Date: July 3, 2026

Business Segments

  • Industrial Products Segment (67% of turnover): Manufacturing, installation, sales and services related to boilers & heating equipment, absorption chillers/heat pumps, air pollution control equipment/systems, water & waste recycle
  • Industrial Infra Segment (23% of turnover): EPC of power plants, infra projects, flue gas desulphurisation projects, boiler & heater plants
  • Chemical Segment (10% of turnover): Manufacturing, installation, sales and services related to ion exchange resins, performance chemicals, construction chemicals, water treatment chemicals

Operations & Markets

  • Number of locations: 25 (8 plants, 17 offices) all national, no international locations
  • Markets served: 29 Indian states, 90 countries internationally
  • Export contribution: 20% of total turnover
  • Customers: Primarily manufacturing customers seeking sustainable solutions

Employees & Workforce

Total Workforce Composition

  • Permanent Employees: 3,339 (2,969 male, 370 female)
  • Other than Permanent Employees: 2,747 (2,648 male, 99 female)
  • Permanent Workers: 623 (621 male, 2 female)
  • Other than Permanent Workers: 3,656 (3,589 male, 67 female)
  • Total Employees: 6,086 (5,617 male, 469 female)
  • Total Workers: 4,279 (4,210 male, 69 female)

Diversity Representation

  • Board of Directors: 9 total, 2 women (22%)
  • Key Management Personnel: 3 total, 1 woman (33%)
  • Differently abled employees: 18 total (16 male, 2 female)
  • Differently abled workers: 3 total (all male)

Turnover Rates

  • Permanent Employees: 16% (15% male, 2% female)
  • Permanent Workers: 15% (15% male, 0% female)

Subsidiaries & Holdings

Thermax Limited has 53 subsidiaries and associate companies:

  • 100% owned subsidiaries: 36 companies
  • Majority-owned subsidiaries: 9 companies (51-74% ownership)
  • Associate company: Exactspace Technologies Private Limited (15.17% ownership)
  • Holding company: RDA Holdings Private Limited

22 subsidiaries participate in the Business Responsibility Initiatives of the listed entity

Material Responsibility Issues

Thermax identified 15 material responsible business conduct issues:

Opportunities (O)

1. Energy Management - Cost reduction, increased efficiency, enhanced reputation

2. Design Upgradation & Improvements - Developing state-of-the-art technology products

3. Waste Management (Opportunity) - Recycling and waste reduction approaches

4. Climate Change (Opportunity) - Developing sustainable products and environment-friendly solutions

5. Water Management (Opportunity) - Reducing customer water consumption, saving costs

6. Emission Management - Mitigating climate change benefits

7. Diversity & Equal Opportunity - Increased creativity and innovation

8. Ethics & Integrity - Enhanced reputation and customer loyalty

Risks (R)

1. Waste Management (Risk) - Regulatory pressure and legal consequences

2. Climate Change (Risk) - Need for sustainable practices adoption

3. Water Management (Risk) - Freshwater scarcity disrupting operations

4. Local Employment - Lack of opportunities impeding economic development

5. Occupational Health & Safety - Workplace accidents impacting productivity

6. Talent Acquisition and Retention - Shortage of skilled employees

7. Responsible Supply Chain Management - Ethical and environmental impacts

8. Labour Management Relations - Legal and reputational risks

9. Geopolitical Instability - Trade restrictions and raw material price increases

10. Cyber Security - Unauthorized access and data breaches

Environmental Performance

Energy Consumption

  • Total energy consumed: 314,680 units
  • Renewable energy: 157,541 units (50% of total)
  • Non-renewable energy: 157,139 units (50% of total)
  • Energy intensity per rupee of turnover: 0.0000048

Water Management

  • Total water withdrawal: 901,669 kiloliters
  • Total water consumption: 419,774 kiloliters
  • Water discharge: 481,895 kiloliters (469,358 KL with tertiary treatment to seawater)
  • Water intensity per rupee of turnover: 0.00000644
  • Four plants are zero liquid discharge (Chinchwad, Savli, Solapur and Paudh)

Emissions

  • Scope 1 emissions: 7,422 metric tonnes CO2 equivalent
  • Scope 2 emissions: 14,372 metric tonnes CO2 equivalent
  • Total biogenic emissions: 13,514 MTCO2
  • Emission reduction: 35% compared to FY 2019 baseline

Waste Management

  • Total waste generated: 24,718 metric tonnes
  • Plastic waste: 125 MT
  • E-waste: 11 MT
  • Construction and demolition waste: 2,695 MT
  • Hazardous waste: 16,339 MT
  • Non-hazardous waste: 5,546 MT
  • Waste recovered: 21,953 MT (recycled and reused)
  • Waste disposed: 2,765 MT (incineration and landfilling)
  • Waste intensity per rupee of turnover: 0.00000038

Social Performance

Employee Well-being

  • 100% coverage for health insurance, accident insurance, maternity/paternity benefits for employees
  • Cost on well-being measures: 0.25% of total revenue
  • 100% coverage for retirement benefits (PF, Gratuity)

Training & Development

  • Employees trained on health and safety: 3,573 (59% of employees)
  • Employees trained on skill upgradation: 2,958 (49% of employees)
  • Workers trained on health and safety: 10,986 (98% of workers)
  • 100% of employees received performance and career development reviews

Safety Performance

  • Lost Time Injury Frequency Rate (workers): 0.22 per million person hours
  • Total recordable work-related injuries: 2 employees, 35 workers
  • 1 employee fatality
  • No high consequence work-related injuries or permanent disabilities

Human Rights

  • 100% of employees and permanent workers received human rights training
  • All employees and permanent workers paid above minimum wage
  • 3 POSH complaints received, all upheld
  • Median remuneration: Board members ₹3.94-5.04 million, KMPs ₹5.61-56.15 million
  • Gross wages paid to females: 7% of total wages

Governance & Compliance

Policies & Certifications

  • ISO 9001, ISO 14001, ISO 45001 certifications
  • Anti-corruption and anti-bribery policy in place
  • Code of Conduct, Whistleblower Policy, Prevention of Sexual Harassment Policy
  • No fines/penalties paid in proceedings with regulators

Commitments & Targets

  • 50% absolute reduction in carbon emissions by FY 2030 (2019 baseline)
  • 5% reduction in freshwater consumption by 2030 (2024-25 reference year)
  • 5% reduction in overall waste generation by 2030 (2024-25 baseline)
  • Limit landfill disposal to below 5% of total waste generated

Stakeholder Engagement

  • Shareholders: 2 complaints filed, all resolved
  • Employees and workers: 13 complaints filed, 3 pending resolution
  • Customers: 7,304 complaints filed, 159 pending resolution
  • Value chain partners: No complaints filed

Assurance & Verification

  • Assurance provider: Price Waterhouse Chartered Accountants LLP
  • Type of assurance: Reasonable assurance
  • Assurance covered all BRSR Core indicators including GHG emissions, water footprint, energy footprint, waste management, employee well-being, gender diversity, and inclusive development metrics
  • Price Waterhouse provided reasonable assurance opinion on the Identified Sustainability Information

CSR Applicability

  • CSR applicable as per section 135 of Companies Act, 2013
  • CSR projects focused on education, skill development, and community support
  • Amount spent in aspirational districts: ₹15,39,300 in Sirohi, Rajasthan