Thermax

** Thermax shares THMX.NS fall as much as 5.46% to 4,070.80 rupees

** Engineering firm reports 83.4% year-on-year drop in first-quarter profit on July 30

** J.P. Morgan says results are weak, citing a 910-million-rupee cost-to-completion provision on a single legacy government project as the principal drag

** J.P. Morgan cuts target price to 4,139 rupees from 4,335 rupees, citing expensive valuations; keeps "neutral" rating

** UBS lowers TP to 5,100 rupees from 5,600 rupees; reiterates "buy"

** Says unexpected cost escalation on the government project driving weakness, may defer growth and margin recovery after the quarterly miss

** Expects the results to weigh on near-term performance despite management's constructive commentary

** Cuts FY2027–2029 earnings estimates by 18%/10%/8%

** THMX reversed an intraday loss of 16.1% to close 1.3% higher on Friday, before brokerage commentary over the weekend highlighted near-term pressure

** Average rating of 20 analysts tracking THMX is "hold"; median TP is 4,250 rupees - LSEG data

** THMX up 36.6% in 2026 so far

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of Thermax THMX.NS plunges 14.4% to 3635.5 rupees, their steepest fall since Dec. 2008

** Engineering firm's Q1 profit slumps 83.4% Y/Y, hurt by rising raw material and operating costs; rev up 6.7%

** Motilal Oswal says sharp decline in co's margins was mainly due to increase in estimated cost to complete a legacy project in industrial infra segment

** Stock rated "hold" on avg; median PT 4300 rupees - data compiled by LSEG

** Stock up 28.9% YTD

(Reporting by Aleef Jahan in Bengaluru)

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July 30 (Reuters) - Indian engineering firm Thermax THMX.NS reported an 83.4% slump in first-quarter profit on Thursday, hurt by rising raw material and operating costs amid intensifying competition from larger diversified rivals.

Here are some more details:

• Thermax reported a consolidated net profit of 252.4 million rupees ($2.64 million) for the quarter ended June 30, down from 1.52 billion rupees a year earlier.

• Manufacturers globally are grappling with elevated input costs, exacerbated by the Middle East conflict and supply chain disruptions, forcing firms to balance margin protection against the risk of losing market share to larger rivals.

• Total expenses rose 15.8% in the quarter to 23.29 billion rupees, from 20.12 billion rupees last year.

• Thermax's revenue from operations increased 6.7% to 23.03 billion rupees, driven by a rise of 11.4% in its industrial products business, the company's largest segment.

• Thermax manufactures boilers, heaters, air pollution control systems, cooling and water treatment equipment, and also offers green energy, chemicals and infrastructure solutions to industrial clients.

• Revenue from the industrial infrastructure segment, Thermax's second-largest business, fell 2.8% from a year ago.

• Shares of Thermax closed down 2.9%, but are up 40.6% so far this year.

($1 = 95.6800 Indian rupees)

(Reporting by Abhinav Parmar in Bengaluru; Editing by Eileen Soreng)

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May 7 (Reuters) - Indian engineering firm Thermax THMX.NS reported a near 19% rise in fourth-quarter profit on Thursday, helped by robust demand for its industrial heating and cooling products.

• Consolidated net profit rose to 2.44 billion rupees ($25.89 million) for the quarter ended March 31, from 2.06 billion rupees a year ago.

• Revenue rose 12.5% to 34.28 billion rupees, driven by the industrial products segment - Thermax's largest - which saw revenue climb 17.4%.

• Thermax produces a wide range of industrial products including boilers, heaters, air pollution control systems, cooling and water treatment equipment, as well as green energy, chemical and infrastructure solutions.

• The firm counts power, clean energy and manufacturing companies among its clients.

• Antique Stock Broking said Thermax continues to benefit from a strong order pipeline across sectors.

• Brokerage also sees healthy international opportunities, driven by demand for data-center cooling solutions and boilers and heaters for refineries and petrochemical plants

• Order bookings for the fourth quarter more than doubled to 44.9 billion rupees.

