📅 Thermax Limited Seasonality
Thermax Limited (THERMAX) has ended October higher in 15 of the last 22 years (68%), with an average October move of +0.9%. The strongest October was 2007 (+17.9%) and the weakest was 2008 (-22.1%).
THERMAX · data since 2004 (23 yrs)
Prices through 16 Oct 2026
15/22
Octobers closed higher
+0.9%
Avg October move
-1.9%
October so far
July
Best month · avg +4.9%
August
Weakest month · avg -0.8%
23
Years of history
Current month: October 2026
historically up 68% of years (15/22)
avg +0.9%
best 2007 +17.9%
worst 2008 -22.1%
so far -1.9%
Thermax Limited's historically strongest month is July — up in 14 of 23 years (61%) with an average gain of +4.9%. The weakest month has been August, averaging -0.8% with gains in only 10 of 23 years. The most consistent month by hit rate is October (15/22 years positive).
📊 Average return by month
Bars above the zero line are months THERMAX typically gained; hover for hit rates.
🗓️ Month-by-month returns (2004–2026)
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Avg | +0.7 | -0.4 | +3.2 | +4.4 | +3.6 | +1.3 | +4.9 | -0.8 | +2.9 | +0.9 | +2.5 | +1.9 |
| Up % | 50% | 39% | 64% | 65% | 48% | 65% | 61% | 43% | 57% | 68% | 59% | 64% |
| 2026 | -4.8 | +8.3 | +4.6 | +25.1 | +22.2 | +3.5 | -16.5 | -9.4 | -13.1 | -1.9 | · | · |
| 2025 | -4.4 | -15.9 | +12.5 | -9.9 | +2.9 | +0.9 | +15.2 | -18.6 | -1.2 | +1.5 | -9.3 | +3.5 |
| 2024 | +3.2 | +14.3 | +15.3 | +11.4 | +15.7 | -1.0 | -5.2 | -13.8 | +16.6 | -3.4 | -6.8 | -12.0 |
| 2023 | -2.2 | +11.8 | +6.5 | -0.3 | +2.1 | -2.3 | +13.9 | +8.0 | +10.7 | -9.0 | -10.5 | +21.6 |
| 2022 | +16.5 | -12.9 | +7.0 | +9.3 | -5.9 | +5.2 | -1.9 | +17.4 | -10.2 | +0.1 | -5.7 | -3.9 |
| 2021 | +9.3 | +37.0 | -1.2 | +10.0 | -3.6 | +4.2 | -4.4 | -0.8 | -3.4 | +1.4 | +27.2 | +1.9 |
| 2020 | -1.2 | -13.7 | -19.8 | -2.1 | -2.0 | +6.2 | -1.3 | +2.7 | -6.0 | +5.6 | +17.7 | +1.6 |
| 2019 | -2.2 | -9.7 | -0.2 | -1.2 | +4.7 | +3.8 | +3.9 | -9.6 | +13.4 | +0.1 | -9.0 | +5.4 |
| 2018 | +5.5 | -6.8 | -1.7 | +0.3 | -2.4 | -6.1 | +12.5 | -12.1 | -8.1 | +5.6 | +4.2 | +7.6 |
| 2017 | +8.4 | +6.6 | +14.0 | +5.3 | -2.1 | -7.3 | -6.5 | +2.2 | +6.9 | +4.1 | +12.6 | +9.8 |
| 2016 | -7.3 | -10.4 | +1.0 | +1.8 | -5.2 | +12.9 | +7.3 | -4.9 | +1.0 | +0.6 | -2.1 | -10.7 |
| 2015 | +7.2 | -0.2 | -6.5 | -8.2 | -1.7 | +8.5 | +0.7 | -9.1 | -10.3 | -0.2 | +2.4 | +3.9 |
| 2014 | -10.9 | +10.4 | +6.9 | -1.9 | +20.5 | +6.1 | -6.3 | -1.8 | +6.9 | -2.6 | +20.0 | -0.4 |
| 2013 | -5.6 | -0.3 | -2.9 | +1.9 | +1.2 | +2.9 | -1.7 | -7.1 | +8.4 | +8.8 | +0.8 | +10.6 |
| 2012 | +24.6 | +9.5 | -13.4 | -4.2 | +0.6 | +7.2 | +2.1 | +0.5 | +15.5 | +4.2 | +0.8 | +4.6 |
| 2011 | -22.7 | -17.4 | +8.4 | +7.3 | -6.6 | -1.5 | -2.5 | -14.5 | -9.6 | +5.0 | -2.4 | -13.2 |
