- The trend backdrop is active with a 18-week active streak.
- Price is above the Trend Line, keeping the weekly tape constructive.
- Price is above Fair Value, showing premium demand versus the model.
- Volume is elevated versus the 13-week average, confirming attention.
THERMAX
NSI
Week ended 07 Aug 2026
Weekly Investor Report
Thermax Limited · Industrials · Conglomerates
Latest close
4,060 INR
-5.7%
latest week
Weekly setup
Mixed setup
The weekly trend is active. Price is 3.9% above the Trend Line and sits at 57.0% of its 52-week range. The latest completed week returned -5.7%, after a -15.6% four-week move. The latest factor snapshot indicates quality is middle-of-the-pack; growth is moderate; valuation is expensive relative to peers. The latest news-sentiment score is 40/100.
Setup score
52
out of 100
Latest Close
4,060 INR
7 Aug 2026
1W Return
-5.7%
latest completed week
4W Return
-15.6%
short-term follow-through
12W Return
-9.4%
quarterly tape
Trend Breadth
36.5%
19 of 52 weeks active
Volume Ratio
1.5x
vs 13-week average
- Activity pressure is negative, which weakens the current setup.
- The latest week was a sharp negative move.
- Latest weekly return ranks in the weaker part of its sector group.
- Trend Line remains the key weekly regime level.
- Activity pressure is the gauge to monitor for confirmation or fade.
- A volume ratio above 1.5x would show stronger participation in the next move.
Price follow-through
-5.7%
Latest completed week; four-week move -15.6%.
Indicator stack
65/31
Trend and activity pressure are weighted against the latest 12-week confirmation window.
Trend backdrop
Active
The trend backdrop defines the current weekly regime.
Patient Capital
Quiet
Activity-pressure buy-signal status for institutional accumulation timing.
News sentiment
40/100
15 relevant articles in the latest sentiment read.
01 · Price action
Study the full chart
Where price is—and whether the trend supports it
The weekly trend is active. Price is 3.9% above the Trend Line and sits at 57.0% of its 52-week range. The latest completed week returned -5.7%, after a -15.6% four-week move.
52-week price path
Price vs Trend Line and Fair Value
Price
Trend Line
Fair Value
02 · Volume and demand
Is real participation confirming the move?
Latest weekly volume is 1.5x the 13-week average. Participation is unusually strong and confirms that the move is attracting attention.
26-week volume confirmation
Bar height shows volume; colour shows the weekly price direction
13 Feb
20 Feb
27 Feb
6 Mar
13 Mar
20 Mar
27 Mar
3 Apr
10 Apr
17 Apr
24 Apr
1 May
8 May
15 May
22 May
29 May
5 Jun
12 Jun
19 Jun
26 Jun
3 Jul
10 Jul
17 Jul
24 Jul
31 Jul
7 Aug
Up week
Down week
Demand beneath price
Activity pressure and institutional-style signals
These indicators assess whether participation is improving beneath the headline price move. They are supporting evidence, not proof of institutional buying.
Activity pressure path
Latest 0.9012-week average 0.93
12-week confirmation
Trend active12/12Active trend-backdrop weeks in the latest 12-week window.
Positive pressure10/12Weeks with constructive activity pressure in the latest 12-week window.
Positive leadership12/12Weeks with positive relative leadership in the latest 12-week window.
Activity pressure0.90Current proprietary activity-pressure read.
Buy signals0Accumulation signal count in the latest 12 weeks.
Reversal markers0No reversal markers
No recent accumulation markers. No reversal markers.
03 · Momentum and leadership
Is performance persistent—and is the stock leading?
Performance is -15.6% over four weeks, -9.4% over 12 weeks, and 24.1% over one year. The current trend has remained active for 18 consecutive weeks.
Performance by holding period
Active trend streak18 weeks
Active weeks in one year19
Trend breadth36.5%
Activity pressure vs relative leadership
Activity pressureRelative leadership
Pressure-0.37Latest activity-pressure read.
Pressure change-156.3%Four-week change in activity pressure.
Leadership13.75Latest relative-leadership reading.
RS change-64.9%Four-week change in relative leadership.
