Thermax Limited (THERMAX) — Corporate Action | 30 July 2026

30 July 2026 · NSE 🔴 High Importance Neutral

By StockFin Research Team•AI-Assisted Analysis•Source: BSE/NSE Filings

📢 Key Event

Board approves Scheme of Arrangement merging subsidiaries into Thermax Limited.

🔄 What Changed

No change in shareholding pattern; equity shares of subsidiaries to be cancelled.

🔮 What's Next

NCLT approval required for scheme implementation.

💡 Investor Takeaway

The restructuring simplifies operations and aims to boost shareholder value through cost savings.

Thermax Limited announced on July 30, 2026, a Scheme of Arrangement merging its subsidiaries TBSPL and TCSL into itself, effective April 1, 2026, with no shareholding changes and NCLT approval required. The filing also disclosed unaudited Q1 results showing total revenue of Rs. 2,302.73 crore, a Rs. 18 crore loss after tax due to a Rs. 91 crore cost overrun in Industrial Infra, and a 5% rise in order book to Rs. 139 crore despite an 8% drop in new orders to Rs. 1,606 crore. The scheme simplifies structure to enhance financial stability and shareholder value through cost savings.

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About Thermax Limited (THERMAX)

Capital Goods · Capital Goods - Electrical Equipment · Listed on NSE

Market Cap: ₹39,222.68 CrP/E: 62.5ROE: 10.7%ROCE: 12.5%Div Yield: 0.61%

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"How will the scheme affect Thermax's consolidated financial ratios?""What is the expected timeline for NCLT approval?""How does the order backlog growth compare to peers?"

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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