Thermax Stock Slides 15% In Early Trade As Higher Input Costs And Adverse Product Mix Weigh On September Quarter Profit

Thermax shares plunged 15% to ₹2,830 on the Bombay Stock Exchange (BSE) in Friday's intraday trade after the heavy electric equipment manufacturer reported a 5.3% year-on-year (YoY) decline in consolidated profit after tax (PAT) for the July-September quarter of financial year 2026-27 (Q2FY27).

The company reported a PAT of ₹113.11 crore, compared with ₹119.40 crore in the corresponding quarter last year. The stock came under pressure despite an increase in revenue and operating earnings during the quarter.

Higher input costs, particularly in the Industrial Products segment, and an adverse product mix weighed on profitability. Thermax shares have corrected 46% from their 52-week high of ₹5,277, recorded on 29 June 2026. At 12:19 pm, they were down 18.13% on the BSE.

Thermax Q2FY27 Results: Revenue And EBITDA Rise

The company reported consolidated revenue of ₹2,755.9 crore in Q2FY27. Higher revenue during the quarter primarily reflected improved operations in the Industrial Products and Industrial Infra segments. Execution of the existing order backlog supported growth in these businesses.

Thermax Q2 FY 2026-27 Results: Other Highlights

Operating earnings before interest, tax, depreciation and amortisation (EBITDA) increased 12.9% YoY to ₹194.1 crore. However, the improvement in operating earnings did not translate into higher net profit. EBITDA margin expanded by just 9 basis points to 7% during the quarter.

Consolidated PAT fell to ₹113.11 crore from ₹119.40 crore a year earlier, as higher input costs and an unfavourable product mix affected the company's bottom line.

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