| 2010 | +6.5 | -9.0 | +15.5 | +5.3 | -2.2 | +7.5 | +1.2 | -0.1 | +5.6 | +7.7 | +2.3 | -1.2 |
| 2009 | -11.1 | -0.8 | +13.9 | +24.6 | +62.8 | +10.2 | +10.6 | +7.1 | +15.8 | -3.0 | +12.6 | +2.1 |
| 2008 | -22.9 | +4.7 | -8.2 | -17.7 | -14.5 | -12.6 | +20.5 | +11.4 | -15.1 | -22.1 | -46.8 | +4.2 |
| 2007 | +4.4 | -6.5 | +1.8 | +9.0 | +20.1 | +0.3 | +28.1 | -0.7 | +17.8 | +17.9 | -2.6 | -4.8 |
| 2006 | +21.2 | +6.5 | · | +16.5 | -17.9 | -11.5 | +2.6 | +10.2 | +6.7 | +0.3 | +21.0 | +2.0 |
| 2005 | +4.2 | -1.5 | +5.6 | +7.0 | +2.4 | -7.5 | +18.4 | +14.2 | +17.9 | -7.1 | +18.2 | -1.2 |
| 2004 | · | -12.6 | +11.4 | +12.4 | -8.9 | +0.7 | +21.3 | +9.8 | +0.0 | +4.1 | +10.9 | +10.5 |
🏆 Top 25 seasonal picks — October 2026
| # | Stock | Record | Win % | Avg return | So far |
|---|---|---|---|---|---|
| 1 | MUTHOOTFIN Muthoot Finance Limited | 13/15 yrs up | 87% | +4.4% | -5.1% |
| 2 | POKARNA Pokarna Limited | 9/10 yrs up | 90% | +9.7% | +1.2% |
| 3 | STYRENIX Styrenix Performance Materials Limited | 18/22 yrs up | 82% | +3.7% | +2.3% |
| 4 | TBZ Tribhovandas Bhimji Zaveri Limited | 12/14 yrs up | 86% | +12.3% | +19.5% |
| 5 | RAMCOCEM The Ramco Cements Limited | 17/22 yrs up | 77% | +0.6% | -4.8% |
| 6 | OBEROIRLTY Oberoi Realty Limited | 12/15 yrs up | 80% | +6.1% | -3.5% |
| 7 | PDSL PDS Limited | 9/11 yrs up | 82% | +9.4% | -2.8% |
| 8 | MCX Multi Comm. Exc. | 11/14 yrs up | 79% | +8.9% | -4.2% |
| 9 | INDOTECH Indo Tech Transformers Limited | 15/20 yrs up | 75% | +6.7% | -3.8% |
| 10 | SUZLON Suzlon Energy Limited | 15/20 yrs up | 75% | +4.8% | +6.4% |
| 11 | RSYSTEMS R Systems International Limited | 15/20 yrs up | 75% | +4.2% | -6.6% |
| 12 | IFBAGRO IFB Agro Industries Limited | 16/22 yrs up | 73% | +11.7% | -3.1% |
| 13 | GMDCLTD Gujarat Mineral Development Corporation Limited | 16/22 yrs up | 73% | +8.5% | -7.2% |
| 14 | USHAMART Usha Martin Limited | 16/22 yrs up | 73% | +6.0% | -1.5% |
| 15 | GSFC Gujarat State Fertilizers & Chemicals Limited | 16/22 yrs up | 73% | +4.6% | -1.3% |
| 16 | ICICIBANK ICICI Bank Limited | 16/22 yrs up | 73% | +4.5% | +5.7% |
| 17 | SHRIRAMFIN Shriram Finance Limited | 16/22 yrs up | 73% | +2.8% | -4.3% |
| 18 | KABRAEXTRU Kabra Extrusion Technik Limited | 16/22 yrs up | 73% | +2.2% | +0.4% |
| 19 | HIRECT Hind Rectifiers Limited | 14/19 yrs up | 74% | +4.7% | -2.7% |
| 20 | TI Tilaknagar Industries Limited | 12/16 yrs up | 75% | +9.5% | +2.0% |
| 21 | KECL Kirloskar Electric Company Limited | 12/16 yrs up | 75% | +8.0% | -1.9% |
| 22 | IMFA Indian Metals & Ferro Alloys Limited | 12/16 yrs up | 75% | +8.0% | -0.9% |
| 23 | DBREALTY Valor Estate Limited | 12/16 yrs up | 75% | +7.4% | -9.7% |
| 24 | ATULAUTO Atul Auto Limited | 10/13 yrs up | 77% | +8.3% | -5.6% |
