Thermax logo

Thermax CEO, MD, chairman, board of directors and AGM

NSE: THERMAXBSE: 500411Electrical EquipmentMid Cap

Last close ₹3,096.00down ₹65.30 (2.07%)BSE ₹3,095.60

Share price at the NSE close on 23 Oct 2026. Previous close ₹3,161.30.

52-week range of traded prices to 23 Oct 2026
₹2,742.70Low, 8 Dec 2025₹5,277.80High, 29 Jun 2026
Market cap
₹36,891 Cr212th largest listed
P/E
62.2
P/E without one-offs
69.3
P/B
6.6
Dividend yield
0.65%
ROE
11.3%
ROE without one-offs
10.1%
ROCE
8.3%
Debt to equity
0.41
Volume, NSE
1,76,73957.6% delivered

Thermax board of directors

At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • ChairpersonMEHER PUDUMJEERelated to the promoter
  • Managing director and CEOASHISH BHANDARI
  • Company Secretary and Compliance OfficerSangeet Hunjan

8 directors5 independent1 executive2 non-executive

  • MEHER PUDUMJEE · ChairpersonNon-executive · joined Jan 2001 · reappointed Jan 2001 · 1 listed board · 1 committee seat
  • PHEROZ N PUDUMJEENon-executive · joined Jan 2001 · reappointed Jul 2025 · 2 listed boards · 1 as independent · 3 committee seats, 1 as chair
  • HARSH CHARANDAS MARIWALAIndependent · joined Nov 2016 · reappointed Nov 2021 · 118 months as independent · 3 listed boards · 1 as independent · 1 committee seat
  • RAJANI KESARIIndependent · joined Nov 2018 · reappointed Nov 2023 · 94 months as independent · 2 listed boards · 2 as independent · 4 committee seats, 2 as chair
  • RAVI SHANKAR GOPINATHIndependent · joined Nov 2021 · reappointed Nov 2021 · 58 months as independent · 2 listed boards · 2 as independent
  • SHYAMAK RAMYAR TATAIndependent · joined Oct 2023 · reappointed Oct 2023 · 35 months as independent · 4 listed boards · 4 as independent · 7 committee seats, 5 as chair
  • PARAG C SHAHIndependent · joined Dec 2024 · reappointed Dec 2024 · 21 months as independent · 4 listed boards · 4 as independent · 4 committee seats
  • ASHISH BHANDARI · Managing director and CEOExecutive · joined Sep 2020 · reappointed Jul 2026 · 1 listed board · 1 committee seat

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

1 director who left
  • S.B. PANDIT, left 8 May 2026: Others

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 7 Aug 20267 of 8 present4 independent · 7 days in between
    • 30 Jul 20268 of 8 present5 independent · 83 days in between
    • 7 May 20268 of 9 present5 independent

  • Audit Committee

    Chair SHYAMAK RAMYAR TATA

    RAJANI KESARI, PHEROZ N PUDUMJEE, PARAG C SHAH

    • 18 Aug 20264 of 4 present3 independent · 18 days in between
    • 30 Jul 20264 of 4 present3 independent · 83 days in between
    • 7 May 20264 of 4 present3 independent · 14 days in between
    • 22 Apr 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair HARSH CHARANDAS MARIWALA

    MEHER PUDUMJEE, RAVI SHANKAR GOPINATH

    • 6 Aug 20263 of 3 present2 independent · 91 days in between
    • 6 May 20263 of 4 present2 independent

  • Stakeholders Relationship Committee

    Chair PHEROZ N PUDUMJEE

    MEHER PUDUMJEE, ASHISH BHANDARI, RAJANI KESARI

    No meeting listed in the filing.

  • Risk Management Committee

    Chair PARAG C SHAH

    PHEROZ N PUDUMJEE, SHYAMAK RAMYAR TATA, RAVI SHANKAR GOPINATH

    • 18 Aug 20264 of 4 present3 independent · 159 days in between
    • 11 Mar 20264 of 4 present3 independent

  • Corporate Social Responsibility Committee

    Chair MEHER PUDUMJEE

    SHYAMAK RAMYAR TATA, RAJANI KESARI

    No meeting listed in the filing.

