
Thermax Limited

Working at Thermax Limited
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Overall Rating

8% above

Highly rated for 
Job security, Company culture, Work-life balance
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About Thermax Limited

Thermax, founded in 1966 and headquartered in Pune, India, is a ~ 1 billion USD company offering solutions in the energy and environment space and a trusted partner in energy transition. Serving over 90 countries, Thermax provides essential solutions to industries for clean air, clean energy, and clean water. Its offerings are categorised into Industrial Products, Industrial Infra, Green Solutions, and Chemicals segments.
Thermax’s Industrial Products segment includes heating, cooling, air pollution control, and water treatment solutions, featuring products like boilers, heaters, air pollution control and water and sewage treatment equipment and cooling machines that boost operational efficiency. The Industrial Infra segment comprises Thermax Babcock & Wilcox Energy Solutions (TBWES) for steam generation and waste heat recovery, and Projects & Energy Solutions (P&ES) that offers captive power plants, cogeneration systems and waste heat recovery plants under an engineering, procurement, and construction (EPC) model. The Green Solutions segment includes the New Energy business that provides green utility solutions through Thermax Onsite Energy Solutions Limited (TOESL), bio-CNG plant setup and operations through Thermax Bioenergy Solutions Private Limited (TBSPL) and renewable energy solutions via First Energy Private Limited (FEPL). Meanwhile, Thermax Chemical Solutions supplies industrial and commercial chemicals, including ion exchange resins, water treatment, oil field and construction chemicals such as concrete admixtures, industrial flooring, sealants, and adhesives, to name a few, to support industrial performance.
Additionally, Thermax’s operations and maintenance services are enhanced by its digital EDGE Live platform, which provides AI and IoT-driven monitoring and analytics for real-time asset optimisation.
With a network of 40+ Indian and international subsidiaries, 14 manufacturing facilities - 10 of which are in India and four overseas, 45 offices in India and overseas, and a team of over 5,000+ employees excluding contractual workforce, the company focusses on nurturing talent and promoting openness and inclusivity in the workplace.
Through the Thermax Foundation, its philanthropic arm, Thermax champions education, community upliftment, and equity. Its dedication to sustainability is deeply rooted in environmental, social, and governance (ESG) principles, with an emphasis on ethical conduct, transparency, and community support.
Thermax Limited Ratings
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![]() | ![]() Change Company | ![]() Change Company | ![]() Change Company | |
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Overall Rating | 4.2/5 based on 3.6k reviews | 4.1/5 based on 3.6k reviews | 4.1/5 based on 2.9k reviews | 4.3/5 based on 3.5k reviews |
Highly Rated for | Job security Company culture Skill development | Company culture Work-life balance Skill development | Job security Work-life balance Company culture | Company culture Work-life balance Skill development |
Critically Rated for | ![]() No critically rated category | Promotions | Promotions | ![]() No critically rated category |
Primary Work Policy | Work from office 67% employees reported | Work from office 52% employees reported | Hybrid 53% employees reported | Work from office 49% employees reported |
Rating by Women Employees | 4.0 Good rated by 161 women | 4.0 Good rated by 457 women | 3.9 Good rated by 392 women | 4.2 Good rated by 916 women |
Rating by Men Employees | 4.2 Good rated by 3.3k men | 4.1 Good rated by 3k men | 4.2 Good rated by 2.4k men | 4.3 Good rated by 2.4k men |
Job security | 4.3 Good | 3.7 Good | 4.2 Good | 3.8 Good |
Thermax Limited Salaries
Shift Incharge

Electrical Engineer

Control Room Engineer

Safety Officer

Deputy Manager

Mechanical Engineer

Project Manager

Senior Engineer

Site Incharge

Design Engineer

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Thermax Limited Jobs
Thermax Limited News
MSCI May Rejig: Coromandel, Paytm, Nykaa Set For Big Inflows
- MSCI India Standard Index rebalancing is set to take place with anticipated inclusions of Coromandel International Ltd., Paytm-parent One 97 Communications Ltd., and Nykaa operator FSN E Commerce Ventures Ltd.
- Coromandel International may witness an inflow of $204 million, while Paytm and FSN E-Commerce Ventures are expected to receive $194 million and $173 million in inflows, respectively.
- Thermax Ltd. is likely to be deleted from the MSCI index, potentially resulting in an outflow of $126 million.
- The MSCI index rebalancing is significant for passive fund flows into Indian equities, impacting foreign portfolio investors' allocations, liquidity, and stock valuations.

Bajaj Electricals, Britannia, ABB, Thermax, Birla Corp, Jyothy Labs, Fine Organic, Alkyl Amines Q4 Review
- HDFC Securities recommends 'Buy' rating on Thermax, Jyothy Labs, Birla Corp, Bajaj Electricals.
- 'Add' rating advised on Britannia, ABB.
- 'Sell' call given on Fine Organic, 'Reduce' rating on Alkyl Amines.
- Britannia Industries Ltd.'s Q4 FY25 results were mixed.
- Volume growth below estimates, profitability improved due to reduced ad spends and cost efficiencies.

