Thermax Ltd
NSE: THERMAX BSE: 500411
₹2949
(-0.03)%
Wed, 04 Feb 2026, 07:52 am
Market Cap337.2B
PE Ratio55.97
Dividend0.49
Producer Manufacturing
Industrial Machinery
24.5Kthermax ltd History
1980
- Incorporated as Thermo-Dynamics Pvt., Ltd. on 30 June.
- Amalgamated Wanson (India) Ltd. and Thermax India (Pvt) Ltd. on 1 July.
- Name changed to Thermax Pvt. Ltd.
1982
- Merged Tulsi Fine Chemical Industries Pvt. Ltd. and Kailas Castings Pvt. Ltd. effective 1 July.
1989
- Became deemed public company effective 1 July.
1991
- Merged T. K. Steel Industries Ltd.
1994
- Became full-fledged public limited company.
1995
- Institutionalized product development process.
- Launched oil-fired smoke boiler shell Max and Combiac for agro fuels.
- Signed MOU with Bharat Shell for thermic fluid Therma.
- Received order from PT South Pacific Viscose for 3 x 22.5 TPH boilers.
- Launched direct fired and hot water fired absorption cooling machines.
- Built 6 MW cogen facility for paper plant in Northern India.
- Signed distributorship with Kawasaki Heavy Industries for gas turbines up to 6 MW.
- Entered capacitor business in electronics division.
- Planned modernization and expansion at Chinchwad and Khopoli.
- Offered 61,12,500 equity shares at Rs. 180 premium (all subscribed).
1996
- Merged energy and heat recovery divisions to form Energy System Division.
- Introduced packaged bagasse fired boilers (4-16 tonnes).
- Launched hot water generation systems.
- Launched fine circulation fluidised bed combustion boiler.
- Executed 3 major export orders to Indonesia.
- Developed speciality co-polymers and resins for biotech and pharma.
- Formed JV Thermax Babcock & Wilcox Ltd. with WICOX Ltd.
- Formed JV with Fuji Electric for smart digital transmitters and controls.
- Formed JV Thermax Culligan Water Technology Ltd. with Culligan USA.
- Formed JV Thermax Energy Performance Services Ltd. with Energy Performance Services Inc. USA.
- Chairman Rohinton D. Aga passed away on 16 February.
- Received ISO 9002 certification.
- Commissioned Dowtherm Vaporiser for Reliance Industries at Hazira.
- Launched high efficiency cyclone for flue-gas particulates.
- Developed standard incinerator for infectious wastes.
- Received Canara Bank Best Exporter award, Chemexil Export Award, Innovation in Management award, Giant's International Award to R.D. Aga.
1997
- Received AD-Merkblatt certification for Chinchwad unit.
- Introduced Thermnet electronic network.
- Chemical Division entered fuel treatment business for refineries.
- Subsidiaries included Thermax Fuji Electric, Thermax Electronics, Thermax International, Thermax Europe.
1998
- Introduced five new products in packaged boiler range.
- Launched Kawasaki modular technology products in Vapour Absorption Division.
- TCWTL launched Purichill, Eversoft, and Point-of-Entry systems.
- Signed first Master Energy Service Agreement.
- Developed Submerged Aerated Fixed Film (SAFF) technology.
- Entered technical transfer agreement with Ozone Processes Inc. for Electro-Precipitation.
- Signed licence agreement with Environmental Elements Corp. for ESP and bag houses.
- Set up Learning Resource Centre.
- Thermax (Rus) Limited and Winman Gas Limited became subsidiaries.
1999
- Developed PDP II process.
- Commissioned cogen plants for Arvind Mills.
- Signed technology cooperation with Schalke Germany for air pollution control.
- Thermax Co-gen Limited became subsidiary.
2000
- Acquired ME Engineering, UK.
- Signed exclusive distribution agreement with Purafil Inc. for South Asia.
- Signed MOU with SAMREE for microwave disinfection system.
- Appointed P.M. Kulkarni as Managing Director effective 21 July.
- Entered share-swap arrangement with Global Tele-systems for software subsidiary.
- Sold Industrial Fan Division to Universal Fans India Pvt. Ltd.
- Received ISO 14001 certification for Chinchwad plant.
2001
- Set up wholly-owned subsidiary Thermax Inc. in US.
- Set up second wholly-owned subsidiary in Detroit, USA.
- Acquiring 50% stake in Energy Performance Service (Thailand).