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • Price Waterhouse Chartered Accountants LLPPeer-review certificate valid to Nov 2026
1 earlier auditor
  • S R B C & Co LLPNamed in the filing for the quarter to Mar 2025

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Thermax AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Thermax dividend history

Annual general meeting, 30 Jul 2026

93,588 shareholders on the register on 23 Jul 2026; present: 1 promoter and 74 others; votes counted by Sridhar G. Mudaliar / M/s. SVD and Associates.The company's voting result (opens in a new tab)

  1. To receive, consider, approve and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2026 together with the reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    99.95% for0.05% against

    Against: promoters 0.00% · institutions 0.20% · other public 1.24%

    Turnout: all 84.77% · promoters 99.99% · institutions 85.27% · other public 0.07%

  2. To declare dividend of Rs. 14/- and a special dividend of Rs. 6/- aggregating to Rs. 20/- (1000%) per equity share of face value of Rs. 2/- each for the financial year ended March 31, 2026.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.89%

    Turnout: all 84.77% · promoters 99.99% · institutions 85.27% · other public 0.07%

  3. To appoint a Director in place of Mr. Ashish Bhandari (DIN: 05291138), who retires by rotation in terms of Section 152 of the Companies Act, 2013 and being eligible, offers himself for re-appointment.
    Ordinary
    99.91% for0.09% against

    Against: promoters 0.00% · institutions 0.34% · other public 2.47%

    Turnout: all 84.77% · promoters 99.99% · institutions 85.27% · other public 0.07%

  4. To ratify the remuneration payable to M/s. Dhananjay V. Joshi & Associates, Cost Accountants for the financial year ending on March 31, 2027
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 2.47%

    Turnout: all 84.77% · promoters 99.99% · institutions 85.27% · other public 0.07%

  5. To consider and approve re-appointment of Dr. Ravi Shankar Gopinath (DIN: 00803847) as the Non-Executive, Independent Director of the Company
    Special
    99.78% for0.22% against

    Against: promoters 0.00% · institutions 0.83% · other public 1.19%

    Turnout: all 84.77% · promoters 99.99% · institutions 85.27% · other public 0.07%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 31 Jul 2025, 7 resolutions

63,513 shareholders on the register on 24 Jul 2025; present: 1 promoter and 74 others; votes counted by Sridhar G. Mudaliar / M/s. SVD and Associates.The company's voting result (opens in a new tab)

  1. To receive, consider, approve and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 together with the reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.04% · other public 0.55%

    Turnout: all 86.67% · promoters 100.00% · institutions 88.57% · other public 0.15%

  2. To declare dividend of Rs.14/- (700%) per equity share of face value of Rs. 2/- each for the financial year ended March 31, 2025
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.55%

    Turnout: all 86.69% · promoters 100.00% · institutions 88.62% · other public 0.15%

  3. To appoint a Director in place of Mr. Pheroz N. Pudumjee (DIN: 00019602), who retires by rotation in terms of Section 152 of the Companies Act, 2013 and being eligible, offers himself for re-appointmentMoreLess
    OrdinaryPromoters have an interest in it
    99.06% for0.94% against

    Against: promoters 0.00% · institutions 3.29% · other public 0.55%

    Turnout: all 86.67% · promoters 99.99% · institutions 88.59% · other public 0.15%

  4. To consider and approve appointment of M/s. Price Waterhouse Chartered Accountants LLP, ICAI Firm Registration No. 012754N/N500016 as the Statutory Auditors of the Company for a period of five years commencing from conclusion of the 44th Annual General Meeting (AGM) until the conclusion of the 49th AGM of the Company.MoreLess
    Ordinary
    99.77% for0.23% against

    Against: promoters 0.00% · institutions 0.81% · other public 0.55%

    Turnout: all 86.68% · promoters 100.00% · institutions 88.59% · other public 0.15%

  5. To ratify the remuneration payable to M/s. Dhananjay V. Joshi & Associates, Cost Accountants for the financial year ending on March 31, 2026
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.55%

