# Thermax (THERMAX) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/thermax

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹2,739
- Change: -17.49%
- As of: 2026-11-06
- 1D return: -17.49%
- 5D return: -11.99%
- 1M return: -12.72%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

THERMAX exhibits a strong, established daily downtrend as of November 6, 2026, with the stock closing at ₹2,739.00 after a sharp 17.5% intraday decline from the previous close of ₹3,319.70. This move was accompanied by extreme volume anomalies (volume ratio 17.28), signaling intense selling participation. The price is trading below all key moving averages and the Supertrend on daily, weekly, and monthly timeframes, confirming broad bearish structure across horizons. While the daily trend strength is high (ADX 35.61), the monthly trend is weaker (ADX 19.3). The stock is near its 20-day and 252-day range lows (+10.0% and +2.8% respectively) and sits in a significant maximum drawdown of -46.9%. Resistance levels are distant, starting at ₹3,190.03 (+16.47%), indicating limited immediate upside pressure. High annualized volatility (+39.2%) and an ATR of 5.48% suggest continued erratic price action.

- Extreme downside anomaly on Nov 6: Price fell 17.5% with a volume ratio of 17.28, indicating heavy institutional or panic selling.
- Bearish structure confirmed across all timeframes: Price remains below all supplied moving averages and the Supertrend on daily, weekly, and monthly charts.
- Weak relative momentum: ADX is strong on the daily (35.61) but weak on the monthly (19.3), suggesting the current drop is part of a longer-term weakening trend rather than a short-term spike.
- Critical risk metrics: Maximum drawdown stands at -46.9%, with annualized volatility at +39.2%; next resistance is remote at ₹3,190.03 (+16.47%).

- Doji
- Harami
- Inside Bar
- Bearish Engulfing Reversal

### News Context

Thermax shares fell between 14% and 20% to a 52-week low on November 6, 2026, following the release of Q2FY27 results that missed analyst estimates. The company reported a 4.2% year-on-year decline in net profit to ₹115 crore (specifically ₹114.54 crore), despite an 11.4% rise in revenue and 12.8% growth in EBITDA. Management attributed the profitability pressure to higher input costs, an unfavorable product mix in the Industrial Products segment, and a ₹15 crore impairment provision in the Green Solutions segment.

Conversely, Thermax raised its H2 FY27 revenue guidance to above ₹7,000 crore, anticipating double-digit growth driven by backlog execution. JM Financial maintained a 'sell' rating with a sum-of-the-parts target price of ₹3,435, citing valuation multiples and a sharp prior correction.

- {'metric': 'Q2FY27 Net Profit', 'significance': 'Missed market estimates; profitability compressed despite top-line growth.', 'value': '₹114.54 crore (down 4.2% YoY from ₹119.66 crore)'}
- {'metric': 'Guidance Revision', 'significance': 'Management expects double-digit growth driven by backlog execution, contrasting with current margin pressures.', 'value': 'H2 FY27 revenue ₹7,000 crore'}
- {'metric': 'Market Reaction', 'significance': 'Investors reacted negatively to the earnings miss and cost headwinds.', 'value': 'Share price fell 14–20% to a 52-week low'}
- {'metric': 'Analyst View', 'significance': 'External broker cites valuation multiples and prior correction as reasons for maintaining a negative stance.', 'value': 'JM Financial: Sell rating, Target ₹3,435'}

- [Thermax shares fall 20% to 52-week low after Q2 results, JM Financial maintains sell](https://www.thehindubusinessline.com/markets/thermax-shares-fall-20-to-52-week-low-after-q2-results-jm-financial-maintains-sell/article71673760.ece)
- [11:11 | Oil nears $100; Nvidia’s Jensen Huang loses $15 billion; Google plans $17 billion data centre](https://www.cnbctv18.com/business/oil-nears-100-nvidias-jensen-huang-loses-15-billion-google-plans-17-billion-data-centre-20028620.htm)
- [Buzzing Stocks: Cohance Life down 3% on Telangana plant closure order; Thermax plunges 14% after Q2 earnings miss](https://www.moneycontrol.com/news/business/stocks/buzzing-stocks-cohance-life-down-3-on-telangana-plant-closure-order-thermax-plunges-14-after-q2-earnings-miss-14070684.html)
- [Thermax Q2 earnings miss estimates as higher input costs weigh on profitability; stock in focus](https://www.cnbctv18.com/market/thermax-share-price-q2-earnings-miss-estimates-as-higher-input-costs-weigh-on-profitability-20028489.htm)
- [Q2 Results Live Updates: Hindalco, Voltas, Aster report today; Bharti Airtel, Britannia, LIC react](https://www.cnbctv18.com/market/q2-results-live-updates-titan-ongc-lic-britannia-hindalco-astral-jubilant-bharti-airtel-hexacom-sonata-bosch-fortis-voltas-share-price-liveblog-20028478.htm)

