Markets India

Thermax's shares plunged 15% to ₹2,830 on the BSE on November 6, 2026, following a weak Q2 FY27 operational performance that saw consolidated PAT decline 5.3% YoY.

Thermax Shares Drop 15% Amid Weak Q2 Performance, Hit 52-Week Low

Thermax's stock fell 15% to ₹2,830 on the BSE on November 6, 2026, after reporting a 5.3% YoY drop in consolidated PAT to ₹113.11 crore. Revenue grew 11.4% YoY to ₹2,755.9 crore, but order booking declined 8.2% YoY to ₹3,259 crore. The stock hit a 52-week low of ₹2,744.20 on December 8, 2025, down 46% from its 52-week high of ₹5,277 on June 29, 2026. The Industrial Products segment faced drag from adverse product mix and higher input costs, while Green Solutions recorded ₹15 crore impairment provisions. Operating EBITDA rose 12.9% YoY to ₹194.1 crore, but order balance grew 15.9% YoY to ₹14,250 crore. ICICI Securities analysts are monitoring segmental performance and order inflows amid concerns over declining order momentum.

The mixed segmental results highlight operational inefficiencies, with Industrial Infra showing a profitability turnaround but Industrial Products and Chemicals struggling. The shift in order book reporting methodology in Green Solutions may affect investor perceptions of growth momentum. Risks include adverse product mix, higher input costs, and the ₹15 crore impairment provisions in Green Solutions. Opportunities lie in the 15.9% YoY order balance growth, potential margin recovery, and fresh order inflows in Industrial Infra. The BSE Sensex was up 0.19% at 79,459 at 09:30 AM.

Thermax’s stock decline reflects operational pressures and segmental underperformance, with mixed results in Q2 FY27. The key uncertainty is whether improved order visibility and margin recovery can offset current profitability challenges. Investors and shareholders face reduced profitability, while the Industrial Products and Green Solutions segments grapple with operational pressures. The company’s ability to address segmental issues will determine its path forward.

Thermax’s stock plunge underscores operational challenges, but order balance growth hints at recovery potential.

Topics: Thermax, Stock Market, India, Financials, Operational Performance, Green Solutions, Industrial Products, BSE

#ThermaxStock #Q2FY27 #BSE #OrderBalance #GreenSolutions #IndustrialProducts

Source: Business Standard