04 · Fundamentals and valuation
Open full factor analysis
What investors are paying for—and the quality behind it
The latest factor snapshot indicates quality is middle-of-the-pack; growth is moderate; valuation is expensive relative to peers.
Factor week 09 Aug 2026
Financial statements through 31 Mar 2026
Field coverage 91%
Model confidence 85%
Relative factor standing
Higher display scores are better. Each score is converted from the underlying universe rank, where rank 1 is best.
Overall factor strength27/100Blend of value, momentum, and quality. Underlying universe rank 74; rank 1 is best.
Value10/100Relative valuation strength. Underlying universe rank 91; rank 1 is best.
Quality61/100Profitability and accounting quality. Underlying universe rank 40; rank 1 is best.
Momentum84/100Medium-term price momentum. Underlying universe rank 17; rank 1 is best.
Growth28/100Revenue and earnings growth. Underlying universe rank 73; rank 1 is best.
Quality and valuation are separate questions
A strong company can still carry a demanding valuation. This report shows profitability, growth, balance-sheet strength, and the price paid for those characteristics separately.
Value-quality framework36/100Value and quality alignment from the Sharemaestro SVQF framework.
Valuation
How much investors are paying for earnings, sales, and cash flow.
- P/E
- 63.5x Price divided by trailing earnings.
- Price / sales
- 4.3x Market value relative to trailing revenue.
- EV / EBITDA
- 35.0x Enterprise value relative to operating cash earnings.
- Free-cash-flow yield
- -0.9% Free cash flow as a share of enterprise value.
Business quality
Margins and the return generated on invested capital.
- Gross margin
- 47.7% Gross profit retained from each unit of revenue.
- Operating margin
- 12.0% Operating profit retained from revenue.
- Free-cash-flow margin
- -3.9% Free cash flow generated from revenue.
- Return on invested capital
- 13.2% Operating return generated on invested capital.
Growth and financial strength
Recent business growth and accounting strength.
- Revenue growth
- 3.6% Latest one-year revenue growth.
- EPS growth
- 13.6% Latest one-year earnings-per-share growth.
- Free-cash-flow growth
- -332.0% Latest one-year free-cash-flow growth.
- Piotroski F-score
- 3/9 Nine-point accounting-strength checklist.
Shareholder return and balance sheet
Cash returned to owners and financial leverage.
- Dividend yield
- 0.5% Cash dividends relative to market value.
- Buyback yield
- 0.0% Net share repurchases relative to market value.
- Shareholder yield
- 0.5% Dividend yield plus net buyback yield.
- Net debt / EBITDA
- 1.3x Balance-sheet debt relative to operating cash earnings.
05 · Ownership, options, and sentiment
What other market participants are doing
Options, insider transactions, market sentiment, and activity-pressure signals can confirm or challenge the price story. None should be used alone.
Insider activity-
No recent insider transactions are stored for this company.
News sentiment40/100
Weighted news tone is negative across 15 relevant articles.
1 positive · 8 neutral · 6 negativePatient CapitalQuiet
Activity-pressure buy-signal evidence highlights potential institutional accumulation windows.
No recent buy signal
06 · Catalysts and risk
What can move the shares—and how volatile the path has been
Event timing, options-implied movement, drawdown, and weekly return distribution frame the risk around the current setup.
Next earnings-No event is currently stored.
Options expected move-Nearest-chain priced movement where available.
52-week drawdown-19.7%Distance below the 52-week high.
13-week volatility4.6%Standard deviation of weekly returns.
Weekly gains and losses
Latest 26 completed weeksEach bar is one week. Gains rise above the zero line; losses fall below it. Taller bars mean a larger weekly move.
13 Feb
13 Mar
10 Apr
8 May
5 Jun
3 Jul
7 Aug
Weeks higher13 of 2613 weeks finished lower.
Best week+14.7%Week of 8 May.
Worst week-5.7%Week of 7 Aug.
Latest week-5.7%Week of 7 Aug.
Shape of recent returns
Strong gains6
Modest gains7
Flat weeks0
Modest losses10
Sharp losses3
Recent vol4.6%13-week weekly-return volatility.
Base vol4.5%52-week weekly-return volatility.
Up/down split22/30Count of positive and negative weeks in the 52-week window.
Average skew4.2% / -2.2%Average positive week versus average negative week.