### What Changed

Thermax reported Q2FY27 results on November 5, 2026, revealing a divergence between top-line growth and bottom-line profitability. Consolidated revenue rose 11% to ₹2,755.87 crore, yet net profit declined 4.2% year-over-year to ₹114.54 crore from ₹119.66 crore in the prior period. Management attributed this margin compression to higher input costs and an unfavorable product mix in Industrial Products, alongside a ₹15 crore impairment provision in Green Solutions. The market reacted sharply, with shares falling approximately 20% to a 52-week low of ₹2,739 on November 6, missing analyst estimates despite the revenue beat. Concurrently, Thermax initiated structural corporate actions, including the merger of Buildtech Products India Private Limited and the acquisition of a controlling stake in ExactSpace Technologies. Additionally, a GST penalty of ₹53.47 lakh was imposed for delayed tax invoice reporting in FY22-23, which the company intends to appeal.

- Profitability Decline: Net profit fell to ₹114.54 crore (from ₹119.66 crore YoY) despite 11% revenue growth to ₹2,755.87 crore, driven by input cost inflation and a ₹15 crore impairment in Green Solutions.
- Market Reaction: Shares plunged ~20% to ₹2,739 (a 52-week low) following the earnings miss, though JM Financial maintained a sell rating with a ₹3,435 target.
- Corporate Restructuring: Board approved the merger of Buildtech Products India into Thermax and the acquisition of an additional 35.83% stake in ExactSpace Technologies to make it a subsidiary.
- Regulatory Action: Joint Commissioner Central GST Pune-I imposed a ₹53.47 lakh penalty for delayed tax invoice reporting in FY22-23; Thermax plans to challenge this demand.

- [Thermax shares fall 20% to 52-week low after Q2 results, JM Financial maintains sell](https://www.thehindubusinessline.com/markets/thermax-shares-fall-20-to-52-week-low-after-q2-results-jm-financial-maintains-sell/article71673760.ece)
- [11:11 | Oil nears $100; Nvidia’s Jensen Huang loses $15 billion; Google plans $17 billion data centre](https://www.cnbctv18.com/business/oil-nears-100-nvidias-jensen-huang-loses-15-billion-google-plans-17-billion-data-centre-20028620.htm)
- [Buzzing Stocks: Cohance Life down 3% on Telangana plant closure order; Thermax plunges 14% after Q2 earnings miss](https://www.moneycontrol.com/news/business/stocks/buzzing-stocks-cohance-life-down-3-on-telangana-plant-closure-order-thermax-plunges-14-after-q2-earnings-miss-14070684.html)
- [Thermax Q2 earnings miss estimates as higher input costs weigh on profitability; stock in focus](https://www.cnbctv18.com/market/thermax-share-price-q2-earnings-miss-estimates-as-higher-input-costs-weigh-on-profitability-20028489.htm)
- [Q2 Results Live Updates: Hindalco, Voltas, Aster report today; Bharti Airtel, Britannia, LIC react](https://www.cnbctv18.com/market/q2-results-live-updates-titan-ongc-lic-britannia-hindalco-astral-jubilant-bharti-airtel-hexacom-sonata-bosch-fortis-voltas-share-price-liveblog-20028478.htm)
- [Thermax Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/THERMAXNSE_06112026143413_TL_Audiorecordinginvestorcall_Q2.pdf)
- [Thermax Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/THERMAXNSE_06112026144004_TL_NewspaperAdv_Q2.pdf)
- [THERMAX LIMITED has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_65_WebXMLFile_20261105_155921800.xml)
- [THERMAX LIMITED has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_65_WebXMLFile_20261105_172731320.xml)
- [Thermax Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/THERMAXNSE_05112026180056_SEIntimationBMOutcome.pdf)

### Official Filings

Thermax Limited reported consolidated revenue from operations of ₹2,755.87 crore for the quarter ended September 30, 2026, marking an 11% year-over-year increase. Net profit attributable to owners of the parent was ₹114.54 crore. Despite top-line growth, profitability metrics softened: profit before tax fell 3% to ₹113 crore and profit after tax declined 5% to ₹113 crore. Order dynamics showed a divergence, with Q2 order booking down 8% year-over-year to ₹3,259 crore, while the order balance grew 16% to ₹14,250 crore. The company also recorded a ₹15 crore impairment provision related to a Green Solutions hybrid renewable energy project.

