Thermax

What Thermax does

Thermax Limited (NSE: THERMOT; BSE: 500411) is a publicly listed Indian engineering company headquartered in Pune, founded in 1966 (originally as Wanson India, renamed Thermax in 1980) and operating across 90+ countries through 16 manufacturing facilities (12 in India, 4 overseas in Denmark, Germany, Poland, and Indonesia) and 45+ sales/service offices. The company is organized into four business segments — Industrial Products (process heat, cooling & heating, air pollution control, steam engineering, water & waste solutions), Industrial Infrastructure (large boilers and EPC projects via subsidiary TBWES), Green Solutions (build-own-operate utilities, bio-CNG via Thermax Bioenergy, green hydrogen, renewable energy via First Energy), and Chemicals (Tulsion ion exchange resins, construction chemicals, oilfield and water treatment chemicals) — and reported FY26 consolidated revenue of Rs 10,694 crore (~USD 1.27 billion) with PAT of Rs 720.50 crore.

The company's revenue is generated primarily through direct enterprise field sales for large-scale EPC and capital equipment contracts (e.g., a Rs 1,600 crore boiler package for an 800 MW ultra-supercritical power plant), multi-year build-own-operate green utility contracts with 10–25 year tenures, recurring industrial service revenue through the Thermax Serve platform (spares, retrofits, upgrades across all OEMs), digital subscription revenue via the EDGE Live IIoT platform, and chemical product sales. Customer concentration sits across multiple process industries — power generation, cement, refineries & petrochemicals, steel, food & beverage, fertilizers, glass, sugar, pharmaceuticals, and IT/data centers — with a notable mix of Indian conglomerates, PSU buyers (HPCL, GNAL), and international majors (Dangote, Middle East cement, African industry).

Technology and capability anchors include proprietary industrial IP such as Opticor (ESP smart controller improving performance by 25% and reducing emissions by 20% without equipment replacement), the TIGI rapping system for electrostatic precipitators, absorption chilling and heat-pump platforms (8,300+ global installations), and an emerging clean-tech stack combining partnerships with HydrogenPro (alkaline electrolysis), Ceres Power (SOEC), HPCL (CO2 capture and CO2-to-methanol with IIT Delhi), and Ankur Scientific (biomass-to-green methanol). The recent acquisition of a 51% stake in Exactspace Technologies for Rs 30.48 crore adds AI-driven industrial IoT and predictive diagnostics to the digital layer, while ongoing M&A (Buildtech Products, TSA Equipments, Vebro Polymers partnership) extends the chemicals platform. Go-to-market remains predominantly enterprise-led through regional offices and wholly-owned overseas subsidiaries, supplemented by direct channel business for standardized solutions.

Name

Thermax

Legal name

Thermax Limited

Website

http://www.thermaxglobal.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Thermax Limited is a publicly listed Indian engineering company delivering sustainable solutions in heating, cooling, air pollution control, water treatment, specialty chemicals, large boilers, and green energy, serving power, refining, cement, and process industries across 90+ countries through 16 manufacturing facilities.

Ownership category

akta.pro rank

Product category

Industrial Engineering and Equipment — Heating, Cooling, Air Pollution Control, Water & Waste Management, and Specialty Chemicals

NAICS

Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (3334), Industrial Machinery Manufacturing (33324), Other General Purpose Machinery Manufacturing (3339), Chemical Manufacturing (325)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Industrial Process Furnaces & Ovens (3567), General Industrial Machinery & Equipment (3560), Refrigeration & Service Industry Machinery (3580)

akta.pro primary industry

Chemical Processing Equipment (Reactors, Mixers, Agitators) (IMAHAEAA)

akta.pro secondary industry

Waste Heat Recovery & Heat Integration (HRSG/ORC, Pinch Analysis, Heat Exchangers) (EUABAJAF)

