# 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: ₹3,551.9
- Change: -0.49%
- As of: 2026-09-18
- 1D return: -0.49%
- 5D return: -2.56%
- 1M return: -11.95%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-09-18_

### Technical Outlook

As of September 17, 2026, THERMAX is trading below key moving averages on the daily and weekly charts, indicating a bearish short-to-medium term technical stance. The monthly timeframe, however, shows the price above its supertrend indicator, suggesting a potential bullish undertone over a longer horizon. This divergence between timeframes indicates a mixed technical picture, with short-term weakness potentially occurring within a broader, albeit challenged, uptrend.

The stock is currently trading below its 20-day and 50-day Exponential Moving Averages (EMAs) and Simple Moving Averages (SMAs) on the daily chart, with the ADX at 49.19 suggesting strong trend presence, further reinforced by the bearish supertrend direction. Similarly, weekly charts show the price below its 20-day and 50-day EMAs and SMAs, with a bearish supertrend. The monthly view presents a contrast, with the price above the 20-day EMA and SMA, and the supertrend indicator in a bullish direction, though the ADX is lower at 19.63, indicating a weaker trend.

Nearest support is observed at ₹3533.63 (pivot level), followed by ₹3484.77. Resistance is noted around ₹3585.67, with further levels at ₹3634.53. The stock's recent performance includes a high-severity downward anomaly on September 15, 2026, with a 0.06% range and a -0.03% return. The current setup carries risk, as indicated by an annualized volatility of 37% and a current drawdown of -31%. The formation of a Bullish Engulfing Reversal pattern on the daily chart on September 17, 2026, offers a potential short-term counter-trend signal against the prevailing bearish momentum.

- Daily and weekly timeframes show bearish price action relative to key moving averages and supertrend.
- Monthly timeframe exhibits a bullish supertrend signal, contrasting with shorter timeframes.
- Nearest support level is ₹3533.63; nearest resistance is ₹3585.67.
- A Bullish Engulfing Reversal pattern formed on the daily chart on September 17, 2026.
- Annualized volatility is 37% and current drawdown is -31%.

- Bullish Engulfing Reversal
- Bearish Engulfing Reversal
- Outside Bar
- Harami
- Doji

### News Context

Thermax announced the incorporation of a new step-down subsidiary in Botswana on September 15, 2026. This entity, Thermax Botswana Proprietary, was established by Thermax Engineering Construction Company (TECC), a wholly owned subsidiary. The certificate of incorporation was issued by the Companies and Intellectual Property Authority (CIPA) in Botswana on September 14, 2026. In other news, the company's Managing Director & CEO, Ashish Bhandari, discussed Thermax's strategic reorganization into four key segments: industrial products, industrial infrastructure, green solutions, and chemicals, aiming to put the energy business back on a growth path after previous missteps. This strategic shift was highlighted in a report on September 13, 2026.

- Thermax established a new subsidiary, Thermax Botswana Proprietary, in Botswana on September 15, 2026.
- The incorporation of the Botswana subsidiary was completed by Thermax Engineering Construction Company (TECC) on September 14, 2026.
- MD & CEO Ashish Bhandari outlined Thermax's operational structure, reorganized into four segments: industrial products, industrial infra, green solutions, and chemicals, on September 13, 2026.

- Thermax announces incorporation of step-down subsidiary in Botswana
- Stock market today: Trade guide for Sensex, Nifty 50, crude oil to gold | Eight stocks to buy
- IFAT India 2026 advances technology and partnerships for India's water and waste infrastructure
- After missteps, Thermax puts energy back on growth path: Ashish Bhandari, MD & CEO

### What Changed

As of September 17, 2026, Thermax's stock price was ₹3569.5, a slight increase from its previous price of ₹3536.8. The available evidence does not indicate any new filings or news developments for the company. The daily and weekly trends are not specified in the provided data. Therefore, the primary recent development is the marginal price appreciation observed between the previous and current observation dates.

- Thermax stock price was ₹3569.5 on September 17, 2026.
- The stock price was ₹3536.8 prior to the latest observation.
- No new filings or news developments were reported for Thermax.