On the corporate action front, the Board approved several structural changes, including the merger of Buildtech Products India Private Limited into Thermax Limited, the acquisition of an additional 35.83% stake in ExactSpace Technologies Private Limited (rendering it a subsidiary), and a composite scheme involving the demerger of Thermax Bioenergy Solutions’ Bio-C&G EPC business alongside the merger of Thermax Cooling Solutions Limited. Additionally, Thermax disclosed receipt of a GST Assessment Order on November 4, 2026, imposing a penalty of ₹53.47 lakhs for delayed reporting of tax invoices during FY 2022-23; the company intends to appeal this demand.

- Q2 FY2026-27 financials show revenue growth of 11% YoY to ₹2,755.87 crore, but net profit declined 5% to ₹114.54 crore, reflecting margin pressure or one-off items.
- Order book expansion continues with a 16% YoY rise in order balance to ₹14,250 crore, offsetting an 8% YoY decline in new bookings of ₹3,259 crore.
- Board approved significant restructuring: merger of Buildtech Products, acquisition of additional 35.83% stake in ExactSpace Technologies, and a composite demerger/merger scheme for Bioenergy and Cooling solutions.
- GST penalty of ₹53.47 lakhs imposed for FY2022-23 invoice reporting delays; company plans to file an appeal against the Joint Commissioner Central GST Pune-I order.

- [Thermax Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/THERMAXNSE_06112026143413_TL_Audiorecordinginvestorcall_Q2.pdf)
- [Thermax Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/THERMAXNSE_06112026144004_TL_NewspaperAdv_Q2.pdf)
- [Thermax Limited has informed the Exchange about Action(s) taken or orders passed |SUBJECT: Action(s) taken or orders passed](https://nsearchives.nseindia.com/corporate/THERMAXNSE_05112026152702_SEIntimationGSTPenalty_Nov2026.pdf)
- [THERMAX LIMITED has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_65_WebXMLFile_20261105_155921800.xml)
- [THERMAX LIMITED has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_65_WebXMLFile_20261105_172731320.xml)
- [Thermax Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/THERMAXNSE_05112026180056_SEIntimationBMOutcome.pdf)
- [Thermax Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/THERMAXNSE_05112026181951_SEintimationInvestorPrez.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753918_05112026063454_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753916_05112026063442_WEB.xml)
- [Thermax Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/THERMAXNSE_02112026113522_SEinitimation_sd.pdf)

### Fundamentals

Thermax’s operating trajectory shows a sharp sequential recovery in the second quarter of FY2026-27, with revenue rising to ₹2,756 crore from ₹2,303 crore in Q1. This growth was accompanied by a significant expansion in profitability: Profit Before Exceptional Items And Tax jumped to ₹169 crore from ₹42.1 crore, and Net Profit surged to ₹113 crore from ₹21.8 crore. Basic EPS improved correspondingly to ₹10.17 per share from ₹2.24 per share.

Financial health remains robust, supported by strong cash generation. Cash from Operating Activity reached ₹1,080 crore in FY2025, yielding a CFO/EBITDA share of 139%, indicating high earnings quality. The company has actively expanded its asset base, with Fixed Assets growing to ₹3,048 crore and Capital Work-in-Progress (CWIP) jumping to ₹1,442 crore by Mar 2026. Borrowings also increased to ₹2,353 crore, reflecting funding for this expansion.

However, recent quarterly trends highlight working capital shifts. Inventories rose to ₹1,205 crore as of Sep 2026, while Trade Receivables decreased to ₹1,775 crore. Other Current Liabilities spiked to ₹2,652 crore, up from ₹86.4 crore a year prior. While promoter holding is stable at 61.99%, Foreign Institutional Investors (FIIs) reduced their stake to 11.3% in Sep 2026, down from 15.38% in Sep 2024.

The most important next checkpoint is monitoring whether the surge in other current liabilities represents sustainable operational accruals or one-time adjustments, and whether the expanding CWIP translates into sustained revenue growth beyond the current quarter's momentum.