Keywords

• Industrial boiler manufacturing
• Air pollution control systems
• Absorption cooling solutions
• Process heating equipment
• Industrial water treatment

Headquarters

HQ city

Pune

HQ country

India

HQ region

Asia

Offices22 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Industrial Products: Products for heating, cooling, water and waste management, and specialty chemicals, including air pollution control systems, process heat solutions, cooling and heating solutions, steam engineering solutions, and water and waste solutions. This segment addresses three critical challenges: climate change, clean energy, and water scarcity.
2. Industrial Infrastructure: Large boilers, fired heaters, turnkey EPC projects and asset management solutions. Includes large-scale customized and bespoke solutions for steam and power requirements, supported by subsidiaries like Thermax Babcock & Wilcox Energy Solutions (TBWES).
3. Green Solutions: Build-own-operate model (BOO/BOOM) for green utilities, bio-CNG solutions, renewable energy under First Energy (subsidiary), and green hydrogen. Provides stable annuity-based returns with contract tenures of 10-25 years.
4. Chemicals: Performance-engineered chemical solutions including Tulsion ion exchange resins, fuel and water treatment chemicals, oil field chemicals, and construction chemicals (admixtures, grouts, anchors, repair and rehabilitation, protective coatings, waterproofing, industrial flooring, sealants, and adhesives).
5. Digital Solutions (EDGE Live): IIoT-based digital platform delivering real-time intelligence for industrial assets, enabling predictive maintenance and performance optimization.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Thermax manufactures and supplies industrial equipment and EPC solutions for heating, cooling, air pollution control, water and waste management, specialty chemicals, and green energy (including green hydrogen, bio-CNG, build-own-operate utilities, and renewable energy). It also operates a digital IIoT/AI platform (EDGE Live) and lifecycle services (Thermax Serve) for industrial assets. Core manufacturing covers absorption chillers/heat pumps, steam boilers up to large 800 MW units, thermal oil heaters, electrostatic precipitators, bag filters, scrubbers, FGD systems, ZLD systems, and ion exchange resins, delivered directly to industrial enterprises across 90+ countries.

Product overview

Thermax is a diversified industrial engineering company providing sustainable solutions across four main business segments: Industrial Products, Industrial Infrastructure, Green Solutions, and Chemicals. The portfolio combines physical products (boilers, chillers, air pollution control systems, water treatment solutions, chemicals) with digital capabilities (EDGE Live IIoT platform) and services (Thermax Serve). Key products include absorption cooling systems, process heat solutions (steam boilers, thermal oil heaters), air pollution control equipment (ESPs, bag filters, scrubbers), green hydrogen solutions, bio-CNG, renewable energy, ion exchange resins, and construction chemicals. The company operates 16 manufacturing facilities globally and serves customers in over 90 countries through subsidiaries like Thermax Babcock & Wilcox Energy Solutions (TBWES), First Energy Private Limited, and Thermax Bioenergy Solutions.

Differentiator

Problem solved

Functional benefit

Brands

• Thermax EDGE Live: IIoT digital platform powered by AI and ML for real-time industrial asset monitoring, predictive maintenance, and performance optimisation.
• Tulsion
• Thermax Ne0
• Opticor
• First Energy
• Thermax Babcock & Wilcox
• SustainX
• Thermax Serve
• Thermax Foundation