### Official Filings

Thermax Limited has announced the incorporation of a wholly-owned subsidiary, Thermax Botswana Proprietary Limited, in Botswana on September 14, 2026. This new entity is established to offer support services for boilers and power plants, with an initial incorporation consideration of BWP 10,000. Capital infusion is planned for the future. Additionally, on July 30, 2026, the company's board approved a demerger of the EPC business undertaking from its subsidiary, Thermax Bioenergy Solutions Private Limited. This move aims to consolidate similar operations, with the demerged entity focusing on O&M services and the EPC segment transferring to the listed parent company. This restructuring is noted to involve no change in shareholding or the issuance of new shares by Thermax Limited. Shareholders also approved the re-appointment of Dr. Ravi Shankar Gopinath as Non-Executive Independent Director for a second five-year term, effective November 10, 2026.

- On September 14, 2026, Thermax Limited incorporated Thermax Botswana Proprietary Limited in Botswana for boiler and power plant support services, with an initial consideration of BWP 10,000.
- On July 30, 2026, the board approved a demerger of the EPC business undertaking from Thermax Bioenergy Solutions Private Limited to consolidate operations.
- The demerged entity will focus on O&M services, while the EPC segment will transfer to the listed parent company, with no change in shareholding or new shares issued.
- Shareholders approved the re-appointment of Dr. Ravi Shankar Gopinath as Non-Executive Independent Director for a term from November 10, 2026, to November 9, 2031.
- On July 31, 2026, Thermax Limited announced a Rs. 91 crore cost overrun in the Industrial Infra segment for a specific project impacting profitability, alongside a 2% growth in order booking to Rs. 2809 crore for Q1 FY 2026-27.

- Thermax Limited has informed the Exchange about incorporation of wholly owned step-down subsidiary |SUBJECT: Acquisition
- Thermax Limited has informed the Exchange regarding Acquisition of to be incorporated companies |SUBJECT: Acquisition of 'to be incorporated companies'-XBRL
- THERMAX LIMITED has informed the Exchange regarding De-merger |SUBJECT: De-merger-XBRL

### Fundamentals

Thermax reported a notable decrease in its Profit Loss For Period for Q1 FY2026-27, which stood at ₹21.79 crore, a significant drop from ₹244.40 crore in Q4 FY2025-26 and ₹205.01 crore in Q3 FY2025-26. This decline in profitability occurred despite revenue from operations for Q1 FY2026-27 being ₹2,302.73 crore, which was lower than Q4 FY2025-26's ₹3,428.04 crore but higher than Q3 FY2025-26's ₹2,634.68 crore. The company's expenses in Q1 FY2026-27 were ₹2,328.78 crore, exceeding the revenue from operations for the same period. Consequently, Profit Before Tax for Q1 FY2026-27 was ₹42.14 crore, a sharp reduction from ₹334.12 crore in Q4 FY2025-26 and ₹288.78 crore in Q3 FY2025-26. Finance costs remained relatively stable, reported at ₹35.15 crore in Q1 FY2026-27, compared to ₹42.35 crore in Q4 FY2025-26 and ₹34.24 crore in Q3 FY2025-26. Tax expense also decreased in Q1 FY2026-27 to ₹20.35 crore from ₹89.73 crore in Q4 FY2025-26.

- Thermax's Profit Loss For Period declined to ₹21.79 crore in Q1 FY2026-27.
- Revenue From Operations for Q1 FY2026-27 was ₹2,302.73 crore.
- Expenses in Q1 FY2026-27 exceeded Revenue From Operations, amounting to ₹2,328.78 crore.
- Profit Before Tax for Q1 FY2026-27 was ₹42.14 crore.
- Finance Costs in Q1 FY2026-27 were ₹35.15 crore.

### Bull Case

Thermax has established a new wholly owned subsidiary in Botswana, Thermax Botswana Proprietary, as of September 14, 2026. This move expands the company's international presence. The company's Chief Executive Officer, Ashish Bhandari, has indicated a strategic reorganization into four distinct business segments: industrial products, industrial infrastructure, green solutions, and chemicals, suggesting a focused approach to growth. On a monthly basis, technical indicators show a bullish trend, with the Supertrend indicator at ₹2961.34.

