Meeting Details

The 45th Annual General Meeting of Thermax Limited was held on Thursday, July 30, 2026, at 4.30 p.m. IST through Video Conferencing (VC). The meeting was conducted in compliance with circulars from the Ministry of Corporate Affairs (MCA) and SEBI, and the provisions of the Companies Act, 2013.

Conduct of the Meeting

Mrs. Meher Pudumjee, the Chairperson, conducted the meeting. All Directors and Key Managerial Personnel were present. The Chairman of the Audit Committee, Stakeholders' Relationship Committee, and Nomination and Remuneration Committee, along with representatives of the Statutory Auditors, Cost Auditors, and Secretarial Auditors, were also in attendance.

The Chairperson delivered a speech and a presentation on the company's business performance during FY 2025-26 and highlights of the financial results for the quarter ended June 30, 2026. Members were given an opportunity to ask questions, to which the Chairperson responded.

The meeting commenced at 4:30 p.m. IST and concluded at 5:55 p.m. IST.

Proposed Resolutions and Voting Process

In accordance with Section 108 of the Companies Act, 2013, and Regulation 44 of the SEBI LODR Regulations, 2015, the company provided an e-voting facility to shareholders for all resolutions. The company also arranged for e-voting during the meeting for members who had not availed of the remote e-voting facility.

Mr. Sridhar Mudaliar, Partner of M/s. SVD & Associates, Practicing Company Secretaries, was appointed as the Scrutinizer to supervise the e-voting process.

The following five items of business were transacted:

Ordinary Business:

  • Item 1: To receive, consider, approve, and adopt the Audited Standalone and Consolidated Financial Statements for the financial year ended March 31, 2026, together with the reports of the Board of Directors and Auditors.
  • Item 2: To declare a dividend of ₹14 and a special dividend of ₹6, aggregating to ₹20 (1000%) per equity share of face value ₹2 for FY ended March 31, 2026.
  • Item 3: To appoint a Director in place of Mr. Ashish Bhandari (DIN: 05291138), who retires by rotation and offered himself for re-appointment.
  • Item 4: To ratify the remuneration payable to M/s. Dhananjay V. Joshi & Associates, Cost Accountants, for the financial year ending March 31, 2027.

Special Business:

  • Item 5: To consider and approve the re-appointment of Dr. Ravi Shankar Gopinath (DIN: 00803847) as a Non-Executive, Independent Director.

Key Presentation Highlights from the AGM

The Chairperson's presentation covered several key points:

  • FY26 Challenges: Geopolitical conflicts, rising commodity prices, heavy monsoons impacting execution, project delays (FEPL, NRL EPC), and operational challenges in the Chemicals business were noted. The year was also marked by four fatalities and governance review.
  • FY26 Dividend: A total dividend of ₹20 per share was declared, including a ₹6 special dividend for the company's 60th anniversary.
  • Strategic Focus: The presentation positioned Thermax at the centre of global energy security and transition, highlighting growth engines in green hydrogen, bioenergy, renewables integration, water solutions, and digital/AI-led solutions.
  • Q1 FY27 Results (Unaudited, Consolidated):
  • Order Book: ₹2,809 crore (2% growth YoY)
  • Order Backlog: ₹14,045 crore (23% growth YoY)
  • Revenue from Operations: ₹2,303 crore (7% growth YoY)
  • Profit Before Tax (PBT): ₹42 crore (-80% decline YoY)
  • Profit After Tax (PAT): ₹22 crore (-86% decline YoY)

Compliance and Signatories

The Company Secretary, Sangeet Kaur Hunjan (Membership No: A23218), was authorized to declare the voting results, intimate the stock exchanges, and place them on the company's website within statutory timelines.

The disclosure is signed by Sangeet Kaur Hunjan, Company Secretary & Compliance Officer, for Thermax Limited from Pune on July 30, 2026.