- Q2 FY2026-27 Revenue grew sequentially to ₹2,756 crore, with Net Profit surging to ₹113 crore and EPS rising to ₹10.17 per share.
- Cash conversion remains strong; FY2025 CFO/EBITDA share was 139%, and Cash from Operating Activity totaled ₹1,080 crore.
- Balance sheet expansion is evident: CWIP rose to ₹1,442 crore and Borrowings increased to ₹2,353 crore by Mar 2026.
- Other Current Liabilities spiked to ₹2,652 crore in Sep 2026, while FII holdings declined to 11.3%.

### Bear Case

Thermax faces significant near-term headwinds as profitability deteriorated in Q2FY27 despite revenue growth. Net profit fell 4.2% year-on-year to ₹115 crore, missing analyst estimates due to higher input costs and an unfavorable product mix in Industrial Products, alongside a ₹15 crore impairment provision in Green Solutions. The market reacted sharply, with the stock plunging up to 20% to hit a 52-week low of ₹2,666.6 on November 6, 2026. Technical indicators confirm a strong bearish trend across daily, weekly, and monthly timeframes, with the Supertrend signaling downside pressure. The stock is currently trading at a maximum drawdown of -46.9% from its peak, reflecting substantial investor erosion. While management has raised H2 FY27 revenue guidance above ₹7,000 crore, the immediate focus remains on margin recovery and stabilizing the price action against heavy resistance levels.

- Q2FY27 net profit declined 4.2% YoY to ₹115 crore, missing estimates due to rising input costs and a ₹15 crore impairment in Green Solutions.
- Stock hit a 52-week low of ₹2,666.6 on November 6, 2026, following a sharp sell-off of up to 20% after earnings results.
- Technical setup is uniformly bearish with a maximum drawdown of -46.9%, annualized volatility of +39.2%, and negative slopes across key moving averages.
- Resistance remains heavy above current levels, with the nearest technical resistance at ₹3,190.03, approximately 16.47% above the closing price.

- [Thermax shares fall 20% to 52-week low after Q2 results, JM Financial maintains sell](https://www.thehindubusinessline.com/markets/thermax-shares-fall-20-to-52-week-low-after-q2-results-jm-financial-maintains-sell/article71673760.ece)
- [11:11 | Oil nears $100; Nvidia’s Jensen Huang loses $15 billion; Google plans $17 billion data centre](https://www.cnbctv18.com/business/oil-nears-100-nvidias-jensen-huang-loses-15-billion-google-plans-17-billion-data-centre-20028620.htm)
- [Buzzing Stocks: Cohance Life down 3% on Telangana plant closure order; Thermax plunges 14% after Q2 earnings miss](https://www.moneycontrol.com/news/business/stocks/buzzing-stocks-cohance-life-down-3-on-telangana-plant-closure-order-thermax-plunges-14-after-q2-earnings-miss-14070684.html)
- [Thermax Q2 earnings miss estimates as higher input costs weigh on profitability; stock in focus](https://www.cnbctv18.com/market/thermax-share-price-q2-earnings-miss-estimates-as-higher-input-costs-weigh-on-profitability-20028489.htm)
- [Q2 Results Live Updates: Hindalco, Voltas, Aster report today; Bharti Airtel, Britannia, LIC react](https://www.cnbctv18.com/market/q2-results-live-updates-titan-ongc-lic-britannia-hindalco-astral-jubilant-bharti-airtel-hexacom-sonata-bosch-fortis-voltas-share-price-liveblog-20028478.htm)
- [Thermax Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/THERMAXNSE_06112026143413_TL_Audiorecordinginvestorcall_Q2.pdf)
- [Thermax Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/THERMAXNSE_06112026144004_TL_NewspaperAdv_Q2.pdf)
- [Thermax Limited has informed the Exchange about Action(s) taken or orders passed |SUBJECT: Action(s) taken or orders passed](https://nsearchives.nseindia.com/corporate/THERMAXNSE_05112026152702_SEIntimationGSTPenalty_Nov2026.pdf)
- [THERMAX LIMITED has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_65_WebXMLFile_20261105_155921800.xml)
- [THERMAX LIMITED has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_65_WebXMLFile_20261105_172731320.xml)

### FAQs

**Why did Thermax shares fall sharply in early November 2026?**

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.

**What is Thermax's current guidance for the remainder of FY27?**

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.

**What recent regulatory actions have affected Thermax?**

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.

**How has Thermax's stock price performed technically over the past six months?**

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.

