Thermax Ltd.
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Thermax Ltd. - overview
Established
1966
Location
Pune, Maharashtra, India
Primary Industry
Environmental Services
About
Thermax Ltd. , based in India, specializes in integrated energy and environmental solutions, focusing on enhancing resource productivity while promoting sustainability across various industries. Established in 1966 and headquartered in Pune, India, Thermax Ltd. provides comprehensive solutions for energy and environment management.
The firm has undergone strategic pivots to expand its offerings and has engaged in four significant deals. Its most recent funding round was a PIPE in March 2020, where Nalanda Capital Partners invested INR 1. 43 billion for a 1. 74% minority stake, raising the total amount raised to INR 1.
43 billion. CEO Khushboo Bhatia currently leads the organization. Thermax is a leading provider of integrated energy and environment solutions, specializing in a diverse range of products and services aimed at enhancing resource productivity while promoting sustainability. The company’s core offerings include large boilers and fired heaters for steam generation, process heating solutions such as packaged boilers and thermal oil heaters, and systems for waste heat recovery, cogeneration, and independent power plants.
Additionally, Thermax provides air pollution control systems, water and waste treatment solutions, and renewable energy technologies, including solar photovoltaic installations. The end users of these solutions span across various industries, including manufacturing, textiles, food processing, and agriculture, with a client base that includes both industrial and commercial sectors. The company operates in multiple geographical markets, including India, Indonesia, Denmark, and Poland, ensuring a global footprint in delivering energy-efficient and environmentally friendly technologies. In the most recent financial year 2024, Thermax generated revenue of INR 1,126,278,553.
30 and achieved an EBITDA of INR 113,414,749. 70. The company's revenue is primarily derived from project-based contracts and long-term service agreements, structured around bespoke solutions tailored to specific energy and environmental challenges. The business operates in a Business-to-Business (B2B) model, collaborating closely with industrial clients to implement comprehensive utility solutions.
Revenue sources include the sale of flagship products, such as its advanced steam boilers and waste heat recovery systems, as well as ongoing maintenance and support services, ensuring sustained customer engagement and revenue continuity. Thermax plans to leverage its recent funding from the PIPE in March 2020 to support the development of new energy solutions and expand its footprint in emerging markets. The company is focused on launching innovative products tailored to meet evolving energy demands and addressing environmental concerns in several specific regions, enhancing its global presence. By utilizing the funds from the recent transaction, Thermax aims to bolster its research and development efforts, enabling a robust pipeline of upcoming offerings and strategic market expansion initiatives.
Current Investors
Nalanda Capital Partners
Primary Industry
Environmental Services
Sub Industries
Engineering, Facilities & Maintenance Services, Water & Sewer Utilities, Electric Utilities, Waste Management, Pollution Control, Heating, Cooling & Ventilation Equipment and Services
Website
www.thermaxglobal.com
Verticals
Clean Technology
Company Stage
Mature
Total Amount Raised
Subscriber access only
Thermax Ltd. - timeline of key events
Thermax Ltd. - financials
| Fiscal Year Ended | Mar 31, 2008 | Mar 31, 2009 | Mar 31, 2010 | Mar 31, 2011 | Mar 31, 2012 | Mar 31, 2013 | Mar 31, 2014 | Mar 31, 2015 | Mar 31, 2016 | Mar 31, 2017 | Mar 31, 2018 | Mar 31, 2019 | Mar 31, 2020 | Mar 31, 2021 | Mar 31, 2022 | Mar 31, 2023 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (USD) | 34,601,000,000 | - | - | - | 60,912,100,000 | 54,917,000,000 | 50,998,800,000 | 53,955,200,000 | 55,015,100,000 | 45,897,200,000 | 44,856,400,000 | 59,731,700,000 | 57,313,100,000 | 47,912,500,000 | - | - | - |
| % Revenue Growth (YoY) | - | - | - | - | - | (9.8%) | (7.1%) | 5.8% | 2.0% | (16.6%) | (2.3%) | 33.2% | (4.0%) | (16.4%) | - | - | - |
| EBITDA (USD) | 4,200,000,000 | - | - | - | 6,147,500,000 | 5,275,800,000 | 4,787,700,000 | 5,017,100,000 | 5,505,000,000 | 5,086,500,000 | 5,029,700,000 | 5,000,000,000 | 4,857,800,000 | 3,345,200,000 | - | - | - |
| Operating Income (USD) | - | - | - | - | 5,485,000,000 | 4,505,100,000 | 3,866,200,000 | 3,675,900,000 | 4,206,600,000 | 4,267,500,000 | 4,205,300,000 | 4,079,800,000 | 3,691,500,000 | 2,199,500,000 | - | - | - |
| Operating Margin | - | - | - | - | 9.0% | 8.2% | 7.6% | 6.8% | 7.6% | 9.3% | 9.4% | 6.8% | 6.4% | 4.6% | - | - | - |
| % EBITDA Margin | 12.1% | - | - | - | 10.1% | 9.6% | 9.4% | 9.3% | 10.0% | 11.1% | 11.2% | 8.4% | 8.5% | 7.0% | - | - | - |
| NET Income (USD) | - | - | - | - | 3,921,400,000 | 3,040,600,000 | 2,197,500,000 | 1,481,200,000 | 2,410,200,000 | 2,161,400,000 | 2,311,000,000 | 3,254,300,000 | 2,124,500,000 | 2,065,800,000 | - | - | - |
| % Net Margin | - | - | - | - | 6.4% | 5.5% | 4.3% | 2.7% | 4.4% | 4.7% | 5.2% | 5.4% | 3.7% | 4.3% | - | - | - |
Thermax Ltd. - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Add-on | Completed | ExactSpace Technologies Pvt. Ltd. | - | ||||||||
| Add-on | Completed | Buildtech Products India Private Limited | - | ||||||||
| PIPE | Completed | Thermax Ltd. | - | ||||||||
| Private Placement/Follow on | Completed | Thermax Ltd. | - | ||||||||
| N/A | Completed | Chandrapur Underground Sewerage Scheme Project | - |
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Thermax Ltd. - employee data
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