NSE: THERMAX | BSE: 500411

Mid-range Performer

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3189.50 -34.30 (-1.06%)

44.23% Fall from 52W High

54,686 NSE+BSE Volume

NSE 13 Oct, 2025 3:31 PM (IST)

38,004.9

Market Cap

High in industry

0.9

Beta 1Year

Low volatility

Thermax Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for THERMAX, BSE:500411 Thermax Ltd.

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Thermax Ltd.

12 Sep 2025

3189.50

-1.06%

Thermax (TMX IN) Visit Update Industrial Infra rebound...

Hold: Thermax Ltd.

Prabhudas Lilladhar

Thermax Ltd. has an average target of 3779.75 from 4 brokers.

Thermax Ltd.

02 Aug 2025

3189.50

-1.06%

Thermax (TMX IN) Q1FY26 Result Update Persistent execution...

Hold: Thermax Ltd.

Target

Prabhudas Lilladhar

We downgrade our rating from Accumulate' to HOLD' given the persistent execution challenges, valuing the core business (excl. Green Solutions) at PE of 40x Mar'27E (same as earlier) with SoTP-derived TP of Rs3,633 (Rs3,629...

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

Thermax Ltd.

13 May 2025, 12:00AM

3189.50

-1.06%

Thermax (TMX IN) Q4FY25 Result Update Decent quarter...

Accumulate: Thermax Ltd.

Target

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...

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

Thermax Ltd.

12 May 2025

3189.50

-1.06%

Legacy projects continue to hurt profitability

Sell: Thermax Ltd.

Recommendation Target

Motilal Oswal

Thermax (TMX)’s 4QFY25 performance reflected improved execution while order inflows remained weak. Its 4QFY25 revenue/EBITDA/PAT grew 11.6%/10%/5% YoY.

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

Thermax Ltd.

12 Feb 2025

3189.50

-1.06%

THERMAX LTD

Sell: Thermax Ltd.

Target

Geojit BNP Paribas

Thermax Ltd. has an average target of 3779.75 from 4 brokers.

Thermax Ltd.

07 Feb 2025

3189.50

-1.06%

THERMAX LTD

Accumulate: Thermax Ltd.

Recommendation Target

Prabhudas Lilladhar

Thermax Ltd. is trading below all available SMAs

Thermax Ltd.

15 Nov 2024

3189.50

-1.06%

THERMAX LTD

Sell: Thermax Ltd.

Recommendation Target

Prabhudas Lilladhar

Thermax Ltd. is trading below all available SMAs

Thermax Ltd.

14 Nov 2024, 12:00AM

3189.50

-1.06%

Strong order inflows expected in H2

Hold: Thermax Ltd.

Target

Sharekhan

Operating profit grew 36% y-o-y to Rs. 278 crore. OPM improved by 176 bps. In line with revenue
and operating profit growth adjusted PAT grew 24% y-o-y to Rs. 197 crore against expectation of
Rs. 180 crore.

Thermax Ltd. has an average target of 3779.75 from 4 brokers.

Thermax Ltd.

04 Sep 2024

3189.50

-1.06%

THERMAX LTD

Sell: Thermax Ltd.

Target

Geojit BNP Paribas

Thermax Ltd. is trading below all available SMAs

Thermax Ltd.

04 Aug 2024

3189.50

-1.06%

A strong quarter marred by one-off

Hold: Thermax Ltd.

Target

ICICI Securities Limited

Thermax reported unexciting Q1FY25 numbers as revenue grew 13% YoY to INR 21.8bn while EBITDA ascended 6% YoY to INR 1.4bn impacted by a one-off provision of INR 500m in the industrial infra segment.

Thermax Ltd. has an average target of 3779.75 from 4 brokers.

Is Thermax Ltd. worth buying?

93 Votes:

Buy 79.57%

Sell 11.83%

Hold 8.6%

RESEARCH REPORTS

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