- [Thermax shares fall 20% to 52-week low after Q2 results, JM Financial maintains sell](https://www.thehindubusinessline.com/markets/thermax-shares-fall-20-to-52-week-low-after-q2-results-jm-financial-maintains-sell/article71673760.ece)
- [11:11 | Oil nears $100; Nvidia’s Jensen Huang loses $15 billion; Google plans $17 billion data centre](https://www.cnbctv18.com/business/oil-nears-100-nvidias-jensen-huang-loses-15-billion-google-plans-17-billion-data-centre-20028620.htm)
- [Buzzing Stocks: Cohance Life down 3% on Telangana plant closure order; Thermax plunges 14% after Q2 earnings miss](https://www.moneycontrol.com/news/business/stocks/buzzing-stocks-cohance-life-down-3-on-telangana-plant-closure-order-thermax-plunges-14-after-q2-earnings-miss-14070684.html)
- [Thermax Q2 earnings miss estimates as higher input costs weigh on profitability; stock in focus](https://www.cnbctv18.com/market/thermax-share-price-q2-earnings-miss-estimates-as-higher-input-costs-weigh-on-profitability-20028489.htm)
- [Q2 Results Live Updates: Hindalco, Voltas, Aster report today; Bharti Airtel, Britannia, LIC react](https://www.cnbctv18.com/market/q2-results-live-updates-titan-ongc-lic-britannia-hindalco-astral-jubilant-bharti-airtel-hexacom-sonata-bosch-fortis-voltas-share-price-liveblog-20028478.htm)
- [Thermax Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/THERMAXNSE_06112026143413_TL_Audiorecordinginvestorcall_Q2.pdf)
- [Thermax Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/THERMAXNSE_06112026144004_TL_NewspaperAdv_Q2.pdf)
- [Thermax Limited has informed the Exchange about Action(s) taken or orders passed |SUBJECT: Action(s) taken or orders passed](https://nsearchives.nseindia.com/corporate/THERMAXNSE_05112026152702_SEIntimationGSTPenalty_Nov2026.pdf)
- [THERMAX LIMITED has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_65_WebXMLFile_20261105_155921800.xml)
- [THERMAX LIMITED has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_65_WebXMLFile_20261105_172731320.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Strong Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹3,335.77
- Risk regime: Higher Price Risk

### Resistance levels
- 3357.28798828125
- 3510
- 3714.825

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -17.49% |
| return_10 | -11.53% |
| return_1m | -15.07% |
| return_1y | -15.88% |
| return_20 | -12.72% |
| return_3m | -31.37% |
| return_5 | -11.99% |
| return_6m | -32.82% |
| return_since_start | -30.37% |
| return_ytd | -10.59% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -46.91% |
| annualized_volatility | +39.17% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Thermax Limited Q2 FY2026-27: Revenue rebounds, profit remains below year-ago

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 rebounds from Q1, below the March-quarter peak

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.

## Earnings recover sequentially but remain lower year on year

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 positive; investing outflows weigh on free cash flow

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.

## Inventory rises as receivables fall

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.

## Key Takeaway

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.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +61.98%
- FII holding: +11.46%
- DII holding: +15.22%
- Mutual fund holding: +12.86%
- Retail holding: +4.58%
- Promoter pledged: +0.00%

### Major reported shareholders

- RDA HOLDINGS PRIVATE LTD — +53.99% (Bodies Corporate)
- ARA TRUSTEESHIP COMPANY PRIVATE LIMITED — +7.99% (Bodies Corporate)
- SBI NIFTY MIDCAP 150 MOMENTUM 50 ETF — +6.03%
- NALANDA INDIA EQUITY FUND LIMITED — +5.13%
- JASMEET BHATIA — +2.41%
- KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK NIFTY MIDC — +1.84%
- SBI LIFE INSURANCE CO. LTD — +1.09%
- PHEROZ N PUDUMJEE — +0.01%

