Thermax Limited announced on August 13, 2025, the execution of a Share Purchase Agreement acquiring an additional 23.03% equity stake in its subsidiary Thermax Bioenergy Solutions Private Limited (TBSPL). Post-transaction, TBSPL will become a wholly owned subsidiary. The acquisition is a related party transaction done at arm’s length for a cash consideration of Rs. 16.71 Crores. The completion timeline is expected within 30 days.

Thermax Limited operates primarily in the technology, engineering, procurement, and construction (TEPC) sector with focus on energy and environment solutions like bio-CNG projects. TBSPL was incorporated in August 2022 and has shown rapid growth with turnover increasing from Rs. 48.04 Crores in 2023 to Rs. 569.80 Crores in FY 2025. Thermax continues strengthening its clean energy portfolio with bioenergy as a key growth vertical. The company is listed and known for its innovation in sustainable technologies.

Thermax’s recent financials for FY ending March 31, 2025, showcased strong revenue growth driven by its energy solutions business. The company has reported favorable earnings and robust order inflow in sectors such as bioenergy and environment management. No specific quarterly profit/loss details were disclosed with this acquisition notice, but the company is generally well-regarded among institutional investors for sustainability focus and steady financial performance in 2025.