    Turnout: all 86.68% · promoters 100.00% · institutions 88.58% · other public 0.15%

  6. To consider and approve appointment of M/s. Makarand M. Joshi & Co., Practising Company Secretaries as the Secretarial Auditors of the Company for a period of five years commencing from FY 2025-26 to FY 2029-30.MoreLess
    Ordinary
    99.77% for0.23% against

    Against: promoters 0.00% · institutions 0.81% · other public 0.55%

    Turnout: all 86.68% · promoters 100.00% · institutions 88.59% · other public 0.15%

  7. To consider and approve re-appointment of Mr. Ashish Bhandari (DIN: 05291138) as the Managing Director and CEO of the Company for a period of five years effective from September 1, 2025 to August 31, 2030 (both days inclusive).MoreLess
    Special
    96.07% for3.93% against

    Against: promoters 0.00% · institutions 13.80% · other public 2.21%

    Turnout: all 86.68% · promoters 100.00% · institutions 88.59% · other public 0.15%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 16 Feb 2025, 1 resolution

53,761 shareholders on the register on 10 Jan 2025; votes counted by Sridhar Mudaliar / M/s. SVD & Associates.The company's voting result (opens in a new tab)

  1. To consider and approve appointment of Mr. Parag Shah (DIN: 00374944) as a Non-Executive Independent Director of the Company
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.03% · other public 14.34%

    Turnout: all 87.26% · promoters 100.00% · institutions 89.78% · other public 0.14%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 1 Aug 2024, 6 resolutions

Present: 1 promoter and 51 others.The company's voting result (opens in a new tab)

  1. To receive, consider, approve and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2024 together with the reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    99.97% for0.03% against

    Against: promoters 0.00% · institutions 0.09% · other public 0.55%

    Turnout: all 86.11% · promoters 100.00% · institutions 85.99% · other public 0.20%

  2. To declare dividend of Rs. 12/- (Rs. Twelve only) per equity share of face value of Rs. 2/- each for the financial year ended March 31, 2024.
    Ordinary
    99.93% for0.07% against

    Against: promoters 0.00% · institutions 0.24% · other public 0.55%

    Turnout: all 86.13% · promoters 100.00% · institutions 86.04% · other public 0.20%

  3. To appoint a Director in place of Mr. Ashish Bhandari (DIN: 05291138), who retires by rotation in terms of Section 152 of the Companies Act, 2013 and being eligible, offers himself for re-appointment.
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.09% · other public 0.56%

    Turnout: all 86.12% · promoters 100.00% · institutions 86.01% · other public 0.20%

  4. To ratify the remuneration payable to M/s. Dhananjay V. Joshi & Associates, Cost Accountants for the financial year ending on March 31, 2025
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.56%

    Turnout: all 86.11% · promoters 100.00% · institutions 85.99% · other public 0.20%

  5. To consider and approve continuation of directorship of Mrs. Meher Pudumjee as Non-Executive, Non-Independent Director of the Company
    Ordinary
    99.06% for0.94% against

    Against: promoters 0.00% · institutions 3.35% · other public 0.56%

    Turnout: all 86.12% · promoters 100.00% · institutions 86.01% · other public 0.20%

  6. To consider and approve alteration of the Object Clause of Memorandum of Association of the Company
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.55%

    Turnout: all 86.12% · promoters 100.00% · institutions 86.01% · other public 0.20%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 6 Jan 2024, 1 resolution

The company's voting result (opens in a new tab)

  1. To consider and approve appointment of Mr. Shyamak R Tata (DIN: 07297729) as a Non-Executive Independent Director of the Company
    Special
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.02% · other public 0.06%

    Turnout: all 86.89% · promoters 100.00% · institutions 89.67% · other public 0.93%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 1 Aug 2023, 5 resolutions

Present: 1 promoter and 51 others.The company's voting result (opens in a new tab)

  1. To receive, consider, approve and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2023 together with the reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.56%

    Turnout: all 86.96% · promoters 100.00% · institutions 89.46% · other public 0.11%

  2. To declare dividend of Rs. 10/- (Rs. Ten only) per equity share of face value of Rs. 2/- each for the financial year ended March 31, 2023.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.56%

