired smoke boiler, shell Max and Combiac, a boiler specially designed to burn agro fuels like rice and groundnut husk, saw dust, coffee waste etc. also in the same year of 1995, a Memorandum of Understanding (MoU) was signed with Bharat Shell for thermic fluid, therma, for heat transfer system. The process heat projects division received an order from PT South Pacific Viscose, an Indonesian Company for supply of 3 boilers of 22.5 tonnes per hour of steam. Energy System Division of the company was born in the year 1996 by the way of merger of two division, one in the energy area and the other in heat recovery area to pool the expertise with a view to addressing the heat recovery business and also in the same year launched fine circulation fluidised bed combustion boiler. The MoU was signed with Bharat Shell and the Process Heat Division of the company. During the year 1997, the company had received the AD-Merkblatt certification for the entire manufacturing unit at Chinchwad. An electronic network called Thermnet linking all establishments of the company in the country was introduced during the year same year of 1997 and also Thermax had entered into a joint venture with Fuji Electric Company of Japan. The Company had introduced five new products in the standard packaged boiler range during the year 1998 and also launched a wide range of products incorporating Kawasaki modular technology in our Vapour Absorption Division. Thermax Co-gen Limited became a subsidiary of the company in the year 1999. During the same year 1999, the company had developed a more advanced process called PDP II. During the year 2000, Thermax had acquired ME Engineering, a UK-based company belonging to the Beel Industrial Boilers Plc group. The Company has signed an exclusive distribution agreement for South Asian markets with US company Purafil Inc to market their dry gas scrubbers popularly known as chemical filters. Thermax had signed a memorandum of understanding with the Society of Applied Microwave Electronics Engineering and Research for commercialisation of the latters microwave disinfections system for treating pathological bio-medical waste generated by hospitals and research institutes. The Company had set up wholly owned subsidiary company in the US, namely Thermax Inc and another one in Detroit, USA in the year 2001. Thermax had acquired 50% of stake in Energy Performance Service (Thailand), a subsidiary of Energy Performance Service of Canada. The Company and Cummins Diesel Sales and Services had entered into a strategic alliance to provide attractive energy solutions to various industry segments. With the investment of US $ 200,000, the company had incorporated a wholly owned overseas (WOS) subsidiary in Brazil during the year 2003. Thermax had bagged an order for Captive Power Plant in the year 2004. During the year 2004-05, the companys chemical plant at Paudh, near Mumbai had received the OHSAS 18001:1999 certification from BVQI. COFEX 2005 honored with special award for Thermaxs contribution to the HVAC industry. Thermax had inked a technical know-how transfer and license agreement with Balcke-Durr, Germany in October of the year 2007 for dry and wet electrostatic precipitators (ESPs), air pollution control equipment for power, industrial and utility segments upto 300 MW. As at February 2008, the company had signed a technical transfer license agreement with US-based Babcock & Wilcox Power Generation Group (B&W) to engineer, manufacture and sell sub critical B&W radiant utility boilers in India. As of May 2008, the company had inked a protocol of agreement for an export order, for supply of heat recovery steam generator (HRSG). Thermax had received an order from a major refinery in July of the year 2008, to supply pulverized coal fired boilers for their captive cogeneration plant valued at approximately Rs 8.2 billion and also in August of the same year 2008, received an order of Rs 4.15 billion, from a leading steel making for setting up a captive power plant for their upcoming blast furnace complex on an EPC basis. In 2008, Thermax started manufacturing chillers in China.In 2009, Thermax signed technology agreements with global leaders GE Water, USA and Wehrle Umwelt GmbH, Germany for advanced wastewater treatment. During the year under review, Thermax bagged its first IPP order worth Rs 1000 crore to build a 300 MW turnkey power plant in Andhra Pradesh.On 26 August 2009, Thermax Limited and SPX Corporation, a global infrastructure leader in providing power plant equipment and services, announced the establishment of a strategic joint venture to focus on equipment and services for Indias growing power sector. The JV will operate on the basis of a license agreement with Balcke-Drr GmbH, Germany, a 100% subsidiary of SPX Corporation. The joint venture investment will be on a 51% Thermax and 49% SPX ownership basis and the new company will be based in Pune, India. On 20 December 2009, the foundation stone was laid for Indias first public private partnership project for rural electrification at Shive village, Pune where Thermax will build solar thermal power plant with Department of Science & Technology, Government of India support. Thermax will also manage the operation & maintenance of the solar thermal power plant at Shive for a period of five years.On 10 March 2010, Thermax and