Thermax Management
Management criteria checks 2/4
We currently do not have sufficient information about the CEO.
Key information
Ashish Bhandari
Chief executive officer
n/a
Total compensation
| CEO salary percentage | n/a |
| CEO tenure | 4.7yrs |
| CEO ownership | n/a |
| Management average tenure | 3.1yrs |
| Board average tenure | 6.5yrs |
Recent management updates
Recent updates
Thermax Limited (NSE:THERMAX) Just Released Its Full-Year Results And Analysts Are Updating Their Estimates
May 14
Thermax's (NSE:THERMAX) Upcoming Dividend Will Be Larger Than Last Year's
May 13Thermax (NSE:THERMAX) Has Some Way To Go To Become A Multi-Bagger
Mar 21Getting In Cheap On Thermax Limited (NSE:THERMAX) Is Unlikely
Jan 24Does Thermax (NSE:THERMAX) Have A Healthy Balance Sheet?
Dec 13
International Orders And Renewable Energy Expansion To Drive Growth And Boost Profitability
Expansion into international markets and strategic boiler projects can drive revenue growth and improve profit margins.Thermax's (NSE:THERMAX) Shareholders Should Assess Earnings With Caution
Nov 21The Returns At Thermax (NSE:THERMAX) Aren't Growing
Nov 09Thermax Limited's (NSE:THERMAX) Share Price Matching Investor Opinion
Oct 13Thermax Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
Aug 04Thermax (NSE:THERMAX) Has Some Way To Go To Become A Multi-Bagger
Aug 02Is Thermax (NSE:THERMAX) A Risky Investment?
Jul 02Thermax (NSE:THERMAX) Has Some Way To Go To Become A Multi-Bagger
May 03Revenues Tell The Story For Thermax Limited (NSE:THERMAX) As Its Stock Soars 26%
Apr 06Does Thermax (NSE:THERMAX) Have A Healthy Balance Sheet?
Mar 24Thermax Limited's (NSE:THERMAX) Share Price Matching Investor Opinion
Jan 08Thermax (NSE:THERMAX) Seems To Use Debt Quite Sensibly
Dec 17Here's What To Make Of Thermax's (NSE:THERMAX) Decelerating Rates Of Return
Nov 26These 4 Measures Indicate That Thermax (NSE:THERMAX) Is Using Debt Safely
Sep 14Here's What To Make Of Thermax's (NSE:THERMAX) Decelerating Rates Of Return
Aug 19We Think Thermax (NSE:THERMAX) Can Manage Its Debt With Ease
May 19Returns On Capital At Thermax (NSE:THERMAX) Have Hit The Brakes
Feb 19Thermax (NSE:THERMAX) Could Easily Take On More Debt
Jan 02Returns On Capital At Thermax (NSE:THERMAX) Paint A Concerning Picture
Nov 09Capital Allocation Trends At Thermax (NSE:THERMAX) Aren't Ideal
Aug 11Thermax's (NSE:THERMAX) Upcoming Dividend Will Be Larger Than Last Year's
Jul 14Is Thermax (NSE:THERMAX) A Risky Investment?
Jul 03Thermax (NSE:THERMAX) Hasn't Managed To Accelerate Its Returns
Apr 28Thermax (NSE:THERMAX) Could Easily Take On More Debt
Mar 29Thermax (NSE:THERMAX) Has More To Do To Multiply In Value Going Forward
Jan 22We Think Thermax (NSE:THERMAX) Can Manage Its Debt With Ease
Dec 24Thermax (NSE:THERMAX) Is Reinvesting At Lower Rates Of Return
Oct 22Thermax (NSE:THERMAX) Seems To Use Debt Rather Sparingly
Sep 21We Think Thermax (NSE:THERMAX) Can Stay On Top Of Its Debt
Jun 04Returns On Capital At Thermax (NSE:THERMAX) Paint A Concerning Picture
Mar 08CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2025 | n/a | n/a | ₹6b |
| Dec 31 2024 | n/a | n/a | ₹6b |
| Sep 30 2024 | n/a | n/a | ₹7b |
| Jun 30 2024 | n/a | n/a | ₹7b |
| Mar 31 2024 | n/a | n/a | ₹6b |
| Dec 31 2023 | n/a | n/a | ₹6b |
| Sep 30 2023 | n/a | n/a | ₹5b |
| Jun 30 2023 | n/a | n/a | ₹5b |
| Mar 31 2023 | ₹90m | ₹59m | ₹5b |
| Dec 31 2022 | n/a | n/a | ₹4b |
| Sep 30 2022 | n/a | n/a | ₹4b |
| Jun 30 2022 | n/a | n/a | ₹3b |
| Mar 31 2022 | ₹71m | ₹52m | ₹3b |
| Dec 31 2021 | n/a | n/a | ₹3b |
| Sep 30 2021 | n/a | n/a | ₹3b |
| Jun 30 2021 | n/a | n/a | ₹3b |
| Mar 31 2021 | ₹74m | ₹56m | ₹2b |
Compensation vs Market: Insufficient data to establish whether Ashish's total compensation is reasonable compared to companies of similar size in the Indian market.
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 (53 yo)
4.7yrs
Tenure
₹90,288,230
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
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Executive VP & Group CFO | 5.9yrs | ₹23.00m | no data | |
| MD, CEO & Additional Director | 4.7yrs | ₹90.29m | no data | |
| Chief Technology Officer | less than a year | no data | no data | |
| Executive VP and Chief Digital & Information Officer | 2.6yrs | no data | no data | |
| Executive VP & Chief Human Resources Officer | 4.5yrs | no data | no data | |
| President of TBWES and P&ES | 9.8yrs | no data | no data | |
| President of Industrial Products Business | 13.3yrs | no data | no data | |
| Executive VP & BU Head of Chemical | 2.8yrs | no data | no data | |
| Executive VP and BU Head of P&ES | 2.8yrs | no data | no data | |
| Executive Vice President | 1.3yrs | no data | no data | |
| Executive VP and Business Head of New Energy & Head of Strategy | less than a year | no data | no data | |
| Chief Executive Officer of First Energy Private Limited | 3.5yrs | no data | no data |
3.1yrs
Average Tenure
Experienced Management: THERMAX's management team is considered experienced (3.1 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| MD, CEO & Additional Director | 4.9yrs | ₹90.29m | no data | |
| Independent Director | 8.5yrs | ₹2.89m | no data | |
| Independent Director | 8yrs | ₹2.71m | no data | |
| Chairperson | 28.7yrs | ₹5.61m | no data | |
| Non-Executive Director | 24.3yrs | ₹3.10m | 0.0053% ₹ 21.1m | |
| Independent Director | 3.5yrs | ₹1.47m | no data | |
| Independent Director | 6.5yrs | ₹2.89m | no data | |
| Non-Executive & Independent Director | less than a year | no data | no data | |
| Non-Executive Independent Director | 1.6yrs | ₹530.00k | no data |
6.5yrs
Average Tenure
59yo
Average Age
Experienced Board: THERMAX's board of directors are considered experienced (6.5 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2025/05/19 02:53 |
| End of Day Share Price | 2025/05/19 00:00 |
| Earnings | 2025/03/31 |
| Annual Earnings | 2025/03/31 |
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.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
|
* 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
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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 51 analysts. 21 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| null null | Anand Rathi Shares and Stock Brokers Limited |
| Amol Rao | Anand Rathi Shares and Stock Brokers Limited |
| Puneet Bambha | Angel Broking Private Limited |