($1 = 94.2500 Indian rupees)

(Reporting by Abhinav Parmar and Devika Nair in Bengaluru)

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March 16 (Reuters) - Thermax Limited THMX.NS:

• FE8PL ENTERS SHARE SUBSCRIPTION AND SHAREHOLDERS AGREEMENT WITH INDIA CEMENTS

• INDIA CEMENTS TO SUBSCRIBE 13.3 MILLION FE8PL SHARES FOR 14.63% STAKE IN FE8PL

Source text: ID:nBSE5mVzQ8

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** Shares of Thermax THMX.NS jump 4.4% to 2,953.60 rupees

** Energy and environment solutions provider posted 76% y/y rise in Q3 profit on strong order wins

** Trading volume at 159,021 shares vs 30-day-avg of 89,911 shares

** Stock rated "hold" on avg by 21 analysts, median PT at 3346.50 rupees - data compiled by LSEG

** THMX lost about 25% in 2025, stock down 6.4% so far in 2026

($1 = 90.3740 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

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Feb 2 (Reuters) - Indian engineering firm Thermax THMX.NS posted a 76% rise in its third-quarter profit on Monday, aided by strong order wins.

The Pune-based firm's consolidated net profit rose to 2.04 billion rupees ($22.28 million) for the quarter ended December 31 from 1.16 billion rupees a year ago.

Thermax operates in India's capital goods sector, supplying industrial equipment and systems to power, clean energy and manufacturing clients.

Healthy industrial demand and robust execution likely supported revenues for capital goods companies during the quarter, with orders led by power generation, transmission and distribution and EPC projects, analysts at Elara Capital said in a pre-earnings note.

Thermax's order bookings for the third quarter jumped 34% to 30.80 billion rupees, driven by improved performance in its two key segments, supported by better demand and stronger exports.

The industrial machine maker's quarterly revenue rose 4.2% to 26.35 billion rupees, as revenue from its industrial products segment - its largest - climbed 18%.

The segment delivers equipment for core industrial operations such as boilers, chillers and heating equipment.

Industrial Infra - Thermax's second-largest segment, which includes large-scale infrastructure and energy projects - posted a decline of 9.4% in its third-quarter revenue.

Thermax's bottom line also included exceptional gains of about 59 million rupees on a net basis from the reversal of provisions and related interest income, the company said.

Its shares closed 2% lower on Monday ahead of the results.

($1 = 91.5770 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Ronojoy Mazumdar and Shreya Biswas)

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** JP Morgan initiates coverage of CG Power CGPO.NS, Cummins India CUMM.NS and Thermax THMX.NS with "overweight" rating

** Price target for CGPO at 840 rupees, CUMM at 4,649 rupees, and THMX at 3,869 rupees

** Shares of CGPO up 3.2%, THMX rise 2%, and CUMM up 0.6%

** Brokerage sees CGPO, CUMM and THMX posting over mid-teen growth in earnings per share

** Thermax to see margin expansion as older, lower margin projects run out - JP Morgan

** Brokerage also initiates coverage on ABB India ABB.NS and Praj Industries PRAJ.NS with "neutral" and Siemens SIEM.NS and Bharat Heavy Electricals BHEL.NS with "underweight"

(Reporting by Vijay Malkar)

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Adds charts, gives more details in paragraph 4 and paragraph 6 onwards

By Vivek Kumar M

Aug 8 (Reuters) - MSCI will add four Indian stocks, including retailer Vishal Mega Mart VSSL.NS and online delivery platform Swiggy SWIG.NS, to its flagship MSCI Global Standard index .MIEF00000PUS, setting them up for potential total inflows of $1 billion.

Hitachi Energy India HITN.NS and Waaree Energies WAAN.NS will be the other two additions to the index, while Sona BLW SONB.NS and Thermax THMX.NS will be dropped, the index provider said in a statement dated August 7.

The changes will take place as of the close of August 26, MSCI said.

Swiggy is expected to get inflows worth up to $289 million, while Vishal Mega Mart can get $258 million in passive fund flows as a result of the addition, IIFL Alternate Desk said. They added that Hitachi Energy is likely to draw $230 million of inflows, and Waaree Energies $233 million.

All the six shares were trading lower on the day in a weak market. Meanwhile, information technology company Coforge COFO.NS was down 4%, among top 3 midcap .NIFMDCP100 losers, as it failed to make it to the MSCI Global Standard index.

MSCI's indexes are used by investors globally, with about $16.9 trillion of assets under management benchmarked to their equity indexes.

The index provider will reduce Swiggy rival Eternal's ETEA.NS weight in the flagship index, leading to outflows of up to $607 million, as per IIFL Alternate Desk.

