General Updates

July 3, 2026 The Secretary National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, PJ Towers, Dalal Street Bandra Kurla Complex, Mumbai: 400 001 Bandra (E) Company Scrip Code: 500411 Mumbai – 400 051 Company Scrip Code: THERMAX EQ Sub: Business Responsibility and Sustainability Report for FY 2025-26 Pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are submitting herewith the Company’s Business Responsibility and Sustainability Report (BRSR) along with reasonable assurance report on BRSR Core indicators for Financial Year 2025-26, which also forms part of the Annual Report of the Company for FY 2025-26, submitted to the Exchanges vide our intimation dated July 3, 2026. This is for your information and records. Thanking you, Yours faithfully, For THERMAX LIMITED, Sangeet Hunjan Company Secretary & Compliance Officer Membership No: A23218 Encl: as above Understanding Year in a Review Governance Strategy Stakeholder Statutory Financial Thermax Value Creation Reports Statements Annexure-2 to the Directors’ Report BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT Section A: General Disclosures I. Details of the Listed Entity 1 Corporate Identity Number (CIN) of the Listed Entity L29299PN1980PLC022787 2 Name of the Listed Entity Thermax Limited 3 Year of incorporation 1980 4 Registered office address D-13, MIDC, Industrial Area, R. D. Aga Road, Chinchwad, Pune 411 019 5 Corporate office address Thermax House 14, Mumbai-Pune Road, Wakdewadi, Pune 411 003, Maharashtra, India 6 E-mail cservice@thermaxglobal.com 7 Telephone 020-66051200 8 Website www.thermaxglobal.com 9 Financial year for which reporting is being done 2025-26 10 Name of the Stock Exchange(s) where shares are listed BSE Limited and National Stock Exchange of India Limited 11 Paid-up Capital Rs. 23,83,12,600 12 Name and contact details (telephone, e-mail address) of the Mr. Ashish Bhandari person who may be contacted in case of any queries on the E-mail: cservice@thermaxglobal.com BRSR report Telephone: 020-66051200 13 Reporting boundary - Are the disclosures under this report Standalone – Thermax Limited made on a standalone basis (i.e. only for the entity) or on a consolidated basis (i.e. for the entity and all the entities that form a part of its consolidated financial statements, taken together) 14 Name of Assurance/Assessment Provider Price Waterhouse Chartered Accountants LLP 15 Type of Assurance/Assessment Obtained Reasonable II. Products/Services 16. Details of business activities (accounting for 90% of the turnover) S. Description of Main % of Turnover of Description of Business Activity No. Activity the Entity 1 Industrial Products Manufacturing, installation, sales and services related to boilers & heating equipment 67 Segment (small capacity), absorption chillers/heat pumps, air pollution control equipment/ systems, water & waste recycle, including associated services and engineering, procurement and construction (EPC) 2 Industrial Infra Engineering, procurement, and construction (EPC) of power plants, infra projects, 23 Segment flue gas desulphurisation projects, along with associated services and manufacturing, installation, sales and services related to boiler & heater (high capacity) plants 3 Chemical Segment Manufacturing, installation, sales and services related to ion exchange resins, 10 performance chemicals, construction chemicals, water treatment chemicals, oil field chemicals, paper and construction chemicals, and related services BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT 17. Products/services sold by the entity (accounting for 90% of the entity’s turnover) % of Total Products/Services NIC Code Turnover Contributed 1 Industrial Products Segment: Manufacturing, installation, sales and services related to 37003, 25131, 67 boilers & heating equipment (small capacity), absorption chillers/heat pumps, air pollution 20119 control equipment/systems, water & waste recycle, including associated services and engineering, procurement and construction (EPC) 2 Industrial Infra Segment: Engineering, procurement, and construction (EPC) of power 37003, 25131, 23 plants, infra projects, flue gas desulphurisation projects, along with associated services 20119 and manufacturing, installation, sales and services related to boiler & heater (high capacity) plants 3 Chemical Segment: Manufacturing, installation, sales and services related to ion exchange 37003, 25131, 10 resins, performance chemicals, construction chemicals, water treatment chemicals, oil 20119 field chemicals, paper and construction chemicals and related services II. Operations 18. Number of locations where plants and/or operations/offices of the entity are situated Number of Location Number of Plants Total Offices National 8 17 25 International 0 0 0 19. M arkets served (refers to all the geographic regions where the Company sells its products) by the entity a. Number of Locations Locations Number National (No. of States) 29 International (No. of Countries) 90 b. What is the contribution of exports as a percentage of the total turnover of the entity? c. A brief on types of customers The Company operates across national and international markets, providing products and services primarily to manufacturing customers. Many of these customers place a strong emphasis on sustainability, seeking solutions that are both environmentally responsible and commercially viable. By offering sustainable products, the Company enables its manufacturing customers to reduce their environmental impact while continuing to achieve strong economic performance. Understanding Year in a Review Governance Strategy Stakeholder Statutory Financial Thermax Value Creation Reports Statements IV. Employees 20. Details as at the end of the financial year a. Employees and workers (including differently abled) S. Male Female Particulars Total (A) No. No. (B) % (B/A) No. (C) % (C/A) EMPLOYEES 1 Permanent (D) 3,339 2,969 89 370 11 2 Other than Permanent (E) 2,747 2,648 96 99 4 3 Total Employees (D + E) 6,086 5,617 92 469 8 WORKERS 4 Permanent (F) 623 621 100 2 0 5 Other than Permanent (G) 3,656 3,589 98 67 2 6 Total Workers (F + G) 4,279 4,210 98 69 2 b. Differently abled employees and workers S. Male Female Particulars Total (A) No. No. (B) % (B/A) No. (C) % (C/A) EMPLOYEES 1 Permanent (D) 13 11 85 2 15 2 Other than Permanent (E) 5 5 100 - - 3 Total Differently Abled Employees (D + E) 18 16 89 2 11 WORKERS 4 Permanent (F) - - - - - 5 Other than Permanent (G) 3 3 100 - - Total Differently Abled Workers (F + G) 3 3 100 - - 21. Participation/inclusion/representation of women Total No. and Percentage of Females (A) No. (B) % (B/A) Board of Directors 9 2 22 Key Management Personnel 3 1 33 22. Turnover rate for permanent employees and workers (Disclose trends for the past 3 years) FY 2023-24 FY 2025-26 FY 2024-25 (Turnover Rate in the Year (Turnover Rate in Current FY) (Turnover Rate in Previous FY) Prior to the Previous FY) Male Female Total Male Female Total Male Female Total Permanent Employees 15 2 16 13 2 15 15 17 15 Permanent Workers 15 0 15 2 0 0 13 - 13 BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT V. Holdings, Subsidiaries, and Associate Companies (including Joint Ventures) 23. (a) Names of holdings/subsidiaries/associate companies/joint ventures Does the Entity Indicated Indicate Whether Holding/ % of Shares Held at Column A, Participate in S. Name of the Holding/Subsidiary/Associate Companies/ Subsidiary/Associate/ by the Listed the Business Responsibility No. Joint Ventures (A) Joint Venture Entity Initiatives of the Listed Entity? (Yes/No) 1 RDA Holdings Private Limited Holding - No 2 Thermax Onsite Energy Solutions Limited Subsidiary 100 Yes 3 Thermax Instrumentation Limited Subsidiary 100 Yes 4 Thermax Engineering Construction Company Limited Subsidiary 100 No 5 Thermax Babcock & Wilcox Energy Solutions Limited Subsidiary 100 Yes 6 Thermax Cooling [Showing first 8,000 characters — download PDF for full document]