## Official filings

- 2026-11-06 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_06112026143413_TL_Audiorecordinginvestorcall_Q2.pdf)
- 2026-11-06 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_06112026144004_TL_NewspaperAdv_Q2.pdf)
- 2026-11-05 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_05112026152702_SEIntimationGSTPenalty_Nov2026.pdf)
- 2026-11-05 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_65_WebXMLFile_20261105_155921800.xml)
- 2026-11-05 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_65_WebXMLFile_20261105_172731320.xml)
- 2026-11-05 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_05112026180056_SEIntimationBMOutcome.pdf)
- 2026-11-05 — Earnings Presentation: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_05112026181951_SEintimationInvestorPrez.pdf)
- 2026-11-05 — Financial Results Filing: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753918_05112026063454_WEB.xml)
- 2026-11-05 — Financial Results Filing: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753916_05112026063442_WEB.xml)
- 2026-11-02 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_02112026113522_SEinitimation_sd.pdf)
- 2026-10-19 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_19102026171218_THERMAXRSCA30092026.pdf)
- 2026-10-12 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_12102026153339_SEIntimationcertificateunder745.pdf)
- 2026-10-12 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_65_WebXMLFile_20261012_161037730.xml)
- 2026-10-12 — Board Meeting Notice: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_12102026160917_SEIntimationBMIntimation.pdf)
- 2026-10-12 — Board Meeting Notice: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_65_WebXMLFile_20261012_161037730.xml)
- 2026-10-09 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_09102026171828_SEIntimationclarificationFEPL.pdf)
- 2026-09-30 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_30092026193139_SEIntimationAcquisition.pdf)
- 2026-09-30 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_65_WebXMLFile_20260930_193642271.xml)
- 2026-09-30 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_65_WebXMLFile_20260930_193742893.xml)
- 2026-09-25 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_25092026163531_SEIntimationTWC.pdf)
- 2026-09-25 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_65_WebXMLFile_20260925_163933314.xml)
- 2026-09-25 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_65_WebXMLFile_20260925_163944848.xml)
- 2026-09-21 — Regulatory Filing: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAX_09212026184818_53209.zip)
- 2026-09-15 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_15092026164342_SEIntimation_sd.pdf)
- 2026-09-15 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_65_WebXMLFile_20260915_165742287.xml)

