Thermax Ltd. Share Price

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.

Thermax expects stronger Q3 orders and better margins soon

THERMAX expects a significant improvement in order inflows during Q3 FY27, along with stronger operating margins. Management indicated that margins could remain at improved levels for at least the next couple of quarters. The company expects revenue to exceed ₹7,000 crore between Q3 and Q4 FY27, which management believes could have a substantial impact on profitability. During Q2, higher commodity costs and shipping constraints affected the company's Industrial Products order book. Shipping-related challenges had a particularly significant impact on this segment. However, management expects business momentum to improve in the coming quarters. Another positive development is the good uptick in the electric cooling products business, which could provide an additional growth opportunity. From a fundamental perspective, improving order inflows, better margins and higher revenue expectations could support earnings growth. Margin improvement is particularly important because stronger profitability alongside revenue expansion can improve operating leverage. However, these are management expectations rather than confirmed financial results. Actual performance will depend on order conversion, commodity prices, shipping conditions and execution. My View: Thermax's outlook is encouraging, with management expecting stronger Q3 orders, significantly better margins and revenue exceeding ₹7,000 crore across Q3-Q4. The expected margin improvement over the next couple of quarters is an important positive trigger. Investors should monitor actual order inflows and quarterly profitability. What to watch: Q3 order book growth and new contract wins. Sustainability of improved EBITDA margins. Revenue performance across Q3 and Q4. Industrial Products recovery and shipping conditions. Growth in electric cooling products. Stance: THERMAX – POSITIVE (8/10

Thermax slides 19.67% to its lowest since December 2023

Thermax fell as much as 19.67% on 6 November 2026, trading at its lowest since December 2023. The Rs 2,750 breakdown keeps bearish pressure in focus. Thermax Ltd. [ THERMAX ] fell as much as 19.67% on 6 November 2026, reaching its lowest level since December 2023. The decline follows a sustained move below the Rs 2,750 support level. The price structure shows a pattern of lower highs and lower lows. This points to weakening momentum, with sellers continuing to control the trend. Rs 2,500 is the next support level provided, while Rs 3,400 is the stated resistance. In my view, the sustained break below Rs 2,750 keeps the bearish trend in focus. A move towards Rs 2,500 may come into view if selling pressure continues. A recovery above Rs 2,750 would be an early sign that the breakdown is losing force. A move above Rs 3,400 would bring the stated resistance into focus. The December 2023 low adds to the weak price picture. Watch whether Rs 2,500 holds and whether the price can reclaim Rs 2,750. A sustained recovery above that level would make me reassess the bearish view. Stance: bearish while below Rs 2,750, with Rs 2,500 as the key support. 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.

Thermax: green hydrogen partnerships are real, but earnings?

THERMAX Thermax (NSE: THERMAX) provides energy and environmental solutions to industry. It reported consolidated operating revenue of Rs 2,303 crore in Q1 FY27 (+6.7% YoY), but PAT fell 85.4% to Rs 22 crore. What happened: The PAT collapse was not hydrogen-related; a Rs 91-crore cost-to-complete revision on one Industrial Infrastructure project drove most of the decline. Industrial Products contributed Rs 1,058 crore revenue and Rs 64 crore profit; Industrial Infrastructure posted a Rs 71-crore loss; Chemicals earned Rs 26 crore on Rs 230 crore revenue. Green Solutions revenue was Rs 245 crore (+3% YoY) with a loss before tax of Rs 17 crore. Thermax signed an India partnership with HydrogenPro (Norway) for alkaline electrolysis in August 2025 and is developing a 720 kW SOEC pilot with Ceres Power (UK). Management confirmed in July 2026 a hydrogen order agreed in principle but not yet booked; revenue only from FY28. Why it matters: India's National Green Hydrogen Mission targets 5 MTPA by 2030, but only around 8,000 TPA was operational as of early 2026. The Green Solutions order book rose 17% YoY to Rs 1,568 crore. Kotak upgraded Thermax to Buy on 9 October 2026 with a Rs 4,000 target, citing data centres and biogas, not hydrogen. What I am watching: Confirmation of the hydrogen order next quarter, Green Solutions moving to breakeven, and Industrial Infrastructure margin recovery. My stance: At 70.5x PE, the market prices in a multi-year growth story across hydrogen, data centres and biogas. The core is sound, but Q1 shows how a single large project can compress consolidated profit sharply. Hydrogen revenue arrives no earlier than FY28. I do not hold a position in Thermax at the time of writing. This is not investment advice.

Thermax rebounds at 3,180, the broader trend remains bearish

Thermax closed at ₹3,256 after a 3.9% recovery from an intraday low of ₹3,181. The strong green candle shows buying interest after a prolonged decline from the ₹5,200 peak, but it remains an early relief bounce rather than a confirmed trend reversal. THERMAX Price is below the falling 20-day average at ₹3,420 and the 55-day average near ₹3,813. Both moving averages remain overhead resistance. MACD is deeply negative and marginally below its signal line, showing that bearish momentum has not fully faded despite the latest recovery candle. ₹3,180 is the immediate support, followed by ₹3,100. A move above ₹3,420 would be the first sign that the selling pressure is easing, while ₹3,813 remains the more significant trend-reversal level. Industrial capex, energy-transition investment and project execution remain key drivers for the company.

Orders Are Strong, But Execution Is the Real Story

India’s infrastructure story often looks simple from the outside: more orders should mean more growth. But the real value is created only when those orders are converted into revenue through timely execution. Recent sector commentary highlights an important Q2FY27 theme—**order books remain supportive, but execution pace, project delays and margin pressure are key factors to watch.** Large infrastructure and capital-goods companies continue to benefit from government capex, private-sector investment, power transmission, railways, data centres and renewable-energy projects. Think of it like this: an infrastructure company may have a huge pipeline of projects, but investors should also ask **“How quickly can the company execute?”** Delayed execution can postpone revenue recognition and keep working capital elevated. Earlier sector analysis also highlighted deterioration in working-capital cycles and pressure on margins for several EPC players. For educational tracking, some **Nifty 500 stocks connected with this theme** include **Larsen & Toubro (L&T), KEC International, KPIL , Bharat Heavy Electricals (BHEL), Siemens, ABB India, Thermax, Cummins India, CG Power and Triveni Turbine.** The learning point is simple: **don’t judge an infrastructure company only by its order book. Study order inflow + execution + margins + working capital + debt together.** A strong order book creates opportunity, but consistent execution, healthy margins and working-capital discipline determine sustainable infrastructure-sector growth. **Educational Disclaimer:** This post is strictly for educational purposes and is not a stock tip, recommendation, or investment advice. Investors should conduct independent research and consult a SEBI-registered investment professional before making investment decisions.