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India
As of 18 Sept 2026, 03:30 pm
On September 15, 2026, Thermax announced the incorporation of a wholly-owned step-down subsidiary in Botswana, named Thermax Botswana Proprietary Limited. This new entity, established on September 14, 2026, will provide support services for boilers and power plants. The initial consideration for its incorporation was BWP 10,000, with further capital to be infused later.
As of September 17, 2026, Thermax's stock has shown varied returns across different timeframes. It has returned 8% over the last year (1Y) and 17% year-to-date (YTD). However, in shorter periods, it has seen declines: -14% in the last month (1M), -25% in the last three months (3M), and -11% in the last twenty days (20D). The return over the last six months (6M) was 10%.
As of September 17, 2026, the daily technical trend for Thermax shares is indicated as bearish. Key indicators such as the 20-day Exponential Moving Average (EMA) at ₹3764.1 and the 50-day Simple Moving Average (SMA) at ₹4119.75 are above the current closing price of ₹3569.5. The Supertrend indicator is at ₹3876.72, also suggesting a bearish direction on a daily basis. However, the monthly trend shows a bullish Supertrend at ₹2961.34.
Thermax has reorganized its operations into four distinct segments: industrial products (product-related businesses), industrial infrastructure (project-related businesses), green solutions, and chemicals. This structure is how the company now operates and reports its financial performance, according to MD & CEO Ashish Bhandari.
As of 18 Sept 2026, 03:30 pm
Showing 3 of 5 candles
Recent drawdown or price variability is materially high and may lead to larger short-term outcomes.
Primary driver: Price remains materially below a previous peak
The session traded across a materially wider price range than usual.
Larger price swings can increase short-term uncertainty, especially if they continue.
The session opened materially below the previous close, indicating a sharp repricing at the open.
The price gap may increase short-term downside uncertainty and warrants review of the underlying context.
The session traded across a materially wider price range than usual.
Larger price swings can increase short-term uncertainty, especially if they continue.
Latest complete financial results for Q1 FY2027 and comparative quarterly trends.
| Metric | Q1 FY2026-27(Latest) | Q4 FY2025-26 | Q3 FY2025-26 | Q2 FY2025-26 | Q1 FY2025-26 |
|---|---|---|---|---|---|
| Revenue From Operations | ₹2,302.73 crore | PEAK₹3,428.04 crore | ₹2,634.68 crore | ₹2,473.90 crore | ₹2,150.18 crore |
| Finance Costs | ₹35.15 crore | PEAK₹42.35 crore | ₹34.24 crore | ₹32.17 crore | ₹30.20 crore |
| Expenses | ₹2,328.78 crore | PEAK₹3,150.09 crore | ₹2,467.38 crore | ₹2,385.51 crore | ₹2,004.16 crore |
| Profit Before Tax | ₹42.14 crore | PEAK₹334.12 crore | ₹288.78 crore | ₹173.80 crore | ₹211.65 crore |
| Tax Expense | ₹20.35 crore | PEAK₹89.73 crore | ₹83.66 crore | ₹54.27 crore | ₹60.02 crore |
| Profit Loss For Period | ₹21.79 crore | PEAK₹244.40 crore | ₹205.01 crore | ₹119.40 crore | ₹151.45 crore |
Segment revenue and segment profit before tax for the quarter were ₹2,302.73 crore and ₹42.14 crore, respectively, matching the consolidated totals. Other comprehensive income was ₹29.04 crore, broadly similar to ₹27.86 crore a year earlier. Total comprehensive income (net profit plus other comprehensive income) was approximately ₹50.83 crore, compared to ₹179.31 crore in the prior year quarter.
The quarter’s financial performance was driven by margin compression rather than top-line weakness. While revenue grew modestly year-over-year, expenses grew at a significantly faster pace, crossing the threshold where costs exceeded revenue from operations. This structural shift drove an 80% decline in pre-tax profit and reduced net profit by over 85%.
Exchange disclosures and regulatory announcements for Thermax.
Thermax Limited has informed the Exchange regarding Acquisition of to be incorporated companies |SUBJECT: Acquisition of 'to be incorporated companies'-XBRL
Thermax Limited incorporated a wholly-owned subsidiary, Thermax Botswana Proprietary Limited, in Botswana on September 14, 2026, to provide support services for boilers and power plants. The consideration for incorporation is BWP 10,000, with capital to be infused in due course.
Thermax Limited has made available the transcript of its Analyst/Investors conference call for Q1 FY 2026-27, which was held on July 31, 2026. The transcript can be accessed on the company's investor relations website.
Thermax Limited's board meeting on July 30, 2026, approved a demerger of the EPC business undertaking from its wholly-owned subsidiary, Thermax Bioenergy Solutions Private Limited, to consolidate similar operations. The demerged entity, which generated INR 2.39 billion in turnover for the preceding financial year, will focus on O&M services while the EPC segment transfers to the listed parent company. This restructuring involves no change in shareholding patterns or issuance of new shares by Thermax Limited.
At the 45th Annual General Meeting on July 30, 2026, shareholders approved the re-appointment of Dr. Ravi Shankar Gopinath as Non-Executive Independent Director for a second five-year term from November 10, 2026, to November 9, 2031. The voting results were filed with the stock exchanges on July 31, 2026.
Thermax Limited has submitted a revised investor presentation for Q1 FY 2026-27, incorporating updates. The company reported a Rs. 91 crore cost overrun in the Industrial Infra segment for a specific project, impacting profitability. Order booking grew 2% to Rs. 2809 crore, driven by improved performance in TBWES, Industrial Products, and Green Solutions segments. The Industrial Products segment secured an order worth over Rs. 400 crore for boiler pressure parts for a US data center project.