Eternal's weight was expected to be lowered amid its proposal to convert to Indian owned and controlled company (IOCC), capping foreign ownership to 49.5%.

Apart from Eternal, three other Indian stocks - Asian Paints ASPN.NS, Jindal Steel JNSP.NS and Havells India HVEL.NS will see weight cuts, while CG Power and Industrial Solutions' CGPO.NS weight will be increased.

The index provider also announced the addition of 15 Indian stocks and removal of six from its Global Smallcap index.

(Reporting by Vivek Kumar M; Editing by Ronojoy Mazumdar)

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** India's Thermax THMX.NS falls 5% to 3,591 rupees, set for biggest daily pct drop in three months

** Stock down for second straight session post Q1 results

** PL Capital, which had upgraded the stock to "accumulate" in February, downgrades to "hold" on persistent execution challenges

** Engineering firm on Thursday posted lower revenue for Q1, while profit rises y/y

** Execution delays caused by site-level challenges and early monsoon weighed on Q1 earnings, says Phillip Capital

** Analysts on avg recommend "hold" on THMX; median PT at 3,590 rupees, as per LSEG data

** YTD, THMX down ~11%

(Reporting by Vivek Kumar M)

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July 31 (Reuters) - Indian engineering firm Thermax THMX.NS reported a better-than-expected profit for the June quarter on Thursday, boosted by robust order growth and lower raw material and component costs.

Consolidated net profit rose 32% year-on-year to 1.52 billion rupees ($17.4 million) for the quarter ended June 30, beating analysts' expectation of 1.34 billion rupees, according to data compiled by LSEG.

Total revenue declined 1.6% to 21.5 billion rupees, partly due to delayed customer approvals and execution challenges.

However, expenses fell 4.9% to 20.04 billion rupees, helped by a 11.4% decline in the cost of raw materials consumed, which boosted profitability.

The company, which provides boilers, chillers and water treatment and pollution control infrastructure, also benefited from a stronger order book, with bookings rising 7% to 27.48 billion rupees.

Sector bellwether and larger rival Larsen & Toubro LART.NS on Tuesday posted a 30% rise in consolidated profit after tax.

India's industrial engineering and clean energy sector is benefitting from rising government capex, an infrastructure push, and demand for green technology.

Firms such as Thermax, L&T, and BHEL BHEL.NS are riding this momentum, although input cost volatility, supply snags, and global execution risks remain key hurdles, analysts said.

Thermax shares closed 2.7% higher on Thursday ahead of the results, although the stock is down 2.5% year-to-date.

($1 = 87.5930 Indian rupees)

(Reporting by Vijay Malkar and Chandini Monnappa in Bengaluru; Editing by Sonia Cheema)

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** Shares of Thermax THMX.NS jump 8% to 3,937 rupees, their highest since March 27

** Kotak Institutional Equities raises price target for the capital goods firm to 3,800 rupees from 3,500 rupees, citing scope for margin improvement, maintains "add"

** Brokerage, which is top-rated among analysts covering THMX, estimates EBITDA margins will expand by 250 bps between FY25 and FY28, 20 bps higher than earlier, as loss-making segments turn profitable

** Adds, revenue will grow at a compounded annual growth rate of 13% in the same period, compared to 12.5% it estimated earlier

** Kotak says "75% of revenues comprise businesses with strong growth potential"

** THMX currently trades above Kotak's new PT

** 20 analysts rate stock "hold" on avg; median PT 3,520 rupees - data compiled by LSEG

(Reporting by Nandan Mandayam in Bengaluru)

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April 3 (Reuters) - Thermax Limited THMX.NS:

• THERMAX LIMITED - ENTERS AGREEMENT TO SELL STAKE IN COVACSIS TECHNOLOGIES

• THERMAX LIMITED - CONSIDERATION RECEIVED FROM SALE IS 100 MILLION RUPEES

Source text: ID:nBSE4qbLSw

Further company coverage: THMX.NS

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Feb 4 (Reuters) - Thermax Limited THMX.NS:

• Q3 CONSOL NET PROFIT 1.16 BILLION RUPEES; IBES PROFIT EST. 1.83 BILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 25.08 BILLION RUPEES; IBES EST. 26.95 BILLION RUPEES

Source text: [ID:]