    Turnout: all 86.96% · promoters 100.00% · institutions 89.46% · other public 0.11%

  3. To appoint a Director in place of Mr. Pheroz N. Pudumjee (DIN: 00019602), who retires by rotation in terms of Section 152 of the Companies Act, 2013 and being eligible, offers himself for re-appointment.MoreLess
    OrdinaryPromoters have an interest in it
    98.23% for1.77% against

    Against: promoters 0.00% · institutions 6.18% · other public 0.58%

    Turnout: all 86.96% · promoters 100.00% · institutions 89.46% · other public 0.11%

  4. Ratification of remuneration to M/s. Dhananjay V. Joshi & Associates, the Cost Auditors for the financial year 2023-24.
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.62%

    Turnout: all 86.96% · promoters 100.00% · institutions 89.46% · other public 0.11%

  5. Re-appointment of Mrs. Rajani Kesari (DIN: 02384170) as an Independent Director
    Special
    99.88% for0.12% against

    Against: promoters 0.00% · institutions 0.42% · other public 15.35%

    Turnout: all 86.96% · promoters 100.00% · institutions 89.46% · other public 0.11%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 2 Aug 2022, 8 resolutions

Present: 1 promoter and 51 others.The company's voting result (opens in a new tab)

  1. To receive, consider, approve and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2022 together with the reports of the Board of Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.57%

    Turnout: all 85.41% · promoters 100.00% · institutions 84.28% · other public 0.08%

  2. To declare dividend of Rs. 9/-per equity share of face value of Rs. 2/- for the financial year ended on March 31, 2022.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.52%

    Turnout: all 85.41% · promoters 100.00% · institutions 84.28% · other public 0.08%

  3. To appoint a Director in place of Mr. Ashish Bhandari (DIN 05291138), who retires by rotation in terms of Section 152 of the Companies Act, 2013 and being eligible, offers himself for re-appointment.
    Ordinary
    99.92% for0.08% against

    Against: promoters 0.00% · institutions 0.28% · other public 1.04%

    Turnout: all 85.41% · promoters 100.00% · institutions 84.28% · other public 0.08%

  4. Ratification of remuneration to M/s. Dhananjay V.Joshi Associates, the Cost Auditors for the financial year 2022-23.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.73%

    Turnout: all 85.41% · promoters 100.00% · institutions 84.28% · other public 0.08%

  5. Appointment of Dr. Ravi Shankar Gopinath (DIN- 00803847) as an Independent Director.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.85%

    Turnout: all 85.41% · promoters 100.00% · institutions 84.28% · other public 0.08%

  6. Re-appointment of Mr. Shashishekhar Pandit Balkrishna (DIN- 00075861) as an Independent Director.
    Special
    90.49% for9.51% against

    Against: promoters 0.00% · institutions 34.69% · other public 0.83%

    Turnout: all 85.41% · promoters 100.00% · institutions 84.28% · other public 0.08%

  7. To make amendments including but not limited to correction, revision, consolidation with any other trust, alter, modify, edit and make amendments to the trust deeds of all the Employee welfare trusts.
    Special
    98.85% for1.15% against

    Against: promoters 0.00% · institutions 4.18% · other public 1.01%

    Turnout: all 85.41% · promoters 100.00% · institutions 84.28% · other public 0.08%

  8. To revise terms and conditions of the revision in the overall managerial remuneration payable to Mr. Ashish Bhandari, Managing Director and Chief Executive Officer (CEO) of the Company.
    Ordinary
    98.24% for1.76% against

    Against: promoters 0.00% · institutions 6.43% · other public 1.16%

    Turnout: all 85.41% · promoters 100.00% · institutions 84.28% · other public 0.08%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 13 Jan 2022, 2 resolutions

The company's voting result (opens in a new tab)

  1. GRANT OF STOCK OPTIONS TO THE EMPLOYEES OF THE COMPANY UNDER ‘THERMAX LIMITED EMPLOYEE STOCK OPTION PLAN 2021'
    Special
    93.45% for6.55% against