## News and market events

- 2026-11-06 — The Hindu: **Thermax shares fall 20% to 52-week low after Q2 results, JM Financial maintains sell** — 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. — [Source](https://www.thehindubusinessline.com/markets/thermax-shares-fall-20-to-52-week-low-after-q2-results-jm-financial-maintains-sell/article71673760.ece)
- 2026-11-06 — CNBC-TV18: **11:11 | Oil nears $100; Nvidia’s Jensen Huang loses $15 billion; Google plans $17 billion data centre** — 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. — [Source](https://www.cnbctv18.com/business/oil-nears-100-nvidias-jensen-huang-loses-15-billion-google-plans-17-billion-data-centre-20028620.htm)
- 2026-11-06 — MONEYCONTROL: **Buzzing Stocks: Cohance Life down 3% on Telangana plant closure order; Thermax plunges 14% after Q2 earnings miss** — Cohance Life's stock declined by 3% following a Telangana plant closure order, while Thermax shares plunged 14% after missing its Q2 earnings expectations. — [Source](https://www.moneycontrol.com/news/business/stocks/buzzing-stocks-cohance-life-down-3-on-telangana-plant-closure-order-thermax-plunges-14-after-q2-earnings-miss-14070684.html)
- 2026-11-06 — CNBC-TV18: **Thermax Q2 earnings miss estimates as higher input costs weigh on profitability; stock in focus** — 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. — [Source](https://www.cnbctv18.com/market/thermax-share-price-q2-earnings-miss-estimates-as-higher-input-costs-weigh-on-profitability-20028489.htm)
- 2026-11-06 — CNBC-TV18: **Q2 Results Live Updates: Hindalco, Voltas, Aster report today; Bharti Airtel, Britannia, LIC react** — 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. — [Source](https://www.cnbctv18.com/market/q2-results-live-updates-titan-ongc-lic-britannia-hindalco-astral-jubilant-bharti-airtel-hexacom-sonata-bosch-fortis-voltas-share-price-liveblog-20028478.htm)
- 2026-11-05 — CNBC-TV18: **Thermax Q2 Results: Net profit falls 4% as higher input costs, project impairment hit profitability** — 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. — [Source](https://www.cnbctv18.com/market/stocks/thermax-share-price-q2-results-net-profit-falls-4-as-higher-input-costs-project-impairment-hit-profitability-20028317.htm)
- 2026-10-28 — BUSINESSTODAY: **JioBlackRock MF folios jump 261%: Can new fund houses challenge established AMCs?** — 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. — [Source](https://www.businesstoday.in/mutual-funds/story/jioblackrock-mf-folios-jump-261-can-new-fund-houses-challenge-established-amcs-563522-2026-10-29)
- 2026-10-09 — CNBC-TV18: **These three capital goods stocks surged up to 7% after upgrades from Kotak Institutional Equities** — 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. — [Source](https://www.cnbctv18.com/market/thermax-cesc-kec-international-share-price-kotak-upgrade-rationale-target-upside-capacity-orders-valuations-20008253.htm)
- 2026-10-09 — CNBC-TV18: **Thermax shares jump over 5%; Kotak sees upside on data center, biogas opportunity** — The brokerage expects businesses in the early stages of development to add 5-6 percentage points to revenue growth. These include data centres in the US and India, as well as compressed biogas, where Thermax has a strong competitive position and market opportunities are expanding. — [Source](https://www.cnbctv18.com/market/thermax-share-price-jumps-kotak-target-sees-upside-on-data-center-biogas-opportunity-20008228.htm)
- 2026-09-28 — The Hindu: **CII TCM ‘Cost Congress 2026’ to Be Held on 26–27 October 2026 at the JW Marriott Hotel, Pune Under the Theme “India’s Decade: Building Global Competitiveness in an Era of Disruption”** — CII TCM 'Cost Congress 2026' to Be Held on 26–27 October 2026 at the JW Marriott Hotel, Pune Under the Theme "India's Decade: Building Global Competitiveness in an Era of Disruption" — [Source](https://www.thehindu.com/brandhub/pr-release/cii-tcm-cost-congress-2026-to-be-held-on-2627-october-2026-at-the-jw-marriott-hotel-pune-under-the-theme-indias-decade-building-global-competitiveness-in-an-era-of-disruption/article71519091.ece)
- 2026-09-25 — BUSINESS: **Bharat Heavy Electricals Ltd Spurts 1.05%** — Bharat Heavy Electricals Ltd has added 1.23% over last one month compared to 2.63% fall in BSE Power index and 5.09% drop in the SENSEX — [Source](https://www.business-standard.com/markets/capital-market-news/bharat-heavy-electricals-ltd-spurts-1-05-126092500201_1.html)
- 2026-09-23 — Mint: **M3M Hurun India Rich List 2026: From Landmark’s Renuka Jagtiani to Sacramento Kings’ Vivek Ranadive — Check new entrants | Mint** — The biggest wealth strides in the M3M Hurun India Rich List 2026's top 100 were made by individuals from industrial and diversified businesses. And the biggest new entrant on the 2026 list is Renuka Jagtiani of Landmark Group, with wealth of ₹70,500 crore. — [Source](https://www.livemint.com/money/personal-finance/m3m-hurun-india-rich-list-2026-landmark-renuka-jagtiani-parle-ai-sacramento-kings-vivek-ranadive-check-new-entrant-names-11790164937122.html)
- 2026-09-15 — BUSINESS: **Thermax announces incorporation of step-down subsidiary in Botswana** — 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. — [Source](https://www.business-standard.com/markets/capital-market-news/thermax-announces-incorporation-of-step-down-subsidiary-in-botswana-126091501067_1.html)
- 2026-09-15 — Mint: **Stock market today: Trade guide for Sensex, Nifty 50, crude oil to gold | Eight stocks to buy** — 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. — [Source](https://www.livemint.com/market/stock-market-news/stock-market-today-trade-guide-for-sensex-nifty-50-crude-oil-to-gold-eight-stocks-to-buy-11789434902080.html)
