NSE: THERMAX · 13 November 2026
- Thermax has fallen 16.37% over 5 trading sessions; today's move is +1.98%.
- Thermax Limited informed the exchanges that its Registrar and Share Transfer Agent (RTA), KFin Technologies Limited, is shifting its corporate office to a new location in Kokapet, Hyderabad, effective December 1, 2026. All future correspondence and documents for the RTA corporate office are required to be directed to the new address, while the registered office remains unchanged.
- Trading volume was 1.39 times the 20-day average daily volume.
Thermax share price: 16.37% decline over 5 trading sessions
Thermax Ltd. (THERMAX) advanced 1.98% today, closing at ₹2,776.20 after moving within a daily range of ₹2,721.10 and ₹2,85.00.
The broader market exhibited weakness as the Nifty index fell 0.61%, highlighting a resilient performance by Thermax against the prevailing benchmark trend. However, the stock's positive session comes on the back of sharp recent corrections, with trailing returns standing at -16.37% over the past 5 days and -16.21% over the past 20 days.
The company's recent operational developments include corporate updates such as the intimation regarding the shifting of its Registrar and Share Transfer Agent's corporate office effective December 1, 2026, alongside ongoing execution of its large order backlog in industrial products and infrastructure. While no single major corporate announcement directly forced today's upward tick, the price action appears consistent with a technical recovery following a prolonged downward phase.
4.63 lakh shares traded by 13 November 2026 · 03:30 PM IST. This compares with a 20-day average daily volume of 3.33 lakh shares (1.39 times). The five-day average daily volume was 8.96 lakh shares. Separately, the NSE report for 13 November 2026 showed 2.70 lakh shares delivered, representing 58.46% of that day’s traded volume. The same report recorded 30,985 trades.
The stock gained 1.98% on moderate delivery participation, recovering partially from recent sharp declines (-16.37% over the past 5 days) without a specific new operational catalyst on the session date.
Latest Company Developments
Thermax Limited informed the exchanges that its Registrar and Share Transfer Agent (RTA), KFin Technologies Limited, is shifting its corporate office to a new location in Kokapet, Hyderabad, effective December 1, 2026. All future correspondence and documents for the RTA corporate office are required to be directed to the new address, while the registered office remains unchanged.
Ensures uninterrupted stakeholder communication and record-keeping continuity for share transfers and investor services.
Mr. Harsh Mariwala ceased to be the Non-Executive, Lead Independent Director of the company upon the completion of his second term of five years at the close of business hours on November 9, 2026. The board and management recorded their deep appreciation for his long-standing contributions to governance and oversight.
Marks a planned board-level transition following the completion of a statutory tenure limit for an independent director.
Thermax reported its consolidated financial results for the quarter ended September 30, 2026, posting operating revenue of ₹2,756 crore, up 11% year-on-year, driven by improved execution in Industrial Products and Industrial Infra. Quarterly profitability faced headwinds from product mix and a ₹15 crore impairment provision in a hybrid renewable energy project, resulting in a profit after tax of ₹113 crore.
Provides vital visibility into revenue growth from order backlog conversion alongside segment-specific margin pressures.
Thermax Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026.
The exchange sought clarification from the company regarding a recent media report. Such a request is a verification step and does not by itself confirm the reported issue.
Ownership & Transaction Activity
Mutual Fund Holdings
Mutual funds held 12.33% on 30 September 2026. This compares with 12.86% on 30 June 2026, a change of -0.53 percentage points.
The filing reported 30 MF/UTI holders.
Research & Brokerage Views
Upgraded Thermax to Overweight following quarterly review and earnings evaluation.
Upgraded the stock to a Buy rating following developments in industrial and clean energy segments.
What to Watch Next
- Execution progress on the ₹14,250 crore order balance across industrial and infrastructure segments
- Delivery volume trends and sustenance above the 20-day average volume of 462,588 shares
- Management commentary regarding margin recovery in industrial products and green solution projects
- Sector performance relative to the Nifty benchmark after recent divergence
Other Dated Coverage
- Thermax Share Price Today: Falls 16.89% in 5 Trading Sessions | 12 November 2026 — 12 November 2026
- Thermax Share Price Today: Falls 17.82% in 3 Trading Sessions | 11 November 2026 — 11 November 2026
- Thermax Share Price Today: Falls 16.44% in 2 Trading Sessions | 9 November 2026 — 9 November 2026
More Thermax news and dated analysis →
Frequently Asked Questions
What is the latest Thermax company news?
Thermax Limited informed the exchanges that its Registrar and Share Transfer Agent (RTA), KFin Technologies Limited, is shifting its corporate office to a new location in Kokapet, Hyderabad, effective December 1, 2026. All future correspondence and documents for the RTA corporate office are required to be directed to the new address, while the registered office remains unchanged.
How strong was Thermax’s trading volume?
4.63 lakh shares traded, 1.39 times the 20-day average daily volume. The price and volume data are dated 13 November 2026 · 03:30 PM IST.
Do the mutual-fund figures show buying today?
They show holdings on 30 September 2026. Quarterly holdings do not identify purchases made on the article date.
Research & analysis: WittyTrades Research Desk
Reviewed by: Mohanish Sanghavi — SEBI Registered Research Analyst
Disclaimer: Investments in securities markets are subject to market risks. Registration with SEBI and NISM certification do not guarantee performance or returns. This article is for information and education, not personalised investment advice or a recommendation to buy, sell or hold.