Thermax slumps 17% on weak Q2, holds just above key support

Thermax Limited shares fell 17.27% to Rs 2,746.30 on 6 Nov 2026 after weak Q2 FY27 numbers, closing just above the 2,744 support. Resistance is at 3,125 and the day’s low of 2,666 is the next support. Thermax Limited [ THERMAX ] shares crashed 17.27% to close at Rs 2,746.30 on 6 November 2026, after the company’s Q2 FY27 results. The stock opened at Rs 3,010, hit a high of Rs 3,048.50, and dropped to an intraday low of Rs 2,666.60 on heavy volume of 2.9 million shares. The stock is now about 46% below its 52-week high of Rs 5,277 hit on 29 June 2026. Consolidated revenue rose 11.4% year on year to Rs 2,755.9 crore, but profit after tax fell 5.3% to Rs 113.11 crore from Rs 119.40 crore. Adverse product mix and higher input costs hurt Industrial Products, and the company also booked a Rs 15 crore impairment provision in its Green Solutions segment. Order booking declined 8.2% to Rs 3,259 crore, though the order balance grew 15.9% to Rs 14,250 crore. On the daily chart, the major trend remains strongly bearish, with lower highs since the June 2026 peak. The close of 2,746.30 sits just above the key support zone near 2,744, which also marks the earlier 52-week low. RSI(14) is at 28.70, in oversold territory. The immediate resistance is at 3,125. In my view, the trend stays strongly bearish unless price reclaims 3,125. Today’s low of 2,666 is the next support, and a close below it would open the door to a deeper fall. Any bounce from here is likely to face selling near 3,125, so a sustained move above that level is needed for the setup to improve. Stance: strongly bearish while price stays below 3,125, with 2,744 and 2,666 as key supports. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.