### **Overview** Thermax Limited, headquartered in Pune, India, is a leading integrated solutions provider in the energy and environment sector. Established in 1966 and incorporated in 1980, the company operates globally with a mission to drive the industrial energy transition. Positioned as a "Trusted Partner in Energy Transition," Thermax delivers sustainable, decarbonization-focused solutions across **clean air, clean energy, clean water, and specialty chemicals**. With over five decades of engineering expertise, Thermax serves customers in more than 90 countries through 16 manufacturing facilities (12 domestic, 4 international) and 49 subsidiaries (28 domestic, 21 international). As of FY 2024–25, Thermax reported consolidated revenue of **₹10,389 crore** and a profit after tax (PAT) of **₹627 crore**, with a 10.5% year-on-year growth in order bookings to **₹10,337 crore**. --- ### **Leadership & Strategic Vision** **Mr. Ashish Bhandari**, Managing Director and CEO since September 2020, leads Thermax’s strategic pivot toward sustainability and digital transformation. Under his leadership, the company is prioritizing: - Expansion of nascent businesses (green hydrogen, biofuels, carbon capture) - Digitalization via AI, IIoT, and data analytics - A vision for new ventures to contribute significantly to the portfolio by **2030** --- ### **Business Segments & Portfolio** Thermax realigned its operations in 2023 into four strategic reportable segments: #### 1. **Industrial Products** (42% of revenue) Includes packaged boilers, fired heaters, absorption chillers, air pollution control (APC) systems, and water treatment equipment. #### 2. **Industrial Infrastructure (P&ES)** Delivers turnkey EPC (Engineering, Procurement, Construction) solutions for: - Captive power plants - Cogeneration and trigeneration systems - Waste heat recovery - Flue gas desulphurisation (FGD) #### 3. **Green Solutions** (7% of revenue) Comprises **build-own-operate (BOO)** renewable and sustainable utility models through two key subsidiaries: - **Thermax Onsite Energy Solutions (TOESL)**: Provides steam, power, treated water, and chilled water under long-term contracts (10–25 years). TOESL commissioned over 100 utility assets globally, including 45 BOO sites. - **First Energy Private Limited (FEPL)**: Offers solar, wind, and hybrid power with battery storage on an opex basis. As of March 2025, FEPL has cumulatively acquired **292 MWp** of C&I renewable projects and secured ISTS connectivity for **300 MW** (200 MW solar, 100 MW wind). #### 4. **Chemicals** Includes **Thermax Chemical Solutions Private Limited (TCSPL)**, which develops performance-engineered chemicals. This segment includes: - Tulsion® ion exchange resins - Water, oilfield, construction, and specialty chemicals - Acrylic resins and polymers (through strategic partnerships) --- ### **Core Business Verticals & Innovations** #### **1. Heating & Energy Transition** - Offers **biomass-fired, electric, and multi-fuel steam boilers**, thermic fluid heaters, and green heating solutions. - Launched **Effitron™ (electric boiler)**, **GreenPac™/GreenBloc™ (biomass systems)**, and **InstaHeat 2.0**. - Delivered a **36 MW integrated utility plant** achieving **>94% thermal efficiency** for a particle board manufacturer. - Secured landmark orders: three **80 TPH biomass-fired boilers** and a **47 TPH sinter cooler waste heat recovery boiler**. #### **2. Green Hydrogen & Electrolysers** - **August 2025**: Formed a **strategic partnership with HydrogenPro ASA** (Norway) to manufacture and deploy **alkaline electrolysers** in India under a technology transfer agreement. - Thermax holds **exclusive rights** in India for supply, installation, and servicing. - Will establish a **state-of-the-art test station for short stacks** in Pune. - Aims to offer **localized, full-lifecycle electrolyser solutions**. - **September 2024 & July 2025**: Entered a **global licensing partnership with Ceres Power** (UK): - Co-developing **solid oxide electrolyser cell (SOEC)** technology. - Targeting **hard-to-abate sectors** (e.g., steel, refineries). - Working toward a **working model by 2027**. #### **3. Bio-CNG and Waste-to-Energy** - **Thermax Bioenergy Solutions Pvt. Ltd. (TBSPL)**: - Market leader in **large-capacity bio-CNG plants (>10 TPD)**. - In FY 2024–25: Produced **6,200 tonnes/day** of CNG and **1,500 tonnes** of fermented organic manure (FOM) in Q4. - Processes diverse feedstocks: rice straw, press mud, municipal waste, agro-residue. - Secured **five bio-CNG plant orders** totaling 110 TPD capacity (Rajasthan, UP, etc.). - Faced **technical and operational