Thermax cuts carbon emissions 35% in FY26 BRSR
Thermax Limited reported a 35% reduction in carbon emissions in FY 2025-26 versus the FY 2019 baseline, though freshwater consumption rose 17% and waste generation increased 38% due to expansion. Total energy consumption was 314,680 units with 50% from renewable sources, while Scope 1 and 2 emissions were 7,422 and 14,372 metric tonnes respectively.
*this image is generated using AI for illustrative purposes only.
Thermax Limited reduced its carbon emissions by 35% compared to the FY 2019 baseline in its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26. The company, which provides energy and environment solutions, submitted the report to the stock exchanges on July 3, 2026. While carbon emissions decreased, freshwater consumption increased by 17% and overall waste generation rose by 38% during the year. Thermax attributed the rise in resource consumption and emissions to business expansion, including the commencement of Unit 2 at Jhagadia and two acquisitions in the chemical and water & waste solutions businesses.
Environmental Performance
Thermax disclosed that its total energy consumption for FY 2025-26 stood at 314,680 units, with 50% sourced from renewable energy. The company reported total Scope 1 emissions of 7,422 metric tonnes of CO2 equivalent and Scope 2 emissions of 14,372 metric tonnes of CO2 equivalent.
Water withdrawal totalled 901,669 kilolitres, with a consumption volume of 419,774 kilolitres. The company generated 24,718 metric tonnes of waste in total, of which 21,953 metric tonnes were recovered through recycling, reusing, or other recovery operations.
| Parameter | FY 2025-26 |
|---|---|
| Total Energy Consumed | 314,680 |
| % from Renewable Sources | 50% |
| Total Waste Generated (MT) | 24,718 |
| Total Waste Recovered (MT) | 21,953 |
| Scope 1 Emissions (MT CO2e) | 7,422 |
| Scope 2 Emissions (MT CO2e) | 14,372 |
Social and Governance Metrics
The company reported a workforce of 10,365 individuals, comprising 6,086 employees and 4,279 workers. Women accounted for 8% of the total employee strength and 2% of the total workforce. The report noted one employee fatality during the year, with a Lost Time Injury Frequency Rate (LTIFR) of 0.22 for workers.
On the governance front, Thermax stated that it had received no complaints regarding conflict of interest involving Directors or Key Managerial Personnel. The company also reported that 58% of its inputs were sourced sustainably.
Price Waterhouse Chartered Accountants LLP provided a reasonable assurance report on the BRSR Core indicators for the financial year.
Historical Stock Returns for Thermax
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -5.91% | -4.58% | -7.29% | +52.27% | +35.03% | +209.21% |
How will Thermax balance the rising water consumption and waste generation with its carbon reduction goals as the new Jhagadia unit and acquisitions scale up?
What specific strategies will the company implement to increase the percentage of women in its workforce beyond the current 8%?
Are there plans to increase the share of renewable energy beyond 50% to offset the environmental impact of future business expansion?
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