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India
Reported ownership for FY2027-Q1 as of 2026-06-30.
As of 06 Nov 2026, 03:30 pm
Thermax shares fell nearly 20% to a 52-week low after reporting Q2FY27 net profit of ₹114.54 crore, down from ₹119.66 crore in the year-ago period. The decline occurred despite an 11.4% rise in revenue and 12.8% growth in EBITDA, as profitability was weighed down by higher input costs, an unfavorable product mix in Industrial Products, and a ₹15 crore impairment provision in Green Solutions.
The company has raised its H2 FY27 revenue guidance to above ₹7,000 crore, expecting double-digit growth driven by backlog execution. This forward-looking estimate contrasts with the reported Q2FY27 performance, where revenue increased marginally while net profit declined year-on-year.
On November 4, 2026, the Joint Commissioner Central GST Pune-I issued an assessment order imposing a penalty of Rs. 53.47 lakhs for delayed reporting of tax invoices during FY 2022-23. Thermax Limited informed the exchanges on November 5 that it intends to file an appeal against this demand.
As of November 6, 2026, Thermax trades at ₹2,739.00, reflecting a significant drawdown. The stock has fallen 32.8% over the last six months and 31.4% over three months. Technical indicators show a bearish trend across daily, weekly, and monthly timeframes, with the Supertrend direction remaining negative.
As of 06 Nov 2026, 03:30 pm
Showing 3 of 6 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
Trading activity was substantially higher than usual and the price closed lower.
This may reflect stronger-than-usual market participation; follow-through and relevant company or market news merit review.
Trading activity was substantially higher than usual and the price closed lower.
This may reflect stronger-than-usual market participation; follow-through and relevant company or market news merit review.
The session opened materially above the previous close, indicating a sharp repricing at the open.
The move may reflect new information; subsequent price follow-through is worth monitoring.
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 Q2 FY27 and comparative quarterly trends.
| Metric | Q2 FY26 | Q1 FY27 | Q2 FY27(Latest) |
|---|---|---|---|
| Revenue From Operations | ₹2,474 crore | ₹2,303 crore | PEAK₹2,756 crore |
| Profit Before Exceptional Items And Tax | PEAK₹174 crore | ₹42.1 crore | ₹169 crore |
| Profit Loss For Period | PEAK₹119 crore | ₹21.8 crore | ₹113 crore |
| Tax Expense | ₹54.3 crore | ₹20.4 crore | PEAK₹55.8 crore |
| Basic Earnings Loss Per Share From Continuing And Discontinued Operations | PEAK₹10.62 per share | ₹2.24 per share | ₹10.17 per share |
Revenue from operations rose 19.7% quarter on quarter to ₹2,756 crore in Q2 FY2026-27, and profit before tax recovered from ₹42 crore in Q1 to ₹169 crore. Year on year, revenue increased 11.4%, while profit before tax fell 2.8% and profit from continuing operations declined 5.4% to ₹113 crore.
Revenue from operations increased from ₹2,303 crore in Q1 FY2026-27 to ₹2,756 crore in Q2. It was 11.4% higher than the ₹2,474 crore reported in Q2 FY2025-26, but remained below the ₹3,428 crore recorded in Q4 FY2025-26, the highest of the five quarters shown.
Income, including ₹82 crore of other income, was ₹2,838 crore, up 19.7% from ₹2,371 crore in Q1. Expenses rose 14.6% sequentially to ₹2,669 crore.
Inventories were ₹1,205 crore at 30 September 2026, up from ₹910 crore at 31 March 2026 and ₹918 crore a year earlier. Current trade receivables declined to ₹1,775 crore from ₹2,205 crore at March-end and ₹2,174 crore at 30 September 2025. The quarter’s expenses included a negative ₹118 crore change in inventories of finished goods, work in progress and stock in trade.
Q2 marked a strong sequential recovery in revenue and earnings from Q1, but profit before tax and continuing-operations profit remained below the year-ago quarter. Positive operating cash flow was outweighed by investing outflows, while capital work in progress and borrowings increased, placing greater importance on the returns generated by the company’s investment.
Exchange disclosures and regulatory announcements for Thermax.
Thermax Limited provided the audio recording link for its Investor Conference Call held on Friday, November 6, 2026 at 11:00 a.m. IST. The recording is available on the Company's website at http://www.thermaxglobal.com/investors/quarterlyresults.
Thermax Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication
Thermax Limited has informed the BSE and NSE that it received an Assessment Order from the Joint Commissioner Central GST Pune I on November 4, 2026. The order imposes a penalty of Rs. 53.47 lakhs for the delayed reporting of tax invoices for supplies made during FY 2022-23. The company intends to file an appeal against this demand.
Thermax Limited disclosed that the Joint Commissioner Central GST Pune-I issued an assessment order on November 4, 2026, imposing a penalty of Rs. 53,47,352 for the delayed reporting of tax invoices for supplies made during FY 2022-23. The company stated it will file an appeal challenging this demand.