- Thermax incorporated a step-down subsidiary, Thermax Botswana Proprietary, on September 14, 2026.
- The company has reorganized its operations into four key segments: industrial products, industrial infrastructure, green solutions, and chemicals.
- Monthly technical indicators show a bullish trend, with the Supertrend at ₹2961.34 as of the monthly trend analysis.

- Thermax announces incorporation of step-down subsidiary in Botswana
- Stock market today: Trade guide for Sensex, Nifty 50, crude oil to gold | Eight stocks to buy
- IFAT India 2026 advances technology and partnerships for India's water and waste infrastructure
- After missteps, Thermax puts energy back on growth path: Ashish Bhandari, MD & CEO

### Bear Case

The company's stock is exhibiting a bearish trend on the daily and weekly timeframes, as indicated by technical indicators such as the Supertrend direction. The closing price of ₹3569.5 on 17 September 2026 is below the 20-day Exponential Moving Average (EMA) of ₹3764.1 and the 50-day Simple Moving Average (SMA) of ₹4119.75. Recent returns show a notable decline over the past three months (-25%) and one month (-14%), although the year-to-date return remains positive. The stock has experienced a significant drawdown of -31%, with a maximum drawdown of -33%, suggesting elevated volatility and risk. Key support levels are identified around ₹3533.63, with resistance noted near ₹3585.67.

- Daily and weekly technical trends are bearish, with the Supertrend indicator showing a bearish direction as of 17 September 2026.
- The stock price on 17 September 2026 was below its 20-day EMA (₹3764.1) and 50-day SMA (₹4119.75).
- Recent performance includes a 3-month return of -25% and a 1-month return of -14%.
- The stock has a current drawdown of -31% and a maximum drawdown of -33%.

- Thermax announces incorporation of step-down subsidiary in Botswana
- Stock market today: Trade guide for Sensex, Nifty 50, crude oil to gold | Eight stocks to buy
- IFAT India 2026 advances technology and partnerships for India's water and waste infrastructure
- After missteps, Thermax puts energy back on growth path: Ashish Bhandari, MD & CEO

### FAQs

**What is the recent corporate development regarding Thermax's international expansion?**

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.

**How has Thermax's stock performed over different recent periods?**

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%.

**What is the current technical trend for Thermax shares?**

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.

**What structural changes has Thermax implemented in its business operations?**

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.

- Thermax announces incorporation of step-down subsidiary in Botswana
- Stock market today: Trade guide for Sensex, Nifty 50, crude oil to gold | Eight stocks to buy
- IFAT India 2026 advances technology and partnerships for India's water and waste infrastructure
- After missteps, Thermax puts energy back on growth path: Ashish Bhandari, MD & CEO
- Thermax Limited has informed the Exchange about incorporation of wholly owned step-down subsidiary |SUBJECT: Acquisition
- Thermax Limited has informed the Exchange regarding Acquisition of to be incorporated companies |SUBJECT: Acquisition of 'to be incorporated companies'-XBRL
- THERMAX LIMITED has informed the Exchange regarding De-merger |SUBJECT: De-merger-XBRL
## Technical analytics

- As of: 2026-09-18
- Daily trend: Moderate Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹3,554.33
- Risk regime: Higher Price Risk

### Support levels
- 3468.715625
- 3302.4
- 3211.38125

### Resistance levels
- 3714.825
- 3947.70625
- 4029.9

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.49% |
| return_10 | -4.87% |
| return_1m | -12.94% |
| return_1y | +6.66% |
| return_20 | -11.95% |
| return_3m | -24.37% |
| return_5 | -2.56% |
| return_6m | +8.32% |
| return_since_start | -9.70% |
| return_ytd | +15.95% |

### 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 | -33.22% |
| annualized_volatility | +37.30% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Expense Growth Outpaces Revenue, Driving Sharp Profit Decline

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 Trajectory and Seasonality

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.

## Cost Structure and Margin Compression

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.

## Profitability and Tax Impact

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.

## Segment and Comprehensive Income

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.

## Key Takeaway

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%.