Products and services

• Thermax EDGE Live IIoT-based digital platform for industrial customers (utilities, process industries) that delivers real-time asset monitoring, predictive maintenance, performance optimisation, anomaly detection, and task-based recommendations via AI/ML analytics.
• Thermax Serve Comprehensive lifecycle services for industrial equipment from any OEM — spares, maintenance, retrofits, upgrades, and performance improvement — for industrial operators.
• Steam Boilers Steam generation equipment for industrial customers (process industries, power plants, refineries, food & beverage, pharmaceuticals) with capacities up to 50 TPH in solid fuel, biomass, oil and gas variants.
• Thermal Oil Heaters Industrial thermopac/thermal oil heating systems up to 20 Mn kcal/hr for industrial processes requiring precise, high-temperature indirect heating.
• Hot Air Generators Solid fuel-fired hot air generators for industrial drying processes (food, chemicals, materials) with capacities up to 0.9 Mn kcal/hr.
• Hot Water Generators Hot water generation equipment (0.5–20 Mn Kcal/hr) for hotels, hospitals, laundries, food processing, and other commercial/industrial establishments.
• Energy Plants Integrated steam, thermic fluid and hot gas systems up to 100 MW with >94% thermal efficiency for industrial energy users.
• Electric Process Heat Solutions Zero-emission electric boilers, thermal oil heaters, and hot water generators for industrial customers seeking decarbonised process heat.
• Absorption Chillers Energy-efficient vapour absorption chillers for industrial and commercial cooling using thermal energy, with 8,300+ installations across 100+ countries.
• Absorption Heat Pumps Absorption-based heat pumps for industrial and commercial customers, transferring thermal energy for sustainable heating applications.
• Hybrid Chillers Hybrid chillers combining vapour compression and absorption technologies for flexible cooling, optimised operating costs, and decarbonisation in industrial and commercial facilities.
• Absorption Chiller-Heaters Dual-function absorption chiller-heaters for industrial/commercial facilities using sustainable thermal energy sources.
• Absorption Heat Transformers Absorption heat transformers for industrial customers that upgrade low-temperature waste heat into medium-grade heat, supporting decarbonisation and energy recovery.
• Electrostatic Precipitators (ESP) Dry and wet electrostatic precipitators for industrial customers (cement, power, steel, refineries) capturing 100+ types of particulate matter with continuous operation; 35,000+ installations and 50+ years of expertise.
• Bag Filters (Bag House) Pulse-jet fabric filter (bag house) systems with patented pulsing technology for efficient particulate removal in industrial applications.
• Scrubbers High-collection-efficiency scrubbers for industrial customers handling small and sub-micronic particles and high gas volumes.
• Flue Gas Desulfurisation (FGD) Flue Gas Desulfurisation systems for SO2 removal from flue gases at power plants and industrial customers (refineries, fertilisers, etc.).
• CO2 Capture & Utilisation Solutions Carbon capture and utilisation technology for industrial customers (refineries, process industries), including CO2 capture at HPCL's Vizag refinery and a CO2-to-methanol pilot with IIT Delhi.
• Water and Waste Solutions (including Zero Liquid Discharge) End-to-end industrial and municipal water and wastewater solutions for industrial customers — Effluent Treatment Plants, Sewage Treatment, Minimum Liquid Discharge, and Zero Liquid Discharge (ZLD) systems for water recycling.
• Tulsion Ion Exchange Resins Performance-engineered ion exchange resins (Tulsion brand) for water treatment and purification across industrial applications, manufactured at the Dahej facility.
• Construction Chemicals Construction chemicals portfolio — including concrete admixtures, grouts and anchors, repair and rehabilitation, protective coatings, waterproofing, industrial flooring, sealants, and adhesives — for infrastructure and construction customers.
• Water and Waste Treatment Chemicals Performance chemicals for industrial customers covering fuel treatment, water treatment, and process optimisation.
• Oil Field Chemicals Specialised oil field chemicals for upstream oil and gas customers to support operations and enhanced oil recovery.
• Boiler Water Treatment Chemicals Boiler water treatment chemicals for industrial customers operating steam boilers to support efficient steam generation and system maintenance.
• Green Hydrogen Solutions Scalable green hydrogen solutions for industrial customers (refineries, fertilisers, process industries), combining alkaline water electrolysis (via HydrogenPro) and solid oxide electrolysis (via Ceres Power) under India's National Green Hydrogen Mission.
• Bio-CNG Solutions End-to-end bio-CNG turnkey projects through Thermax Bioenergy Solutions Pvt. Ltd. for industrial customers and municipalities seeking circular energy solutions.
• Build-Own-Operate Green Utility Solutions (BOO/BOOM) Opex-based Build-Own-Operate green utility solutions for industrial customers, providing fuel assurance and optimised lifecycle performance under 10–25 year contracts with annuity-based returns.
• Renewable Energy Solutions (First Energy) Bespoke renewable energy solutions — Solar PV, Wind, Wind-Solar Hybrid, and Battery Energy Storage (EPC and opex) — for industrial and commercial customers via First Energy Private Limited.
• Large Boilers and Fired Heaters Customised large-scale boilers and fired heaters (including 800 MW ultra-supercritical units) for power plants and large industrial customers, including solid fuels, waste-to-energy, oil & gas, and waste heat recovery.
• Projects and Energy Solutions (EPC) Turnkey EPC and asset management solutions for industrial customers and utilities — covering concept-to-commissioning for Bio Fuels, CO2 Capture, Flue Gas Desulfurisation, and power plants.

