Thermax Ltd
Fortune 500 2025
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OVERVIEW
FINANCIALS
NEWS
About
The foundations of Thermax were originally laid by the late A S Bhathena, who started Wanson (India) in 1966. The company was renamed Thermax in 1980 after he retired and the late Rohinton D Aga took over as Chairman & MD. The firm is an engineering company, headquartered in Pune, providing sustainable solutions in energy and environment. The business portfolio includes products for heating, cooling, water and waste management, and specialty chemicals. They operate globally with a presence that spans across 88 countries through 29 international offices and 14 manufacturing facilities – 10 of which are in India and 4 overseas . The group consists of 7 wholly owned domestic subsidiaries and 21 wholly owned overseas subsidiaries.
Incorporation Year: 1980
Headquarters: Pune, India
Top Management: Founder : A S Bhatena , current : ANU AGA
Industry: Engineering & Construction
Website: www.thermaxglobal.com
Featured In Fortune India Ranking
Fortune 500 India
#251(2025)
#252(2024)
#263(2023)
#265(2022)
#274(2021)
#224(2020)
#240(2019)
#278(2018)
#260(2017)
#222(2016)
#216(2015)
#217(2014)
#194(2013)
#163(2012)
#157(2011)
#202(2010)
#251(2025)#252(2024)#263(2023)#265(2022)#274(2021)#224(2020)#240(2019)#278(2018)#260(2017)#222(2016)#216(2015)#217(2014)#194(2013)#163(2012)#157(2011)#202(2010)
Financial Data 2024
Revenue
9,717
(INR Cr)
Net Operating Income
9,323
(INR Cr)
Assets
5,887
(INR Cr)
Profit
645
(INR Cr)
Net Worth
4,440
(INR Cr)
Fortune India Coverage
Financial Data
RevenueNet Operating IncomeProfitAssetsNet Worth
| PARAMETERS | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (INR Cr) | 9717 18.2% | 8221 28.5% | 6398 30.3% | 4911 -16.0% | 5846 -4.8% | 6141 33.3% | 4609 0.7% | 4577 -13.3% | 5278 -2.3% | 5404 3.7% | 5212 -6.9% | 5597 -9.4% | 6177 13.8% | 5426 59.0% | 3413 -2.4% | 3497 - |
| Net Operating Income (INR Cr) | 9323 15.25% | 8090 32.01% | 6128 27.91% | 4791 -16.40% | 5731 -4.05% | 5973 33.78% | 4465 -0.41% | 4483 -12.86% | 5145 -3.01% | 5304 4.01% | 5100 -7.13% | 5492 -9.84% | 6091 14.95% | 5299 64.80% | 3215 -1.73% | 3272 -4.76% |
| Profit (INR Cr) | 645 43.3% | 450 44.2% | 312 51.2% | 207 -2.8% | 212 -34.7% | 325 40.2% | 232 4.1% | 223 -21.0% | 282 34.6% | 210 -14.7% | 246 -23.2% | 320 -20.7% | 404 5.7% | 382 164.5% | 144 -50.1% | 289 - |
| Assets (INR Cr) | 5887 22.1% | 4820 20.6% | 3998 7.2% | 3728 10.9% | 3362 0.6% | 3341 10.3% | 3031 9.5% | 2769 2.1% | 2711 -9.9% | 3008 -4.7% | 3156 28.4% | 2458 19.2% | 2062 31.4% | 1569 43.2% | 1096 10.1% | 995 - |
| Net Worth (INR Cr) | 4440 14.8% | 3868 10.8% | 3492 7.4% | 3251 7.4% | 3028 0.5% | 3014 11.0% | 2715 7.0% | 2538 5.0% | 2416 12.6% | 2146 5.3% | 2038 9.1% | 1869 14.7% | 1629 23.9% | 1315 22.0% | 1078 8.8% | 991 30.5% |
| Employee Cost (INR Cr) | 1159 20.8% | 960 18.1% | 813 7.1% | 759 -5.1% | 799 3.9% | 769 12.7% | 683 -0.7% | 688 3.8% | 662 -6.6% | 709 1.0% | 702 14.7% | 612 9.8% | 558 22.7% | 455 37.8% | 330 14.5% | 288 - |
| Interest Cost (INR Cr) | 88 | 38 | 25 | 21 | 15 | 14 | 13 | 10 | 12 | 82 | 39 | 26 | 22 | 15 | 13 | 11 |
| Cash & Bank Balance (INR Cr) | 975 | 1132 | 954 | 1939 | 481 | 369 | 294 | 221 | 298 | 384 | 451 | 321 | 698 | 688 | 670 | 373 |
| Total Debt (INR Cr) | 1277 | 831 | 368 | 328 | 230 | 240 | 234 | 136 | 195 | 688 | 761 | 423 | 273 | 148 | 8 | 4 |
Key Financial Ratios
Profit As % Of RevenuesRONW %Interest Cost to EBITDA %ROCE %Debt to Equity Ratio
| PARAMETERS | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit As % Of Revenues | 6.6% | 5.5% | 4.9% | 4.2% | 3.6% | 5.3% | 5.0% | 4.9% | 5.4% | 3.9% | 4.7% | 5.7% | 6.5% | 7.0% | 4.2% | 8.3% |
| Profit As % Of Assets | 11.0% | 9.3% | 7.8% | 5.5% | 6.3% | 9.7% | 7.7% | 8.1% | 10.4% | 7.0% | 7.8% | 13.0% | 19.6% | 24.3% | 13.2% | 29.0% |
| Profit As % Of Networth | 14.5% | 11.6% | 8.9% | 6.4% | 7.0% | 10.8% | 8.6% | 8.8% | 11.7% | 9.8% | 12.1% | 17.1% | 24.8% | 29.0% | 13.4% | 29.2% |
| Interest Cost to EBITDA % | 11.7% | 6.3% | 6.0% | 6.8% | 3.7% | 3.9% | 3.4% | 2.3% | 2.8% | 19.9% | 8.6% | 5.3% | 3.7% | 2.7% | 6.6% | 3.0% |
| Debt to Equity Ratio | 0.29 | 0.21 | 0.11 | 0.10 | 0.08 | 0.08 | 0.09 | 0.05 | 0.08 | 0.32 | 0.37 | 0.23 | 0.17 | 0.11 | 0.01 | 0.00 |
| RONW | 15.5% | 12.3% | 9.3% | 7.8% | 7.0% | 13.0% | 8.8% | 11.4% | 14.2% | 7.1% | 10.9% | 16.4% | 25.2% | 30.7% | 24.9% | 33.0% |
| ROCE | 17.9% | 14.5% | 11.3% | 9.9% | 11.6% | 16.2% | 14.1% | 16.3% | 17.0% | 13.5% | 15.6% | 22.5% | 34.1% | 44.1% | 39.5% | 49.8% |