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Energy & environment equipment Historical case study · data as of 20 Jul 2026 · published 23 Oct 2026 (95 days later)

Thermax — 100-point case study

How Thermax looked on 50 technical and 50 fundamental measures on 20 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: THERMAX · BSE: 500411
Close on 20 Jul 2026	₹4,710.50
Market cap then	₹56,109 crore
Valuation	P/E 78.0× · P/B 10.11×
Momentum	RSI (14) 51 · 1-year return +21.1%
Next 3 months	-33.2% vs Nifty 50 -5.9% (to 21 Oct 2026)

Scorecard

Technical — 50 points

18 bullish · 22 neutral · 2 caution · 7 bearish — the picture leaned positive.

Fundamental — 50 points

10 bullish · 35 neutral · 1 caution · 3 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Technical analysis — 50 points

Calculated by code from daily prices up to 20 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.43%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.43% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +13.7%	Bullish	The 100-session trend line was up (+0.53%/day) and the stock was +13.7% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +21.1%	Bullish	Compared with a year earlier the price was +21.1%. A strong positive year. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 4,731.59 / 30W 3,843.74	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 5,075.00→5,277.80; lows 4,330.00→4,533.30	Bullish	The two most recent swing points showed higher swing highs and higher swing lows — classic uptrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	25.4	Bearish	ADX at 25.4 shows a trend of moderate strength. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 21.5 / –DI 23.6	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	4,768.30 (-1.2%)	Bearish	Close of 4,710.50 was 1.2% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	4,698.64 (+0.3%)	Bullish	Close of 4,710.50 was 0.3% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	3,561.29 (+32.3%)	Bullish	Close of 4,710.50 was 32.3% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 4,658.69 / 21E 4,700.19	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 13 Jul 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	last golden cross 20 Apr 2026	Bullish	The 50-day average was 31.9% above the 200-day. The most recent signal was a golden cross on 20 Apr 2026. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+7.0% in 20 sessions	Bullish	The 50-day average rose 7.0% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	4,768 / 4,699 / 4,103 / 3,561	Bullish	The 20/50/100/200-day averages were perfectly stacked bullish (20 > 50 > 100 > 200). Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	4,686.18 (+0.5%)	Bullish	Anchored to the start of July, the volume-weighted average price was 4,686.18; the close was above it — buyers that month were on average in profit. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	50.6	Neutral	RSI at 50.6 was in the neutral 45–55 zone. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	bearish divergence	Caution	Comparing the last 20 sessions with the 20 before: bearish divergence: price made a higher high but RSI made a lower high. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -20.62 / signal 6.09	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-56.50 → -26.71	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-20.62	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 33.5 / %D 25.3	Bullish	Slow stochastic at 33.5 was mid-range with %K above %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-59.1	Neutral	%R of -59.1 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-39	Neutral	CCI at -39 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-0.5%	Neutral	Price changed -0.5% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.43 (bands 4,368.14–5,168.47)	Neutral	%B of 0.43 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 16.8% (64th pct of 6M)	Neutral	Band width was at the 64th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹195.10 (4.1% of price)	Neutral	A typical day's range was about ₹195.10, or 4.1% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	45.7% vs 1Y 35.8%	Caution	Annualised 30-day volatility was 45.7%, well above the one-year level of 35.8%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	4,315.12–5,084.06	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	0.54	Neutral	A beta of 0.54 means the stock tended to move less than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.57× / 5-day 1.04×	Neutral	The final session traded 0.57× its 20-day average volume and the last five sessions averaged 1.04× — normal participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.23	Bullish	Average volume on up days was 1.23× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price rose — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	rising (20d)	Bullish	The A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	0.10	Bullish	CMF at +0.10 indicated net inflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	50.9	Neutral	MFI, a volume-weighted RSI, was 50.9. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹128 cr/day	Neutral	About ₹128 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	4,638.80 / 4,532.90 / 4,357.20	Neutral	Nearest support (prior swing lows) sat at 4,638.80, 1.5% below the close, then 4,532.90, 4,357.20. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	4,870.00 / 5,075.00 / 5,277.80	Neutral	Nearest resistance (prior swing highs) sat at 4,870.00, 3.4% above the close, then 5,075.00, 5,277.80. How to read: Information only.
40	Monthly pivot points (for next month)	P 4,762.50 \| R1 5,166.50 \| S1 4,306.50	Neutral	Classic pivots from July's high/low/close gave a pivot of 4,762.50; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 4,681 \| 38.2% 4,312 \| 50.0% 4,014 \| 61.8% 3,715	Neutral	Measuring the 6-month rise from 2,749.80 to 5,277.80, the close was nearest the 23.6% retracement at 4,681.19. How to read: Information only.
