Thermax shares plunged nearly 20 percent on Friday after the company's September quarter earnings missed analyst estimates.
The stock hit a low of Rs 2,666.60 per share on the NSE, down 19.7 percent. It later pared some losses but was still trading around 18 percent lower, at around 1 p.m.
The company reported a 5 percent year-on-year decline in consolidated net profit at Rs 113 crore for the second quarter of FY27. It had posted a net profit of Rs 119 crore in the corresponding quarter of the previous fiscal, the company said in a statement.
The company's quarterly profitability was impacted by product mix and higher input costs in the industrial products segment.
Profitability was also affected by an impairment provision of Rs 15 crore for one of its hybrid renewable energy projects in the Green Solutions segment, following certain events identified during the quarter.