Thermax Ltd

Stage 4 · Declining · week 1

As of 9 Oct 2026, Thermax is in Stage 4 — declining, a downtrend, in its first week (since 8 Oct 2026). It closed at ₹3,256, 36.9% below its 52-week high and below its 200-day average, which is rising. In Industrials, 25.9% of stocks are in Stage 2.

Thermax Limited provides energy, environmental, and chemical solutions in India and internationally. More about the company

₹3,256.3
+3.77% today
₹36,682 Cr · Large cap
Market Neutral — FadingIndustrials 25.9% in Stage 2-3.4 pts / 20dIndustrial Machinery 33.7%-7.9 pts

Pro read

Pro

Our read

Declining — below its long-term trend

Setup score

—

Momentum

Steady

Edge

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Is THERMAX early, or has it already run? Pro answers that for every NSE stock, after every close.

₹2,999 · 12 months₹1,999 · 6 months
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vs 52W High
-36.9%
₹2,773.8 lo₹5,159.5 hi
36.9% below 52W high — deep Stage 4 damage
In Stage 4, distance from the 52W high reflects ongoing decline — not a discount. Avoid catching falling knives.
Stage Maturity
Week 1
1w13w26w
Week 1 — early Stage 4 decline
How long this stock has been in Stage 4 decline. The longer the downtrend, the more entrenched the selling pressure — there's no 'bottom' time to buy.
vs 200 DMA
-13.9%
200 DMA: ₹3,782 · rising
In Stage 4, the stock is below its 200 DMA — the hallmark of a downtrend. No long positions warranted until this reverses structurally.
Rel Volume
2.37x
vs 50-day avg
High volume on down days in Stage 4 confirms institutional selling. Low volume bounces are typical — they lack real buyers and should not be mistaken for reversals.
Trend Health
↓
MA20 rolling over · -6.5% vs MA50 -11.4%
Two-layer momentum read: the glyph shows whether the 20-day MA is rising (↑/↗), flat (→), or rolling over (↓). The ⇈ flag fires when the 20-day MA is pulling away from the 50-day MA — short-term momentum building on top of the longer trend. Best when both glyphs agree.
1M
-10.3%
3M
-32.3%
6M
-1.1%
YTD
+13.2%
1Y
+2.7%
Sector
Industrials
↓ Peaking
Stage 2%
25.9%
20d Δ
-3.4pp
1M return
-5.0%
3M return
-3.8%
Sector Stage-2 % · last 20 days
Sector has 128 Stage 2 leaders. See Industrials Stage 2 →
Industry
Industrial Machinery
↓ Peaking
Stage 2%
33.7%
20d Δ
-7.9pp
1M return
-0.8%
3M return
-2.1%
Industry Stage-2 % · last 20 days
Industry has 33 Stage 2 leaders. See Industrial Machinery Stage 2 →
Stage Cycle Timeline2023-07-13 → 2026-10-09
S2 19w
S2 30w
S4 19w
S1 14w
S4 26w
S2 16w
2023-07-132026-10-09
S1S2S3S4Setup score (0–10, dashed line at 5)
S3 1w → S2 19w → S3 6w → S2 30w → S3 9w → S2 8w → S3 3w → S4 19w → S1 14w → S4 26w → S1 8w → S2 16w → S3 8w → S4 1w current
Total tracked: 168 weeks across 14 stage runs.
Scan Membership
Breakout Watch
Latest: 2026-04-20
3 appearances in last 60 days. First seen: 2024-01-10.
Stocks that stay in the scan for 13+ weeks are in the highest observed-return cohort — they keep qualifying because the structure remains intact, not by luck. Persistence in the scan is itself a quality signal.
Recent Stage Timeline
2026-10-09S4
Wk 1 · Vol 2.37x
2026-10-08S43→4
Wk 1 · Vol 0.31x
2026-10-07S3
Wk 8 · Vol 0.42x
2026-10-06S3
Wk 8 · Vol 0.98x
2026-10-05S3
Wk 8 · Vol 0.78x
2026-10-01S3
Wk 8 · Vol 1.23x
2026-09-30S3
Wk 8 · Vol 1.73x
2026-09-29S3
Wk 7 · Vol 0.70x
2026-09-28S3
Wk 7 · Vol 0.37x
2026-09-25S3
Wk 7 · Vol 0.30x
2026-09-24S3
Wk 7 · Vol 0.34x
2026-09-23S3
Wk 7 · Vol 0.61x
Sector Peers — Stage 2All →
SHIVAUM
wk 27 · -1.1% from hi
9.4
SAMBHV
wk 10 · -2.7% from hi
9.0
LOKESHMACH
wk 27 · -3.2% from hi
8.9
SPECTRUM
wk 18 · -3.5% from hi
8.9
AXISCADES
wk 3 · -9.8% from hi
8.8
Moving averages & range
50 DMA
₹3,747.5
200 DMA
₹3,782
52W High
₹5,159.5
52W Low
₹2,773.8
5D Low
₹3,138.1
Resistance levels (recent highs)
20d High
₹3,682
60d High
₹4,841
120d High
₹5,159.5
250d High
₹5,159.5
Next resistance
+13.1%
to 20d High
Ask the Market AI about THERMAXAsk →
P/E (TTM)
71.9
Forward 47.6
Earnings Growth (YoY)
+18.7%
Revenue +11.1%
ROE
+13.7%
Profit margin +6.7%
Dividend Yield
0.32%
P/B 10.2
About this companyIndustrials· Industrial Machinery

Thermax Limited provides energy, environmental, and chemical solutions in India and internationally. It operates in Industrial Products, Industrial Infra, Green Solutions, and Chemical segments. The Industrial Products segment offers manufacturing, installation, sales and services related to boilers and heating equipment, absorption chillers/heat pumps, air pollution control equipment/ systems, water & waste recycling, including associated services and engineering, procurement and construction. The Industrial Infra segment provides engineering, procurement, and construction (EPC) of power plants, infra projects, and flue gas desulphurisation projects, along with associated services and manufacturing, installation, sales and services related to boiler and heater plants. The Green solutions segment builds, owns and operates BOO models, energy management solutions, oil and gas-fired, green hydrogen projects and renewable energy (Solar/Wind). The Chemical segment offers manufacturing, installation, sales and services related to ion exchange resins, performance chemicals, construction chemicals, water treatment chemicals, oil field chemicals, paper and construction chemicals, and related services. It also operates cogeneration, waste heat recovery power, captive power, and independent power plants, as well as offers operation and maintenance services. In addition, the company offers steam boilers; waste heat recovery units; fired heaters and process furnaces; thermic fluid, hot air, and hot water heaters; and waste heat recovery. It serves automobiles, cement, chemicals and fertilizers, commercial/construction, dairy, distillery, paper and pulp, pharmaceuticals, plywood, power generation, food, refineries and petrochemicals, soft beverages, metals, sugar, textiles, and tyre industries. Thermax Limited was incorporated in 1966 and is headquartered in Pune, India. Thermax Limited is a subsidiary of RDA Holdings Private Limited.

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All analytics based on EOD data. Data as of 2026-10-09. Past data patterns are not indicative of future results. This page is a data analytics tool only.