What the six lenses say about THERMAX — its relative strength vs the baselines, price & RS trend, the 8-quarter financials, and live filings.
How THERMAX’s own sector index is moving — context for reading the stock’s six lenses.
Six-lens read
The actual numbers
The actual numbers
Full 8-quarter history in the financials table below.
The actual numbers
The actual numbers
Every filing in the corporate-announcements panel below.
The actual numbers
Decile — each lens’s 0–100 score is ranked against every Mid-cap stock in the universe. D10 = top 10% (strongest), D1 = bottom 10%. A decile is simply where this stock sits versus its size-peers on that lens — no weighting, no black box.
Conviction — the average of the two active conviction-lens deciles (Technical & Flow):
Fundamental, Catalyst, Valuation and Policy are shown for context but carry weight 0 in the current model, so they are not scored into conviction. Full detail on the methodology page ↗.
Glass box
Click a lens to expand its sub-components, then drill to the actual values. The eye icon on any term explains it.
Policy
Active policies relevant to this sector — flagged as a Red / Amber / Green signal, not scored into the six-lens conviction. The lenses say what the market is doing; policy is context for why.
PLI Scheme — Solar PV Manufacturing
Production-linked incentive scheme for solar photovoltaic module and cell manufacturing
National Green Hydrogen Mission
National mission for green hydrogen production, electrolyser manufacturing, and renewable energy
Percentage-point spread vs each baseline across six windows. Green = outperforming, red = lagging. Data as of 2026-09-08.
| Baseline | 1D | 1W | 1M | 3M | 6M | 12M |
|---|---|---|---|---|---|---|
Nifty 50 Large-cap anchor | +0.1pp | -5.9pp | -5.8pp | -25.7pp | +17.3pp | +13.1pp |
Nifty 500 Broad-market baseline | -0.0pp | -5.9pp | -6.8pp | -27.3pp | +11.5pp | +7.9pp |
Sector Own-sector index | — | — | -7.4pp | -18.6pp | +10.0pp | -1.7pp |
From atlas_foundation.technical_daily. Sector row covers 1M–12M (1D/1W not stored).
Trend
THERMAX daily close with the three trend EMAs · atlas_foundation.ohlcv_stock.
Relative strength
THERMAX ÷ Nifty 500, rebased to 100 at window start — above 100 = outperforming since then.
TradingView composite technical analysis — multi-timeframe consensus
Last 8 quarters from the company’s filings (₹ crore) — revenue, profit, margins and the growth trend.
| Metric | Jun '24 | Sep '24 | Dec '24 | Mar '25 | Jun '25 | Sep '25 | Dec '25 | Mar '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue (₹cr) | 2,184 | 2,612 | 2,508 | 3,046 | 2,158 | 2,474 | 2,635 | 3,428 |
| ↳ change QoQ | — | +19.6% | -4.0% | +21.5% | -29.2% | +14.6% | +6.5% | +30.1% |
| EBITDA (₹cr) | 225 | 338 | 221 | 300 | 225 | 172 | 255 | 374 |
| EBITDA margin | 10.3% | 12.9% | 8.8% | 9.8% | 10.4% | 7.0% | 9.7% | 10.9% |
| PAT (₹cr) | 109 | 198 | 114 | 206 | 151 | 119 | 205 | 244 |
| ↳ change QoQ | — | +81.0% | -42.6% | +81.1% | -26.7% | -21.2% | +72.3% | +19.0% |
| Net margin | 5.0% | 7.6% | 4.5% | 6.8% | 7.0% | 4.8% | 7.8% | 7.1% |
| EPS (₹) | 10.28 | 17.49 | 10.29 | 17.27 | 12.79 | 10.04 | 17.14 | 20.50 |
| D/E | — | — | — | — | — | — | — | — |
Filings to the exchange — capital actions, earnings and governance. Most recent first.
A governance / disclosure filing — lower signal weight, context only.
View original filing on NSE ↗A governance / disclosure filing — lower signal weight, context only.
View original filing on NSE ↗A governance / disclosure filing — lower signal weight, context only.
View original filing on NSE ↗An exchange filing — open the original disclosure on NSE for the full text.
View original filing on NSE ↗An exchange filing — open the original disclosure on NSE for the full text.
View original filing on NSE ↗A governance / disclosure filing — lower signal weight, context only.
View original filing on NSE ↗An exchange filing — open the original disclosure on NSE for the full text.
View original filing on NSE ↗An exchange filing — open the original disclosure on NSE for the full text.
View original filing on NSE ↗An exchange filing — open the original disclosure on NSE for the full text.
View original filing on NSE ↗A governance / disclosure filing — lower signal weight, context only.
View original filing on NSE ↗A governance / disclosure filing — lower signal weight, context only.
View original filing on NSE ↗A governance / disclosure filing — lower signal weight, context only.
View original filing on NSE ↗A governance / disclosure filing — lower signal weight, context only.
View original filing on NSE ↗A governance / disclosure filing — lower signal weight, context only.
View original filing on NSE ↗A governance / disclosure filing — lower signal weight, context only.
View original filing on NSE ↗…and 5 more.
Ownership
Mutual funds holding THERMAX (10)
| Fund | Weight | AUM ₹cr | Grade |
|---|---|---|---|
| Kotak Flexicap Reg Gr | 1.67% | 56,119 | |
| SBI Large Cap Reg Gr | 1.82% | 55,431 | |
| SBI Midcap Reg Gr | 1.06% | 24,354 | |
| ICICI Pru Multicap Gr | 0.64% | 18,769 | |
| Edelweiss Mid Cap Gr | 0.53% | 18,704 | |
| HSBC Midcap Gr | 2.29% | 15,578 | |
| Sundaram Mid Cap Gr | 1.58% | 14,504 | |
| SBI Energy Opportunities Reg Gr | 4.40% | 8,647 | |
| Bajaj Finserv Flexi Cap Reg Gr | 2.18% | 8,173 | |
| Aditya BSL Multi Asset Allc Reg Gr | 1.52% | 7,279 |
ETFs holding THERMAX (6)