Meher Pudumjee, 

The going has been tough for Thermax, with its revenue and profit after tax falling for the third consecutive year. Pudumjee lowered the company’s working capital and liabilities. Other positives include the Bharat VI emission norms, which should bring more business from refineries. The company’s waste and water solutions businesses have fared well. Pudumjee moves up, because sustaining an energy and environment engineering powerhouse when the core sector stagnates is no mean feat.