42	52-week high / low	H 5,277.80 / L 2,742.70	Neutral	The close was 10.7% below the 52-week high and 71.7% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-up 08 May at 4,290.00	Neutral	There was 1 unfilled gap(s). The latest, a gap-up on 08 May 2026, left an open level at 4,290.00 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	pullback inside a larger uptrend	Neutral	Rule-based pattern scan: pullback inside a larger uptrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 4,358.50–5,277.80	Neutral	The close was inside the prior 20-day range of 4,358.50–5,277.80. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary green candle	Neutral	On 20 Jul the candle opened 4,632.00, ranged 4,611.00–4,734.00 and closed 4,710.50: Ordinary green candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 4,074.40–4,670.95; Tenkan 4,609.25 / Kijun 4,818.15	Bullish	Price was above the cloud and the Tenkan line was below the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M +0.0% / 3M +14.2%	Bullish	The stock outperformed the Nifty 50 by 14.2 points over three months and outperformed by 0.0 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +61.4%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 61.4 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	18 bullish · 7 bearish · 22 neutral · 2 caution	Bullish	Across the 49 readings the technical picture leaned positive. Levels that mattered: support 4,638.80, resistance 4,870.00. This is a description of the chart on 20 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 20 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 20 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	78.0×	Neutral	At ₹4,710.50 the market valued the company at about ₹56,109 crore, or 78.0× the ₹719 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	10.11×	Neutral	Market cap was 10.11× the Mar 2026 book value (equity + reserves) of ₹5,550 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	5.25×	Neutral	The company was valued at 5.25× its trailing-12-month sales of ₹10,695 crore. How to read: Information only.
4	EV / EBITDA (approx.)	57.0×	Neutral	Enterprise value (market cap + ₹2,353 cr borrowings; cash not netted) was 57.0× trailing operating profit of ₹1,026 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	1.3%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹1.3 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	4.62	Bearish	P/E of 78.0 divided by 3-year profit growth of 16.9% a year gives a PEG of 4.62. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.42%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹20 a share, a 0.42% yield on the ₹4,710.50 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹56,109 cr	Neutral	At about ₹0.56 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹795.50 vs ₹4,710.50	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹795.50; the price was 492% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+3.7%	Neutral	Revenue for FY26 was ₹10,774 crore, +3.7% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+12.5%	Bullish	The Jan–Mar 2026 quarter brought ₹3,428 crore of revenue, +12.5% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+14.8%	Bullish	FY26 net profit was ₹720 crore, +14.8% on FY25's ₹627 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+18.4%	Bullish	Quarterly profit was ₹244 crore versus ₹206 crore a year earlier (+18.4%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	10.0%	Neutral	Revenue compounded at 10.0% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	16.9%	Bullish	Net profit compounded at 16.9% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	17.6%	Bullish	Over five years (FY21–FY26) revenue compounded at 17.6% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+13.6%	Bullish	Reported EPS went from ₹53.25 to ₹60.47 (+13.6%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	10%	Neutral	Operating profit (EBITDA) was 10% of sales in FY26 versus 9% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	10% → 7% → 10% → 11%	Neutral	Quarterly margins moved from 10% to 11% over the last four quarters — broadly stable. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	6.7%	Neutral	₹6.7 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	13.7%	Neutral	FY26 profit was 13.7% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	14%	Neutral	Return on capital employed (debt + equity) was 14% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	5.44%	Neutral	Net profit was 5.44% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	29%	Neutral	The company paid about 29% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	31%	Caution	Non-operating 'other income' of ₹317 crore made up 31% of pre-tax profit — a large share, so core earnings were lower than headline profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.42	Neutral	Borrowings of ₹2,353 crore were 0.42× equity — moderate leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	2.27×	Neutral	Debt equalled 2.27 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	8.3×	Bullish	Earnings before interest and tax covered interest cost 8.3 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+12.4%	Bullish	Shareholders' equity grew +12.4% from ₹4,937 crore to ₹5,550 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹1,442 cr (47% of fixed assets)	Neutral	Projects under construction (CWIP) were 47% of fixed assets — a big expansion pipeline not yet earning. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	-40 days	Neutral	Working capital tied up equalled -40 days of sales (FY25: -36). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	-1 days	Neutral	It took -1 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	75 (FY25 70)	Neutral	Customers took 75 days on average to pay, versus 70 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹542 cr	Neutral	The business generated ₹542 crore of operating cash in FY26 versus ₹1,080 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	n/a	Neutral	Free cash flow line not available on source page. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	0.75×	Neutral	Operating cash flow was 0.75× reported profit — reasonable cash backing. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	n/a	Neutral	Not available. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	n/a	Neutral	Not available. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	n/a	Neutral	Not available. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	3%	Neutral	The company paid out about 3% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	21% / 25% / 3%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹23 cr → ₹23 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	61.99% (+0.00 pts YoY)	Neutral	Promoters owned 61.99% at Mar 2026 versus 61.99% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	11.25% (-4.61 pts YoY)	Bearish	FIIs held 11.25% at Mar 2026, down from 15.86% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	15.49% (+3.24 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 15.49%, up from 12.25%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	0.9 lakh (+67.6% YoY)	Neutral	The shareholder count moved from 0.5 lakh to 0.9 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	4/8	Bearish	Passed: positive profit, positive operating cash flow, operating margin improved, no meaningful dilution (<3%). Failed: CFO > net profit, leverage fell, ROA improved, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	0 strength(s) · 2 weakness(es)	Neutral	No strengths flagged. Weaknesses: Company has a low return on equity of 11.5% over last 3 years; Earnings include an other income of Rs.331 Cr. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	10 bullish · 3 bearish · 35 neutral · 1 caution	Bullish	On the numbers published by 20 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 78.0×, P/B 10.11×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 20 Apr 2026 – 20 Jul 2026 that an investor could have known on the snapshot date.