    Against: promoters 0.00% · institutions 23.53% · other public 2.65%

    Turnout: all 86.03% · promoters 100.00% · institutions 87.70% · other public 0.93%

  2. GRANT OF STOCK OPTIONS TO THE EMPLOYEES OF GROUP COMPANY(IES) OF THE COMPANY INCLUDING SUBSIDIARY OR ITS ASSOCIATE COMPANY(IES) UNDER “THERMAX LIMITED EMPLOYEE STOCK OPTION PLAN 2021”
    Special
    93.45% for6.55% against

    Against: promoters 0.00% · institutions 23.53% · other public 2.72%

    Turnout: all 86.03% · promoters 100.00% · institutions 87.70% · other public 0.93%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it

Mutual fund votes, meeting of 30 Jul 2026, 14 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To receive, consider, approve and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2026 together with the reports of the Board of Directors and Auditors thereon.MoreLess
    14 for0 against
  • To declare dividend of Rs. 14/- and a special dividend of Rs. 6/- aggregating to Rs. 20/- (1000%) per equity share of face value of Rs. 2/- each for the financial year ended March 31, 2026.
    14 for0 against
  • To appoint a Director in place of Mr. Ashish Bhandari (DIN: 05291138), who retires by rotation in terms of Section 152 of the Companies Act, 2013 and being eligible, offers himself for re-appointment.
    14 for0 against
  • To ratify the remuneration payable to M/s. Dhananjay V. Joshi & Associates, Cost Accountants for the financial year ending on March 31, 2027
    14 for0 against
  • To consider and approve re-appointment of Dr. Ravi Shankar Gopinath (DIN: 00803847) as the Non-Executive, Independent Director of the Company
    14 for0 against

Mutual fund votes, meeting of 31 Jul 2025, 26 fund houses

  • To receive, consider, approve and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2025 together with the reports of the Board of Directors and Auditors thereon.MoreLess
    26 for0 against
  • To declare dividend of Rs.14/- (700%) per equity share of face value of Rs. 2/- each for the financial year ended March 31, 2025
    26 for0 against
  • To appoint a Director in place of Mr. Pheroz N. Pudumjee (DIN: 00019602), who retires by rotation in terms of Section 152 of the Companies Act, 2013 and being eligible, offers himself for re-appointmentMoreLess
    26 for0 against
  • To consider and approve appointment of M/s. Price Waterhouse Chartered Accountants LLP, ICAI Firm Registration No. 012754N/N500016 as the Statutory Auditors of the Company for a period of five years commencing from conclusion of the 44th Annual General Meeting (AGM) until the conclusion of the 49th AGM of the Company.MoreLess
    Against Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund
    • Baroda BNP Paribas Mutual Fund, Edelweiss Mutual FundCompliant with law. Governance Concern: Proposed remuneration to auditors for FY 2025-26 is ~85% higher than the outgoing auditors’ remuneration for FY 2024-25, thus, a material change. No justification for the material change provided by the Company.
    24 for2 against
  • To ratify the remuneration payable to M/s. Dhananjay V. Joshi & Associates, Cost Accountants for the financial year ending on March 31, 2026
    26 for0 against
  • To consider and approve appointment of M/s. Makarand M. Joshi & Co., Practising Company Secretaries as the Secretarial Auditors of the Company for a period of five years commencing from FY 2025-26 to FY 2029-30.MoreLess
    Against Baroda BNP Paribas Mutual Fund, Edelweiss Mutual Fund
    • Baroda BNP Paribas Mutual Fund, Edelweiss Mutual FundNo concern on merit of the proposed Secretarial Auditors. Transparency Concern: The Company not disclosed the Audit Fee paid to outgoing Secretarial Auditor and reason for material change in the proposed audit fee.
    24 for2 against
  • To consider and approve re-appointment of Mr. Ashish Bhandari (DIN: 05291138) as the Managing Director and CEO of the Company for a period of five years effective from September 1, 2025 to August 31, 2030 (both days inclusive).MoreLess
    Against HSBC Mutual Fund
    • HSBC Mutual FundHe will be paid minimum remuneration irrespective of the company's financial performance during his remaining tenure. His estimated remuneration is aggressively positioned when compared to peers with similar size and scale of business operations.
    25 for1 against
6 earlier meetings