Further company coverage: THMX.NS

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Dec 20 (Reuters) - Thermax Limited THMX.NS:

• THERMAX - GETS TAX ORDER WITH FINANCIAL IMPACT OF 164.3 MILLION RUPEES

Source text: ID:nNSE3PQg4Y

Further company coverage: THMX.NS

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** Shares of Thermax THMX.NS rises 2.5% to 5,020 rupees, their biggest one-day pct gain since Oct. 25

** Industrial machine maker posts bigger-than-expected Q2 profit, helped by steady demand for its industrial products

** Analysts' avg rating on stock is "hold," same as that on peer ABB India ABB.NS

** Their median PT on THMX is 4,600 rupees - LSEG

** Stock extends YTD gains to 62%, compared to a 42% surge in ABB

(Reporting by Aleef Jahan in Bengaluru)

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Nov 13 (Reuters) - India's Thermax THMX.NS reported a bigger-than-expected second-quarter profit on Wednesday, helped by steady demand for its industrial products.

The industrial machine maker's consolidated net profit rose 25% to 1.97 billion rupees ($23.35 million) in the July-September quarter.

Analysts, on average expected a profit of 1.76 billion rupees, as per data compiled by LSEG.

During the second quarter, capital goods companies, such as Thermax, benefited from increased orders from sectors like power generation, transmission and distribution, and defense, as well as from easing raw material costs, according to analysts.

Additionally, the execution of backlog orders was also expected to drive revenue growth for these firms, they said.

Thermax's revenue rose 13.5% to 26.12 billion rupees for the September quarter, above analysts' expectation of 25.87 billion rupees.

The growth was primarily driven by revenue from its industrial products segment and the division that sets up bio-CNG and power plants, which contribute to about 88% to the company's total revenue.

Its order booking for the quarter rose 70% to 33.53 billion rupees, helped by large orders in the infra energy segment.

Peer ABB India ABB.NS posted a higher quarterly profit last week.

Thermax's shares closed 4% lower ahead of results.

($1 = 84.3610 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)

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Nov 4 (Reuters) - Engineering services firm ABB India ABB.NS reported a 21% surge in third-quarter profit on Monday, driven by higher demand for its electrification products.

Profit at the Indian arm of Switzerland's ABB ABBN.S rose to 4.4 billion rupees ($52.33 million) in the three months ended Sept. 30 from 3.63 billion rupees a year earlier.

Capital goods companies benefited from increased orders and easing raw material costs during the quarter, analysts said.

"The quarter was marked by record levels of backlog complemented by a strong book to bill and cash," ABB India said in an exchange filing.

The company's total orders for the third quarter rose 11% from a year earlier to 33.42 billion rupees.

Revenue from its electrification segment, which makes solar inverters and wiring accessories, rose 10% compared with a year earlier. The segment contributes about 40% to the total revenue.

The company's second-biggest segment, motion, which makes electrical motors and generators, also logged a revenue growth of 10%.

ABB India's total revenue from operations rose 5% from a year earlier to 29.12 billion rupees.

Rival Thermax is due to post results next week.

Earlier this month, parent ABB posted a slightly better-than-expected quarterly operational core profit.

Shares of ABB India closed 0.94% lower ahead of the results.

($1 = 84.0810 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Sumana Nandy and Krishna Chandra Eluri)

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** Shares of Thermax THMX.NS rise as much as 5.3% to 5,719 rupees, highest since July 9

** The engineering co on Friday said it has signed an agreement to acquire 100% stake in Buildtech Products India - engaged in business of construction chemicals - for about 720 mln rupees ($8.6 mln)

** "Acquisition would provide co entry into niche infrastructure projects including tunnelling, hydro power projects, etc," - Thermax

** Avg rating of 19 analysts equivalent of "Hold", median PT is 4,595 rupees - LSEG data

** Stock last up 2.5%, bumping YTD gains to ~81%

($1 = 84.0690 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru)

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Oct 25 (Reuters) - Thermax Limited THMX.NS:

• THERMAX - ACQUISITION OF BUILDTECH PRODUCTS INDIA PRIVATE

• THERMAX LIMITED - TO ACQUIRE 100% STAKE IN BUILDTECH PRODUCTS FOR APPROX. 720 MILLION RUPEES

Source text for Eikon: ID:nBSE6Hymbk

Further company coverage: THMX.NS

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Oct 1 (Reuters) - Thermax Limited THMX.NS:

• UNIT THERMAX ENGINEERING SINGAPORE MAKES FURTHER INVESTMENT IN UNIT THERMAX (THAILAND)

• INVESTMENT OF 259 MILLION RUPEES

Source text for Eikon: ID:nNSEZf7kk

Further company coverage: THMX.NS

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** Shares of Thermax THMX.NS rise 3.8% to 4,908.95 rupees

** Industrial equipment-maker's unit won order worth 5.16 bln rupees ($61.5 mln) from Jindal Energy Botswana to set up 300MW energy project

** Stock on track to rise in fifth straight session, if trend holds

** THMX rated "hold" on avg, same as rival AIA Engineering AIAE.NS - LSEG data

** THMX up ~60% YTD vs 17.5% climb in AIAE

($1 = 83.8900 Indian rupees)

(Reporting by Varun Vyas in Bengaluru)

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Sept 13 (Reuters) - Thermax Limited THMX.NS:

• THERMAX - ENTERED INTO LOAN AGREEMENT WITH THERMAX BABCOCK, WILCOX ENERGY SOLUTIONS

• THERMAX - TO AVAIL LOAN UPTO 2.5 BILLION RUPEES

Further company coverage: THMX.NS

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Sept 12 (Reuters) - Thermax Limited THMX.NS:

• THERMAX - SIGNING OF COLLABORATION AND LICENSE AGREEMENT WITH CERES POWER

• THERMAX - THERMAX TO ENTER INTO ELECTROLYSER MANUFACTURING & SYSTEM SOLUTIONS

• THERMAX - TO PROVIDE GREEN HYDROGEN SOLUTIONS FOR INDUSTRIAL CUSTOMERS

• THERMAX - PLANS TO ESTABLISH MANUFACTURING FACILITY FOR ELECTROLYSERS, DEVELOP SUPPLY CHAIN

• THERMAX - TO MANUFACTURE, SELL AND SERVICE STACK ARRAY MODULES

Source text for Eikon: ID:nBSE2FSckt

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Sept 6 (Reuters) - Thermax Limited THMX.NS:

• UNIT FIRST ENERGY TO ACQUIRE 100% STAKE OF ONIX-TWO ENERSOL

Source text for Eikon: ID:nNSE6y89kH

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(Reporting by VijayDattaram Malkar)

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BENGALURU, Aug 1 - India's Thermax THMX.NS posted a 13.5% rise in first-quarter profit on Thursday, on steady demand for industrial products.

Its consolidated profit before tax and exceptional items rose to 1.61 billion rupees ($19.23 million) in the April-June quarter from 1.42 billion rupees a year ago.

The company had an exceptional charge of 510 million rupees in the year ago quarter, relating to litigation costs.

Analysts had previously said that capital goods companies would see revenue growth in the first quarter on the back of healthy industrial demand and execution.

Thermax, which caters to industries like aviation, cement and renewable energy, said its order book rose marginally in the quarter.

Revenue from the industrial products segment, which sells electric boilers, heat pumps and wastewater treatment plants, increased 15%.

Revenue from its industrial infrastructure segment, which makes large boilers and refinery process units, rose 1%.

The segments together contribute about 85% to the company's total revenue, which rose 13% to 21.84 billion rupees.

Peer Larsen and Toubro's LART.NS quarterly profit beat estimates last month.

Thermax's shares closed 2.1% higher after the results.

($1 = 83.7080 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala)

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July 11 (Reuters) - Thermax Limited THMX.NS:

• UNIT ENTERED SHAREHOLDERS AGREEMENT WITH VEBRO POLYMERS HOLDINGS

• AGREEMENT TO INCOPORTAE NEW CO TO EXECUTE EFFECTIVE FLOORING CHEMICAL BUSINESS

Further company coverage: THMX.NS

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July 5 (Reuters) - Thermax Limited THMX.NS:

• UNIT GETS ORDER WORTH 5.13 BILLION RUPEES

Source text for Eikon: ID:nBSE8CSR3T

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May 27 (Reuters) - BGR Energy Systems Ltd BGRE.NS:

• RECEIVED INTIMATION OF TERMINATION OF CONTRACT FROM THERMAX

Source text for Eikon: ID:nBSE8QvG8c

Further company coverage: BGRE.NS

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