Highlights

• Stock Hits Fresh High: Thermax shares touched a new 52-week high of ₹4,736.
• Order Book Expansion: Q4 order booking more than doubled year-on-year to ₹4,490 crore.
• Industrial Infra Growth: Large thermal power project order supported quarterly business momentum.

Thermax Limited (NSE:THERMAX) shares surged more than 11% during Thursday’s trading session and touched a fresh 52-week high of ₹4,736. The stock traded near ₹4,649.00 compared to the previous close of ₹4,182.30. Trading activity remained high with traded value crossing ₹1,050 crore during the session.

Source: tradingView

The stock has delivered strong market returns across multiple periods. Thermax shares gained around 14.93% in one week compared to 0.13% rise in the NIFTY Energy index. In one month, the stock advanced 42.37%, while year-to-date gains stood at 52.98%. On a one-year basis, the stock delivered returns of 48.48%. Long-term performance also remained notable with 102.07% returns over three years and 211.23% gains over five years.

Q4 FY26 Business Update

Thermax Limited submitted its Q4 FY26 investor presentation to the stock exchanges under Regulation 30 of SEBI Listing Regulations. The company reported order booking of ₹4,490 crore during the quarter, showing a 112% rise compared to the corresponding quarter last year. Order balance increased 27% year-on-year to ₹13,604 crore.

Revenue for Q4 FY26 stood at ₹3,428 crore, while profit after tax increased to ₹244 crore from ₹206 crore in the year-ago period. Profit before tax for the quarter came at ₹334 crore. The company said performance improvement was supported by Industrial Products and reduced losses in Industrial Infra operations.

Source: Company Filing

Segment Performance

Industrial Products order booking rose 60% year-on-year to ₹1,512 crore. Industrial Infra order booking increased 152% to ₹2,433 crore, supported by a boiler package order related to a 1x800 MW ultra-supercritical thermal power project in Central India valued at around ₹1,600 crore.

The Green Solutions segment reported significant order booking growth, while Chemicals segment profitability remained under pressure due to higher input costs and product mix changes. The company also highlighted progress in biomass projects, water treatment facilities, waste-to-energy operations and data centre cooling solutions.

Industry Outlook

The company noted that commodity price volatility remained elevated during the quarter due to geopolitical developments and crude oil fluctuations. Steel prices increased around 20-25%, impacting input costs across businesses.

Thermax also highlighted continued opportunities in data centres and industrial energy solutions. India’s manufacturing PMI remained in expansion territory during Q4 FY26, although momentum moderated toward the quarter end.

Key Risks

• Commodity price volatility may impact operating margins and project execution costs.
• Global geopolitical tensions may affect raw material availability and pricing trends.
• Currency fluctuations may influence import costs and overseas business operations.
• Demand slowdown in industrial sectors may affect future order inflows.

Summary

Thermax (NSE:THERMAX) shares surged over 11% and touched a fresh 52-week high after the company released its Q4 FY26 investor presentation. Order booking more than doubled year-on-year to ₹4,490 crore, while revenue and profit also increased.

Growth in Industrial Products and Industrial Infra businesses supported quarterly performance, although commodity price volatility and geopolitical risks remained key concerns for operations.

FAQs

Q: Why did Thermax shares rise sharply on May 8, 2026?
A: Shares gained after the company reported higher Q4 order booking and improved financial performance across major business segments.

Q: What was Thermax’s order booking during Q4 FY26?
A: The company reported quarterly order booking of ₹4,490 crore, up 112% compared to the previous year period.

Q: Which business segment supported Thermax’s quarterly growth?
A: Industrial Infra and Industrial Products segments mainly supported order growth and improved profitability during the quarter.