Mutual fund votes, meeting of 16 Feb 2025, 22 fund houses

  • To consider and approve appointment of Mr. Parag Shah (DIN: 00374944) as a Non-Executive Independent Director of the Company
    22 for0 against

Mutual fund votes, meeting of 1 Aug 2024, 23 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • To receive, consider, approve and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2024 together with the reports of the Board of Directors and Auditors thereon.MoreLess
    22 for0 against
  • To declare dividend of Rs. 12/- (Rs. Twelve only) per equity share of face value of Rs. 2/- each for the financial year ended March 31, 2024.
    22 for0 against
  • To appoint a Director in place of Mr. Ashish Bhandari (DIN: 05291138), who retires by rotation in terms of Section 152 of the Companies Act, 2013 and being eligible, offers himself for re-appointment.
    22 for0 against
  • To ratify the remuneration payable to M/s. Dhananjay V. Joshi & Associates, Cost Accountants for the financial year ending on March 31, 2025
    22 for0 against
  • To consider and approve continuation of directorship of Mrs. Meher Pudumjee as Non-Executive, Non-Independent Director of the Company
    22 for0 against
  • To consider and approve alteration of the Object Clause of Memorandum of Association of the Company
    22 for0 against
6 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    1 for0 against
  • Item 6, as a fund house numbered it
    1 for0 against

Mutual fund votes, meeting of 6 Jan 2024, 18 fund houses

  • To consider and approve appointment of Mr. Shyamak R Tata (DIN: 07297729) as a Non-Executive Independent Director of the Company
    18 for0 against

Mutual fund votes, meeting of 1 Aug 2023, 15 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • To receive, consider, approve and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2023 together with the reports of the Board of Directors and Auditors thereon.MoreLess
    14 for0 against
  • To declare dividend of Rs. 10/- (Rs. Ten only) per equity share of face value of Rs. 2/- each for the financial year ended March 31, 2023.
    14 for0 against
  • To appoint a Director in place of Mr. Pheroz N. Pudumjee (DIN: 00019602), who retires by rotation in terms of Section 152 of the Companies Act, 2013 and being eligible, offers himself for re-appointment.MoreLess
    Against HSBC Mutual Fund
    • HSBC Mutual FundWe have concerns about insufficient independence on the board.We have concerns about insufficient independence on the Audit committee.
    13 for1 against
  • Ratification of remuneration to M/s. Dhananjay V. Joshi & Associates, the Cost Auditors for the financial year 2023-24.
    14 for0 against
  • Re-appointment of Mrs. Rajani Kesari (DIN: 02384170) as an Independent Director
    14 for0 against
5 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    1 for0 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    1 for0 against

