Pune: Thermax Ltd is strengthening its position as an integrated energy and environment solutions provider, with operations spanning industrial energy, environmental management, green solutions and specialty chemicals.
The company operates through four key business segments — Industrial Products, Industrial Infra, Green Solutions and Chemicals — offering solutions ranging from heating and cooling to power, water and wastewater management, air pollution control and chemical applications. Thermax’s official disclosures identify these four businesses as its core operating segments.
The Industrial Infrastructure business is focused on large-scale and customised solutions, including turnkey engineering, procurement and construction projects, large boilers and fired heaters. The segment caters to industries requiring reliable steam, power and utility infrastructure.
The Industrial Products business covers air pollution control systems, cooling and heating solutions, process heating, water and wastewater solutions and specialised services. This portfolio gives Thermax exposure to industrial customers seeking greater energy efficiency and improved environmental performance.
The company’s Green Solutions business includes build-own-operate-maintain models, energy management solutions, green hydrogen and renewable energy projects. The segment provides Thermax with exposure to India’s broader energy-transition and decarbonisation opportunity.
The Chemicals business includes construction chemicals, ion exchange resins, water-treatment chemicals, oil-field chemicals and other performance chemicals. This segment complements the company’s energy and environmental portfolio by providing specialised chemical solutions for industrial applications.
Industrial and green transition opportunities
Thermax’s diversified business model positions it across several industrial growth areas, including manufacturing, power, chemicals, pharmaceuticals, metals, infrastructure, renewable energy, data centres and other sectors. The company’s portfolio is increasingly aligned with industrial demand for cleaner energy, efficient resource utilisation and environmental compliance.
The company reported consolidated revenue of Rs 10,389 crore in FY2024-25, up 11.4 per cent from Rs 9,323 crore in the previous year. Consolidated profit after tax stood at Rs 627 crore, while order booking increased 10.5 per cent to Rs 10,337 crore.
Thermax has also been expanding its capabilities through strategic partnerships and acquisitions. Its chemical business, for instance, has entered partnerships covering industrial and commercial flooring and high-performance resins and polymers, while the company expanded its construction chemicals portfolio through the acquisition of Buildtech Products.
With businesses spanning conventional industrial utilities, environmental solutions, renewable energy, green hydrogen and specialty chemicals, Thermax is positioning itself to participate in both India’s industrial expansion and the transition towards cleaner and more resource-efficient production.
Source note: The revenue mix figures cited in the original material are approximately 47 per cent for Industrial Infra, 40 per cent for Industrial Products, 6 per cent for Green Solutions and 7 per cent for Chemicals. Current company disclosures continue to report the same four operating segments, although segment-level revenue shares can change from year to year.