### Ratios

## Official filings

- 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)
- 2026-09-15 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_65_WebXMLFile_20260915_165844871.xml)
- 2026-08-06 — Generic Announcement: 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. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_06082026161051_SEIntimationtranscriptsigned.pdf)
- 2026-08-03 — Generic Announcement: Thermax Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_65_WebXMLFile_20260803_155336729.xml)
- 2026-07-31 — Management Change: 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. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_31072026182319_SEIntimationRSGreappointment.pdf)
- 2026-07-31 — Earnings Presentation: 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. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_31072026100156_SEIntimationInvPrezRevisedQ1.pdf)
- 2026-07-31 — Generic Announcement: 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. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_31072026181703_SEIntimationvotingresults2026.pdf)
- 2026-07-31 — Generic Announcement: Thermax Limited published newspaper advertisements on July 31, 2026, in the Financial Express and Loksatta, announcing its financial results for the quarter ended June 30, 2026, in compliance with SEBI regulations. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_31072026123336_SEIntimationNPsigned.pdf)
- 2026-07-31 — Official Filing: Thermax Limited announced the re-appointment of Dr. Ravi Shankar Gopinath as a Non-Executive Independent Director for a term of 60 months, effective November 10, 2026. This change in management was reported on July 31, 2026.
- 2026-07-31 — Generic Announcement: Thermax Limited has provided a link to the audio recording of its investor conference call held on July 31, 2026, at 11:00 a.m. IST. This disclosure is made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_31072026153830_SEIntimationaudiorecordingsigned.pdf)
- 2026-07-30 — Generic Announcement: The 45th Annual General Meeting of Thermax Limited was held on July 30, 2026, via video conference. Key business transacted included the approval of audited standalone and consolidated financial statements for the year ended March 31, 2026, and the declaration of a total dividend of Rs. 20 per equity share. The meeting also addressed the re-appointment of a director and the ratification of remuneration for cost accountants. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_30072026184606_SEintimationAGMproceedings2026.pdf)
- 2026-07-30 — Official Filing: Thermax Limited's Board of Directors approved the amalgamation of its wholly-owned subsidiary, Thermax Cooling Solutions Limited, with itself on July 30, 2026. This merger aims to simplify the group structure, reduce administrative overheads, and enhance long-term shareholder value. No new shares will be issued, and there will be no change in Thermax Limited's shareholding pattern as a result of this transaction.
- 2026-07-30 — Generic Announcement: On July 30, 2026, Thermax Limited's Board approved a Scheme of Arrangement and Amalgamation involving Thermax Bioenergy Solutions Private Limited and Thermax Cooling Solutions Limited, subject to regulatory approvals. The board also approved the un-audited standalone and consolidated financial results for the quarter ended June 30, 2026. The company reported a consolidated operating revenue of Rs. 2,303 crore, a 7% increase year-over-year, but a consolidated profit after tax of Rs. 22 crore, an 85% decrease, impacted by a Rs. 91 crore cost overrun on a project in the Industrial Infra segment. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_30072026163005_SEIntimationOutcomesigned.pdf)
- 2026-07-30 — Generic Announcement: On July 30, 2026, Thermax Limited's Board approved a Scheme of Arrangement and Amalgamation involving Thermax Bioenergy Solutions Private Limited and Thermax Cooling Solutions Limited, subject to regulatory approvals. The board also approved the un-audited standalone and consolidated financial results for the quarter ended June 30, 2026. The company reported a consolidated operating revenue of Rs. 2,303 crore, a 7% increase year-over-year, but a consolidated profit after tax of Rs. 22 crore, an 85% decrease, impacted by a Rs. 91 crore cost overrun on a project in the Industrial Infra segment. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_30072026162015_SEIntimationOutcomesigned.pdf)
- 2026-07-30 — Earnings Presentation: Thermax Limited filed an investor presentation for Q1 FY 2026-27 on July 30, 2026. The company reported a 2% increase in order booking to Rs. 2809 crore for the quarter. Profitability was impacted by a Rs. 91 crore cost overrun on a project in the Industrial Infra segment. The Industrial Products segment secured an order exceeding Rs. 400 crore for boiler pressure parts for a US data center project. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_30072026215138_SEintimationInvPrezQ1FY27.pdf)