Mutual fund votes, meeting of 2 Aug 2022, 17 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • To receive, consider, approve and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2022 together with the reports of the Board of Directors and Auditors thereon.MoreLess
    16 for0 against
  • To declare dividend of Rs. 9/-per equity share of face value of Rs. 2/- for the financial year ended on March 31, 2022.
    16 for0 against
  • To appoint a Director in place of Mr. Ashish Bhandari (DIN 05291138), who retires by rotation in terms of Section 152 of the Companies Act, 2013 and being eligible, offers himself for re-appointment.
    16 for0 against
  • Ratification of remuneration to M/s. Dhananjay V.Joshi Associates, the Cost Auditors for the financial year 2022-23.
    16 for0 against
  • Appointment of Dr. Ravi Shankar Gopinath (DIN- 00803847) as an Independent Director.
    16 for0 against
  • Re-appointment of Mr. Shashishekhar Pandit Balkrishna (DIN- 00075861) as an Independent Director.
    Against Kotak Mahindra Mutual Fund, Nippon India Mutual Fund
    • Kotak Mahindra Mutual FundS B Pandit, 72 is currently the Group CEO of KPIT Technologies Ltd. He has over three decades of expertise in finance. His re-appointment as Non-Executive Independent Director is not compliant with law as in the current case. The term of Mr. S B Pandit has already ended on 30th May 2022, therefore, he has ceased to be director of the Company unless re-appointed by the shareholders prior to his term coming to end. Since, the eligibility of re-appointment is special resolution by shareholders, therefore, such approval should have been obtained on or before 30th May 2022.
    • Nippon India Mutual FundShareholder's approval not obtained on time for appointment of director
    14 for2 against
  • To make amendments including but not limited to correction, revision, consolidation with any other trust, alter, modify, edit and make amendments to the trust deeds of all the Employee welfare trusts.
    Against Axis Mutual Fund, Invesco Mutual Fund
    • Axis Mutual FundIn all, there are 72 trusts, 48 of which collectively own 3,635,190 equity shares (3.05% of the total paid-up share capital): these shares were issued to them before Thermax's public issue in 1995. The company is merely amending the trust deeds - however the amendments are not clearly defined. While they have broadly clarified the types of benefits that would be given, we believe the company is seeking a blanket approval with no guidance on the eligibility, quantum of benefits to employees. Further, the benefits are expected to be extended to employees of group companies, with no clarity on the rationale for such support.
    • Invesco Mutual FundIn all, there are 72 trusts, 48 of which collectively own 3,635,190 equity shares (3.05% of the total paid-up share capital): these shares were issued to them before Thermax’s public issue in 1995. The company is merely amending the trust deeds – however the amendments are not clearly defined. While they have broadly clarified the types of benefits that would be given, we believe the company is seeking a blanket approval with no guidance on the eligibility, quantum of benefits to employees. Further, the benefits are expected to be extended to employees of group companies, with no clarity on the rationale for such support.
    14 for2 against
  • To revise terms and conditions of the revision in the overall managerial remuneration payable to Mr. Ashish Bhandari, Managing Director and Chief Executive Officer (CEO) of the Company.
    Against HSBC Mutual Fund
    • HSBC Mutual FundA vote AGAINST this resolution is warranted in view of the following concerns: - The overall remuneration is deemed to be significantly higher than industry standards and market peers of commensurate scale and operations. - He is entitled for one-time long-term incentive and stock options, but no specific metric is provided to determine the pay outcome under this element.
    15 for1 against
8 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against
  • Item 3, as a fund house numbered it
    Against Taurus Mutual Fund
    • Taurus Mutual FundIn all, there are 72 trusts, 48 of which collectively own 3,635,190 equity shares (3.05% of the total paid-up share capital): these shares were issued to them before Thermax’s public issue in 1995. The company is merely amending the trust deeds – however the amendments are not clearly defined. While they have broadly clarified the types of benefits that would be given, we believe the company is seeking a blanket approval with no guidance on the eligibility, quantum of benefits to employees. Further, the benefits are expected to be extended to employees of group companies, with no clarity on the rationale for such support.
    0 for1 against
  • Item 4, as a fund house numbered it
    1 for0 against
  • Item 5, as a fund house numbered it
    1 for0 against
  • Item 6, as a fund house numbered it
    1 for0 against
  • Item 7, as a fund house numbered it
    1 for0 against
  • Item 8, as a fund house numbered it
    1 for0 against

