Thermax Grants 17,812 Stock Options to Eligible Employees Under ESOP 2021
Thermax Limited's NRC approved the grant of 17,812 stock options under ESOP 2021 on May 8, 2026, at an exercise price of Rs. 15.25/- per option. Each option is convertible into one equity share of Rs. 2/- face value, with vesting spread over three years (33%, 33%, 34%) and an exercise period of five years from vesting. No options have been exercised, lapsed, or cancelled.
*this image is generated using AI for illustrative purposes only.
Thermax Limited's Nomination and Remuneration Committee (NRC) has approved the grant of stock options to eligible employees under the Thermax Employees Stock Option Scheme, 2021 (ESOP 2021). The resolution was passed by circulation on May 8, 2026, and the intimation was filed with the stock exchanges in compliance with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Grant Details Under ESOP 2021
A total of 17,812 (Seventeen Thousand Eight Hundred and Twelve) stock options have been granted to eligible employees as determined by the NRC as on May 7, 2026. Each stock option is convertible into one equity share of Thermax, carrying a face value of Rs. 2/- each. The scheme is in compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.
The key parameters of the grant are summarised below:
| Parameter: | Details |
|---|---|
| Options Granted: | 17,812 stock options |
| Total Equity Shares Covered: | 17,812 equity shares |
| Face Value per Share: | Rs. 2/- |
| Exercise Price: | Rs. 15.25/- per stock option |
| Exercise Period: | Within 5 years from the date of vesting |
| Lock-in Period: | No lock-in period under the plan |
Vesting Schedule
Subject to the fulfilment of all pre-vesting conditions, the granted stock options will vest in a phased manner over three years from the grant date as follows:
- 33% of the stock options at the end of the first year from the grant date
- 33% of the stock options at the end of the second year from the grant date
- 34% of the stock options at the end of the third year from the grant date
Regulatory Compliance
The grant details have been disclosed pursuant to SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The intimation was signed by Sangeet Hunjan, Company Secretary & Compliance Officer (Membership No: A23218), on behalf of Thermax Limited. No options have been exercised, lapsed, or cancelled, and no variation of terms has been reported in connection with this grant.
Historical Stock Returns for Thermax
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +11.84% | +14.71% | +45.54% | +46.59% | +44.23% | +210.64% |
How might Thermax's discounted exercise price of Rs. 15.25 per option compare to its current market price, and what does this gap signal about employee retention strategy amid rising competition in the energy and environment sector?
Given the three-year phased vesting schedule, how could potential shifts in Thermax's order book or financial performance over 2026-2029 influence whether employees choose to exercise their vested options?
Will the dilution from the 17,812 new equity shares have any measurable impact on Thermax's earnings per share, and could future ESOP grants of larger scale pose a more significant dilution risk for existing shareholders?
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