Thermax Limited has submitted the exchanges outcome of Board Meeting held on November 5, 2026 for approving the financial results for Q2 FY 2026-27

November 5, 2026 The Secretary National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, PJ Towers, Dalal Street Bandra Kurla Complex, Mumbai: 400 001 Bandra (E) Company Scrip Code: 500411 Mumbai – 400 051 Company Scrip Code: THERMAX Sub: Intimation under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Ref: Outcome of the Board Meeting held on November 5, 2026 Dear Sir / Madam, The Board at its meeting held today i.e., November 5, 2026, approved the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half-year ended September 30, 2026, along with the Limited Review Report issued by the Statutory Auditors of the Company. A copy of the same along with the press release giving highlights of the said results is enclosed. The Board Meeting commenced at 11:30 a.m. IST and the discussions on the aforementioned matters concluded at 04:50 p.m. IST. You are kindly requested to take note of the above. Thanking you, Yours faithfully, For THERMAX LIMITED Sangeet Hunjan Company Secretary & Compliance Officer Membership No: A23218 Encl: As above PricWea terhouCshea rteArcecdo untaLnLtPs The Board of Directors Thermax Limited, Thermax House, 14 Mumbai -Pune Road, Wakdewadi, Pune -411003. 1. We have reviewed the consolidated unaudited financial results of Thermax Limited (the "Holding Company"), its subsidiaries (and trusts) [the Holding Company and its subsidiaries (and trusts) hereinafter referred to as the "Group"], and its share of the net loss after tax and total comprehensive income of its associate company (refer paragraph 4 below) for the quarter ended September 30, 2026 and the year to date results for the period April 1, 2026 to September 30, 2026 and the Consolidated Unaudited Statement of Assets and Liabilities as on that date and the Consolidated Unaudited Statement of Cash Flows for the half-year ended on that date which are included in the accompanying 'Statement of unaudited financial results for the quarter and half year ended September 30, 2026' (the . "Statement"). The Statement is being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"wh)i,ch has been initialled by us for identification purposes. 2. This Statement, which is the responsibility of the Holding Company's Management and has been approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements ('SRE') 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. 4. The Statement includes the results of the entities as mentioned in Annexure 1. PriWcaet erhCohuasretA ecrceodu nltla,P7n ttFhsl oToorw,Ae - rW in1gB, u s Pune-411006 T:+ 91( 206)9 050570 RegistoefrfaeindcHd ee aodf fic1e1:-V Ai,s hDniug amMbaerrSg u,c heBthaa waNne,wD el-h1i1 0002 PriWcaet erh(oaPu asret neFrisrhcmio)pn veirnttPerodi Wcaet erhCohuasret Aecrceodu ntLaLnP(t aLs i miLtieadb Pialrittnye wristLhhLi Pip d enntoiL:tL yP IANA C-5001) witehf ffercotJm u l2y52 ,0 1P4o.s ittc so nvertsoPi roinWc aet erhCohuasret Aecrceodu ntLaLnPit,tIs sC ArIe gistnruamtbiieos0rn 1 2754N/N5(0IC0rA0eI1g 6i stration numbbeerf ocroen verwsais0o 1n2 754N) PriWcaet erhoCuhsaer teArcecdo untLaLnPt s 5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement. For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 Amit Borkar Partner Membership Number: 109846 UDIN: 26109846UDQIEL5680 Place: Pune Date: November 5, 2026 PriWcaet erhoCuhsaer tAecrceodu ntLaLnPt s Annexurel Sr. Name HoldiCnogm pany Thermax Limited Subsidiaries Thermax Babcock & Wilcox Energy Solutions Limited, India 2 Thermax Instrumentation Limited, India 3 Thermax Cooling Solutions Limited, India 4 Thermax Onsite Energy Solutions Limited, India 5 Thermax Engineering Construction Company Limited, India 6 First Energy Private Limited, India 7 Thermax Bioenergy Solutions Private Limited, India 8 Thermax International Limited, Mauritius 9 Thermax Netherlands B.V., Netherlands 10 Thermax do Brasil-Energia e Equipamentos Ltda., Brazil 11 Thermax Europe Limited, United Kingdom 12 Rifox-Hans Richter GmbH Spezialarmaturen, Germany 13 Thermax Engineering Singapore Pte Ltd., Singapore 14 TSA Process Equipments Private Limited, India 15 Thermax Chemical Solutions Private Limited, India 16 Exactspace Technologies Private Limited, India (associate until April 8, 2026, subsidiary w.e.f April 09, 2026) 17 Thermax ESOP Trust and Employee Welfare Trusts, India (73 Nos.) Step-dSouwbns idiaries Enernxt Private Limited India 2 First Energy TN 1P rivate Limited, India 3 First Energy 2 Private Limited, India 4 First Energy 3 Private Limited, India 5 Jalansar Wind Energy Private Limited, India 6 Kanakal Wind Energy Private Limited, India 7 First Energy 4 Private Limited, India 8 First Energy 5 Private Limited, India 9 First Energy 6 Private Limited, India 10 First Energy 7 Private Limited, India 11 First Energy 8 Private Limited, India 12 First Energy Nine Private Limited, India 13 First Energy 10 Private Limited, India 14 First Energy 11P rivate Limited, India 15 First Energy 12 Private Limited, India 16 First Energy 14 Private Limited, India 17 First Energy 15 Private Limited, India 18 Thermax Vebro Polymers India Private Limited, India 19 Fortmax Chemicals India Private Limited, India 20 Thermax Inc., USA 21 Them1ax Nigeria Limited, Nigeria 22 Therma;'( International Tanzania Limited, Tanzania 23 Tbcrmax Denmark ApS, Denmark 24 Danstoker A/S, Denmark 25 Ejendomsanpartsselskabet Industrivej Nord 13, Denmark 26 Boilerworks A/S, Denmark 27 Danstoker Poland Sp61ka Z Ograniczona Odpowiedzialnoscia, Poland 28 Tbermax Chemical Europe A/S, Denmark 29 Thcrmax SDN. BHD., Malaysia 30 PT Thermax International Indonesia, Indonesia 31 Thermax Energy & Environment Philippines Corporation, Philippines 32 Tbermax Energy and Enviroment Lanka (Private) Limited, [Showing first 8,000 characters — download PDF for full document]