Thermal Systems
Thermal Systems (Hyderabad) designs, manufactures and commissions custom waste heat recovery boilers and related heat recovery equipment for refineries, fertiliser and chemical plants, steel and DRI facilities, and other continuous-process industries worldwide.
- Company typePrivate
- Founded1984
- HeadquartersHyderabad, India
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Thermal Systems does
Thermal Systems (Hyderabad) Private Limited (TSPL), founded in 1984 and headquartered in Hyderabad, is an EPC/OEM organization providing turnkey, custom-engineered waste heat recovery boilers and allied heat recovery equipment for continuous-process industries. Its core technology centres on water-tube and fire-tube waste heat recovery boilers (WHRBs) capable of handling dust-laden, corrosive and high-temperature gases, with proprietary specialisations including turn-down ratio of 25%–110% for carbon black applications, online cleaning mechanisms for non-ferrous off-gases, GAPFREE welding against metal dusting in refinery process gas boilers, and India's first MSW/RDF-fired boiler technology. The product portfolio spans fire-tube and water-tube WHRBs (300+ and 250+ installations respectively), process gas boilers for hydrogen generating units, tail-gas and inline boilers for carbon black, MCC (Reaction Furnace) and incinerator packages for sulphur recovery units, AFBC boilers, heat exchangers and captive power plant EPC packages, with cumulative track record of 400+ projects executed in more than 40 countries.
TSPL's business model is project-based, selling custom-engineered equipment and full concept-to-commissioning services — Process Feasibility, FEED, System and Detail Engineering, Manufacturing, Erection and Commissioning — directly to enterprise owners of refineries (Reliance, Indian Oil, ADNOC, Satorp), fertiliser and chemical plants (IFFCO, Eurochem, OCP, Coromandel), steel and DRI facilities (JSW, Vedanta, Aditya Birla) and petcoke/carbon black producers, while also working through PMC/EPC contractors such as L&T Energy, Petrofac, EIL and Technip. Pricing is quote-based per project with multi-year contract cadence, distributed via direct enterprise field sales rather than channel partners. Manufacturing is anchored by six specialised ISO 9001:2015 plants covering 30,000+ sq. m, and international reach is supported by a German subsidiary and regional offices in Delhi, Mumbai and Kolkata. The combined certifiable, capital-intensive and reference-driven character of the business underwrites a 90%+ market share in sulphuric acid plant WHRBs and several of the largest-capacity installations worldwide.
Thermal Systems firmographics
Firmographics- Name
- Thermal Systems
- Legal name
- Thermal Systems (Hyderabad) Pvt Ltd.
- Website
- https://www.thermalindia.com
- Company type
- Private
- Founded year
- 1984
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Thermal Systems (Hyderabad) designs, manufactures and commissions custom waste heat recovery boilers and related heat recovery equipment for refineries, fertiliser and chemical plants, steel and DRI facilities, and other continuous-process industries worldwide.
- Ownership category
- akta.pro rank
Thermal Systems industry classification
Industry- Product category
- Industrial Waste Heat Recovery Boilers
- NAICS
- Power Boiler and Heat Exchanger Manufacturing (33241)
- SIC
- Heating Equipment, Except Electric & Warm Air Furnaces (3433)
- akta.pro primary industry
- Waste Heat Recovery & Heat Integration (HRSG/ORC, Pinch Analysis, Heat Exchangers) (EUABAJAF)
- akta.pro secondary industries
- Heat Transfer Equipment (Heat Exchangers, Boilers, Condensers) (IMAHAEAC), Industrial Boilers, HRSGs & Steam Generators (IMAHAFAF)
Keywords
Where Thermal Systems is headquartered
LocationHeadquarters
- HQ city
- Hyderabad
- HQ country
- India
- HQ region
- Asia
Offices5 records
Markets served
Thermal Systems business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- EPC/OEM Equipment Supply: Engineering, Procurement and Construction (EPC) services and Original Equipment Manufacturing (OEM) for waste heat recovery boilers and custom-designed heat recovery equipment. Provides turnkey solutions from concept to commissioning for process and power industries.
- Concept to Commissioning Services: Full project lifecycle including Process Feasibility, FEED Engineering, System Engineering, Detail Engineering, Manufacturing, Erection & Commissioning
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Others | Multi-year contract | Custom Project-Based Pricing |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels3 records
Thermal Systems product offering
Product offeringCore offering
Thermal Systems designs, manufactures, and commissions custom-engineered Waste Heat Recovery Boilers (fire tube and water tube), Process Gas Boilers, Tail Gas/Inline Boilers, MCC and Incinerator Packages for Sulphur Recovery Units, AFBC-fired boilers, Heat Exchangers, and Captive Power Plant solutions on an EPC basis. The company delivers turnkey concept-to-commissioning services for continuous process industries including refineries, fertilizer/chemical plants, steel mills, petcoke calcination, carbon black, non-ferrous metals, and waste-to-energy operators.
Product overview
Thermal Systems (Hyderabad) Pvt Ltd is a leading EPC/OEM organization providing turnkey solutions from concept to commissioning of Waste Heat Recovery Systems and custom-designed heat recovery equipment. The company operates as a unified portfolio of industrial heat recovery solutions consisting of Fire Tube Waste Heat Recovery Boilers (300+ installations) and Water Tube Waste Heat Recovery Boilers (250+ installations) as core products, complemented by Process Gas Boilers for Hydrogen Generating Units, Tail Gas/Inline Boilers for Carbon Black, MCC (Reaction Furnace) Packages, Incinerator Packages, and TGTU Packages for Sulphur Recovery Units. Additional offerings include Solid Fuel Fired (AFBC) Boilers, Heat Exchangers, Technological Manufacturing services, and Captive Power Plant Solutions on EPC basis. These products serve continuous process industries including refineries, steel, chemicals, fertilizers, sponge iron, petcoke calcination, carbon black, and waste-to-energy sectors across 40+ countries.