07 · Sector and peer context
Is this stock leading—or simply moving with its group?
Sector and industry breadth distinguish company-specific strength from a broad group move.
SectorIN Industrials
4-week rank98 / 100
Group average0.8%
Trend breadth62.0%
Trend62.0%active weekly trend signals
MD43.0%positive activity pressure
RS60.0%positive relative leadership
Four-week leaders
IndustryIN Conglomerates
4-week rank29 / 29
Group average-0.4%
Trend breadth48.3%
Trend48.3%active weekly trend signals
MD48.3%positive activity pressure
RS44.8%positive relative leadership
Four-week leaders
08 · Evidence and weekly data
The underlying research record
Every top-level statement above should be traceable to a stored market, fundamental, event, or positioning observation.
Weekly tape59/100
Trend, activity pressure, participation, and risk combine to a 59/100 tape read.
Indicator analysis86/100Latest 12-week confirmation: trend 12/12, activity pressure 10/12, relative leadership 12/12.
Activity pressure 0.90; No reversal markers Factors43/100O'Shaughnessy factor stack blends value, quality, momentum, and confidence.
Buyback Yield rank 61 SVQF36/100Value and quality alignment from the Sharemaestro SVQF framework.
Composite rank 1013.0 of 1576 Patient CapitalQuietActivity-pressure buy-signal evidence highlights potential institutional accumulation windows.
No recent buy signal Sentiment40/100Weighted news tone is negative across 15 relevant articles.
Thermax Consolidated June 2026 Net Sales at Rs 2,302.73 crore, up 7.09% Y-o-Y Insiders50/100No recent insider transaction evidence is stored.
Earnings50/100No stored earnings event is currently attached to this ticker.
| Week | Close | Return | Trend Line | Fair Value | Pressure | Leadership | Volume | Trend |
|---|---|---|---|---|---|---|---|---|
| 7 Aug 2026 | 4,060 INR | -5.7% | 3,909 INR | 3,778 INR | -0.37 | 13.75 | 1.8M | On |
| 31 Jul 2026 | 4,306 INR | -4.6% | 3,874 INR | 3,768 INR | -0.02 | 22.07 | 4.3M | On |
| 24 Jul 2026 | 4,514 INR | -3.2% | 3,832 INR | 3,756 INR | 0.16 | 31.68 | 802.8K | On |
| 17 Jul 2026 | 4,662 INR | -3.1% | 3,781 INR | 3,743 INR | 0.49 | 33.53 | 1.4M | On |
| 10 Jul 2026 | 4,809 INR | 4.4% | 3,722 INR | 3,729 INR | 0.66 | 39.14 | 984.2K | On |
| 3 Jul 2026 | 4,608 INR | -4.2% | 3,657 INR | 3,713 INR | 0.76 | 34.06 | 272.9K | On |
| 26 Jun 2026 | 4,809 INR | 2.7% | 3,598 INR | 3,698 INR | 0.94 | 42.22 | 0 | On |
| 19 Jun 2026 | 4,683 INR | -0.5% | 3,535 INR | 3,682 INR | 1.20 | 40.08 | 74.2K | On |
| 12 Jun 2026 | 4,707 INR | -2.2% | 3,476 INR | 3,666 INR | 1.37 | 44.30 | 238.3K | On |
| 5 Jun 2026 | 4,812 INR | -3.0% | 3,419 INR | 3,651 INR | 1.60 | 50.32 | 203.1K | On |
| 29 May 2026 | 4,962 INR | 11.9% | 3,365 INR | 3,635 INR | 1.82 | 55.24 | 2.7M | On |
| 22 May 2026 | 4,436 INR | -1.0% | 3,307 INR | 3,618 INR | 1.75 | 39.25 | 1.1M | On |
| 15 May 2026 | 4,482 INR | -3.8% | 3,268 INR | 3,604 INR | 1.84 | 42.04 | 1.9M | On |
| 8 May 2026 | 4,658 INR | 14.7% | 3,223 INR | 3,589 INR | 1.90 | 45.50 | 4.4M | On |
How to use this report
This is a completed-week research summary. It explains the available evidence and its conflicts; it does not predict a guaranteed outcome or replace your own risk assessment. Fundamental figures may refer to an earlier financial reporting period, which is shown above.