Thermax takes 51% stake in Exactspace Technologies for ₹30 crore, gains AI-IoT capabilities – CNBC TV18

Vitality and setting answer supplier Thermax Ltd on Friday (February 27) mentioned it has entered right into a share subscription and share buy settlement and a Shareholders’ Settlement with Exactspace Technologies Non-public Ltd, its promoters, and current traders to accumulate 35.83% further stake, taking its complete shareholding to 51% on a completely diluted foundation.

The transaction will end result in Exactspace changing into a subsidiary of Thermax. At the moment, Thermax holds 15.17% in Exactspace as an affiliate firm. The agreements additionally present Thermax the correct to accumulate the remaining 49% stake after three years, topic to the circumstances talked about in the agreements. The acquisition is a associated get together transaction, and the promoter/promoter group has no curiosity in Exactspace.

Exactspace operates in the IT trade, creating Synthetic Intelligence-based mostly Industrial Web of Issues options for Thermax’s manufacturing clients. The acquisition goals to strengthen Thermax’s service choices, together with predictive asset upkeep, course of optimisation, asset effectivity enchancment, and analytics-pushed failure evaluation.

Additionally Learn: Thermax targets double-digit income progress in FY26

The acquisition doesn’t require any governmental or regulatory approvals. The 51% stake will likely be acquired for ₹30.48 crore in money, topic to transaction changes, with the remaining 49% to be acquired after three years.

Exactspace Technologies was included on December 14, 2017. Its turnover during the last three years has been ₹6.21 crore (FY25), ₹5.51 crore (FY24), and ₹5.52 crore (FY23).

Third Quarter Outcomes

Internet revenue for the quarter stood at ₹205 crore, considerably increased than the CNBC-TV18 ballot estimate of ₹153.4 crore and up 80% 12 months-on-12 months. Income rose 4.2% 12 months-on-12 months to ₹2,634 crore, marginally decrease than estimates of ₹2,726 crore. EBITDA elevated 34.5% 12 months-on-12 months to ₹254.3 crore, beating expectations, whereas EBITDA margin improved sharply to 9.7% from 7.5% a 12 months in the past.

Additionally Learn: Thermax shares fall 4% after weak Q2; revenue, margins miss estimates

Through the quarter, distinctive objects boosted revenue earlier than tax by ₹59 crore. This included the reversal of a beforehand recognised provision of ₹51 crore and curiosity revenue of ₹29 crore following a Bombay Excessive Courtroom order directing a buyer to refund deposits together with curiosity. This was partly offset by a one-time affect of ₹21 crore arising from modifications in labour codes.

Thermax additionally reported wholesome order momentum. Order reserving throughout the quarter rose 34% 12 months-on-12 months to ₹3,080 crore. As of December 31, 2025, the order stability stood at ₹12,641 crore, up 11% from the corresponding interval final 12 months.

Shares of Thermax Restricted ended at ₹3,110.00, down by ₹66.95, or 2.11%, on the BSE.

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