{"id":344701,"date":"2026-11-12T12:49:26","date_gmt":"2026-11-12T07:19:26","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=344701"},"modified":"2026-11-12T12:49:26","modified_gmt":"2026-11-12T07:19:26","slug":"thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/","title":{"rendered":"Thermax Share Price Holds Near Rs 2,727 After 18% Post-Q2 Crash: Can the H2 FY27 Recovery Bet Beat Old Execution Hurdles?"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Thermax Rs 2,727.30 (12 Nov, 12:43 PM), up 0.07%. Fell 18% on 6 Nov. Q2 profit Rs 114.54 Cr, down 4.28%. Order balance Rs 14,250 Cr. PL target Rs 3,402.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">The Thermax share price is Rs 2,727.30 on the NSE, almost unchanged on the day, after an 18% crash on 6 November when Q2 FY27 profit fell 4.28% to Rs 114.54 crore despite 11.4% revenue growth. Management is guiding for H2 FY27 revenue above Rs 7,000 crore and a margin recovery, which needs quarterly revenue about 27% above the Q2 level. Prabhudas Lilladher upgraded the stock to Buy with a Rs 3,402 target, but input costs, legacy projects and Green Solutions losses remain risks. The order balance of Rs 14,250 crore up 16% gives the recovery bet something to work with.<\/p>\n<\/p><\/div>\n<p>Thermax share price opened at Rs 2,750 on Thursday, 12 November 2026, touched Rs 2,781 and traded at Rs 2,727.30 at 12:43 PM, up 0.07% from Rs 2,725.40. The stock is down about 48% from its 52-week high of Rs 5,277.80 and sits just above its 52-week low of Rs 2,666.60.<\/p>\n<p>The Thermax stock sell-off followed a Q2 FY27 print that missed on profit and orders, the second big post-results fall in three months. Investors in Thermax shares now want to know whether the H2 recovery the management is promising is credible, what the Thermax Q2 results say about execution, and where analysts and the charts stand.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=thermax-share-price-h2-recovery-execution\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#Thermax_Q2_Results_What_Went_Wrong\" title=\"Thermax Q2 Results: What Went Wrong?\">Thermax Q2 Results: What Went Wrong?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#Segment_View_Where_the_Margin_Pressure_Sits\" title=\"Segment View: Where the Margin Pressure Sits\">Segment View: Where the Margin Pressure Sits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#The_H2_Recovery_Bet_What_Management_Expects\" title=\"The H2 Recovery Bet: What Management Expects\">The H2 Recovery Bet: What Management Expects<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#Old_Execution_Hurdles_That_Have_Not_Gone_Away\" title=\"Old Execution Hurdles That Have Not Gone Away\">Old Execution Hurdles That Have Not Gone Away<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#Thermax_Share_Price_Target_What_Brokerages_Say\" title=\"Thermax Share Price Target: What Brokerages Say\">Thermax Share Price Target: What Brokerages Say<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#Thermax_Stock_Data_and_Valuation\" title=\"Thermax Stock Data and Valuation\">Thermax Stock Data and Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#Technical_View_Support_and_Resistance_for_Thermax_Shares\" title=\"Technical View: Support and Resistance for Thermax Shares\">Technical View: Support and Resistance for Thermax Shares<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#Should_You_Buy_Thermax_Shares_After_the_Crash\" title=\"Should You Buy Thermax Shares After the Crash?\">Should You Buy Thermax Shares After the Crash?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#Key_Risks_to_Watch_in_the_Thermax_Stock\" title=\"Key Risks to Watch in the Thermax Stock\">Key Risks to Watch in the Thermax Stock<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#Why_did_the_Thermax_share_price_fall_18_after_Q2_FY27_results\" title=\"Why did the Thermax share price fall 18% after Q2 FY27 results?\">Why did the Thermax share price fall 18% after Q2 FY27 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#What_is_the_Thermax_share_price_target_after_the_Q2_results\" title=\"What is the Thermax share price target after the Q2 results?\">What is the Thermax share price target after the Q2 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#What_is_Thermaxs_H2_FY27_recovery_guidance\" title=\"What is Thermax&#8217;s H2 FY27 recovery guidance?