- 2026-09-14 — The Hindu: **IFAT India 2026 advances technology and partnerships for India's water and waste infrastructure** — IFAT India 2026 advances technology and partnerships for India's water and waste infrastructure — [Source](https://www.thehindu.com/brandhub/pr-release/ifat-india-2026-advances-technology-and-partnerships-for-indias-water-and-waste-infrastructure/article71465849.ece)
- 2026-09-13 — Economic Times: **After missteps, Thermax puts energy back on growth path: Ashish Bhandari, MD & CEO** — 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. — [Source](https://economictimes.indiatimes.com/industry/indl-goods/svs/engineering/after-missteps-thermax-puts-energy-back-on-growth-path-ashish-bhandari-md-ceo/articleshow/134217754.cms)
- 2026-09-11 — Mint: **Experts call for intense evaluation of boards as Coforge chairman exits under a cloud | Company Business News** — 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. — [Source](https://www.livemint.com/companies/news/coforge-chairman-op-bhatt-resignation-corporate-governance-in-india-11789026227593.html)
- 2026-09-10 — BUSINESS: **Thermax Ltd spurts 1.47%, up for third straight session** — 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. — [Source](https://www.business-standard.com/markets/capital-market-news/thermax-ltd-spurts-1-47-up-for-third-straight-session-126091000492_1.html)
- 2026-08-18 — Mint: **Stock market today: Gift Nifty hints a weak start; eight day trading stocks to buy on Tuesday, 18 August** — 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. — [Source](https://www.livemint.com/market/stock-market-news/stock-market-today-gift-nifty-hints-a-weak-start-eight-day-trading-stocks-to-buy-on-tuesday-18-august-11787019135761.html)
- 2026-08-03 — MONEYCONTROL: **Thermax Q1 FY27: Weak quarter, but outlook bright** — MCPro, Moneycontrol Research, Stock Recommendation, Thermax, Q1 FY27 — [Source](https://www.moneycontrol.com/news/business/moneycontrol-research/thermax-q1-fy27-weak-quarter-but-outlook-bright-13991726.html)
- 2026-08-03 — CNBC-TV18: **Sensex Today | Stock Market Live Updates: Nifty jumps nearly 200 pts at open; Zee Ent down 10%** — Sensex Today | Stock Market Live Updates: The bulls, having ended the week with gains will now be eyeing two levels on the upside, 24,467, which is the recent swing high, and 24,500, which has been a psychological barrier, before the positional swing high of 24,601 could be retested. The Nifty Bank though, continues to struggle with 57,500 continuing to act as a hurdle. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-oil-fcnr-rupee-itc-maruti-autos-ioc-divis-zee-stl-banks-share-price-liveblog-19959976.htm)
- 2026-07-31 — CNBC-TV18: **Nifty 500 today: From Auto, pharma, defence to chemical, these are the biggest movers so far** — These are the top Nifty 500 movers today, spanning sectors from auto and financial services to chemicals, telecom, defence electronics, and pharma in the first hour of the last day this week's trade. Check who they are: — [Source](https://www.cnbctv18.com/photos/market/nifty-500-top-gainers-losers-hyundai-netweb-bajaj-finance-thermax-hfcl-mankind-pharma-19958532.htm)
- 2026-07-31 — The Hindu: **Thermax shares tumble 16% after Q1 profit slumps 85%** — The company’s consolidated net profit fell to ₹22 crore in the first quarter of FY2026-27 from ₹151.45 crore in the corresponding quarter of the previous financial year. — [Source](https://www.thehindubusinessline.com/markets/thermax-shares-tumble-16-after-q1-profit-slumps-85/article71289044.ece)
- 2026-07-31 — CNBC-TV18: **Sensex Today | Stock Market Live Updates: Nifty IT falls over 600 pts; TCS, Infosys down 2% each** — Sensex Today | Stock Market Live Updates: The Indian markets are trading on a cautious note. The Nifty is looking to close the week in green, and is trading around 24,300. The Nifty Bank is trying to hold it together, now up around 100 points, moving around 57,250. TCS, Infosys and Wipro are the top laggards. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-it-infosys-banks-tata-steel-swiggy-sun-pharma-mdl-bajaj-fin-share-price-liveblog-19958369.htm)
- 2026-07-31 — CNBC-TV18: **Q1 Results LIVE Updates: Thermax shares decline 14%, Hyundai Motor India up 7%; ITC report today** — Q1 Results LIVE Updates: Four Nifty companies, ITC, Maruti Suzuki, Sun Pharma and Bajaj Finserv report results today to round off this week dominated by earnings. Broader market names like Dixon Tech, Indian Oil, Glenmark Pharma, GMDC, ABB India, SJVN, GAIL and NALCO among many others will also be reporting their results. The big result reactions of the day include the likes of Swiggy, Mazagon Dock, Thermax, Bajaj Finance's earnings call and upgrades among others. — [Source](https://www.cnbctv18.com/market/q1-results-live-updates-sun-pharma-itc-maruti-suzuki-bajaj-finserv-tata-steel-swiggy-share-price-liveblog-19958383.htm)

## Business profile

**Strategic vision:** Provides integrated solutions in clean air, energy, water, and chemicals.

### Business segments
- **Clean Energy:** Offers boilers, heaters, absorption chillers/heat pumps, and solar equipment for energy generation and conservation.
- **Environmental Management:** Provides air pollution control equipment and systems, as well as water and waste recycle plants.
- **Specialty Chemicals:** Manufactures ion exchange resins and specialty chemicals that support its various solutions.

### Competitive strengths
- Global presence with manufacturing facilities and sales/service network.
- Integrated approach to providing comprehensive solutions across multiple environmental and energy domains.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/thermax
Markdown representation: https://faxioms.com/stocks/thermax?render=md