Thermax Limited has announced the resignation of Mr. Jasmeet Bhatia, Executive Vice President and Chief Human Resources Officer, effective from the close of business hours on January 16, 2026. The company informed both BSE and NSE about this senior management personnel change in compliance with SEBI Listing Regulations.

Resignation Details

Bhatia submitted his resignation letter on October 17, 2025, stating his decision to pursue new professional opportunities. He served the complete three-month notice period, with his last working day being January 16, 2026.

Regulatory Compliance

Thermax Limited has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company provided the requisite details as per SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

The formal intimation was signed by Sangeet Hunjan, Company Secretary & Compliance Officer, and submitted to both stock exchanges along with the necessary annexures including the resignation letter.

Professional Transition

In his resignation letter addressed to Managing Director and Chief Executive Officer Ashish Bhandari, Bhatia expressed gratitude for the opportunities, trust, and support provided during his tenure at the company. He acknowledged the privilege of being associated with Thermax Limited throughout his role as the senior human resources executive.

The resignation represents a significant change in Thermax's senior management team, as Bhatia held the key position of Chief Human Resources Officer responsible for the company's human capital strategies and organizational development initiatives.

Thermax has been assigned a CARE A1+ credit rating for its commercial papers by CareEdge Ratings Limited, a registered credit rating agency. The company received the rating communication on January 12, 2026, and informed stock exchanges about this development under regulatory compliance requirements.

Strong Market Position and Operational Excellence

The rating assignment reflects Thermax's established market position in the energy and environment solutions sector. CareEdge Ratings highlighted the company's strong execution capabilities and diversified product portfolio as key rating strengths. The rating agency emphasized Thermax's ability to maintain its competitive edge across various business segments.

Impressive Financial Performance

Thermax has demonstrated robust operational performance over recent years, with growth witnessed across all operating divisions. The company's financial metrics showcase strong momentum:

The sustained increase in operating profit margins from 6.42% in FY22 to 9.25% in FY25 demonstrates the company's improving operational efficiency. This margin expansion was supported by enhanced profitability in the industrial product segment and chemicals segment, which helped offset subdued margins in the industrial infrastructure division and the nascent green solutions segment.

Strong Financial Risk Profile

CareEdge Ratings emphasized Thermax's strong financial risk profile as a crucial rating factor. The company maintains:

• Low leverage levels
• Comfortable debt coverage indicators
• Strong liquidity position
• Comfortable capital structure

These financial strengths provide the company with operational flexibility and support its ability to meet short-term obligations, which is particularly relevant for commercial paper ratings.

Order Book and Execution Capabilities

The rating rationale highlighted Thermax's healthy execution capabilities across both domestic and international markets. The company has experienced steady growth in order inflow, which has supported a sustained increase in its outstanding order book over the years. This consistent order book growth provides revenue visibility and supports the company's operational planning.

Rating Significance

The CARE A1+ rating for commercial papers indicates a very strong degree of safety regarding timely payment of financial obligations. This rating reflects CareEdge Ratings' assessment of Thermax's creditworthiness and its ability to honor short-term debt commitments. The rating considers the company's operational performance, financial strength, and market position in the energy and environment solutions sector.