Thermax Limited announced the incorporation of its wholly owned step-down subsidiary, First Energy 15 Private Limited (FE15), on December 16, 2025. This new entity was established by First Energy Private Limited (FEPL), a wholly owned subsidiary of Thermax Limited. FE15 has received its Certificate of Incorporation from the Ministry of Corporate Affairs. The authorized share capital of FE15 is ₹1,00,000, divided into 10,000 equity shares of ₹10 each, with a paid-up capital also of ₹1,00,000. The initial subscription amount of ₹1,00,000 will be paid in cash at face value per share. FE15 is yet to commence business operations and belongs to the renewable energy industry. As a newly incorporated entity, it is considered a related party to Thermax Limited.