Thermax News, Corporate filings and Earnings/Conference Calls

Name: Latest research reports of Thermax Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Thermax Ltd.
Rating: 5
Author: ICICI Securities Limited

Keep track of all breaking news and updates on Thermax from all sources in a single place.

Thermax Ltd.

08 Dec 2025, 04:07PM

2805.60

-1.41%

Company Update

Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Press Release / Media Release

BSE India

Thermax Limited has submitted press release on Thermax Celebrating 30 years of NSE Listing.

pdf

Thermax Ltd.

26 Nov 2025

2805.60

-1.41%

Engineers India gets major order for petrochem plant from Dangote Group

Business Line

Thermax subsidiary bags 580-crore order for utility boilers, associated systems

Thermax has lost -20.58% in the last 6 Months

Thermax Ltd.

26 Nov 2025

2805.60

-1.41%

Company Update

Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Press Release / Media Release

BSE India

Thermax Limited has informed the Exchanges about the press release titled "Thermax Group secures an order valued at more than Rs. 580 crore from an African industry major."

pdf

Thermax Ltd.

26 Nov 2025

2805.60

-1.41%

Company Update

Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Award of Order Receipt of Order

BSE India

Thermax Limited has informed the Exchanges about order concluded by Thermax Babcock & Wilcox Energy Solutions Limited, a wholly owned subsidiary of the Company.

pdf

Thermax Ltd.

21 Nov 2025

2805.60

-1.41%

Company Update

Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Updates on Acquisition

BSE India

Thermax Limited has informed he Exchanges about allotment of equity shares on rights basis by Thermax Chemical Solutions Private Limited (TCSPL), a wholly owned subsidiary of the Company.

pdf

Thermax Ltd.

17 Nov 2025

2805.60

-1.41%

Earnings Call

Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Earnings Call Transcript

BSE India

Thermax Limited has informed the Exchanges about the transcript of earnings call held on Wednesday, November 12, 2025.

pdf

Thermax Ltd.

13 Nov 2025

2805.60

-1.41%

Light at the end of the tunnel

Buy: Thermax Ltd.

Recommendation Target

ICICI Securities Limited

Thermax’s performance has been under pressure over the last few quarters, mainly due to a drag from one of its two key segments – industrial infra.

Thermax Ltd. has an average target of 3277.60 from 5 brokers.

Thermax Ltd.

12 Nov 2025

2805.60

-1.41%

Company Update

Thermax Ltd - 500411 - Announcement under Regulation 30 (LODR)-Newspaper Publication

BSE India

Thermax Limited has informed the Exchanges about the newspaper advertisement for Q2 FY 2025-26.

pdf

Thermax Ltd.

12 Nov 2025

2805.60

-1.41%

Legacy projects impacted performance

Sell: Thermax Ltd.

Target

Motilal Oswal

Thermax’s (TMX) 2QFY26 results came in sharply below our expectations on lowerthan-expected order inflows, execution and margins.

Number of FII/FPI investors decreased from 541 to 287 in Sep 2025 qtr

Thermax Ltd.

12 Nov 2025

2805.60

-1.41%

Thermax Limited

Hold: Thermax Ltd.

Recommendation Target

ICICI Direct

It operates in four key segments Industrial Infra (~%48 of revenue), Industrial Products (~38%), Green Solutions (~7%) and Chemicals segment (~7%) Q2FY26 performance: Thermax reported a muted set on impact from legacy orders in Industrial Infra. Revenue EBITDA and PBT declined 3%, 19% and 13% YoY to 2473 crore, 172 crore and 174 crore respectively. EBITDA and PBT Margins at 7% and 4.7% down of 137 bps and 293 bps YoY. The company received 66 crore as Package incentive scheme in Industrial Infra business last year. Thus, Revenue, EBITDA and PBT have been adjusted for the same. Segmentally, Industrial Products (48% of revenue mix), green...

Thermax has lost -20.58% in the last 6 Months

Is Thermax Ltd. worth buying?

94 Votes:

Buy 79.79%

Sell 11.7%

Hold 8.51%

RESEARCH REPORTS

Buy SEE REPORTS >

pdf

Hold SEE REPORTS >

pdf