challenges** in early projects, resulting in **₹66 crore commitment** to improve reliability and technology. #### **4. Water & Waste Solutions (WWS)** - Provides **water purification, reuse, desalination, and effluent treatment**. - Offers **operation and maintenance (O&M)** for **337 sites** (95% renewal rate in FY 2024–25). - Launched **Biofilter Pro**, a next-gen wastewater treatment system. - Key projects: - **6.5 MLD desalination/demineralization plant** for a pharmaceutical client. - **10 KLD MVR-based modular plant** achieving **95% water recycling**. - Established a **new water treatment plant in Cilegon, Indonesia** (capacity: **3,838 MT/year**). #### **5. Cooling & SustainX** - Operates under **SustainX**, a growth unit for sustainable thermal solutions. - Offers **hybrid heat pumps, absorption chillers, and industrial refrigeration**. - Launched world's first **RDF-fired hot water boiler** (Norway). - Secured international cooling orders: **7,251 TR chillers in Europe**, **1,600 TR in Southeast Asia**. #### **6. Air Pollution Control (APC)** - Delivers **flange-to-flange solutions** for particulate and gaseous emissions (ESP, bag filters, dry FGD). - Secured first **dry FGD order from Tamil Nadu** for a 2 GW solar PV exhaust system. - Won APC orders in **Myanmar, Thailand, Turkmenistan, and Saudi Arabia**. #### **7. Chemicals** - **Strategic partnerships and M&A**: - **Joint Venture (50.1% stake)** with **Vebro Polymers** (UK) – **Thermax Vebro Polymers India** – for industrial flooring. - **Joint Venture (51% stake)** with **Oswaldo Cruz Química (OCQ)** (Brazil) – **Thermax OCQ** – for acrylic resins. - **Acquired Buildtech Products** (₹72 crore) to strengthen construction chemicals (admixtures, flooring, waterproofing). - Launched **Maxtreat® 7800 TR**, a **non-phosphate, eco-friendly cooling water treatment** chemical. - PFAS removal resin achieved **NSF 61 certification** for entry into North America/Europe. #### **8. Digital & Servicisation** - **Project Amplify**: Strategic initiative to grow **service revenue** from both Thermax and non-Thermax installations. - **EDGE Live®**: - AI/ML-powered digital platform monitoring **4,000+ assets** across **190+ customers**. - Deployed in **80+ industrial units** across 20+ countries. - Improved **prediction accuracy from 40% to 70%**; achieved **100% contract renewal rate** in FY 2024–25. - Launched **Thermax Serve** for lifecycle management, spares, and performance optimization. --- ### **Strategic Growth Initiatives** #### **1. Energy Transition & Innovation** - Investing in three **emerging technology areas**: - **Green hydrogen** - **Carbon capture & upcycling** (e.g., CO₂ to methanol with IITs) - **Biofuels & bioprocessing** - Research & Technology Innovation Centre (**RTIC**) advancing **pilot projects** with academic and government partners. #### **2. Geographic Expansion** - Targeting **Southeast Asia, Latin America, and Africa**. - Strengthening European presence in biomass and heat pumps (Denmark, France, Germany). - Launched **Thermax Chemical Europe A/S** and **Thermax Inc. USA** (expanding into Brazil, Mexico). #### **3. Sustainability & Modularity** - Introduced **ZLD (Zero Liquid Discharge) & SustainX** as dedicated growth units. - ZLD secured **11 new plant orders** in FY 2024–25, using indigenously developed **MVR and MEE technologies**. - Focus on **modular, plug-and-play solutions** (CuBe, atoM, E Series RO) for fast deployment and scalability. #### **4. Digital Transformation** - **ThermaxNXT**: Transformation initiative focusing on agility, digital capabilities, and performance culture. - Investments in **AI, blockchain, and IIoT**; minority stake acquisition in **ExactSpace** (AI/IoT) and **Covacsis** (Industry 4.0). --- ### **Recent Milestones (July–August 2025)** | Achievement | Details | |-----------|--------| | **Hydrogen Partnerships** | Dual alliances with **Ceres** and **HydrogenPro** to establish Thermax as India’s leader in **green hydrogen solutions**. | | **Electrolyser Localization** | Set up **Pune-based test station**; full lifecycle support for **alkaline and SOEC electrolysers**. | | **Bio-CNG Orders** | Secured **five large plants** (110 TPD) using agricultural waste. | | **Waste-to-Energy Orders** | Three **80 TPH biomass boilers**, **60 TPH RDF boilers**, and **47 TPH WHR boiler**. | | **Global Projects** | 36 MW utility plant (India), 40 MW multi-utility plant (Thailand), steam boilers (France). | | **Chemicals Expansion** | New plant in **Indonesia**, JV with OCQ (resins), Buildtech acquisition. | | **Digital Growth** | EDGE Live deployed in 20+ countries; **Thermax Serve** launched. |