THERMAX · Industrials · 2026-08-21

Thermax Limited

Stage 3 · wk 2In scan: Breakout WatchMARKET: BULL RISING · 2026-08-21
₹3,967.8
-1.64% today
₹44,697 Cr · Large cap
About this companyIndustrials· Industrial Machinery
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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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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
vs 52W High
-23.1%
₹2,773.8 lo₹5,159.5 hi
23.1% below 52W high — weakening from peak
Stock is rolling over from its 52W high. Stage 3 distribution — new longs are high risk here.
Stage Maturity
Week 2
1w13w26w
Week 2 — early distribution
How long this stock has been in Stage 3 distribution. Longer tops often precede deeper Stage 4 declines.
vs 200 DMA
7.7%
200 DMA: ₹3,683.3 · rising
Stock is losing its 200 DMA. Once lost, it confirms Stage 4 risk. This is a major red flag for existing holders.
Rel Volume
0.32x
vs 50-day avg
Volume spikes on down days during Stage 3 signal distribution — institutions are exiting. A clear warning to avoid new longs.
Trend Health
↓
MA20 rolling over · -6.5% vs MA50 -4.4%
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.
Sector
Industrials
↑ Building
Stage 2%
37.6%
20d Δ
+1.4pp
1M return
+4.5%
3M return
+8.2%
Sector Stage-2 % · last 20 days
Sector has 162 Stage 2 leaders. See Industrials Stage 2 →
Industry
Industrial Machinery
→ Flat
Stage 2%
50.0%
20d Δ
+0.0pp
1M return
+2.0%
3M return
+9.5%
Industry Stage-2 % · last 20 days
Industry has 41 Stage 2 leaders. See Industrial Machinery Stage 2 →
Price + Volume Chart
Loading price chart…
Stage Cycle Timeline2023-05-26 → 2026-08-21
S2 19w
S2 30w
S4 19w
S1 14w
S4 26w
S2 16w
2023-05-262026-08-21
S1S2S3S4Setup score (0–10, dashed line at 5)
S2 7w → 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 2w current
Total tracked: 168 weeks across 14 stage runs.
1M
-13.3%
3M
-10.9%
6M
+35.7%
YTD
+31.7%
1Y
+20.3%
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
2026-08-21S3
Wk 2 · Vol —x
2026-08-20S3
Wk 2 · Vol —x
2026-08-19S3
Wk 2 · Vol —x
2026-08-18S3
Wk 2 · Vol —x
2026-08-17S3
Wk 1 · Vol —x
2026-08-14S3
Wk 1 · Vol —x
2026-08-13S3
Wk 1 · Vol —x
2026-08-12S3
Wk 1 · Vol —x
2026-08-11S32→3
Wk 1 · Vol —x
2026-08-10S2
Wk 16 · Vol —x
2026-08-07S2
Wk 16 · Vol —x
2026-08-06S2
Wk 16 · Vol —x
Sector Peers — Stage 2All →
MARINE
wk 13 · -0.3% from hi
9.8
RATNAVEER
wk 14 · -0.8% from hi
9.8
UNIVCABLES
wk 14 · -8.7% from hi
9.4
TIIL
wk 13 · 0.0% from hi
9.3
RKFORGE
wk 3 · -2.4% from hi
9.2
Moving averages & range
50 DMA
₹4,497.8
200 DMA
₹3,683.3
52W High
₹5,159.5
52W Low
₹2,773.8
5D Low
₹3,967.8
Resistance levels (recent highs)
20d High
₹4,454.5
60d High
₹5,159.5
120d High
₹5,159.5
250d High
₹5,159.5
Next resistance
+12.3%
to 20d High

All analytics based on EOD data. Data as of 2026-08-21. Past data patterns are not indicative of future results. This page is a data analytics tool only.