Thermax Limited , a leading energy and environment solutions provider, has announced that its shareholders have approved the re-appointment of Ashish Bhandari as Managing Director, CEO, and Key Managerial Personnel for a five-year term. The decision was made at the company's 44th Annual General Meeting held on July 31, 2025.

Extended Leadership

Bhandari's new term will commence on September 1, 2025, and continue until August 31, 2030. This re-appointment underscores the company's confidence in Bhandari's leadership and vision for Thermax's future.

Track Record of Innovation and Growth

Since taking the helm of Thermax Group as MD & CEO on September 1, 2020, Bhandari has been instrumental in advancing the company's strategic direction in energy transition and sustainability. Under his leadership, Thermax has focused on:

• Driving innovation and creating long-term value
• Strengthening global customer and partner relationships
• Expanding into emerging sectors and markets
• Adapting to evolving business models and industry trends

Digital Transformation and Future Vision

Bhandari has been at the forefront of Thermax's digital transformation journey, leveraging cutting-edge technologies such as AI, IIoT, and data analytics to enhance product offerings and operational efficiency. His commitment to innovation is reshaping how Thermax delivers value to customers in an increasingly technology-driven world.

Looking ahead, Bhandari envisions that by 2030, a significant portion of Thermax's portfolio will comprise businesses that are currently in nascent stages, reflecting his commitment to fostering growth in new areas.

Extensive Experience

Prior to joining Thermax, Bhandari served as Vice President for India and South Asia regions at Baker Hughes (formerly a GE company), where he played a pivotal role in driving growth across the region. His over two decades of experience from world-leading organizations brings valuable insights to Thermax's operations.

Shareholder Approval and Compliance

The re-appointment was approved by shareholders through a special resolution at the AGM. As per regulatory requirements, Thermax Limited confirmed that Bhandari is not related to any other Director on the Board of the Company and is not debarred from holding the office of Director by any regulatory authority.

The vote results showed strong support for Bhandari's re-appointment, with 96.07% of the valid votes cast in favor of the resolution.

Thermax Limited's decision to extend Ashish Bhandari's tenure as MD & CEO signals the company's commitment to continuity in leadership and its focus on innovation and sustainable growth in the energy and environment solutions sector.

Thermax Limited , a leading energy and environment solutions provider, has unveiled ambitious plans for long-term green energy expansion, bolstered by a robust order backlog of ₹11,376 crore. The company's strategic focus on sustainable technologies comes alongside a strong financial performance in the first quarter of fiscal year 2026.

Green Energy Expansion

Thermax is intensifying its efforts in the clean energy sector, with a particular emphasis on:

• Clean hydrogen technology
• Biomass boilers
• Waste heat recovery solutions

These initiatives are expected to drive growth in the company's industrial infrastructure and green solutions segments, positioning Thermax at the forefront of India's energy transition.

Q1 FY2026 Financial Highlights

Thermax reported impressive financial results for the quarter ended June 30, 2025:

• Consolidated profit after tax (PAT) increased by 39% to ₹151.00 crore, up from ₹109.00 crore in Q1 FY2025
• Profit before tax (PBT) rose 31% to ₹211.00 crore, compared to ₹161.00 crore in the same quarter last year
• Order booking grew by 7% to ₹2,748.00 crore
• Order backlog as of June 30, 2025, stood at ₹11,376.00 crore, up 7% year-on-year

However, consolidated operating revenue saw a slight decrease of 2% to ₹2,150.00 crore, attributed to delayed customer clearances and execution challenges.

Segment Performance

The company's financial results revealed mixed performance across its business segments:

The Green Solutions segment showed improvement, primarily driven by enhanced operational efficiency and new projects.

Government Incentives

Thermax's Q1 results were boosted by an accrual of ₹56.00 crore received as an incentive under the Package Scheme of Incentives (PSI) 2007 from the Government of Maharashtra. This additional income contributed to the company's strong profit growth.

Future Outlook

With its substantial order backlog and strategic focus on green energy solutions, Thermax is well-positioned to capitalize on the growing demand for sustainable technologies. The company's investments in clean hydrogen, biomass, and waste heat recovery align with India's push towards renewable energy and carbon reduction goals.

As Thermax continues to expand its green energy portfolio, it is poised to play a significant role in India's energy transition, while potentially delivering strong financial performance in the coming quarters.

Annual General Meeting

Thermax also announced its upcoming 44th Annual General Meeting, scheduled for July 31, 2025. The meeting will address key business matters, including the adoption of financial statements, declaration of dividends, and appointment of directors and auditors.

As Thermax forges ahead with its green energy initiatives and maintains a strong order book, the company appears well-equipped to navigate the evolving energy landscape while driving sustainable growth.