Thermax Ltd.

NSE: THERMAX | BSE: 500411 | ISIN: INE152A01029 | Industry: Heavy Electrical Equipment
| Mid-range Performer
3267.9000 13.10 (0.40%)
NSE Oct 29, 2025 15:31 PM
Volume: 48,198
 

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Thermax Ltd.
13 May 2025
3267.90
0.40%
Prabhudas Lilladhar
We revise our FY26/FY27 EPS estimates by -2.2%/-3.0% factoring in probable execution delays in Industrial Infra. Thermax (TMX) delivered a decent performance in Q4, reporting 11.6% YoY revenue growth, while EBITDA margin saw a marginal decline of 17 bps YoY to 9.7%. Management remains optimistic about FY26 revenue growth with better margins, supported by robust momentum in the Industrial Products segment. The Chemicals business is poised to contribute meaningfully in the medium term through continued product innovation and market expansion. Execution challenges in the...
Thermax Ltd. has an average target of 3779.75 from 4 brokers.
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