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Thermax Ltd. makes energy and environmental systems, including boilers, waste heat recovery, pollution control and water treatment.
Thermax Ltd. is a Pune, India company founded in 1966 that supplies boilers, process heaters, waste heat recovery and cogeneration systems, air pollution control, water treatment and solar installations. Its customers include manufacturers in textiles, food processing and agriculture, sold largely on a B2B project basis. In March 2020 Nalanda Capital Partners invested INR 1.43 billion through a PIPE for a 1.74% minority stake, and the company reported revenue of INR 1,126,278,553.30 for fiscal 2024.
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