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LIMITED2025-04-012026-03-31Quarterly2025-12-31EquitytruetruetruetruetruetrueTop 500 listed entitiestruet00088OriginaltruefalseMrsMEHER PUDUMJEE******00019581Non-Executive - Non Independent DirectorChairperson related to Promoter1966-10-11falseActiveNA2001-01-152001-01-151010MrPHEROZ N PUDUMJEE******00019602Non-Executive - Non Independent DirectorNot Applicable1962-02-23falseActiveNA2001-01-152025-07-312131MrHARSH CHARANDAS MARIWALA******00210342Non-Executive - Independent DirectorNot Applicable1951-05-14falseActiveYes2021-08-062016-11-102021-11-10109.214210MrS.B. PANDIT******00075861Non-Executive - Independent DirectorNot Applicable1950-03-29falseActiveYes2022-08-022017-05-302022-05-30103.022110MrsRAJANI KESARI******02384170Non-Executive - Independent DirectorNot Applicable1971-07-02falseActiveNA2018-11-142023-11-1485.171121MrRAVI SHANKAR GOPINATH******00803847Non-Executive - Independent DirectorNot Applicable1965-12-25falseActiveNA2021-11-102021-11-1049.212200MrSHYAMAK RAMYAR TATA******07297729Non-Executive - Independent DirectorNot Applicable1963-07-11falseActiveNA2023-10-172023-10-1726.154474MrPARAG C SHAH******00374944Non-Executive - Independent DirectorNot Applicable1975-11-29falseActiveNA2024-12-122024-12-1212.23340MrASHISH BHANDARI******05291138Executive DirectorNot ApplicableCEO-MD1971-05-06falseActiveNA2020-09-012025-09-011010truetruetruetruetrueAudit Committee07297729SHYAMAK RAMYAR TATANon-Executive - Independent DirectorChairperson2023-10-17Audit Committee02384170RAJANI KESARINon-Executive - Independent DirectorMember2018-11-14Audit Committee00019602PHEROZ N PUDUMJEENon-Executive - Non Independent DirectorMember2004-11-09Audit Committee00374944PARAG C SHAHNon-Executive - Independent DirectorMember2025-02-04Nomination and remuneration committee00210342HARSH CHARANDAS MARIWALANon-Executive - Independent DirectorChairperson2016-11-10Nomination and remuneration committee00019581MEHER PUDUMJEENon-Executive - Non Independent DirectorMember2015-03-06Nomination and remuneration committee00075861S.B. PANDITNon-Executive - Independent DirectorMember2022-08-02Nomination and remuneration committee00803847RAVI SHANKAR GOPINATHNon-Executive - Independent DirectorMember2024-07-22Stakeholders Relationship Committee00019602PHEROZ N PUDUMJEENon-Executive - Non Independent DirectorChairperson2001-05-02Stakeholders Relationship Committee00019581MEHER PUDUMJEENon-Executive - Non Independent DirectorMember2001-03-02Stakeholders Relationship Committee00075861S.B. PANDITNon-Executive - Independent DirectorMember2018-11-14Stakeholders Relationship Committee05291138ASHISH BHANDARIExecutive DirectorMember2020-06-18Risk Management Committee00075861S.B. PANDITNon-Executive - Independent DirectorChairperson2024-07-22Risk Management Committee00019602PHEROZ N PUDUMJEENon-Executive - Non Independent DirectorMember2019-08-08Risk Management Committee07297729SHYAMAK RAMYAR TATANon-Executive - Independent DirectorMember2023-10-17Risk Management Committee00803847RAVI SHANKAR GOPINATHNon-Executive - Independent DirectorMember2024-07-22Corporate Social Responsibility Committee00019581MEHER PUDUMJEENon-Executive - Non Independent DirectorChairperson2014-05-27Corporate Social Responsibility Committee00075861S.B. PANDITNon-Executive - Independent DirectorMember2018-11-14Corporate Social Responsibility Committee07297729SHYAMAK RAMYAR TATANon-Executive - Independent DirectorMember2024-07-222025-07-31true9962025-10-1777true9962025-11-1124true985Audit Committee2025-07-30true4430Audit Committee2025-10-1677true4430Audit Committee2025-11-1125true4430Risk Management Committee2025-08-21true4430Risk Management Committee2025-11-2696true4320Stakeholders Relationship Committee2025-07-28true4410Stakeholders Relationship Committee2025-11-10104true4410truetruetruetrueYestruetruetrueSANGEET HUNJANCompany Secretary and Compliance OfficerfalseSANGEET HUNJANCompany Secretary and Compliance OfficerPUNE2026-01-1400000For Serial No. 1 to 3, we would like to submit that the said acquisition in these entities is being done through Thermax Bioenergy Solutions Private Limited, a wholly owned subsidiary of the Company. The shares acquired are in the nature of Compulsorily Convertible Preference Shares. Further, in respect