Thermax shares hit a 52-week low on Friday, falling close to 20 per cent following the company’s second-quarter results for FY27, as net profit attributable to equity shareholders declined compared with the year-ago period.

The company reported a net profit of ₹114.54 crore in Q2FY27, down from ₹119.66 crore in Q2FY26. However, revenue from operations increased marginally to ₹2,755.87 crore during the quarter under review.

Thermax has raised its H2 FY27 revenue guidance to above ₹7,000 crore, compared with its earlier guidance of ₹3,000 crore per quarter.

The management expects double-digit revenue growth in both Q3 and Q4 of FY27, driven by strong execution of its backlog.

JM Financial maintained its sell rating on Thermax with a sum-of-the-parts (SotP)-based target price of ₹3,435.

The brokerage said its target price implies a price-to-earnings multiple of 45 times on H1FY29E estimates. It retained its sell recommendation.

JM Financial also noted that the stock had corrected sharply, declining 23 per cent following the Q1FY27 results.

Published on November 6, 2026