Thermax Limited — Others, 05-07-2025: Shareholders meeting

Thermax Limited reported consolidated revenue of Rs. 10,389 crore, up 11.4%, with a profit after tax of Rs. 627 crore. The order book grew 10.5% to Rs. 10,337 crore, driven by strong demand in metals, steel, fertilizer & agro, and food & beverage sectors. The Industrial Products segment contributed 42% to revenue and 70% to profit, led by growth in water, air pollution control, and heating solutions. Industrial Infra segment revenue rose 6%, though profitability declined due to higher technology intervention costs in bio-CNG projects. The Green Solutions segment grew 36%, led by biomass-based steam and renewables. Chemicals revenue increased 15%, fueled by strategic partnerships and acquisitions, including Buildtech and Thermax Chemical Europe A/S. The Board recommended a Rs. 14 per share dividend (700%). Thermax continued its sustainability drive, achieving a 37% reduction in absolute carbon emissions since FY19 and setting a 50% reduction target by FY30. Key leadership appointments included re-appointment of MD & CEO Ashish Bhandari for five years. The company enhanced digital platforms like Thermax EDGE Live® and expanded services via Project Amplify. Significant investments were made in R&D focused on carbon capture, green hydrogen, and biofuels. The Company acquired 51% in TSA Process Equipments and 100% in Buildtech Products, expanding capabilities in high purity water solutions and construction chemicals. Legal contingencies include ongoing arbitration related to past contracts with provisions made accordingly. Thermax maintains robust corporate governance with diverse and experienced board members and continuous risk management practices. Financial discipline is reflected in improved debt ratios and strong cash flows despite capital expenditures for growth and acquisitions.