THERMAX LIMITED has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL
Thermax Limited’s Board of Directors approved the Unaudited Standalone and Consolidated Financial Results for the quarter and half-year ended September 30, 2026, on November 5, 2026. The Group reported consolidated revenue from operations of Rs. 2,755.87 crore (an 11% increase year-over-year) and a net profit attributable to owners of the parent of Rs. 114.54 crore. Key corporate actions included the merger of Buildtech Products India Private Limited into Thermax Limited, the acquisition of an additional 35.83% stake in ExactSpace Technologies Private Limited (making it a subsidiary), and the approval of a composite scheme involving the demerger of Thermax Bioenergy Solutions’ Bio-C&G EPC business and the merger of Thermax Cooling Solutions Limited.
Thermax Limited filed its Q2 FY 2026-27 investor presentation with the exchanges on November 5, 2026. The presentation reports consolidated Q2 order booking of Rs. 3,259 crore (down 8% year over year), order balance of Rs. 14,250 crore (up 16%), operating revenue of Rs. 2,756 crore (up 11%), profit before tax of Rs. 113 crore (down 3%) and profit after tax of Rs. 113 crore (down 5%). It also reports a Rs. 15 crore impairment provision in a Green Solutions hybrid renewable energy project and describes business orders, commissioning and operational milestones. The exchange filing itself is a routine presentation submission; the enclosed results and business updates are substantive.
Integrated Filing- Financials|Original|
Recent market and company developments associated with Thermax.
Thermax shares fell nearly 20% to a 52-week low after reporting a decline in Q2FY27 net profit to ₹114.54 crore from ₹119.66 crore in the year-ago period, despite a marginal increase in revenue. JM Financial maintained its sell rating on the stock with a sum-of-the-parts target price of ₹3,435, citing a sharp prior correction and valuation multiples. The company raised its H2 FY27 revenue guidance to above ₹7,000 crore, expecting double-digit growth driven by backlog execution.
Oil prices are approaching $100 a barrel despite tracking their biggest weekly decline since April, while Nvidia CEO Jensen Huang saw his net worth fall by $15.1 billion amid a broader tech sell-off. In Indian markets, V2 Retail shares moved following a ₹258-crore block deal, Thermax stock plunged 17% after missing quarterly earnings estimates, and Titan gained over 3% on analyst upgrades.
Cohance Life's stock declined by 3% following a Telangana plant closure order, while Thermax shares plunged 14% after missing its Q2 earnings expectations.
Thermax Ltd. reported a 4.2% year-on-year decline in net profit to ₹115 crore for the September quarter, missing analyst estimates despite an 11.4% rise in revenue and 12.8% growth in EBITDA. The company attributed the profitability pressure to higher input costs and an unfavorable product mix in its Industrial Products segment, alongside a ₹15 crore impairment provision in its Green Solutions segment.
The market is reacting to Q2 earnings from companies that reported after hours on Thursday, including LIC, Bharti Airtel, Titan, ONGC, and Fortis Healthcare. Today's trading session features results from Hindalco, Voltas, Jubilant Foodworks, and Honasa Consumer, alongside other broader market names. These updates are expected to influence investor sentiment as the final trading day of the week concludes.
Thermax reported a 4.2% decline in consolidated Q2 net profit to ₹115 crore, driven by higher input costs, product mix dynamics, and a ₹15 crore impairment provision for a hybrid renewable energy project. Despite the profit dip, revenue grew 11.4% to ₹2,756 crore and the consolidated order balance increased 16% to ₹14,250 crore, while standalone profit after tax rose 16% to ₹263 crore.
JioBlackRock Mutual Fund's investor folios surged 261% year-on-year to 13.37 lakh in September 2026, highlighting the rapid expansion of newer fund houses in India's competitive mutual fund industry.
Kotak said the Thermax stock trades at 35 times its estimated financial year 2028 earnings, which it finds attractive, given its expectations of a 16% revenue compound annual growth rate (CAGR) over financial year 2026-2029.
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.
Profit before tax rose to ₹169 crore from ₹42 crore in Q1 FY2026-27, but was 2.8% below the ₹174 crore reported in Q2 FY2025-26. Profit from continuing operations was ₹113 crore, compared with ₹22 crore in Q1 and ₹120 crore a year earlier. Diluted EPS from continuing operations increased to ₹10.16 from ₹2.24 sequentially, but was below ₹10.62 in Q2 FY2025-26.
Tax expense was ₹56 crore, comprising current tax of ₹64 crore and a deferred tax credit of ₹8 crore. Profit attributable to owners of the parent was ₹114.54 crore; non-controlling interests recorded a loss of ₹1.43 crore.
Operating cash flow was ₹365 crore in Q2, while investing activities used ₹646 crore. Free cash flow was negative ₹282 crore, alongside financing inflows of ₹236 crore.
At 30 September 2026, cash and cash equivalents stood at ₹603 crore, down from ₹674 crore at 31 March 2026. Current investments increased to ₹2,070 crore from ₹1,277 crore over the same period. Capital work in progress rose to ₹1,798 crore from ₹1,392 crore at March-end and ₹682 crore at 30 September 2025. Property, plant and equipment was ₹2,826 crore, compared with ₹2,868 crore at March-end.
Borrowings were higher at quarter-end: non-current borrowings stood at ₹2,082 crore and current borrowings at ₹760 crore, versus ₹1,616 crore and ₹672 crore, respectively, at 31 March 2026.
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.