Thermax Limited

BSE:500411 Stock Report

Market Cap: ₹323.3b

Thermax Management

Management criteria checks 2/4

Thermax's CEO is Ashish Bhandari, appointed in Sep 2020, has a tenure of 5.25 years. total yearly compensation is ₹172.88M, comprised of 69.9% salary and 30.1% bonuses, including company stock and options. directly owns 0.004% of the company’s shares, worth ₹11.96M. The average tenure of the management team and the board of directors is 3.3 years and 7.1 years respectively.

Key information

Ashish Bhandari

Chief executive officer

₹172.9m

Total compensation

CEO salary percentage69.92%
CEO tenure5.3yrs
CEO ownership0.004%
Management average tenure3.3yrs
Board average tenure7.1yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Ashish Bhandari's remuneration changed compared to Thermax's earnings?
DateTotal CompensationSalaryCompany Earnings
Sep 30 2025n/an/a

₹6b

Jun 30 2025n/an/a

₹7b

Mar 31 2025₹173m₹121m

₹6b

Dec 31 2024n/an/a

₹6b

Sep 30 2024n/an/a

₹7b

Jun 30 2024n/an/a

₹7b

Mar 31 2024n/an/a

₹6b

Dec 31 2023n/an/a

₹6b

Sep 30 2023n/an/a

₹5b

Jun 30 2023n/an/a

₹5b

Mar 31 2023₹90m₹59m

₹5b

Dec 31 2022n/an/a

₹4b

Sep 30 2022n/an/a

₹4b

Jun 30 2022n/an/a

₹3b

Mar 31 2022₹71m₹52m

₹3b

Dec 31 2021n/an/a

₹3b

Sep 30 2021n/an/a

₹3b

Jun 30 2021n/an/a

₹3b

Mar 31 2021₹74m₹56m

₹2b

Compensation vs Market: Ashish's total compensation ($USD1.91M) is above average for companies of similar size in the Indian market ($USD669.86K).

Compensation vs Earnings: Ashish's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.

CEO

Ashish Bhandari (54 yo)

5.3yrs
Tenure
₹172,883,580
Compensation

Mr. Ashish Bhandari serves as Managing Director & Chief Executive Officer at Thermax Limited since June 18, 2020. He served as Additional Director at Thermax Limited since June 18, 2020. He served as Joint...

Leadership Team

NamePositionTenureCompensationOwnership
Ashish Bhandari
MD, CEO & Additional Director5.3yrs₹172.88m0.0037%
₹ 12.0m
Rajendran Arunachalam
Executive VP & Group CFO6.5yrs₹73.00mno data
Santanu Chaudhuri
Executive VP and Chief Technology Officer1.2yrsno datano data
Amit Sethi
Executive VP and Chief Digital & Information Officer3.2yrsno datano data
Sangeet Hunjan
Company Secretary & Compliance Officerless than a yearno datano data
Samina Khalid
Head of Corporate Communicationno datano datano data
Jasmeet Bhatia
Executive VP & Chief Human Resources Officer5.1yrsno datano data
B. Mahesh
President of Industrial Products Business13.9yrsno datano data
Dinesh Mandhana
Executive VP & BU Head of Chemical3.3yrsno datano data
Kirtiraj Jilkar
Executive VP and BU Head of P&ES3.3yrsno datano data
Arun Unni
Executive VP and Business Head of New Energy & Head of Strategy1.1yrsno datano data
Vipin Upadhyay
Head of HSEno datano datano data
3.3yrs
Average Tenure

Experienced Management: 500411's management team is considered experienced (3.3 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Ashish Bhandari
MD, CEO & Additional Director5.5yrs₹172.88m0.0037%
₹ 12.0m
Harshraj Mariwala
Lead Independent Director9.1yrs₹3.82mno data
Sashishekhar Pandit
Independent Director8.6yrs₹3.64mno data
Meher Pudumjee
Chairperson24.9yrs₹6.40mno data
Pheroz Pudumjee
Non-Executive Director24.9yrs₹3.94m0.0053%
₹ 17.2m
Ravi Shankar Gopinath
Independent Director4.1yrs₹4.04mno data
Rajani Kesari
Independent Director7.1yrs₹3.70mno data
Parag Shah
Non-Executive & Independent Director1yr₹350.00kno data
Shyamak Tata
Non-Executive Independent Director2.2yrs₹2.49mno data
7.1yrs
Average Tenure
60yo
Average Age

Experienced Board: 500411's board of directors are considered experienced (7.1 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/12/13 01:16
End of Day Share Price 2025/12/12 00:00
Earnings2025/09/30
Annual Earnings2025/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Thermax Limited is covered by 48 analysts. 20 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Amol RaoAnand Rathi Shares and Stock Brokers Limited
null nullAnand Rathi Shares and Stock Brokers Limited
null nullAntique Stockbroking Ltd.