Thermax shares drop 18% after September quarter profit misses estimates
Thermax shares fell sharply after quarterly profit came in below analyst forecasts, even as revenue and order balance grew year on year.
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what happened
Shares of India's Thermax plunged nearly 20% on Friday after the company's September quarter earnings fell short of analyst estimates, according to TradingView. The stock touched a low of Rs 2,666.60 on the NSE, down 19.7%. It later recovered some ground but still traded about 18% lower.
Consolidated net profit for the second quarter of FY27 declined 5% year on year to Rs 113 crore, compared with Rs 119 crore a year earlier. Product mix and higher input costs in the industrial products segment weighed on profitability, along with a Rs 15 crore impairment provision for one hybrid renewable energy project in the Green Solutions segment. Consolidated operating revenue, however, rose 11% to Rs 2,756 crore.
As of September 30, 2026, the order balance stood at Rs 14,250 crore, up 16% year on year. Order bookings during the quarter fell 8% to Rs 3,259 crore.
why it matters
The market reaction suggests investors are focusing on profit rather than revenue and order growth. The move is mainly a company-level story, but it shows that top-line growth does not guarantee margin stability.
market impact
Thermax shares: profit below expectations pressures the company's stock
- Thermax shares pressure down — profit below analyst estimates and an impairment hit the stock
tags
instruments
sources
- Thermax shares fall 18% on missing Q2 estimates — TradingView, 6 November 2026 at 07:36 UTC
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