\">What is Thermax&#8217;s H2 FY27 recovery guidance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#What_are_the_main_execution_hurdles_for_Thermax\" title=\"What are the main execution hurdles for Thermax?\">What are the main execution hurdles for Thermax?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#Is_the_Thermax_share_price_a_buy_after_the_fall\" title=\"Is the Thermax share price a buy after the fall?\">Is the Thermax share price a buy after the fall?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#What_are_the_key_support_and_resistance_levels_for_Thermax_shares\" title=\"What are the key support and resistance levels for Thermax shares?\">What are the key support and resistance levels for Thermax shares?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/thermax-share-price-h2-fy27-recovery-execution-hurdles-q2-results\/#How_strong_is_the_Thermax_order_book\" title=\"How strong is the Thermax order book?\">How strong is the Thermax order book?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Thermax_Q2_Results_What_Went_Wrong\"><\/span><strong>Thermax Q2 Results: What Went Wrong?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Thermax Q2 results show revenue grew but profit did not. Consolidated revenue from operations rose 11.4% year on year to Rs 2,755.87 crore, while profit before tax fell 2.77% to Rs 168.86 crore and net profit fell 4.28% to Rs 114.54 crore. EBITDA margin was about 6.4% and gross margin slipped to 45.4% on an adverse mix and commodity costs, according to Prabhudas Lilladher.<\/p>\n<p>Three items did the damage. Industrial Products faced steel prices up 10% to 15% and higher copper, plastics and crude-linked inputs, Green Solutions booked a Rs 15 crore impairment on a Tamil Nadu renewable project, and Industrial Infra continued to carry legacy projects. The Thermax stock reaction was sharp because the same issues drove the 16% fall after Q1 on 31 July.<\/p>\n<table style=\"border-collapse:collapse;width:100%;\" border=\"1\" cellpadding=\"8\">\n<thead>\n<tr>\n<th style=\"background:#1F4E79;color:#FFFFFF;text-align:left;\">Metric<\/th>\n<th style=\"background:#1F4E79;color:#FFFFFF;text-align:left;\">Q2 FY27<\/th>\n<th style=\"background:#1F4E79;color:#FFFFFF;text-align:left;\">Change<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Revenue from operations<\/td>\n<td>Rs 2,755.87 crore<\/td>\n<td>Up 11.4% YoY<\/td>\n<\/tr>\n<tr>\n<td>Profit before tax<\/td>\n<td>Rs 168.86 crore<\/td>\n<td>Down 2.8% YoY<\/td>\n<\/tr>\n<tr>\n<td>Net profit (reported)<\/td>\n<td>Rs 114.54 crore<\/td>\n<td>Down 4.3% YoY<\/td>\n<\/tr>\n<tr>\n<td>Adjusted profit (PL)<\/td>\n<td>Rs 101.2 crore<\/td>\n<td>Down 15.4% YoY<\/td>\n<\/tr>\n<tr>\n<td>EBITDA margin (PL)<\/td>\n<td>6.4%<\/td>\n<td>Below PL estimate of 7.3%<\/td>\n<\/tr>\n<tr>\n<td>Order inflow<\/td>\n<td>Rs 3,259 crore<\/td>\n<td>Down 8.2% YoY<\/td>\n<\/tr>\n<tr>\n<td>Order balance<\/td>\n<td>Rs 14,250 crore<\/td>\n<td>Up 15.9% YoY<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>For Thermax shares, the order balance is the bright spot. At Rs 14,250 crore, it covers about 1.3 times trailing revenue and gives management the base for its H2 revenue guidance. Cash and investments of Rs 3,260 crore, up 20%, also cushion the balance sheet.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Segment_View_Where_the_Margin_Pressure_Sits\"><\/span><strong>Segment View: Where the Margin Pressure Sits<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Within the Thermax stock story, every major segment saw a lower margin than a year ago except Industrial Infra, which improved from a loss. Green Solutions was the weakest, with revenue up 50% but a negative EBIT margin.