Thermax Limited , a leading energy and environment solutions provider, has made a significant move in its investment strategy. The company has allocated 2,35,00,000 equity shares to its own account on a rights basis, specifically for investment in Fortmax Chemicals.

Investment Structure

The allocation involves an investment structure, with Thermax Chemical Solutions Private Limited (TCSPL), a wholly-owned subsidiary of Thermax Limited, playing a key role. The investment is intended to flow through TCSPL to Fortmax Chemicals India Private Limited, which is a subsidiary of TCSPL.

Details of the Allocation

Regulatory Compliance

In compliance with Regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015, Thermax Limited has informed the stock exchanges about this development. The company had previously intimated about the additional equity investment in TCSPL.

Implications

This move suggests Thermax's strategic intent to strengthen its position in the chemical solutions sector. By channeling the investment through its subsidiaries, Thermax is potentially aiming to optimize its corporate structure and enhance its operational capabilities in the chemical industry.

While the specific plans for Fortmax Chemicals remain undisclosed, this substantial equity allocation indicates Thermax's commitment to expanding its footprint in this sector. Stakeholders will likely be keen to observe how this investment translates into business growth and potential market advantages for Thermax in the coming periods.

Investors are advised to conduct their own research and consider their financial goals before making any investment decisions based on this corporate action.

Thermax Limited , a leading provider of energy and environment solutions, has announced its financial results for the second quarter of FY 2025-26, revealing a mixed performance with notable growth in its order book despite challenges in revenue and profitability.

Order Book Growth

The company reported a 6% year-on-year increase in its order balance, which stood at Rs. 12,300.00 crore as of September 30, 2025, compared to Rs. 11,593.00 crore in the corresponding quarter of the previous year. The order booking for the quarter also saw a 6% uptick, reaching Rs. 3,551.00 crore, up from Rs. 3,353.00 crore in Q2 FY'25.

Financial Performance

Despite the growth in order book, Thermax faced headwinds in its financial performance:

• Consolidated operating revenue decreased by 5% to Rs. 2,474.00 crore, down from Rs. 2,616.00 crore in Q2 FY'25.
• Consolidated profit after tax (PAT) declined by 40% to Rs. 119.00 crore, compared to Rs. 198.00 crore in the same quarter last year.
• Profit before tax (PBT) fell by 35% to Rs. 174.00 crore from Rs. 266.00 crore in Q2 FY'25.

Factors Affecting Performance

The company attributed the lower profit to several factors:

1. Project cost overruns in the Industrial Infra segment, including Rs. 42.00 crore of additional cost provisions, primarily for one project.
2. The absence of a one-time income accrual of Rs. 66.00 crore recognized in the previous year's corresponding quarter, related to incentives receivable under the Packaged Incentive Scheme (PSI) from the Government of Maharashtra.

Standalone Performance

On a standalone basis, Thermax Limited reported:

• A marginal 1% decrease in operating revenue to Rs. 1,505.00 crore.
• A significant 109% increase in profit after tax to Rs. 226.00 crore, boosted by dividend income of Rs. 141.00 crore from a wholly-owned subsidiary.
• Order booking growth of 22% to Rs. 1,991.00 crore.
• An order balance of Rs. 6,981.00 crore as of September 30, 2025, marking a 9% increase.

Strategic Developments

The company announced that Ther