Mutual fund votes, meeting of 13 Jan 2022, 18 fund houses

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • GRANT OF STOCK OPTIONS TO THE EMPLOYEES OF THE COMPANY UNDER ‘THERMAX LIMITED EMPLOYEE STOCK OPTION PLAN 2021'
    Against Baroda BNP Paribas Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • Baroda BNP Paribas Mutual FundGovernance Concern arising out of non-disclosure of exact Exercise Price/ Pricing Formula
    • Nippon India Mutual FundInsufficient Information
    • SBI Mutual FundThe company proposes to grant 2,906,250 options through ESOP 2021 Plan. The implementation of Thermax ESOP 2021 Plan will be through The Thermax Employees ESOP and Welfare Trust. There will be no dilution for the existing shareholders as the trust already holds shares equal to the size of the plan. We are in favor of ESOPs as it aligns the interest of the top management and other employees with the shareholders. However, the exercise price is at a deep discount to the current market price and against our policy.
    14 for3 against
  • GRANT OF STOCK OPTIONS TO THE EMPLOYEES OF GROUP COMPANY(IES) OF THE COMPANY INCLUDING SUBSIDIARY OR ITS ASSOCIATE COMPANY(IES) UNDER “THERMAX LIMITED EMPLOYEE STOCK OPTION PLAN 2021”
    Against Baroda BNP Paribas Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund
    • Baroda BNP Paribas Mutual FundGovernance Concern arising out of non-disclosure of exact Exercise Price/ Pricing Formula
    • Nippon India Mutual FundInsufficient Information
    • SBI Mutual FundThe company proposes to grant 2,906,250 options through ESOP 2021 Plan. The implementation of Thermax ESOP 2021 Plan will be through The Thermax Employees ESOP and Welfare Trust. There will be no dilution for the existing shareholders as the trust already holds shares equal to the size of the plan. We are in favor of ESOPs as it aligns the interest of the top management and other employees with the shareholders. However, the exercise price is at a deep discount to the current market price and against our policy.
    14 for3 against
2 proposals not matched to one resolution
  • Item 1, as a fund house numbered it
    1 for0 against
  • Item 2, as a fund house numbered it
    1 for0 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Tax disputes and stakes in unlisted companies

Reported in the filing for the quarter to Sep 2026.

  • Unlisted stake boughtFirst Energy 11 Private LimitedSince 28 May 2026

    −3.37% bought in the quarter; holding 57.90%, from 61.27%

  • Tax disputeCommissioner of Customs (NS-II), JNCH, Nhava ShevaSince 27 Sep 2024
    There is no further update
    At the filing before: Order passed by the Authority for recovery of Customs Duty of Rs. 6.81 Cr., Rs. 2 Cr u/s 125, Rs. 1.20 Cr. u/s 112(a) of Customs Act, 1962. Company has filed the application before CESTAT Mumbai against the demand raised by the Authority.MoreLess
  • Tax disputeIncome Tax (Government of India)Since 15 Aug 2023
    In case of AY 2005-06, 2008-09 and 2009-10 there is no development in Q-2 of FY 2026-27.
    At the filing before: Matter related to Legal & Professional Expenses - treated as Capital Expenditure, Liquidated Damages, and Provision for Medical Expenditure & LTA for AY 2005-06 to AY 2009-10. Income Tax Department has filed appeal in High Court. For AY 2006-07 and 2007-08 Hon'ble High Court of Bombay has dismissed Income Tax Departments Appeals vide Order Dated 28.04.2025. In case of other years i.e., AY 2005-06, 2008-09 and 2009-10 there is no development in Q-3 of FY 2025-26.MoreLess
  • Tax disputeSales Tax, MaharashtraSince 15 Aug 2023
    There is no further update
    At the filing before: The matter for 2017-18 was before first appeal which had got decided in January 2024 and we have received the refund. For other years, matters are pending before VAT Tribunal . We have given our declarations for the same in December 2024 which is under verification. Matter pending before 1st Appeal & Second Appeal (Tribunal) for ITC disallowance for J1-J2 mismatch for AY 2007-08 to 2017-18 (except AY 2008-09). Matters are pending before VAT Tribunal, Second Appeal (Tribunal) for ITC disallowance for J1-J2 mismatch for AY 2007-08 to 2017-18 (except AY 2008-09). Orders passed in May 2025 are challenged again in the Tribunal and corrigendum application is submitted. Revised Orders are awaited.MoreLess
  • Tax disputeSales Tax, MaharashtraSince 15 Aug 2023
    There is no further update
    At the filing before: Assessment of CST dues for AY 2000-01 & AY 2001-02 pending before High Court, Maharashtra.
  • Tax disputeJoint Commissioner, CGST, PuneSince 20 Dec 2024
    There is no further update
    At the filing before: Authority has raised the demand on issuance of Corporate Guarantees /Letter of support issued to Banks on behalf of subsidiary companies for the period FY 2017-18 to 2022-23. Appeal filed before Appeallate Authority, CGST Pune.MoreLess

In the company's own words, from its latest governance filing.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
No
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.