- Entered strategic alliance with Cummins Diesel Sales and Services.
- Sold electronics and surface coating businesses.
- Acquired 50% equity in Thermax Culligan Water Technologies Ltd., making it 100% subsidiary.
2002
- Appointed Sunil Lalai as Company Secretary.
- Prakash Kulkarni acquired additional 2,250 shares.
- Appointed Meher P. Pudumjee as non-executive vice-chairperson.
2003
- Appointed Jairam Varadraj as Additional Director.
- Inaugurated captive power plant in Beawar by Ashok Gehlot.
- Anu Aga proposed daughter for chairperson position.
- Incorporated wholly-owned subsidiary in Brazil with US$ 200,000.
2004
- Received LOI for Rs. 744.70 million power plant.
- Set up wholly-owned subsidiary Thermax Hong Kong Ltd.
- Bagged captive power plant order.
- Cogen Division received LOI worth Rs. 650 million.
- Acquired 40% stake of Babcock & Wilcox International Investments in JV.
2005
- Inked agreement with HWB.
2006
- Setting up plant in China for absorption chillers with US$ 8 million investment.
- Split face value of shares from Rs. 10 to Rs. 2.
2007
- Signed technology agreement with German air pollution control leader.
2008
- Appointed Dr. R.A. Mashelkar as Additional Director.
- Signed 15-year pact with US firm.
- Signed license pact with Babcock & Wilcox.
- Received Rs. 415 crore order.
2009
- Received Rs. 255 crore order for 4 x 250 TPH CFBC boilers.
- Bagged 270 MW power plant order.
- Received Business Excellence award.
- Won Rs. 1000 crore order.
- Signed technology agreements for advanced wastewater treatment.
- Signed JV agreement with SPX.
2010
- Received Rs. 240 crore order for CFBC boilers.
- Bagged Rs. 580 crore order for gas-based power plant.
- Signed technology transfer agreement with Lambion for energy from waste.
2011
- Received Rs. 366 crore order.
- Appointed Nawshir Mirza as Additional Director.
- Won Rs. 403 crore order from captive power plant.
- Developed new solar cooling system.
2012
- RDA Holding & Trading renamed to RDA Holdings Private Limited.
- Secured Asian Power Awards for cogeneration plant.
- Acquired Rifox, German steam products company.
- Bagged Rs. 280 crore EPC order for power plant.
2013
- Bagged Rs. 1700 crore order for CFBC boilers.
- Received Rs. 269 crore order from petrochemical company for captive power plant.
- Recommended dividend of Rs. 7 per share (350%).
2014
- Won Rs. 351 crore order in Africa for captive power plant.
- Thermax Babcock & Wilcox Energy Solutions won Rs. 339 crore export order.
- Thermax and Zensar to set up skill development centre in Pune.
2015
- Acquired 33% stake in First Energy.
2016
- Secured order from RCF for two 25 MW gas turbines and two 100 TPH waste heat recovery boilers.
- Raised stake in First Energy to 54.67%.
2017
- Bagged export contract of USD 43 million.
- Bagged first EPC power plant order in GCC region.
- Won Rs. 327 crore co-generation power plant order.
2018
- Bagged Rs. 327 crore order.
- Bagged Rs. 503 crore order from fertiliser company.
2019
- Won Rs. 431 crore order for two FGD systems.
- Inaugurated manufacturing facility at Sri City, Andhra Pradesh.
2020
- Won major order for captive Combined Heat and Power plant.
- Launched compact sewage recycle system 'atoM'.
2021
- Signed agreement with Power Roll to develop solar film market in India.
- Bagged Rs. 830 crore order for three FGD systems.
2022
- Bagged Rs. 545.6 crore order for two FGD systems.
- Won Rs. 522 crore order for refinery and petrochemical complex.
- Bagged Rs. 1,176 crore order for Sulphur Recovery Block.
2023
- Entered green hydrogen market in partnership with Fortescue Future Industries.
- Won Rs. 271.50 crore order from India's biggest refinery for mechanical balance of plant.
- Won Rs. 251.7 crore order to renovate and modernise ESPs for public sector power company.
2024
- Completed acquisition of Buildtech Products India Private Limited.
- Won repeat order worth Rs. 516 crore for 600 MW greenfield energy project in Botswana.
- Partnered with Ceres for green hydrogen production with SOEC manufacturing in India.
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