Quantifiable outcome

• Thermax Opticor improves clinker cooler ESP performance by 25%
• +8 more outcomes

Named customers13 records

Segments6 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature9 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Ankur Scientific Energy Technologies Pvt LtdcoreStrategic or Co-development Partner · 6 May 2026Thermax partnered with Ankur Scientific to establish India's first green methanol production facility at Deendayal Port Authority in Kandla, Gujarat. The plant uses Ganda Baval (mesquite) biomass as feedstock, combining Ankur Scientific's biomass gasification technology with Thermax's fuel processing capabilities to produce up to 18,000 tonnes of green methanol annually (~5 tonnes/day), meeting ASTM standards for cleaner marine fuel. Target is to meet nearly half of India's projected methanol demand of 37,000 tonnes by 2030. Commissioning targeted for late 2026 or early 2027.
• Exactspace Technologies Private LimitedcoreTechnology or Integration · 27 February 2026Thermax acquired 51% stake in Exactspace Technologies for Rs 30.48 crore, transforming it from associate to subsidiary. The acquisition integrates Exactspace's AI-driven industrial IoT, sensor technologies, and advanced diagnostics capabilities for predictive asset maintenance, process optimisation, and failure analysis, enhancing Thermax's digital engineering offerings in smart manufacturing and industrial analytics. Thermax has option to acquire remaining 49% after three years.
• Hindustan Petroleum Corporation Limited (HPCL)coreStrategic or Co-development Partner · 29 January 2026Thermax and HPCL signed an MoU to develop clean energy technology. HPCL commissioned LC-Max-based residue upgradation unit at Vizag refinery, transforming capacity from 8 to 15+ mtpa. Thermax partnered with HPCL for CO2 capture at refineries, part of India's Rs 20,000 crore CCUS spending plan. Thermax also partnered with HPCL for clean energy solutions including CO2-to-methanol technology, with a pilot plant developed in Pune with IIT Delhi.
• HydrogenProcoreTechnology or IntegrationThermax partnered with HydrogenPro to offer indigenized alkaline water electrolysis (AWE) systems for green hydrogen production. These systems are reliable, scalable, and ready for large-scale deployment, supported by local manufacturing and lifecycle expertise. Aligns with India's National Green Hydrogen Mission targeting 5 million metric tonnes by 2030.
• Ceres Power Holdings plccoreTechnology or IntegrationThermax partnered with Ceres Power to deliver Solid Oxide Electrolysis (SOEC), a next-generation technology offering superior efficiency through high-temperature electrolysis, suited for energy-intensive industries with access to waste heat. Part of Thermax's green hydrogen capability expansion.
• Buildtech Products India Private LimitedminorOthersThermax expanded its construction chemicals portfolio by acquiring Buildtech Products, a manufacturer of admixtures, accelerators, and capsules for the construction chemicals sector, as part of the Thermax Chemical Solutions Pvt. Ltd. (TCSPL) business expansion.
• India-UK/Europe Green Corridor InitiativeminorStrategic or Co-development PartnerThermax participated in the India Exchange 2026 convened by Xynteo and supported by Aditya Birla Group, bringing together over 180 business leaders from India, UK, and Europe to establish structured industrial decarbonisation partnerships. The initiative uses a three-phase approach (2026-2035) with lighthouse projects on industrial decarbonisation, clean mobility, circular economy, and energy efficiency, targeting $5-10 billion annual capital mobilisation by 2030.
• Mitsubishi Heavy Industries (MHI)minorStrategic or Co-development PartnerMitsubishi Heavy Industries formed a joint venture with Thermax for ASEAN markets. MHI is a key player in the waste heat to power market developing modular systems and collaborating on research to enhance waste heat-to-power technologies.
• IIT DelhiminorStrategic or Co-development PartnerDepartment of Science & Technology supported a CO2-to-methanol pilot plant in Pune developed with IIT Delhi and Thermax, illustrating India's growing activity in carbon removal and utilisation.
• TSA EquipmentsminorOthersThermax acquired TSA Equipments for high-purity water systems, expanding its water and wastewater solutions portfolio in 2024.
• Vebro Polymers (UK)minorStrategic or Co-development PartnerThermax Chemical Solutions Pvt. Ltd. (TCSPL) signed shareholder agreement with UK-based Vebro Polymers to address industrial and commercial flooring in India, as part of strategic expansion.
• Oswaldo Cruz Quimica (OCQ)minorStrategic or Co-development PartnerTCSPL partnered with Latin America's Oswaldo Cruz Quimica (OCQ) to manufacture and supply high-performance resins and polymers, expanding chemical solutions capabilities internationally.