| 25 | MINDTECK Mindteck (India) Limited | 8/10 yrs up | 80% | +5.1% | -2.8% |
“So far” = return in the current (incomplete) period. Full methodology and the
past-performance record of these lists: Seasonality hub →
Current quarter: Q4 2026
historically up 64% of years (14/22)
avg +5.8%
so far -1.9%
By quarter, Q1 (Jan–Mar) has been the strongest for THERMAX: up in 13 of 22 years, averaging +35.5%. Q4 (Oct–Dec) has been the softest (+5.8% on average). The current quarter (Q4) has historically closed higher 64% of the time.
📊 Average return by quarter
Calendar quarters, close-to-close. Hover for hit rates.
🗓️ Quarter-by-quarter returns
| Year | Q1 | Q2 | Q3 | Q4 |
|---|---|---|---|---|
| Avg | +35.5 | +10.9 | +7.7 | +5.8 |
| Up % | 59% | 65% | 57% | 64% |
| 2026 | +7.9 | +58.2 | -34.3 | -1.9 |
| 2025 | -9.5 | -6.4 | -7.3 | -4.7 |
| 2024 | +36.0 | +27.6 | -4.7 | -20.8 |
| 2023 | +16.5 | -0.5 | +36.3 | -0.9 |
| 2022 | +8.5 | +8.2 | +3.4 | -9.3 |
| 2021 | +48.0 | +10.5 | -8.4 | +31.4 |
| 2020 | -31.6 | +2.0 | -4.8 | +26.4 |
| 2019 | -11.9 | +7.3 | +6.6 | -4.0 |
| 2018 | -3.3 | -8.1 | -9.2 | +18.3 |
| 2017 | +31.8 | -4.4 | +2.2 | +28.7 |
| 2016 | -16.1 | +8.9 | +3.0 | -12.0 |
| 2015 | +0.0 | -2.2 | -18.0 | +6.2 |
| 2014 | +5.2 | +25.5 | -1.6 | +16.4 |
| 2013 | -8.6 | +6.1 | -0.9 | +21.3 |
| 2012 | +18.1 | +3.3 | +18.6 | +9.9 |
| 2011 | -30.8 | -1.2 | -24.6 | -11.1 |
| 2010 | +12.0 | +10.7 | +6.7 | +8.9 |
| 2009 | +0.4 | +123.4 | +37.0 | +11.5 |
| 2008 | -25.9 | -38.5 | +13.9 | -56.9 |
| 2007 | -0.6 | +31.3 | +49.8 | +9.3 |
| 2006 | +726.2 | -15.4 | +20.6 | +23.9 |
| 2005 | +8.3 | +1.4 | +59.3 | +8.5 |
| 2004 | · | +3.2 | +33.2 | +27.5 |
🏆 Top 25 seasonal picks — Q4 2026
| # | Stock | Record | Win % | Avg return | So far |
|---|---|---|---|---|---|
| 1 | RHIM RHI MAGNESITA INDIA LIMITED | 13/14 yrs up | 93% | +14.0% | -3.8% |
| 2 | APOLLOHOSP Apollo Hospitals Enterprise Limited | 19/22 yrs up | 86% | +6.2% | -3.4% |
| 3 | RSYSTEMS R Systems International Limited | 17/20 yrs up | 85% | +24.7% | -6.6% |
| 4 | STAR Strides Pharma Science Limited | 18/22 yrs up | 82% | +6.3% | -6.7% |
| 5 | DRREDDY Dr. Reddy's Laboratories Limited | 18/22 yrs up | 82% | +4.5% | +0.0% |
| 6 | PROZONER Prozone Realty Limited | 12/14 yrs up | 86% | +19.8% | -3.9% |
| 7 | POLYMED Poly Medicure Limited | 12/14 yrs up | 86% | +9.2% | -4.8% |
| 8 | INDOTECH Indo Tech Transformers Limited | 16/20 yrs up | 80% | +23.2% | -3.8% |
| 9 | TI Tilaknagar Industries Limited | 13/16 yrs up | 81% | +22.7% | +2.0% |
| 10 | FIEMIND Fiem Industries Limited | 15/19 yrs up | 79% | +14.2% | +2.2% |
| 11 | BSOFT BIRLASOFT LIMITED | 17/22 yrs up | 77% | +21.8% | +17.1% |
| 12 | SONATSOFTW Sonata Software Limited | 17/22 yrs up | 77% | +20.2% | -4.0% |
