Why did Thermax (THERMAX) stock move recently?

On 9/2/2026, Thermax moved -4.1% — Thermax fell with the broader market amid a sharp selloff triggered by escalating US-Iran tensions pushing crude oil toward $96/bbl and weak August auto sales numbers weighing on sentiment; no fresh company-specific catalyst was reported today. This is MarketChacha's decoded reason from filings and credible news; it is education, not buy/sell advice.

Is Thermax (THERMAX) overvalued or fairly valued?

MarketChacha shows Thermax's valuation in context — a forward P/E of about 36.3, a price-to-book of about 6.6 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

What is Thermax's revenue?

Thermax reported revenue of ₹6,518 Cr for FY2026, with net profit of ₹649 Cr, per official filings.

What is the share price of Thermax (THERMAX)?

Thermax last traded at ₹3,234.90 (-2.8% on the day), as of 10/19/2026 — a delayed quote shown for education, not investment advice.

Thermax

THERMAX · NSE · Capital Goods · India

Snapshot

TickerTHERMAX

ExchangeNSE

SectorCapital Goods

IndustryConglomerates

CountryIndia

Employees3,962

HeadquartersPune, India

Websitewww.thermaxglobal.com

Filings tracked6

About Thermax

Thermax Limited, together with its subsidiaries, provides energy and environment solutions in India and internationally. The company is involved in the manufacturing, installation, sales, and services related to boilers and heating equipment, absorption chiller/heat pumps, air pollution control equipment/systems, water and waste recycling; and provision of associated services and engineering, procurement, and construction (EPC). It also provides EPC of power plants, infra projects, and flue gas desulphurisation projects; manufactures, installs, sells, and services related to ion exchange resins, performance chemicals, construction chemicals, water treatment chemicals, oil field chemicals, paper and construction chemicals, and related services; and builds, owns and operates models, energy management solutions, oil and gas-fired, green hydrogen project, and solar and wind renewable energy. In addition, the company is involved in the supply and erection commissioning of aircooled condenser, rotary air preheater, electrostatic precipitator, and bag houses; installation of industrial machinery and equipment; investment and flooring chemical businesses; own and lease out property; and manufacturing steam trap systems. Further, it provides technical assistance, marketing and sales support, supervision for project business, and operation and maintenance services, as well as turnkey solutions. It serves agriculture and allied, automobile and auto, components, bio-CNG, biotechnology, brewery and distillery, cement, chemicals, construction, engineering and capital, goods, ethanol, fertiliser and agro, FMCG, food and beverages, healthcare, hospitality, infrastructure, IT and data centres, manufacturing, medical devices, metals, oil and gas, paper and pulp, pharmaceuticals, power, renewable energy, rubber, and semiconductors industries. Thermax Limited was incorporated in 1966 and is headquartered in Pune, India. Thermax Limited is a subsidiary of RDA Holdings Private Limited.

Who owns it

Promoters73.7%
Institutions19.3%
Public & other7.1%

90 institutional holders

Ownership breakdown from public market data. Promoter pledge is not included here — that comes from exchange shareholding filings.

Forensic scorecard

No major accounting red flags in the fundamentals we have — profit is backed by cash and returns look healthy.

Net margin trend5.6% → 6.7%

Margin has expanded by about 1.2 points — the business is getting more profitable.

Growth qualityrev 7% · PAT 12%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (Yahoo Finance). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev ₹3,259 Cr · EPS 21.40

Est. earnings growth -1.9%

Next fiscal year

Rev ₹14,452 Cr · EPS 89.09

Est. earnings growth +46.6%

Analyst consensus estimates — not the company's own guidance.

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Financials at a glance

Source: Yahoo Finance

Annual

Quarterly · last 5

Revenue (FY2026)

₹10,694 Cr

Net margin

6.7%

Revenue CAGR (3y)

+9.7%

Profit CAGR (3y)

+17.0%

Net profit (FY2026)

₹721 Cr

Ask MarketChacha about THERMAX

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Why it moved

Sep 2, 2026
Thermax fell with the broader market amid a sharp selloff triggered by escalating US-Iran tensions pushing crude oil toward $96/bbl and weak August auto sales numbers weighing on sentiment; no fresh company-specific catalyst was reported today.
source 1 ↗source 2 ↗· confidence: medium

Daily moves with the verified reason behind them. Education only — not investment advice.

Financials

Yearly

Period	Revenue	Net profit	Net margin
FY2026	₹10,694 Cr	₹721 Cr	6.7%
FY2025	₹10,389 Cr	₹634 Cr	6.1%
FY2024	₹9,323 Cr	₹645 Cr	6.9%
FY2023	₹8,090 Cr	₹450 Cr	5.6%

Quarterly

Period	Revenue	Net profit	Net margin
Q1 FY27	₹2,303 Cr	₹25 Cr	1.1%
Q4 FY26	₹3,428 Cr	₹244 Cr	7.1%
Q3 FY26	₹2,635 Cr	₹204 Cr	7.7%
Q2 FY26	₹2,474 Cr	₹120 Cr	4.8%
Q1 FY26	₹2,150 Cr	₹152 Cr	7.1%

Figures as reported, in ₹ (crore). Source: Yahoo Finance.

Filings & announcements

2026

Acquisition
Thermax Limited has informed the Exchanges about incorporation of wholly owned step-down subsidiary.
BSE9/15/2026material
Earnings Call Transcript
Thermax Limited has submitted before the Exchanges transcript of the earnings call held on Friday, July 31, 2026.
BSE8/6/2026
Change in Directorate
Thermax Limited has informed the Exchanges that the shareholders at their 45th AGM held on July 30, 2026 have approved the re-appointment of Dr. Ravi Shankar Gopinath (DIN: 00803847) as ....
BSE7/31/2026
Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
Thermax Limited has informed the Exchanges about the voting results and scrutinizer''s report for 45th Annual General Meeting.
BSE7/31/2026material
Investor Presentation
Thermax Limited has submitted revised investor presentation for Q1FY27
BSE7/31/2026
Investor Presentation
Thermax Limited has submitted the Investor Presentation for Q1FY27.
BSE7/30/2026

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.