New Delhi, Nov. 12 -- Thermax's share price has more than halved from its 52-week high of Rs.5,277.80 seen in June, weighed down by continued earnings disappointment.

In the September quarter (Q2FY27), deferred higher-margin international shipments, worth Rs.200-300 crore, capped consolidated revenue growth at 11% year-on-year (y-o-y) to Rs.2,756 crore.

Management expects H2FY27 revenue to touch Rs.7,000 crore versus Rs.5,059 crore in H1. Revenue growth will be buoyed by export orders and lower contribution from low-margin legacy projects nearing completion.

Order inflows fell 8% y-o-y to Rs.3,259 crore, driven by weak intake in the industrial products segment. H1FY27 order inflows slid 4% to Rs.6,100 crore, taking the order book as of...