- 2026-07-30 — Official Filing: Thermax Limited's Board of Directors approved a demerger on July 30, 2026, involving Thermax Bioenergy Solutions Private Limited. The demerger will transfer the EPC business undertaking for Bio-CNG projects from Thermax Bioenergy Solutions Private Limited to Thermax Limited. No new shares will be issued or consideration paid as Thermax Bioenergy Solutions is a wholly-owned subsidiary. This restructuring aims to segregate business verticals, focus on core competencies, and improve operational efficiencies.
- 2026-07-30 — Generic Announcement: On July 30, 2026, Thermax Limited's Board approved a Scheme of Arrangement and Amalgamation involving Thermax Bioenergy Solutions Private Limited and Thermax Cooling Solutions Limited, subject to regulatory approvals. The board also approved the un-audited standalone and consolidated financial results for the quarter ended June 30, 2026. The company reported a consolidated operating revenue of Rs. 2,303 crore, a 7% increase year-over-year, but a consolidated profit after tax of Rs. 22 crore, an 85% decrease, impacted by a Rs. 91 crore cost overrun on a project in the Industrial Infra segment. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_30072026160731_SEIntimationOutcomesigned.pdf)
- 2026-07-30 — Generic Announcement: On July 30, 2026, Thermax Limited's Board approved a Scheme of Arrangement and Amalgamation involving Thermax Bioenergy Solutions Private Limited and Thermax Cooling Solutions Limited, subject to regulatory approvals. The board also approved the un-audited standalone and consolidated financial results for the quarter ended June 30, 2026. The company reported a consolidated operating revenue of Rs. 2,303 crore, a 7% increase year-over-year, but a consolidated profit after tax of Rs. 22 crore, an 85% decrease, impacted by a Rs. 91 crore cost overrun on a project in the Industrial Infra segment. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_30072026161015_SEIntimationOutcomesigned.pdf)
- 2026-07-21 — Generic Announcement: Thermax Limited will hold an Analysts/Investors conference call on Friday, July 31, 2026, at 11:00 a.m. IST to discuss the company's financial results for the quarter ended June 30, 2026. The call will feature management speakers including Managing Director & CEO Ashish Bhandari and Group CFO & Executive Vice President Rajendran Arunachalam. DAM Capital Advisors Ltd is organizing the call and providing dial-in details. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_21072026163423_SEIntimationInvcallsigned.pdf)
- 2026-07-17 — Generic Announcement: Thermax Limited's share capital reconciliation report for the quarter ended June 30, 2026, issued by Manish Ghia & Associates, confirms that the total shares held in depositories and physical form align with the issued and paid-up capital. The Register of Members is updated, dematerialization requests were processed within the stipulated 21 days, and there were no changes in the company's share capital during the period. Additionally, no shares were transferred to the Investor Education Protection Fund. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_17072026153524_SEintimationrsca.pdf)
- 2026-07-09 — Generic Announcement: Thermax Limited, through its Registrar and Transfer Agent KFin Technologies Limited, has certified compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended June 30, 2026. This confirms that securities received for dematerialization were processed, including mutilation, cancellation, and substitution of the depository as the registered owner, within 15 days. The dematerialized securities are listed on the stock exchanges where the company's shares are traded. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_09072026113519_SEIntimation74signed.pdf)
- 2026-07-04 — Generic Announcement: Thermax Limited published newspaper advertisements on July 4, 2026, in the Financial Express (English) and Loksatta (Marathi) newspapers, titled ‘Notice of the 45th Annual General Meeting and E-Voting Information’. This action complies with Regulation 30 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_04072026104256_SEIntimationAGMNPsigned.pdf)
- 2026-07-03 — Generic Announcement: Thermax Limited will hold its 45th Annual General Meeting on July 30, 2026, via Video Conferencing. Key agenda items include adopting the FY 2025-26 financial statements, declaring a total dividend of Rs. 20 per share, appointing Mr. Ashish Bhandari as a director, ratifying the remuneration of Rs. 7,50,000 for Cost Auditors for FY 2026-27, and re-appointing Dr. Ravi Shankar Gopinath as a Non-Executive Independent Director for a second five-year term from November 10, 2026, to November 9, 2031. — [Official attachment](https://nsearchives.nseindia.com/corporate/THERMAXNSE_03072026171827_SEIntimationforAGMNoticeAR25-26.pdf)

## News and market events

- 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: 2026-09-18
- Source: Faxioms public stock analysis API

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