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Thermax has completed the acquisition of the remaining 49% stake in TSA Process Equipments

ICICIdirect Research 01 Oct 2026 DISCLAIMER

News: Thermax has completed the acquisition of the remaining 49% stake in TSA Process Equipments Pvt Ltd (TSA) for a cash consideration of ₹42 crore, making TSA a wholly owned subsidiary. TSA provides turnkey high-purity water solutions, including reverse osmosis, demineralisation and sterile ultrafiltration plants, with FY26 revenue of ₹166.99 crore, PAT of ₹6.65 crore and net worth of ₹44.99 crore. TSA’s revenue has grown from ₹121.83 crore in FY24 to ₹129.65 crore in FY25 and ₹166.99 crore in FY26; the acquisition is a related-party transaction conducted at arm’s length, with no regulatory approvals required.

View:  The acquisition strengthens Thermax’s presence in high-purity water treatment and enables full ownership of a business that delivered ~29% revenue growth in FY26 with a ~4% PAT margin. At ₹42 crore, the consideration for the 49% stake implies a relatively modest valuation versus TSA’s FY26 revenue and should allow Thermax to capture the full earnings contribution while integrating TSA’s capabilities with its broader water and environmental solutions portfolio.

Impact: Positive

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