<\/p>\n<table style=\"border-collapse:collapse;width:100%;\" border=\"1\" cellpadding=\"8\">\n<thead>\n<tr>\n<th style=\"background:#1F4E79;color:#FFFFFF;text-align:left;\">Segment<\/th>\n<th style=\"background:#1F4E79;color:#FFFFFF;text-align:left;\">Q2 revenue<\/th>\n<th style=\"background:#1F4E79;color:#FFFFFF;text-align:left;\">YoY growth<\/th>\n<th style=\"background:#1F4E79;color:#FFFFFF;text-align:left;\">EBIT margin (prior year)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Industrial Products<\/td>\n<td>Rs 1,304 crore<\/td>\n<td>Up 9.7%<\/td>\n<td>6.1% (9.9%)<\/td>\n<\/tr>\n<tr>\n<td>Industrial Infra<\/td>\n<td>Rs 986 crore<\/td>\n<td>Up 4.0%<\/td>\n<td>5.7% (-1.6%)<\/td>\n<\/tr>\n<tr>\n<td>Green Solutions<\/td>\n<td>Rs 288 crore<\/td>\n<td>Up 50.2%<\/td>\n<td>-8.7% (6.1%)<\/td>\n<\/tr>\n<tr>\n<td>Chemicals<\/td>\n<td>Rs 226 crore<\/td>\n<td>Up 18.1%<\/td>\n<td>6.5% (9.8%)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Order inflow was uneven. Industrial Products fell 23% to Rs 1,237 crore as major orders were deferred to the third quarter, Industrial Infra rose 5% to Rs 1,523 crore on two captive power plant orders, and Green Solutions booked Rs 279 crore.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_H2_Recovery_Bet_What_Management_Expects\"><\/span><strong>The H2 Recovery Bet: What Management Expects<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Thermax H2 recovery case is specific. Management expects H2 FY27 revenue above Rs 7,000 crore, a pick-up in bookings in the third and fourth quarters, at least one supercritical boiler order in FY27 and an Industrial Products margin of 9% to 10% for the full year. Prabhudas Lilladher models Q3 EBITDA margin near 9.7% and Q4 near 10.2%.<\/p>\n<p>The arithmetic is demanding. First-half revenue was about Rs 5,059 crore, so H2 needs roughly Rs 3,500 crore a quarter, about 27% above Q2. Margins must also rise from 6.4% to near 10% while management flags Rs 30 crore to Rs 40 crore of input cost inflation and the Rs 15 crore impairment as drags. That is why the Thermax H2 recovery depends on execution rather than orders alone.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Old_Execution_Hurdles_That_Have_Not_Gone_Away\"><\/span><strong>Old Execution Hurdles That Have Not Gone Away<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For Thermax shares, execution is the repeating theme. In Q2, delivery of about Rs 280 crore fell short of the Rs 310 crore expected, shifting Rs 200 crore to Rs 300 crore of revenue into Q3. Delayed shipments and goods in transit added to the Industrial Products miss.<\/p>\n<p>For the Thermax stock, the Industrial Infra legacy flue gas desulphurisation and large government projects with multi-year timelines still weigh on profit, although management expects change-order claims to offset overruns. Green Solutions is the other drag, with the Tamil Nadu project expected to post losses in Q3 and Q4, BioCNG under pressure and a partner search targeted by Q1 FY28. In data centre cooling, the first US order of slightly above US$20 million faced approval delays of one to three months.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Thermax_Share_Price_Target_What_Brokerages_Say\"><\/span><strong>Thermax Share Price Target: What Brokerages Say<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Only one fresh target followed the Thermax Q2 results in the sources reviewed. Prabhudas Lilladher upgraded to Buy after the fall but cut its target and its FY28 and FY29 earnings estimates by 11.8% and 14.2%. The other targets below were set before the 6 November fall, so they are shown for context only.<\/p>\n<table style=\"border-collapse:collapse;width:100%;\" border=\"1\" cellpadding=\"8\">\n<thead>\n<tr>\n<th style=\"background:#1F4E79;color:#FFFFFF;text-align:left;\">Brokerage (date)<\/th>\n<th style=\"background:#1F4E79;color:#FFFFFF;text-align:left;\">Rating<\/th>\n<th style=\"background:#1F4E79;color:#FFFFFF;text-align:left;\">Target<\/th>\n<th style=\"background:#1F4E79;color:#FFFFFF;text-align:left;\">Versus Rs 2,727.30<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Prabhudas Lilladher (7 Nov 2026)<\/td>\n<td>Buy (upgraded from Reduce)<\/td>\n<td>Rs 3,402<\/td>\n<td>24.7%<\/td>\n<\/tr>\n<tr>\n<td>ICICI Securities (31 Jul 2026)<\/td>\n<td>Buy<\/td>\n<td>Rs 5,140<\/td>\n<td>88.5%<\/td>\n<\/tr>\n<tr>\n<td>Kotak (8 Jul 2026)<\/td>\n<td>Sell<\/td>\n<td>Rs 4,250<\/td>\n<td>55.8%<\/td>\n<\/tr>\n<tr>\n<td>Motilal Oswal (1 Aug 2026)<\/td>\n<td>Sell<\/td>\n<td>Rs 4,000<\/td>\n<td>46.7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Sell ratings with targets far above the market price show how quickly the Thermax share price target debate has shifted. Prabhudas Lilladher values the core business at 36 times Sep 2028 earnings plus Green Solutions at 3 times book value, and the stock now trades at about 40.9 times its FY28 earnings estimate.