New Delhi, Sept. 15 -- Thermax Ltd recently invested Rs.115 crore in its wholly owned renewable energy arm, First Energy Private Ltd (FEPL), which helps customers transition to green energy and offers sustainable solutions.

While sentimentally positive, the move is unlikely to materially alter the stock's fortunes-it has fallen 33% over the past year. Persistent execution challenges continue to cloud the company's revenue and margin trajectory, even as order inflows improve. In the June quarter (Q1FY26), order inflows rose 7% year-on-year to Rs.2,748 crore, driven by a large win in the industrial infrastructure segment. The order book grew 7% year-on-year to Rs.11,376 crore in Q1.

Order enquiry pipeline is robust and international deman...