07 May 2026 Thermax Q4 FY26 consolidated profit rises ~19% to Rs 244 crore; order booking more than doubles — Q4 FY26 revenue from operations Rs 3,428 crore (+12.5% YoY), PAT Rs 244.28 crore (+18.7%), EBITDA margin 10.9%. Quarterly order booking Rs 4,490 crore (+112%); order balance Rs 13,604 crore as of 31 Mar 2026 (+27%). source
07 May 2026 Thermax recommends Rs 20 per share FY26 dividend including Rs 6 special dividend — Board recommended final dividend of Rs 14 plus special dividend of Rs 6 per share for the company's 60th anniversary; FY26 consolidated PAT Rs 720 crore (+15%). source
08 May 2026 Thermax shares jump after Q4 results — Stock rose about 12% on 8 May 2026 following Q4 FY26 results and dividend announcement (Yahoo close Rs 4,677.5 vs Rs 4,182.3 prior day). source
11 May 2026 Brokerages revise Thermax ratings after rally — Kotak Securities downgraded to Sell (target Rs 4,000), ICICI Securities to Hold (target Rs 4,500); Jefferies kept Buy with target raised to Rs 5,390. source
30 Jun 2026 Thermax EVP and BU Head for P&ES Kirtiraj Jilkar resigns — Company disclosed the resignation of Kirtiraj Jilkar, EVP and Business Unit Head for P&ES, effective 30 June 2026. source
03 Jul 2026 Record date for Thermax FY26 dividend of Rs 20 per share — Record date for the Rs 14 final and Rs 6 special dividend fixed as 3 July 2026, subject to AGM approval; stock traded ex-dividend that day. source

What happened next (20 Jul 2026 → 21 Oct 2026)

Price went from ₹4,710.50 to ₹3,145.00 by 21 Oct 2026 (-33.2%) while the Nifty 50 moved -5.9% — underperforming by 27.3 points.
Highest ₹4,880.00 on 21 Jul 2026; lowest ₹3,119.80 on 21 Oct 2026.
S1 4,638.80: broken on a closing basis on 23 Jul 2026.
S2 4,532.90: broken on a closing basis on 24 Jul 2026.
R1 4,870.00: not cleared on a closing basis.
R2 5,075.00: not cleared on a closing basis.
200-day SMA: price was above it at the snapshot and crossed below on 04 Sep 2026.
Apr–Jun 2026 results (reported 30 Jul 2026): revenue ₹2,303 crore (+6.7% YoY), net profit ₹22 crore (-85.4% YoY), operating margin 3% vs 10% a year earlier (Screener consolidated figures).

Later news

21 Jul 2026 Thermax schedules board meeting on 30 July for Q1 FY27 results — Board to meet 30 July 2026 to approve June-quarter results; earnings call set for 31 July 2026 at 11 AM IST. source
30 Jul 2026 Thermax Q1 FY27 net profit falls about 85% despite 7% revenue growth — Consolidated revenue about Rs 2,303 crore (+7% YoY); PBT Rs 42 crore vs Rs 211 crore; net profit about Rs 22 crore vs Rs 151 crore, attributed to a Rs 91 crore rise in estimated completion cost of one Industrial Infra project. Shares fell over 7% on 31 July. source
30 Jul 2026 Thermax board approves merger of two subsidiaries into parent — Scheme to amalgamate Thermax Bioenergy Solutions Pvt Ltd and Thermax Cooling Solutions Ltd into Thermax Ltd approved alongside Q1 results. source
30 Sep 2026 Thermax acquires remaining 49% of TSA Process Equipments — Company informed exchanges of acquisition of 49% share capital of TSA Process Equipments Pvt Ltd, making it a wholly owned subsidiary. source
09 Oct 2026 Thermax shares rise on reports of stake sale in renewable arm First Energy — Media reports said Thermax is exploring sale of over 51% in First Energy (about 800 MW renewables) at an estimated EV of Rs 3,000 crore; company filed a rumour-verification clarification the same day. Shares rose up to 7% intraday; a brokerage also upgraded the stock to Buy. source
12 Oct 2026 Thermax to consider Q2 FY27 results on 5 November 2026 — Board meeting notice: results for quarter and half year ended 30 Sep 2026 to be considered on 5 Nov 2026. source

Educational summary. On 20 Jul 2026 the technical picture leaned positive and the fundamental picture leaned positive. Over the next three months the stock moved -33.2% against -5.9% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Thermax today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 23 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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