| 13 | FACT Fertilizers and Chemicals Travancore Limited | 17/22 yrs up | 77% | +20.1% | -3.3% |
| 14 | TVSHLTD TVS Holdings Limited | 17/22 yrs up | 77% | +15.4% | -5.0% |
| 15 | APARINDS Apar Industries Limited | 17/22 yrs up | 77% | +15.1% | -7.8% |
| 16 | STYRENIX Styrenix Performance Materials Limited | 17/22 yrs up | 77% | +11.0% | +2.3% |
| 17 | EPL EPL Limited | 17/22 yrs up | 77% | +10.4% | -2.1% |
| 18 | TORNTPHARM Torrent Pharmaceuticals Limited | 17/22 yrs up | 77% | +8.5% | -5.0% |
| 19 | WIPRO Wipro Limited | 17/22 yrs up | 77% | +8.4% | +16.3% |
| 20 | HINDALCO Hindalco Industries Limited | 17/22 yrs up | 77% | +7.6% | -3.6% |
| 21 | VTL Vardhman Textiles Limited | 17/22 yrs up | 77% | +7.4% | -0.5% |
| 22 | HDFCBANK HDFC Bank Limited | 17/22 yrs up | 77% | +6.2% | +2.8% |
| 23 | COROMANDEL Coromandel International Limited | 17/22 yrs up | 77% | +5.9% | +0.0% |
| 24 | ASIANPAINT Asian Paints Limited | 17/22 yrs up | 77% | +4.3% | -2.9% |
| 25 | JPOLYINVST Jindal Poly Investment and Finance Company Limited | 10/12 yrs up | 83% | +34.9% | +2.1% |
“So far” = return in the current (incomplete) period. Full methodology and the
past-performance record of these lists: Seasonality hub →
❓ THERMAX seasonality — FAQ
How often does Thermax Limited rise in October?
Historically THERMAX has closed October with a gain in 15 out of 22 years — a 68% hit rate — averaging +0.9% for the month (data since 2004).
Which is the best month to buy Thermax Limited historically?
Based on 23 years of data, July has been THERMAX's strongest month: positive in 61% of years with an average return of +4.9%. Past seasonality does not guarantee future results.
Which is the weakest month for Thermax Limited?
August has historically been the weakest month for THERMAX, with an average move of -0.8% and gains in just 10 of 23 years.
Which quarter is historically strongest for Thermax Limited?
Q1 (Jan–Mar) — positive in 13 of 22 years with an average return of +35.5%.
Does seasonality guarantee future returns?
No. Seasonality is a historical tendency, not a prediction. It reflects how a stock happened to trade in past calendar periods and can break at any time. Use it as one research input alongside fundamentals and technicals, and consult a SEBI-registered adviser before investing.
Methodology: returns are close-to-close over calendar months and quarters, computed from adjusted daily prices since 2004. A period's return is only counted when the immediately preceding period also traded. Statistics cover completed periods; the current period is shown separately as “so far”. Seasonality is a historical tendency, not a prediction or investment advice. Consult a SEBI-registered adviser before investing.