Thermax Limited held its 45th Annual General Meeting on July 30, 2026, via video conference. All five resolutions presented, including the approval of financial statements for the year ended March 31, 2026, the declaration of a Rs. 20 per share dividend, the re-appointment of a director, ratification of cost auditor remuneration, and the re-appointment of an independent director, were passed with a requisite majority. The voting results and scrutinizer's report were submitted on July 31, 2026.
Recent market and company developments associated with Thermax.
Thermax Engineering Construction Company (TECC), a wholly owned subsidiary of Thermax, has incorporated a Company with the name Thermax Botswana Proprietary and the Certificate of Incorporation for Thermax Botswana Proprietary has been issued by the Companies and Intellectual Property Authority (CIPA), Botswana on 14 September 2026.
Indian stock market indices, Sensex and Nifty 50, are set to open higher on 15 September amid mixed global signals. Sensex and Nifty ended lower previously, but GIFT Nifty shows a positive start. Crude oil prices remain a concern for market stability.
IFAT India 2026 advances technology and partnerships for India's water and waste infrastructure
We reorganised the company around industrial products, which are product-related businesses; industrial infra, which is project-related; green solutions; and chemicals. These became four parts of Thermax, and that is how we now operate and report the company, says Ashish Bhandari.
Bhatt's resignation from Coforge, linked to undisclosed findings in its board evaluation report, has put the spotlight on India's board practices. The Sebi-mandated exercise is often a formality rather than a rigorous assessment. Some advisory firms now push for deeper, more customized reviews.
Thermax Ltd is quoting at Rs 3692, up 1.47% on the day as on 12:49 IST on the NSE. The stock is up 10.45% in last one year as compared to a 6.19% gain in NIFTY and a 9.98% gain in the Nifty Energy index.
Sensex and Nifty 50 are set to open lower due to mixed global cues. Brent crude prices have risen amid US-Iran conflict tensions, raising concerns over energy supplies. Analysts suggest cautious trading with key levels for Nifty 50 and Bank Nifty indicating potential selling pressure.
MCPro, Moneycontrol Research, Stock Recommendation, Thermax, Q1 FY27
Comprehensive Section Breakdown for Thermax
Strategic Vision: Provides integrated solutions in clean air, energy, water, and chemicals.
• Global presence with manufacturing facilities and sales/service network.
• Integrated approach to providing comprehensive solutions across multiple environmental and energy domains.
In the quarter ended 30 June 2026, Thermax Ltd. reported a modest 7% rise in revenue compared to the same period last year. However, total expenses grew more than twice as fast, climbing 16%. This imbalance pushed operating costs above sales, causing pre-tax profit to fall roughly 80% and net profit to drop over 85%. The quarter was defined by severe margin compression rather than weakness in top-line sales.
Revenue from operations stood at ₹2,302.73 crore, a 7.09% increase from ₹2,150.18 crore in the corresponding quarter of the prior fiscal year. Sequentially, revenue fell 32.83% from the March 2026 quarter, which recorded the highest revenue among the four quarters of the prior fiscal year at ₹3,428.04 crore.
This pattern mirrors the prior year, where the June quarter was the lowest point and revenue built through the year to a March peak. While the year-on-year comparison confirms a higher top line, the size of the sequential drop highlights the variability across reporting cycles.
The defining feature of the quarter was the gap between revenue and expense growth. Total expenses rose to ₹2,328.78 crore, up 16.2% from ₹2,004.16 crore a year earlier. For every ₹1 of additional revenue generated year-on-year, expenses increased by approximately ₹2.1.
As a result, the relationship between costs and revenue shifted materially. In the prior-year quarter, expenses consumed 93.2% of revenue. In the current quarter, that ratio crossed 100%, reaching 101.1%—the only instance in the five-quarter window where reported expenses exceeded revenue from operations. The difference between revenue from operations and total expenses swung from a surplus of ₹146.02 crore to a deficit of ₹26.05 crore.
Finance costs rose 16.39% year-on-year to ₹35.15 crore, a pace similar to overall expense growth. However, finance costs remain a small part of the top line at about 1.5% of revenue. The primary driver of the profit decline was the expansion of the broader expense base, not the cost of debt.
Profit before tax (PBT) fell to ₹42.14 crore, an 80.09% decline from ₹211.65 crore in the prior-year quarter. Net profit dropped 85.61% to ₹21.79 crore.
A secondary factor deepened the net profit contraction: the effective tax rate rose from 28.36% to 48.29%. Although the absolute tax expense decreased by 66.09% to ₹20.35 crore, it fell more slowly than pre-tax profit. Had the effective tax rate remained at the prior year’s level, net profit would have been approximately ₹8.4 crore higher.
Category: Manufacturing
Offers boilers, heaters, absorption chillers/heat pumps, and solar equipment for energy generation and conservation.
Category: Manufacturing
Provides air pollution control equipment and systems, as well as water and waste recycle plants.
Category: Manufacturing
Manufactures ion exchange resins and specialty chemicals that support its various solutions.
Core Thesis: Integrated solutions across clean air, energy, water, and chemicals address comprehensive client needs.
• Integrated Solutions: Offers a range of products and services designed to help industries achieve energy efficiency and environmental compliance. • Manufacturing and Delivery: Involves manufacturing and delivering equipment and systems, alongside providing related services and chemical solutions. • Global Presence: Serves customers worldwide through its global presence, including manufacturing facilities and sales/service offices.