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Thermax_Stock_Data_and_Valuation\"><\/span><strong>Thermax Stock Data and Valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\" border=\"1\" cellpadding=\"8\">\n<thead>\n<tr>\n<th style=\"background:#1F4E79;color:#FFFFFF;text-align:left;\">Parameter<\/th>\n<th style=\"background:#1F4E79;color:#FFFFFF;text-align:left;\">Value (12 Nov 2026, 12:43 PM)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Stock (NSE: THERMAX)<\/td>\n<td><a href=\"https:\/\/univest.in\/stocks\/thermax\/thermax-ltd-share-price-today\">Thermax Ltd<\/a><\/td>\n<\/tr>\n<tr>\n<td>Current price<\/td>\n<td>Rs 2,727.30 (up 0.07%)<\/td>\n<\/tr>\n<tr>\n<td>Day open \/ high \/ low<\/td>\n<td>Rs 2,750 \/ Rs 2,781 \/ Rs 2,723.20<\/td>\n<\/tr>\n<tr>\n<td>52-week high \/ low<\/td>\n<td>Rs 5,277.80 \/ Rs 2,666.60<\/td>\n<\/tr>\n<tr>\n<td>Market cap<\/td>\n<td>Rs 32,484 crore<\/td>\n<\/tr>\n<tr>\n<td>PE ratio (industry PE)<\/td>\n<td>55.59 (42.59)<\/td>\n<\/tr>\n<tr>\n<td>Price to book \/ book value<\/td>\n<td>5.92 \/ Rs 460.38<\/td>\n<\/tr>\n<tr>\n<td>EPS (TTM) \/ ROE<\/td>\n<td>Rs 49.04 \/ 10.73%<\/td>\n<\/tr>\n<tr>\n<td>Dividend yield<\/td>\n<td>0.07%<\/td>\n<\/tr>\n<tr>\n<td>Index membership<\/td>\n<td><a href=\"https:\/\/univest.in\/indices\/bse500\/bse-500-share-price-today\">BSE 500<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>On trailing earnings the Thermax stock still looks expensive, with a PE of 55.59 against an industry PE of 42.59 and a return on equity of only 10.73%. The valuation rests on earnings recovering, which is why the guidance for H2 matters so much.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Technical_View_Support_and_Resistance_for_Thermax_Shares\"><\/span><strong>Technical View: Support and Resistance for Thermax Shares<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Momentum in Thermax shares remains weak. The 14-day RSI is 35.1, the price is about 12% below its 20-day average of Rs 3,088.86, and the MACD at -155.70 is below its signal line at -120.72. The SuperTrend indicator still points down, with resistance near Rs 3,247.11.<\/p>\n<p>The 52-week low of Rs 2,666.60 is the nearest support reference for Thermax shares, and the SuperTrend lower band near Rs 2,345.94 is the next technical marker. Resistance sits at the day high of Rs 2,781 and then the 20-day average. These are technical reference levels, not recommendations.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Check Thermax and similar capital goods stocks on the Univest Screener<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Should_You_Buy_Thermax_Shares_After_the_Crash\"><\/span><strong>Should You Buy Thermax Shares After the Crash?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The case for Thermax shares is recovery from a low base. The stock is down about 48% from its peak, the order balance is up 16%, cash and investments are Rs 3,260 crore, and management has named concrete H2 triggers such as deferred orders, a supercritical boiler order and data centre cooling demand.<\/p>\n<p>The case against the Thermax stock is a track record of misses. Profit has now disappointed in Q1 and Q2, the PE is above the industry average, Green Solutions is still loss-making and the H2 margin target needs a sharp step up. Investors who want exposure often wait for evidence in the Q3 numbers or scale in gradually, but the right choice depends on individual goals.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track the Thermax live price and get daily stock ideas.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_to_Watch_in_the_Thermax_Stock\"><\/span><strong>Key Risks to Watch in the Thermax Stock<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Costs are the first risk for the Thermax stock. Steel, copper and plastics prices can keep margins below the 9% to 10% target, and customers may resist price hikes, which could slow orders. Execution is the second, with legacy infra projects and approval delays able to push revenue out again.<\/p>\n<p>Green Solutions is the third risk for Thermax shares, with further impairments possible if the Tamil Nadu project and BioCNG do not turn around. A higher tax rate of about 33% and depreciation up 36% also weigh on earnings.