The stock plunged more than 16 percent to an intraday low of Rs. 3,566.90 soon after the opening bell. Although it later recovered some losses, it was still trading around 13 percent lower.
Financial performance
For the quarter ended June 30, 2026 (Q1 FY27), Thermax reported a mixed set of earnings.
The company's consolidated net profit fell sharply to Rs. 25.2 crore, compared with Rs. 152 crore in the corresponding quarter last year.
However, revenue from operations rose around 7 percent year-on-year to Rs. 2,303 crore, up from Rs. 2,150 crore a year ago.
What weighed on earnings?
Despite the growth in revenue, Thermax's profitability came under pressure due to higher operational and cost-related expenses.
The company said these factors weighed on its bottom line even as business activity and revenue remained healthy.