Shares of Thermax Ltd. are trading 4% lower on Wednesday, November 12, after the energy and environment solutions company reported a weak September-quarter performance, missing estimates across all key metrics.

The company's net profit dropped 39.7% year-on-year to ₹119.4 crore, sharply below the CNBC-TV18 poll estimate of ₹201.6 crore.

Revenue declined 5.4% to ₹2,473.9 crore, also missing the expected ₹2,841.3 crore.

EBITDA fell 38.1% to ₹171.9 crore as against an estimate of ₹274.4 crore, while operating margins contracted to 6.9% from 10.6% a year ago (poll: 9.7%).

Thermax attributed the weak performance to execution challenges, project cost overruns, and an adverse product mix that impacted profitability across key segments such as industrial infrastructure and chemicals.

While ov

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