Thermax to Make Exactspace a Subsidiary
Energy and environmental solutions provider Thermax Ltd on Friday announced that it has entered into a share subscription and share purchase agreement, along with a Shareholders' Agreement, with Exactspace Technologies Private Ltd, its promoters, and existing investors to acquire an additional 35.83% stake in the company.Following the transaction, Thermax’s total shareholding in Exactspace will increase to 51% on a fully diluted basis, making Exactspace a subsidiary. Thermax currently holds a 15.17% stake in Exactspace as an associate company.
Under the agreements, Thermax will also have the right to acquire the remaining 49% stake after three years, subject to specified conditions. The acquisition is classified as a related-party transaction, though the promoter and promoter group have no interest in Exactspace.
The 51% stake will be acquired for ₹30.48 crore in cash, subject to transaction adjustments. The acquisition does not require any governmental or regulatory approvals.
Strategic Focus on AI and Industrial IoT Solutions
Exactspace operates in the IT sector and develops Artificial Intelligence-based Industrial Internet of Things solutions tailored for Thermax’s manufacturing customers.The acquisition is aimed at strengthening Thermax’s service portfolio across areas such as predictive asset maintenance, process optimization, asset efficiency enhancement, and analytics-driven failure analysis. By integrating Exactspace as a subsidiary, Thermax is positioning itself to deepen its technology-led offerings within its core industrial ecosystem.
Exactspace Technologies was incorporated on December 14, 2017. Over the last three financial years, the company reported turnover of ₹6.21 crore, ₹5.51 crore, and ₹5.52 crore, respectively.
Q3 Results: Profit Surges 80% Year-on-Year
In its third quarter performance, Thermax reported a net profit of ₹205 crore, marking an 80% increase year-on-year and exceeding the poll estimate of ₹153.4 crore.Revenue for the quarter rose 4.2% year-on-year to ₹2,634 crore, slightly below estimates of ₹2,726 crore. EBITDA increased 34.5% year-on-year to ₹254.3 crore, while EBITDA margin expanded sharply to 9.7% from 7.5% in the same period last year.
Exceptional items contributed ₹59 crore to profit before tax during the quarter. This included the reversal of a previously recognised provision amounting to ₹51 crore and interest income of ₹29 crore following a Bombay High Court order directing a customer to refund deposits along with interest. These gains were partly offset by a one-time impact of ₹21 crore arising from changes in labour codes.
Order Book Remains Strong
Thermax reported robust order inflows during the quarter. Order booking rose 34% year-on-year to ₹3,080 crore.As of December 31, 2025, the company’s order balance stood at ₹12,641 crore, reflecting an 11% increase compared to the corresponding period last year.
Thermax Share Price
Shares of Thermax Limited ended at ₹3,110.00, down ₹66.95 or 2.11% on the BSE.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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