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Thermax H2 recovery bet rests on a Rs 14,250 crore order balance, guidance of more than Rs 7,000 crore of H2 revenue and a margin rebound toward 10%. Against that, the company has missed in two straight quarters, the Thermax share price has halved from its peak and execution problems keep recurring. Watch Q3 order inflow, margins and Green Solutions losses before drawing conclusions.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Why_did_the_Thermax_share_price_fall_18_after_Q2_FY27_results\"><\/span><strong>Why did the Thermax share price fall 18% after Q2 FY27 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Thermax shares fell 18.04% to Rs 2,723 on 6 November 2026 after Q2 FY27 results missed estimates on profit and orders. Consolidated net profit fell 4.28% to Rs 114.54 crore even though revenue rose 11.4% to Rs 2,755.87 crore, because input costs, an adverse product mix and a Rs 15 crore renewable project impairment squeezed margins. Order inflow also fell about 8% year on year as major Industrial Products orders slipped to the third quarter.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Thermax_share_price_target_after_the_Q2_results\"><\/span><strong>What is the Thermax share price target after the Q2 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Prabhudas Lilladher upgraded Thermax to Buy from Reduce on 7 November 2026 with a target of Rs 3,402, cut from Rs 3,952, which implies about 24.7% from the NSE price of Rs 2,727.30. Older targets were set before the fall, including Rs 5,140 from ICICI Securities with a Buy and Rs 4,000 from Motilal Oswal with a Sell, both in late July and early August 2026. Targets are analyst estimates and not guaranteed returns.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_Thermaxs_H2_FY27_recovery_guidance\"><\/span><strong>What is Thermax&#8217;s H2 FY27 recovery guidance?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Management expects H2 FY27 revenue of more than Rs 7,000 crore, bookings to pick up in the third and fourth quarters, and an Industrial Products margin of 9% to 10% for the full year. Against first-half revenue of about Rs 5,059 crore, that needs quarterly revenue of roughly Rs 3,500 crore, about 27% above the Q2 level of Rs 2,756 crore. Delivering it depends on execution, input costs and order timing.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_main_execution_hurdles_for_Thermax\"><\/span><strong>What are the main execution hurdles for Thermax?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Execution hurdles include legacy flue gas desulphurisation and large government projects in Industrial Infra, higher steel, copper and plastics costs in Industrial Products, losses and impairments in Green Solutions, and approval delays for US data centre orders of one to three months. Q2 execution of about Rs 280 crore fell short of the Rs 310 crore management expected, pushing Rs 200 crore to Rs 300 crore of revenue into the third quarter.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_Thermax_share_price_a_buy_after_the_fall\"><\/span><strong>Is the Thermax share price a buy after the fall?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The Thermax stock is down about 48% from its 52-week high of Rs 5,277.80, and the order balance of Rs 14,250 crore up 16% supports the recovery story. However, the PE of 55.59 is above the industry PE of 42.59, the return on equity is only 10.73% and two straight quarters have missed expectations. This is not investment advice, so consult a SEBI-registered advisor before deciding.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_key_support_and_resistance_levels_for_Thermax_shares\"><\/span><strong>What are the key support and resistance levels for Thermax shares?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> As technical references, the 52-week low of Rs 2,666.60 is the nearest support, with the SuperTrend lower band near Rs 2,345.94 below it. Resistance sits at the day high of Rs 2,781, then the 20-day average of Rs 3,088.86 and the SuperTrend level of Rs 3,247.11. The 14-day RSI of 35.1 shows weak momentum but not yet an oversold extreme. These are not buy or sell recommendations.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_strong_is_the_Thermax_order_book\"><\/span><strong>How strong is the Thermax order book?