Thermax Limited has received a credit rating reaffirmation from Crisil Ratings Limited, with the rating agency maintaining its positive assessment while significantly enhancing the company's bank loan facilities. The development was formally communicated to stock exchanges on January 20, 2026, pursuant to regulatory disclosure requirements.

Credit Rating Details

Crisil Ratings has reaffirmed Thermax's credit ratings across both long-term and short-term categories while substantially increasing the total bank loan facilities. The rating reaffirmation demonstrates the agency's continued confidence in the company's financial stability and creditworthiness.

Bank Facility Distribution

The enhanced bank facilities of ₹5,500.00 crores are distributed across multiple banking partners, providing Thermax with diversified funding sources. The facilities are structured into fund-based and non-fund based categories across various leading financial institutions.

Fund-Based Facilities (₹650.00 crores)

The fund-based facilities are distributed among seven banks, with ICICI Bank Limited providing the largest allocation at ₹170.00 crores, followed by Axis Bank Limited and The Hongkong and Shanghai Banking Corporation Limited at ₹150.00 crores each.

Non-Fund Based Facilities (₹4,420.00 crores)

The non-fund based limits constitute the majority of the facilities, with ICICI Bank Limited leading at ₹1,350.00 crores, followed by Axis Bank Limited at ₹950.00 crores (combining two separate limits), and Citibank N.A. at ₹600.00 crores.

Regulatory Compliance

The rating reaffirmation was communicated through a formal letter from Crisil Ratings dated January 19, 2026, at 6:45 PM IST. Thermax promptly disclosed this information to BSE Limited and National Stock Exchange of India Limited on January 20, 2026, ensuring compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Future Facility Utilization

According to Crisil's communication, the company has 180 days from January 19, 2026, to avail the proposed facilities. If the facilities are not utilized within this timeframe, a fresh letter of revalidation from Crisil Ratings will be required. The rating agency maintains continuous surveillance of all assigned ratings and reserves the right to revise them based on new information or changing circumstances.

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.