Thermax Ltd Share Price Rises Over 10% in a Week; Exactspace Becomes a Subsidiary

Thermax Ltd shares witnessed strong upward momentum in recent sessions, supported by a significant strategic development in its digital and artificial intelligence portfolio. The stock has gained nearly 10 per cent over the past week, alongside the company’s announcement of increased control in its AI-focused associate, Exactspace Technologies Private Ltd.

Exactspace Acquisition

Thermax Ltd has completed the acquisition of a controlling stake in Exactspace Technologies Private Limited, an artificial intelligence solutions company engaged in advanced industrial AI applications.

The Group originally held a 10.41 per cent equity interest in Exactspace following an initial investment made on January 25, 2022. This stake was later increased by an additional 4.76 per cent during the year ended March 31, 2024.

As per earlier financial disclosures, the Group held a 15.17 per cent equity interest in Exactspace and accounted for the investment using the equity method.

Stake Increased to 51 per cent, Exactspace becomes a Subsidiary

In a major development, Thermax Ltd entered into definitive agreements — including a Share Subscription and Share Purchase Agreement and a Shareholders’ Agreement — with Exactspace Technologies Private Limited, its promoters, and existing investors.

Under these agreements, Thermax Ltd acquired an additional 35.83 per cent stake (on a fully diluted basis), taking its total shareholding to 51 per cent. As a result, Exactspace Technologies Private Limited has now become a subsidiary of Thermax Ltd.

The transaction was completed on April 9, 2026 at 5.43 p.m. IST.

About Thermax Ltd

Thermax Ltd is a Pune-based company that has been operating since 1966. It is a leading player in the energy and environment sector in India. The company helps industries with clean and efficient solutions across areas such as heating, cooling, power generation, and air pollution control. It also works in water and wastewater treatment, helping businesses use resources more efficiently and reduce waste.

In addition, Thermax Ltd provides specialised chemicals used in various industrial processes to improve performance and efficiency. Overall, the company focuses on supporting industries in becoming more sustainable and energy-efficient.

Thermax Ltd Share Price Performance

As on April 10, 2026, at 14:33:46 IST, Thermax Ltd was trading at Rs 3,643.00, up Rs 107.90 or 3.05 per cent from its previous close of Rs 3,535.10. During the session, the stock opened at Rs 3,535.10, touched a high of Rs 3,665.00, and a low of Rs 3,530.00. It remained close to its Intraday high, indicating continued buying interest throughout the trading session.

In terms of performance across different timeframes, Thermax Ltd has delivered strong returns. The stock has gained 10.45 per cent over the past week and 14.72 per cent over the past month. On a year-to-date basis, it is up 18.82 per cent, while over the past year it has risen 18.47 per cent.

Disclaimer: The article is for informational purposes only and not investment advice.