of Serial Number 4, we would like to inform that the Company holds shares / voting rights in First Energy 11 Private Limited through First Energy Private Limited, wholly owned subsidiary and the reduction is due to FE11PL allotting shares to third party. Lakhimpur Kheri RNG Private Limited2025-12-3100.08850.0885Sangrur RNG Private Limited2025-12-3100.08490.0849Patiala RNG Private Limited2025-12-3100.07370.0737First Energy 11 Private Limited2025-10-290.7167-0.02870.688Assistant Commissioner, (State Tax), Sricity, Chittoor Andhra PradeshRecovery of ITC availed due to supplier credit not appearing in GST records.2025-12-30Purchase Suppression: On verification of Purchase Register of Thermax Limited Andhra Pradesh with GSTR-8A, it is observed that the taxpayer has availed ITC of suppliers whose Credit is not appearing in GSTR-8A. Authority has passed the Order for recovery of the ITC and levied penalty of Rs.65761/-.There is no material financial impact other than the penalty levied.Asst. Commissioner of State Tax, PUN-INV-D-0001,Investigation Pune.Non-payment of GST2025-12-17Non-payment of GST on agreeing to assign/ transfer rights in buildings constructed on leased plot of MIDC. Order passed for recovery and penalty of Rs.7,23,456/- was imposed.There is no material financial impact other than the penalty levied.Asstt. Commissioner / GSTO 110(Special Zone):Zone 12Wrong declaration of tax on outward supplies2025-12-29It is observed that the tax payer has not correctly declared tax on his outward supplies on reconciliation of turnovers in GSTR-09 and the outward supplies turnover declared in GSTR-01 is greater than net outward supplies information furnished in GSTR-09. Order for recovery passed and Penalty of Rs.63,152/- is levied.There is no material financial impact other than the penalty levied.Superintendent (R-IV), Lucknow - I DivisionExcess availment of ITC2025-12-31Excess availment of ITC while comparing GSTR-3B and GSTR-2A. Order for recovery passed and penalty of Rs.1,79,790/- levied.There is no material financial impact other than the penalty levied.Assistant Commissioner, Alwarpet, South-I, ChennaiExcess availment of ITC2025-12-31Excess availment of ITC while comparing GSTR-3B and GSTR-2A and claim of ineligible ITC. Order for recovery passed and penalty of Rs.35114/- levied.There is no material financial impact other than the penalty levied.Assistant Commissioner, Alwarpet, South-I, ChennaiMismatch of total turnover reported in GSTR 92025-12-29Mis-match of total turnover reported in GSTR-9 and GSTR-9C. Order for recovery passed while imposing a penalty of Rs.55,280/-.There is no material financial impact other than the penalty levied.Joint Commissioner, CGST, PuneShort payment of tax2025-12-23Short-payment of tax as per Sales Register vis-à-vis Form GSTR-3B. Non-reversal of ITC on account of non-payment of retention money. Order for recovery passed and penalty of Rs.70,991 imposed.There is no material financial impact other than the penalty levied.Commissioner of Customs (NS-II), JNCH, Nhava Sheva2024-09-27Order 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.There is no further update.Income Tax (Government of India)2023-08-15Matter 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 CourtFor 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.Sales Tax, Maharashtra2023-08-15The 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).There is no further update.Sales Tax, Maharashtra2023-08-15Assessment of CST dues for AY 2000-01 & AY 2001-02 pending before High Court, Maharashtra.There is no further update.Joint Commissioner, CGST, Pune2024-12-20Authority 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.There is no further update.Commissioner of CGST & CE, Pune – I2023-12-24In the matter of M/s. Thermax Limited Vs. Commissioner of CGST & CE, Pune – I, the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Mumbai Bench, wherein the CESTAT had allowed the appeal of the Company by setting aside the demands made for Excise Duty under Section 4 of Central Excise Act, 1944 on bought out items supplied to customer along with goods manufactured i.e. Boilers, by the Company. Commissioner of CGST & CE, Pune – I has filed an appeal before the Hon’ble Supreme Court of India.There is no further update.