Thermax Q1 PAT drops 85% on project cost overrun; board okays restructuring

Nclt Scheme FiledListed Co AcquisitionDemerger Ratio AnnouncedStrategic Transactions View source PDF Explain this filing

THERMAX · price

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Price reactionminutes from the announcement price · days from the prior close

+1.2%Reaction day

₹4250.00

prior close

₹3892.00

announcement price

After-mkt

timing

Nifty Midcap 150market+0.5%+0.7% vs market

Heavy Electrical Equipment peers, median of 33sector+1.1%+0.0% vs sector

On the reaction day the stock moved 0.7 pts more than Nifty Midcap 150 and in line with its Heavy Electrical Equipment peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-6.4

10m

-6.5

15m

-6.5

30m

-3.0

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+1.2+0.5+0.7+1.1+0.0

Next day

-3.0+1.7-4.6+2.8-5.8

-5.7+1.4-7.1+2.8-8.5

-4.9+1.6-6.6+3.9-8.9

-6.0+1.2-7.2+3.6-9.6

-4.2+1.4-5.7+3.4-7.7

-5.2+1.9-7.1+2.5-7.7

15d

-6.9+1.6-8.6+1.0-7.9

-7.8+2.2-10.0+0.2-8.0

-20.5-5.1-15.4-2.7-17.7

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UpDownMarket · Nifty Midcap 150Sector · Heavy Electrical Equipment peers, median of 33Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Thermax Q1 FY27 consolidated revenue grew 7% to Rs. 2,303 cr but PAT fell 85% to Rs. 22 cr due to a Rs. 91 cr cost overrun in one Industrial Infra project. Board approved a composite scheme to merge wholly owned Thermax Cooling Solutions into the company and demerge Bio-CNG EPC business of Thermax Bioenergy Solutions into Thermax. No new shares will be issued. Scheme is subject to NCLT approval.

Likely market impact

Internal restructuring among wholly owned units, no dilution for shareholders; near term earnings hit from one project overhang.