Shares of Thermax jumped as much as 7.82% to Rs 4,509 during Friday’s trading session after the company posted strong Q4FY26 earnings, backed by robust revenue growth and a sharp rise in order inflows. The stock also scaled a fresh 52-week high of Rs 4,539, extending its bullish momentum.
The engineering major reported an 18.7% year-on-year increase in consolidated net profit for the March quarter at Rs 244.28 crore, compared to Rs 205.73 crore in the corresponding quarter last year.
Revenue from operations rose 12.5% YoY to Rs 3,428.04 crore in Q4FY26, up from Rs 3,046.40 crore reported in the same period a year ago, reflecting strong execution across segments.
Order boost
Thermax’s order pipeline remained a key highlight for investors. As of March 31, 2026, the company’s total order balance stood at Rs 13,604 crore, marking a robust 27% increase over Rs 10,693 crore in the year-ago period.
Even more impressive was the company’s order booking performance during the quarter, which surged 112% to Rs 4,490 crore versus Rs 2,119 crore in the same quarter last fiscal — indicating strong demand visibility and business momentum going forward.
Dividend bonanza
Adding to the positive sentiment, the board recommended a final dividend of Rs 14 per share. To commemorate Thermax’s 60th anniversary, the company also announced a special dividend of Rs 6 per share.
This takes the total dividend payout for FY26 to Rs 20 per equity share (face value Rs 2 each), subject to shareholder approval at the company’s upcoming 45th Annual General Meeting.
The record date for dividend eligibility has been fixed as Friday, July 3, 2026.
Thermax shares past performance
Thermax shares have been on a stellar rally, gaining nearly 46% over the last three months. The company currently commands a market capitalisation of around Rs 49,834 crore.
On the valuation front, the stock is trading at a price-to-earnings (PE) ratio of 73.08 and a price-to-book (PB) ratio of 9.53, indicating premium market valuations backed by strong growth expectations.
Technical indicators
According to Trendlyne data, Thermax’s Relative Strength Index (RSI-14) stands at 66.1, suggesting the stock is approaching overbought territory but still below the key 70 mark. The stock continues to exhibit strong bullish momentum, trading above all 8 out of 8 key simple moving averages (SMAs), reinforcing the ongoing uptrend.
In terms of shareholding trends, foreign institutional investors (FIIs) slightly reduced their stake in the March 2026 quarter from 12.36% to 11.25 in the preceding three months.
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