Scale indicators12 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Forbes Marshall: Indian steam engineering and process control specialist. Closely comparable in packaged boilers, steam engineering solutions and process control serving Indian industrial customers.
• Alfa Laval: Sweden-based heat transfer, separation and fluid handling specialist. Comparable in industrial heat exchangers, process heating and waste heat recovery applications served by Thermax's process heat solutions.
• Ion Exchange (India) Limited: Indian water-treatment chemicals and ion exchange resin manufacturer. Directly comparable to Thermax's Tulsion resins and water-treatment chemicals business, sharing customers in industrial and municipal water.
• VaTech Wabag: Mumbai-headquartered water and wastewater treatment EPC major. Directly comparable to Thermax's Water & Waste Solutions segment (ZLD, MLD, effluent treatment) and municipal/industrial water projects.
• Bharat Heavy Electricals Limited (BHEL): India's largest power-generation equipment OEM with extensive boiler, turbine and EPC capabilities. Highly comparable to Thermax's TBWES large-boiler and Industrial Infra EPC business serving Indian utilities and industrial customers.

Broad incumbents

• Carrier Global Corporation: Global HVAC and refrigeration leader. Carrier competes with Thermax in commercial/industrial cooling, absorption chillers and refrigeration across global markets.
• GE Vernova: Global power generation OEM (steam, gas and renewables). Competes with Thermax's TBWES utility boiler and EPC business, especially in thermal power plant equipment and services.
• Mitsubishi Heavy Industries: Global heavy industrial OEM with turbogenerators, boilers and waste-heat-to-power systems. Already a JV partner with Thermax for ASEAN; competes in waste heat recovery and power plant equipment.
• Trane Technologies: Global HVAC and chillers major. Trane's commercial and industrial chillers overlap with Thermax's absorption, hybrid and vapour-compression cooling solutions sold globally.
• Larsen & Toubro (L&T): Diversified Indian EPC conglomerate with overlapping capabilities in industrial infrastructure, power plant EPC and process equipment. Thermax's Industrial Infra segment competes for similar large-scale turnkey contracts.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

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Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thermax