Thermax Shareholding pattern FY(Q3-Dec 2024-2025)

Shareholder Name	Previous Quarter Quantity	Current Quarter Quantity	Previous Quarter Shares(in %)	Current Quarter Shares(in %)	Quarter to Quarter Difference
Promoters	7.39 Cr	7.39 Cr	61.98	61.98	0
Public	3.88 Cr	3.88 Cr	4.44	4.4	-0.04 %
DII	1.52 Cr	1.51 Cr	12.72	12.66	-0.06 %
FII	1.83 Cr	1.85 Cr	15.38	15.49	+0.11 %
Government	0	0	0	0	0

Promoters shareholding remained stable, at 61.98% in both September 2024- and December 2024-. This indicates that the promoters’ control over the company did not change during this period. The percentage of shares held by the public decreased from 4.44% in September 2024- to 4.4% in December 2024-.This reduction indicates that the public’s stake in the company diminished during this period.Domestic Institutional Investor’s (DII) shareholding decreased slightly from 12.72% in September 2024- to 12.66% in December 2024 , indicating that domestic institutions reduced their -0.06 stake in the company.FIIs (Foreign Institutional Investors): There was a significant increase from 15.38% in September 2024-2025 to 15.49% in December 2024-2025. This suggests that foreign institutions grew their investments 0.11 in the company during the quarter.

Below is a detailed table showcasing the public shareholding percentage.

Shareholder Name	Previous Quarter Quantity	Current Quarter Quantity	Previous Quarter Shares (in %)	Current Quarter Shares (in %)	Quarter-to-Quarter Difference (%)
Directors and their relatives (excluding independent directors and nominee directors)	10.17 K	4.17 K	0.01	0	-0.01 %
Resident Individuals holding nominal share capital up to Rs. 2 lakhs	42.14 Lakh	41.47 Lakh	3.54	3.48	-0.06 %
Non Resident Indians (NRIs)	3.74 Lakh	3.62 Lakh	0.31	0.3	-0.01 %
Bodies Corporate	2.27 Lakh	2.47 Lakh	0.19	0.21	+ 0.02 %
HUF	1.01 Lakh	1.03 Lakh	0.08	0.09	+ 0.01 %

Observations show a significant difference of -0.01 % in Directors and their relatives (excluding independent directors and nominee directors)’s financial performance between quarters.Observations show a significant difference of -0.06 % in Resident Individuals holding nominal share capital up to Rs. 2 lakhs’s financial performance between quarters.Observations show a significant difference of -0.01 % in Non Resident Indians (NRIs)’s financial performance between quarters.Leading the way to higher stakeholding, Bodies Corporate has significantly boosted stakeholding by an impressive 0.02 %.Leading the way to higher stakeholding, HUF has significantly boosted stakeholding by an impressive 0.01 %.

Below is a detailed table presenting the shareholding percentage of DIIs.

Shareholder Name	Previous Quarter Quantity	Current Quarter Quantity	Previous Quarter Shares (in %)	Current Quarter Shares (in %)	Quarter-to-Quarter Difference (%)
Mutual Funds/	1.44 Cr	1.41 Cr	12.06	11.87	-0.19 %
SBI NIFTY 500 INDEX FUND	0	68.62 Lakh	0	5.76	+5.76%
KOTAK MAHINDRA TRUSTEE CO A/C KOTAK QUANT FUND	0	49.58 Lakh	0	4.16	+4.16%
Alternate Investment Funds	4.18 K	10.46 K	0	0.01	+ 0.01 %
Insurance Companies	7.41 Lakh	8.56 Lakh	0.62	0.72	+ 0.1 %
Provident Funds/ Pension Funds	50.91 K	76.33 K	0.04	0.06	+ 0.02 %
SBI ESG EXCLUSIONARY STRATEGY FUND	69.53 Lakh	0	5.83	0	-5.83%
KOTAK MAHINDRA TRUSTEE CO A/C KOTAK MANUFACTUR	49.65 Lakh	0	4.17	0	-4.17%

Mutual Funds/ decreased their stake from 11.87% in the previous quarter to 12.06% in the current quarter.It describes a decrease in stakes over consecutive quarters, specifically by -0.19 %.The latest quarter saw a considerable enhancement in stakeholding for Alternate Investment Funds, reflecting an uptick of 0.01 % in their shares.The latest quarter saw a considerable enhancement in stakeholding for Insurance Companies, reflecting an uptick of 0.1 % in their shares.The latest quarter saw a considerable enhancement in stakeholding for Provident Funds/ Pension Funds, reflecting an uptick of 0.02 % in their shares.SBI NIFTY 500 INDEX FUND had no shares in the previous quarter but now holds 5.76% of shares in the current quarter.KOTAK MAHINDRA TRUSTEE CO A/C KOTAK QUANT FUND had no shares in the previous quarter but now holds 4.16% of shares in the current quarter.SBI ESG EXCLUSIONARY STRATEGY FUND had 5.83% of shares in the previous quarter but exited in the current quarter.KOTAK MAHINDRA TRUSTEE CO A/C KOTAK MANUFACTUR had 4.17% of shares in the previous quarter but exited in the current quarter.

The table below displays the shareholding percentage of FIIs.

Shareholder Name	Previous Quarter Quantity	Current Quarter Quantity	Previous Quarter Shares (in %)	Current Quarter Shares (in %)	Quarter-to-Quarter Difference (%)
Foreign Portfolio Investors Category I	1.80 Cr	1.81 Cr	15.12	15.22	+ 0.1 %
KOTAK FUNDS – INDIA MIDCAP FUND	16.26 Lakh	16.10 Lakh	1.36	1.35	-0.01 %
Foreign Portfolio Investors Category II	3.09 Lakh	3.21 Lakh	0.26	0.27	+ 0.01 %

During this past quarter, there was a noteworthy upswing in stakeholding for Foreign Portfolio Investors Category I, which experienced a significant increase of 0.1 % .Stakeholding dwindled by -0.01 % for KOTAK FUNDS – INDIA MIDCAP FUND in comparison to the preceding quarter.During this past quarter, there was a noteworthy upswing in stakeholding for Foreign Portfolio Investors Category II, which experienced a significant increase of 0.01 % .

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