Thermax Limited has informed the Exchange regarding Change in Director(s) of the company.
THERMAX · price
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Awaiting price reaction for this filing.
Thermax reported consolidated FY25 revenue of Rs 10,388.69 crore, up ~11% YoY, with net profit of Rs 626.70 crore (slightly lower vs Rs 643.19 crore in FY24). Q4 FY25 consolidated revenue grew to Rs 3,084.93 crore with net profit of Rs 205.55 crore, up ~10% YoY. Standalone Q4 net profit jumped to Rs 275.05 crore aided by a Rs 93.73 crore exceptional gain from reversal of impairment in a Dutch subsidiary. The Board recommended a dividend of Rs 14 per share (700%) with July 4, 2025 as record date. Mr. Ashish Bhandari was re-appointed as MD & CEO for five more years (Sept 2025 to Aug 2030). Prominent external figure Mr. Harsh Mariwala (founder of Marico) was appointed as Lead Independent Director. Internal auditor change (Mr. Satish Jayaram out, Mr. Tushar Dahale in) was due to an internal role change. The auditor flagged ongoing risks: a Rs 218.45 crore arbitral award dispute and a Rs 1,385.47 crore excise demand pending in Supreme Court.
Strong topline growth and a healthy 700% dividend are positives for shareholders. CEO continuity and addition of a high-profile independent director strengthen governance. However, flat-to-slightly-declining net profit and large contingent liabilities (over Rs 1,600 crore combined in legal/excise matters) remain key risks to monitor.