Differentiator
Problem solved
Functional benefit
Products and services
- Fire Tube Waste Heat Recovery Boiler
Quantifiable outcome
- Energy cost reduction through waste heat utilization
- +2 more outcomes
Companies that use Thermal Systems
Customer profileNamed customers13 records
Segments7 records
Ideal customer profiles5 records
Thermal Systems technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature7 records
Thermal Systems partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Elessent Clean TechnologiescoreStrategic alliance combining Elessent's century-old MECS® sulfuric acid plant expertise with Thermal Systems' 40 years of steaming equipment experience to deliver integrated solutions for sulfuric acid plant customers. The collaboration aims to provide optimized replacement equipment and reduce operational risk through complete heat recovery system evaluation.
Scale indicators12 records
Recent moves8 records
Expansion highlights5 records
Thermal Systems competitors and assessment
Company assessmentDirect peers
- ISGEC Heavy Engineering: Indian EPC/OEM manufacturing boilers, process equipment, and pressure vessels for refineries, fertilizers, and power industries. Directly comparable as an Indian industrial boiler maker competing for WHRB and EPC contracts in the same end-markets.
- BORSIG: German manufacturer of process gas boilers, waste heat boilers, and pressure vessels for refineries and petrochemical plants. Direct competitor on international WHRB EPC bids, especially in Europe where TSPL has its German subsidiary.
- CMI Energy: Belgian industrial group with a heat transfer division manufacturing waste heat recovery boilers and process gas heat exchangers for refineries and chemicals. Closest European specialist peer in WHRB technology.
- IHI (NEM): Japan-based industrial boiler and power systems manufacturer with a strong presence in waste heat recovery and process gas boilers. Comparable on engineering depth and on competing for large international refinery/petrochemical EPCs.
Broad incumbents
- Thermax: Large Indian diversified EPC and boiler/heating equipment manufacturer with a much broader portfolio. Competes with TSPL on industrial boilers and waste heat recovery projects, but also offers absorption chillers, water treatment, and complete plant solutions.
- BHEL: India's largest state-owned heavy engineering and power equipment manufacturer. Competes with TSPL on industrial boilers and power plant EPC in India, though at much larger scale and broader scope.
- Alfa Laval: Global leader in heat transfer, separation, and fluid handling. Overlaps with TSPL on industrial heat exchangers and process-side heat recovery equipment, though Alfa Laval's portfolio spans many more industries and product lines.
- MAN Energy Solutions: Global manufacturer of large-scale industrial boilers, steam turbines, and process equipment. Overlaps with TSPL on large refinery and chemical EPCs, particularly for steam/power integration.
Regional players
- Walchandnagar Industries: Indian industrial boilers and process equipment manufacturer serving sugar, power, and process industries. Comparable as an Indian boiler OEM, though with different end-market mix and weaker position in sulphuric acid WHRBs.
Others
- SPX Heat Transfer (SPX Technologies): Global heat exchanger and thermal equipment manufacturer. Comparable as a heat transfer technology provider, though more focused on standardized heat exchangers than custom EPC waste heat boiler packages.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Thermal Systems social profiles
Digital presenceThermal Systems compliance and trust
Trust signalCompliance10 records
Thermal Systems financial estimates
Financial estimateRevenue estimate
Valuation estimate
Thermal Systems leadership team
Management profileNumber of profiles
Profiles2 records
Thermal Systems subsidiaries and ownership
Company hierarchySubsidiaries1 record
Thermal Systems funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Thermal Systems M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Thermal Systems
What does Thermal Systems do?
Thermal Systems designs, manufactures, and commissions custom-engineered Waste Heat Recovery Boilers (fire tube and water tube), Process Gas Boilers, Tail Gas/Inline Boilers, MCC and Incinerator Packages for Sulphur Recovery Units, AFBC-fired boilers, Heat Exchangers, and Captive Power Plant solutions on an EPC basis. The company delivers turnkey concept-to-commissioning services for continuous process industries including refineries, fertilizer/chemical plants, steel mills, petcoke calcination, carbon black, non-ferrous metals, and waste-to-energy operators.
Is Thermal Systems a public or private company?
Thermal Systems is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Thermal Systems founded?
Thermal Systems was founded in 1984. It employs 501 to 1,000 people.
Where is Thermal Systems based?
Thermal Systems is headquartered in Hyderabad, India, in the Asia region.
How does Thermal Systems make money?
Two revenue lines are on record. EPC/OEM Equipment Supply is the primary driver. The others are concept to Commissioning Services.
Who are Thermal Systems's main competitors?
Direct peers on record are ISGEC Heavy Engineering, BORSIG, CMI Energy and IHI (NEM). Broad incumbents are Thermax, BHEL, Alfa Laval and MAN Energy Solutions. Walchandnagar Industries is listed as a regional player. SPX Heat Transfer (SPX Technologies) is listed as an others.
Does Thermal Systems have an API?
No public API is recorded for Thermal Systems.
What industry is Thermal Systems in?
Thermal Systems's product category is Industrial Waste Heat Recovery Boilers. Its primary akta.pro industry code is EUABAJAF, Waste Heat Recovery & Heat Integration (HRSG/ORC, Pinch Analysis, Heat Exchangers), with a secondary code of IMAHAEAC, Heat Transfer Equipment (Heat Exchangers, Boilers, Condensers). Its NAICS code is 33241 and its SIC code is 3433.