Stock Market Live: Gift Nifty Implies Positive As India-Pakistan Tensions Ease On Ceasefire
- The GIFT Nifty was trading 1.96% or 472.50 points higher at 24,554.50 as of 7:07 a.m., indicating a positive open for Nifty 50 due to easing tensions between India and Pakistan.
- India and Pakistan agreed to a ceasefire over the weekend, bringing relief to traders, although there were reports of ceasefire violations from the Pakistan side.
- US share indices ended on a mixed note as traders awaited US-China trade talks, with Dow Jones Industrial Average and S&P 500 ending down, and Nasdaq Composite ending flat.
- Traders are monitoring companies like Dr. Reddy's Laboratories Ltd., BEML Ltd., Manappuram Finance Ltd., and Thermax India Ltd., as the benchmark equity index snapped its three-week gaining streak on Friday.
Q4 Results Live: Dr. Reddy’s, ABB, Swiggy, Thermax Among 70 Firms Declaring Earnings Today
- Nearly 70 companies, including Dr. Reddy’s Laboratories, ABB India, Swiggy, Thermax, and Reliance Power, are set to declare their financial results for the January–March quarter today, offering insights into sector-specific trends and the financial outlook for 2026.
- Swiggy is expected to report revenue of Rs 4,178.47 crore and a net loss of Rs 778.09 crore for the quarter amid intense competition in the quick commerce sector and concerns over pre-IPO investor selling as $7 billion worth of shares are set to exit lock-up next week.
- Other notable companies declaring earnings today include Bank of India, Birla Corp., Manappuram Finance Ltd., Navin Fluorine International Ltd., and Cholamandalam Financial Holdings Ltd.

Dr Reddy's, ABB, Swiggy, Thermax Q4 Results Today — Earnings Estimates
- Dr Reddy's Laboratories Ltd., ABB India Ltd., Swiggy Ltd., Thermax Ltd., and others are set to post their fourth quarter results today.
- Analysts' consensus estimates suggest that Dr Reddy's is expected to report revenue of Rs 8,369.38 crore and a net profit of Rs 1,465.71 crore. ABB is expected to report revenue of Rs 3,481.86 crore and a net profit of Rs 512.99 crore. Swiggy is expected to report a revenue of Rs 4,178.47 crore and a net loss of Rs 778.09 crore. Thermax is expected to report revenue of Rs 3,086.32 crore and a net profit of Rs 219.12 crore.

Nykaa may join MSCI index, Thermax faces exit: JM Financial
- Nykaa is expected to join the MSCI index, while Thermax may face exclusion according to JM Financial.
- Nykaa's inclusion in the MSCI index could result in approximately $210 million of passive fund inflows, affecting 92 million shares over 12 days. The stock has risen over 17% year-to-date.
- Adani Energy Solutions and Coromandel International are also being considered for addition but have lower chances of inclusion.
- Thermax's exclusion from the MSCI index could lead to passive fund outflows of around $120 million, impacting 2.8 million shares over 22 days. The stock has declined over 23% in the last year.

Suzlon Energy Can Rally 21%, Projects Motilal Oswal, As It Initiates Coverage With Buy Rating
- Suzlon Energy is reasonably priced, given an estimated EPS CAGR of 63% over FY24-27, significantly surpassing domestic capital goods peers ABB India (23%), Siemens (20%), Thermax (17%), and CG Power (26%) and global peers such as SANY (26%), says Motilal Oswal.

Thermax forms joint venture with Brazil’s OCQ to manufacture specialty chemicals in India
- Thermax forms joint venture with Brazil’s OCQ to manufacture specialty chemicals in India
- Thermax Limited will hold a 51% majority stake in the joint venture, while OCQ will own the remaining 49%.
- The joint venture will initially focus on manufacturing acrylic resins in Gujarat, with future plans for polyester and alkyd resins.
- This partnership marks OCQ's entry into the Asian market and expands Thermax's existing chemical portfolio.

Sprih helps businesses measure and monitor their carbon footprint with ease
- Sprih's carbon emission audit platform helps businesses streamline their decarbonisation efforts by simplifying measurement, benchmarking, and reporting of emissions across various scopes.
- The startup's AI-driven platform identifies trends, predicts future emissions and guides organizations on improving upon areas where they lag.
- Sprih offers a software solution that measures and benchmarks key sustainability metrics and provides actionable insights to enhance the overall sustainability performance and compliance of organisations.
- It ensures the data is consistent by identifying anomalies and applying standardised methodologies on it, making it easier to report on carbon footprint accurately.
- The platform provides real-time tracking and benchmarking against industry standards and internal goals, helping businesses understand their carbon footprint at every level.
- Sprih partners with leading institutions such as IIT to tap into their sustainability research and insights, staying at the forefront of sustainability innovation while contributing to knowledge-sharing in the field.
- Sprih's subscription-based pricing model allows companies to pay for basic features like measuring and tracking emissions while providing scalable options that allow companies to expand sustainability efforts as they grow.
- The startup has over 20 customers, including Indigo Paints, Automotive Stampings and Assemblies Limited, and Thermax among others.
- Recently, the startup raised $3 million in a seed funding round led by Leo Capital. It plans to use the funding to expand its operations in India and the United States and enhance its platforms' AI capabilities.
- Sprih's platform helps businesses track and report on carbon footprint accurately, enhancing their sustainability, ethical sourcing and risk management, and avoiding losing market share and credibility.

Thermax Q3 Results Review: Motilal Oswal Maintains 'Sell' Rating On The Stock, Lowers Target Price— Here's Why
- Motilal Oswal maintains 'Sell' with a target price of Rs 3,350 based on 42x Mar’27 EPS and with value of investments in subsidiaries.
- Thermax Ltd’s Q3 FY25 results came in below our estimates, impacted by lower than-expected revenue booking and cost overruns.
- Thermax expects a revival in inflows and execution in Q4 FY25 and expects enquiry finalization in FY26 for large sectors.
- Motilal Oswal maintains a 'Sell' rating on Thermax stock due to the Q3 results and lowers the target price.


Thermax Limited Subsidiaries

Thermax Babcock Wilcox Energy Solutions

Thermax Engineering Construction Company

Thermax Instrumentation

Thermax On Site Energy Solution

First Energy

Thermodynamic Services
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