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Thermax ended Q2 FY27 with an order balance of Rs 14,250 crore, up 16% from Rs 12,300 crore a year earlier and above Rs 14,018 crore in Q1, with Industrial Infra holding about 52% of it. Quarterly order inflow was Rs 3,259 crore, down 8.2%, with Industrial Products inflow down 23% to Rs 1,237 crore. Cash and investments stood at Rs 3,260 crore, up 20% year on year.<\/p>\n<p><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Why did the Thermax share price fall 18% after Q2 FY27 results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Thermax shares fell 18.04% to Rs 2,723 on 6 November 2026 after Q2 FY27 results missed estimates on profit and orders. Consolidated net profit fell 4.28% to Rs 114.54 crore even though revenue rose 11.4% to Rs 2,755.87 crore, because input costs, an adverse product mix and a Rs 15 crore renewable project impairment squeezed margins. Order inflow also fell about 8% year on year as major Industrial Products orders slipped to the third quarter.\"}},{\"@type\":\"Question\",\"name\":\"What is the Thermax share price target after the Q2 results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Prabhudas Lilladher upgraded Thermax to Buy from Reduce on 7 November 2026 with a target of Rs 3,402, cut from Rs 3,952, which implies about 24.7% from the NSE price of Rs 2,727.30. Older targets were set before the fall, including Rs 5,140 from ICICI Securities with a Buy and Rs 4,000 from Motilal Oswal with a Sell, both in late July and early August 2026. Targets are analyst estimates and not guaranteed returns.\"}},{\"@type\":\"Question\",\"name\":\"What is Thermax's H2 FY27 recovery guidance?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Management expects H2 FY27 revenue of more than Rs 7,000 crore, bookings to pick up in the third and fourth quarters, and an Industrial Products margin of 9% to 10% for the full year. Against first-half revenue of about Rs 5,059 crore, that needs quarterly revenue of roughly Rs 3,500 crore, about 27% above the Q2 level of Rs 2,756 crore. 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However, the PE of 55.59 is above the industry PE of 42.59, the return on equity is only 10.73% and two straight quarters have missed expectations. This is not investment advice, so consult a SEBI-registered advisor before deciding.\"}},{\"@type\":\"Question\",\"name\":\"What are the key support and resistance levels for Thermax shares?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"As technical references, the 52-week low of Rs 2,666.60 is the nearest support, with the SuperTrend lower band near Rs 2,345.94 below it. Resistance sits at the day high of Rs 2,781, then the 20-day average of Rs 3,088.86 and the SuperTrend level of Rs 3,247.11. The 14-day RSI of 35.1 shows weak momentum but not yet an oversold extreme. These are not buy or sell recommendations.\"}},{\"@type\":\"Question\",\"name\":\"How strong is the Thermax order book?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Thermax ended Q2 FY27 with an order balance of Rs 14,250 crore, up 16% from Rs 12,300 crore a year earlier and above Rs 14,018 crore in Q1, with Industrial Infra holding about 52% of it. Quarterly order inflow was Rs 3,259 crore, down 8.2%, with Industrial Products inflow down 23% to Rs 1,237 crore. Cash and investments stood at Rs 3,260 crore, up 20% year on year.\"}}]}<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thermax share price holds near Rs 2,727 after an 18% fall on Q2 FY27 results. H2 recovery guidance, order balance, broker targets, levels and execution risks.<\/p>\n","protected":false},"author":38,"featured_media":344700,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[5630,7051,22780,22779,22781],"class_list":["post-344701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-capital-goods-stocks","tag-thermax","tag-thermax-q2-results","tag-thermax-share-price","tag-thermax-share-price-target"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["344700"],"rank_math_title":["Thermax Share Price: H2 FY27 Recovery Bet vs Execution Risk"],"rank_math_description":["Thermax share price trades near Rs 2,727 after an 18% fall on Q2 FY27 results. 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