Thermax Limited has entered into definitive agreements to increase its stake in Exactspace Technologies from 15.17% to 51% on a fully diluted basis. The acquisition, valued at Rs. 30.48 crores, will transition Exactspace from an associate to a subsidiary. Exactspace provides AI-based Industrial IoT solutions that will enhance Thermax's predictive maintenance and asset optimization capabilities. Furthermore, Thermax has secured the right to acquire the remaining 49% stake after a three-year period.

Thermax reported a robust Q3 FY26 performance with PAT growing 80% YoY to Rs 205 crore, supported by a Rs 59 crore exceptional gain. Order bookings saw a significant 34% jump to Rs 3,080 crore, bolstered by a large Rs 584 crore refinery order from Nigeria. The total order balance stands at Rs 12,641 crore, providing strong revenue visibility for the coming quarters. While the Industrial Infra segment showed improved operational efficiency, the Chemicals segment's profitability was impacted by higher fixed costs from a new plant.

Thermax reported a consolidated revenue of ₹2,634.68 crore for Q3 FY26, representing a 4% growth year-on-year. The company's net profit saw a significant surge to ₹205.01 crore compared to ₹113.73 crore in the previous year, supported by improved operational efficiencies and an exceptional gain. The Industrial Products and Industrial Infra segments remain the primary revenue drivers, contributing the bulk of the top line. Furthermore, the board has approved the incorporation of a new step-down subsidiary in Dubai to expand its international footprint.

Thermax reported a robust 80% YoY growth in consolidated net profit to ₹205.01 crore for the quarter ended December 31, 2025, aided by an exceptional gain of ₹58.75 crore. Revenue from operations grew 4.2% YoY to ₹2,634.68 crore, with the Industrial Products segment showing strong momentum. The company is expanding its international footprint by incorporating a new step-down subsidiary in Dubai. Despite a slight dip in Industrial Infra revenue, the segment's profitability improved significantly compared to the previous year.

Thermax reported a strong bottom-line performance for Q3 FY26, with consolidated net profit rising 80% year-on-year to ₹205.01 crore, significantly aided by an exceptional gain of ₹58.75 crore. Revenue from operations saw a modest increase of 4.2% to ₹2,634.68 crore compared to ₹2,528.72 crore in the same quarter last year. The Industrial Products segment remained the primary driver with revenue of ₹1,289.82 crore, while the Industrial Infra segment showed a notable turnaround in profitability. The company also announced further international expansion with the approval of a new subsidiary in Dubai.

Thermax Limited has entered into a strategic Memorandum of Understanding (MoU) with Hindustan Petroleum Corporation Limited (HPCL) to collaborate on sustainable energy technologies. The partnership focuses on the development and deployment of HP AEM electrolysers for green hydrogen, CO2 capture solutions, and bio-pyrolysis oil processing. This collaboration combines Thermax's engineering expertise with HPCL's massive operational scale and R&D capabilities. While specific financial terms were not disclosed, the move significantly strengthens Thermax's position in the high-growth energy transition and decarbonization sectors.

Thermax Limited has announced the incorporation of a new wholly owned step-down subsidiary, Thermax Energy Solutions Company, in Saudi Arabia. The entity was established through its subsidiary, Thermax Babcock and Wilcox Energy Solutions Limited (TBWES), on January 28, 2026. This new company will focus on providing on-site services, maintenance, and marketing support, strengthening Thermax's service capabilities in the Middle East. The company plans to infuse INR 25,00,000 as capital into this new venture in due course.

CRISIL Ratings has reaffirmed its 'CRISIL AA+/Stable' rating for the long-term bank facilities and 'CRISIL A1+' for the short-term facilities of Thermax Limited. The total rated bank loan facilities have been significantly enhanced from Rs. 4,270 crore to Rs. 5,500 crore. This reaffirmation and limit increase reflect the company's robust financial health and its capacity to manage larger operational scales. The stable outlook suggests that the company is well-positioned to maintain its credit profile despite market fluctuations.

CareEdge Ratings has assigned a top-tier 'CARE A1+' rating to Thermax Limited's Commercial Papers, reflecting a robust financial risk profile and strong liquidity. The company achieved a healthy revenue CAGR of approximately 19% between FY22 and FY25, supported by growth across all operating divisions. Operating profit margins saw a notable expansion from 6.42% in FY22 to 9.25% in FY25, driven by improved profitability in industrial products and chemicals. The rating underscores Thermax's low leverage and steady order inflow in both domestic and international markets.

Thermax Limited has received a favorable ruling from the Bombay High Court, which set aside a previous adverse arbitral award from June 2023. The original award had mandated the company to repair equipment and pay Rs. 173.72 crores plus interest, totaling an estimated impact of Rs. 250 crores. Following the High Court's decision, the claimant is now directed to refund Rs. 218.45 crores previously deposited by Thermax, along with 6% annual interest. Although a 4-week stay has been granted for the claimant to appeal, this is a significant reversal of a major contingent liability.

Thermax Limited has received a favorable judgment from the Hon’ble High Court of Bombay regarding a long-standing legal dispute. The court has set aside an Arbitral Award dated June 5, 2023, which was previously passed against the company by a sole arbitrator in a matter involving a customer. This development provides significant legal relief by nullifying a prior adverse ruling. The company will provide further details as per SEBI requirements in due course, but the removal of this liability is a positive step for the company's risk profile.