No, for a period less than 12 hours a Indian citizen does not seem to need a Transit visa for Thailand.
The Royal Thai Embassy in Australia
- type India in Box for Passport of which Country do you hold?
- select Transit Visa from result
and all information you need can be seen.
The site is very easy to use
- wish other countries would make it as easy
The statement above is based on the following entry from the above result:
A Transit Visa is needed when:
Transiting through Thailand’s airports exceeding 12 hours before proceeding to a third country of destination or returning to your home country - Category “TS” (Requiring a copy of outbound ticket to a third country)
Otherwise read the very extensive information offered should other conditions exists.