Babcock & Wilcox Power Generation Group, Inc. (B&W PGG), a global leader in power generation industry and the original Babcock & Wilcox, announced the formation of a strategic joint venture to engineer, manufacture and supply supercritical boilers for the Indian power sector. The joint venture will also manufacture subcritical boilers over 300 megawatts (MW) in size. Thermax will own 51% share of the joint venture while United States-based B&W PGG will have 49% ownership. On 17 May 2010, Thermax signed a technology transfer license agreement with Lambion Energy Solutions, a German engineering company with expertise in converting waste to energy. The technology transfer will provide Thermax with high efficiency combustion systems for using biomass, high in moisture content, for energy generation. They will be integrated in its boilers and heaters with heat output ranging from 4 MW to 30 MW. Under the licensing agreement valid for a period of five years, a dedicated team from Thermax will work with Lambion to absorb and deploy this technology. Thermax will have an exclusive license to market heating systems, equipped with the new technology in India and SAARC countries, South East Asia, Middle East and Africa.On 9 November 2010, Thermax announced the acquisition of Danstoker A/S, a leading European boiler manufacturer and its German subsidiary, Omnical Kessel. The acquisition valued at Euro 29.5 million was completed on 8 November 2010. Danstoker, headquartered in Herning, Denmark has a 75 year tradition in manufacturing biomass based boilers and waste heat recovery systems for a wide range of industries. Its manufacturing facilities are located in both Denmark and Germany, where it had acquired Omnical in 2003. This acquisition will enable Thermax to leverage the ongoing renewable energy movement of Europe aimed at generating 20% of its overall energy generation from renewables. The acquisition offers a strategic fit for Thermaxs packaged boiler business, under the Cooling & Heating Business Unit.In July 2011, Thermax unveiled unique solar cooling system at MNREs Solar Energy Centre. On 25 July 2011, Thermax Limited and Amonix, Inc. announced an agreement that will bring proven, concentrated photovoltaic (CPV) technology for clean power generation to India. In this exclusive partnership, Amonix will offer high-performance solar power generation systems and Thermax will be the Engineering, Procurement and Construction (EPC) partner to provide turnkey solutions to customers in India. Amonix is the world leader in the design and manufacture of CPV technology.On 22 March 2012, Thermax announced the acquisition of the Steam Division of Virgo Valves & Controls Ltd, India and its German subsidiary company Rifox - Hans Richter GmbH, a leading steam traps and allied steam accessories manufacturer. The acquisition was completed on 21 March 2012 for a value of Rs. 13.39 crore (Euro 2 million). The acquisition will bring to the Thermax fold the manufacturing facilities of Rifox-Virgo in Germany and in India. The acquisition offers a strategic fit for Thermaxs steam engineering business.On 15 July 2015, Thermax Limited announced that it has signed an agreement to acquire 33% stake in First Energy Private Limited, an alternative energy solutions company. The agreement envisages stage-wise acquisition of First Energy by Thermax over the next four to six years. First Energy focuses on consumers in the commercial and home cooking segments. Its brand, Oorja, a combination of a micro-gasification stove and biomass-based pellet fuel, is adopted by several customers as a substitute to fossil fuels such as LPG and diesel. First Energy has recorded revenues of Rs 42 crore in 2014-15.Thermax Limited, through its step-down subsidiary in Denmark, agreed to acquire 100% share capital of Barite Investments Sp. z.o.o., Poland, on 28 March 2017. With this, Barite will become a step-down subsidiary of Thermax. As part of a definitive agreement with Weiss Sp. z.o.o. in Poland, Thermax will acquire certain assets and production activities related to boiler manufacturing. The agreement was signed on 28 March 2017 and the transaction would be completed after fulfilling certain pre-conditions. The acquisition is of strategic advantage to Thermax since it provides the company additional manufacturing capacity for future expansion and for advancing its business in Eastern Europe. By offering more efficient waste-to-energy and biomass solutions, the company reinforces its commitment to renewable energy.On 13 September 2017, Thermax announced that it has won a USD 43 million contract from a leading cement company in the UAE for a turnkey captive power plant. This is the first EPC order that Thermax will be executing for a GCC (Gulf Co-operation Council) country.

  • Chairperson

    Meher P Pudumjee
  • Independent Director

    V Von Massow
  • Director

    Pheroz Pudumjee
  • Independent Director

    Jairam Varadaraj
  • Independent Director

    Nawshir Mirza
  • Independent Director

    Harsh Mariwala
  • Independent Director

    S B Ravi Pandit
  • Independent Director

    Rajani Kesari
  • Managing Director & CEO

    Ashish Bhandari
  • Additional Director

    Ravi Gopinath

Registered Office

D-13 MIDC Industrial Area,
R D Aga Road Chinchwad,Pune,


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