Thermax Limited's FY 2025-26 Business Responsibility and Sustainability Report shows ₹6,518 crore turnover. The company has increased renewable energy usage to 50% and reported a 35% carbon emission reduction to date.
Thermax FY26 BRSR Report
Thermax Limited's reported turnover for FY 2025-26 reached ₹6,518.26 crore, with a Net Worth of ₹4,427.09 crore. The company also noted that 20% of its total turnover came from exports.
Reader Takeaway: Growth balanced with sustainability; increased resource consumption is a key watch point.
What just happened
Thermax Limited has published its Business Responsibility and Sustainability Report (BRSR) for the fiscal year 2025-26. The report details the company's financial performance, operational highlights, and its commitment to environmental, social, and governance (ESG) initiatives.
Why this matters
This report provides investors with insights into Thermax's strategic focus on balancing business expansion with sustainability. Key metrics like increased renewable energy consumption and carbon emission reductions demonstrate the company's commitment to long-term resilience. However, rising resource consumption also presents a point of attention.
The backstory
The company has been actively working on its sustainability goals. In the previous fiscal year (FY 2024-25), its renewable energy usage was 49%, which has now increased to 50% in FY 2025-26. Thermax has set a target for a 50% absolute reduction in carbon emissions by FY 2030, compared to a FY 2019 baseline.
What changes now
Investors can evaluate Thermax's performance against its stated sustainability targets. The company's ongoing acquisitions and capacity expansions, such as the Jhagadia Unit 2, are expected to drive future growth. The report highlights Thermax's progress in achieving 'Zero Waste to Landfill' at several manufacturing sites.
Risks to watch
Material risks identified include geopolitical challenges and climate change. Operationally, an increase in freshwater consumption by 17% and waste generation by 38% in FY 2025-26 are watch points, reflecting increased operational scale. Talent retention is also flagged as a material risk.
Peer comparison
While specific peer data isn't provided in the filing, Thermax's commitment to renewable energy and carbon reduction aligns with broader industry trends towards sustainability in the industrial products and infrastructure sectors.
Context metrics
- Turnover: ₹6,518.26 crore (FY 2025-26)
- Net Worth: ₹4,427.09 crore (FY 2025-26)
- Exports: 20% of total turnover
- Employees: 6,086 (Total), 4,279 (Workers)
- Accounts Payable Days: Increased from 81 days (FY 2024-25) to 89 days (FY 2025-26).
- Energy from Renewables: Increased from 49% (FY 2024-25) to 50% (FY 2025-26).
- Carbon Emissions Reduction: 35% reduction achieved to date against FY 2019 baseline.
What to track next
Investors should monitor Thermax's progress in managing its resource intensity as operations scale up, its continued focus on 'Zero Waste to Landfill' certifications, and its trajectory towards meeting the 50% carbon emission reduction target by FY 2030.