Thermax Limited has officially concluded its acquisition of a controlling stake in Exactspace Technologies Private Limited. Following the share purchase agreement initially established on February 27, 2026, the company finalized the transaction on April 9, 2026, at 5:43 p.m. IST. With this completion, Thermax’s shareholding in Exactspace has increased to 51% on a fully diluted basis, officially making Exactspace a subsidiary of the company.

The acquisition represents a strategic move to integrate AI-led thermal engineering solutions into Thermax’s existing portfolio. This transaction involved the purchase of a 35.83% stake from promoters and existing investors, building upon the company’s prior interests to secure majority control. The move is expected to bolster Thermax’s digital solutions and environmental management capabilities as it scales its “clean energy, clean air, and clean water” mission.

Thermax Limited is a leading Indian conglomerate specializing in sustainable solutions for energy and environmental management. The company operates 16 manufacturing facilities globally and has a strong presence in sectors such as industrial products, green energy, and water treatment. In recent 2025 updates, the company received healthy order inflows, with new bookings rising 34% year-on-year to reach ₹3,080 Crores. Additionally, the company recently contested a ₹1.52 Crore assessment order from customs authorities related to a historical fire incident, showcasing its active management of regulatory and legal compliance.

For the quarter ended December 31, 2025, Thermax reported a robust financial performance with a consolidated net profit of ₹205 Crores, marking an 80% increase from ₹114 Crores in the previous year’s corresponding quarter. Revenue from operations grew by 4.2% year-on-year to reach ₹2,634 Crores. This growth was largely driven by execution in green solutions and industrial products. Notable institutional investors in the company include the Nalanda India Equity Fund Limited, which holds approximately 5.1% of the shares, alongside significant holdings by various SBI and ICICI Prudential mutual fund schemes.