Intraday Price Movement and Market Context
On 21 Nov 2025, Thermax . recorded an intraday low of Rs.2890, representing a decline of 2.66% for the day. This performance lagged behind its sector peers by 0.66%, indicating relative weakness within the Heavy Electrical Equipment segment. The stock's day change stood at -2.77%, underscoring the downward pressure it faced during trading hours.
Meanwhile, the broader market benchmark, the Sensex, opened 285.28 points lower and traded at 85,251.20, down 0.45%. Despite this, the Sensex remains close to its 52-week high of 85,801.70, trading just 0.65% below that peak. The index is positioned above its 50-day moving average, which itself is above the 200-day moving average, signalling a generally bullish trend for the market overall.
In contrast, Thermax . is trading below all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — highlighting sustained downward momentum over multiple time frames.
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One-Year Performance and Valuation Metrics
Over the past year, Thermax . has recorded a total return of -33.70%, contrasting with the Sensex's positive return of 10.49% during the same period. The stock's 52-week high was Rs.5002.95, indicating a substantial decline from its peak levels.
The company’s valuation metrics reveal a price-to-book value of 7, which suggests a relatively expensive valuation compared to its peers' average historical valuations. The return on equity (ROE) stands at 11.8%, while the return on capital employed (ROCE) for the half-year period is at 14.05%, noted as the lowest in recent assessments.
Thermax .’s debt-to-equity ratio for the half-year is 0.36 times, the highest recorded in the recent period, though the company maintains a low average debt-to-equity ratio of 0 times over the longer term.
Profitability and Financial Results
The company’s quarterly profit after tax (PAT) was Rs.119.66 crores, reflecting a decline of 39.3% compared to the previous corresponding period. Additionally, profits over the past year have shown a reduction of 7.9%, indicating pressure on earnings.
Operating profit has demonstrated a compound annual growth rate of 41.19%, which points to healthy long-term growth in core operations despite recent profit contractions.
Sector Position and Market Capitalisation
Thermax . holds a market capitalisation of approximately Rs.35,318 crores, making it the largest company within the Heavy Electrical Equipment sector. It accounts for 19.22% of the sector’s total market capitalisation. The company’s annual sales of Rs.10,224.12 crores represent 16.03% of the industry’s total sales, underscoring its significant presence.
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Institutional Holdings and Market Dynamics
Institutional investors hold 27.39% of Thermax .’s shares, reflecting a notable level of ownership by entities with extensive analytical resources. This level of institutional holding is significant within the context of the company’s market capitalisation and sector standing.
Despite the stock’s recent underperformance, Thermax . remains a key player in its sector, though its returns have lagged behind the broader BSE500 index over the last three years, one year, and three months.
Summary of Current Concerns
The stock’s fall to Rs.2890, its 52-week low, is accompanied by several financial indicators that reflect challenges. These include a decline in quarterly profits, a relatively high price-to-book ratio, and trading below all major moving averages. The company’s return metrics and debt levels also suggest areas of caution for market participants analysing its recent performance.
While the broader market and sector indices show resilience, Thermax .’s share price movement indicates a divergence from these trends, highlighting the importance of monitoring its financial developments closely.
Conclusion
Thermax .’s stock reaching a 52-week low of Rs.2890 marks a notable point in its recent market journey. The combination of subdued profit figures, valuation considerations, and relative underperformance within the sector contributes to the current pricing environment. Investors and market watchers will continue to observe how these factors evolve in the context of the company’s operational and financial landscape.
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