NSE: THERMAX | BSE: 500411

Mid-range Performer

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3259.20 38.20 (1.19%)

639.9K NSE+BSE Volume

High volume today

NSE 16 Mar, 2026 3:31 PM (IST)

38,835.4

Market Cap

High in industry

Beta 1Year

Very 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.

06 Feb 2026

3259.20

1.19%

Thermax Ltd.

Buy: Thermax Ltd.

Recommendation Target

ICICI Direct

of energy and environment heating, cooling, power, water & waste management, air pollution control and chemicals. It operates in four key segments Industrial Infra (~%48 of revenue),...

Thermax Ltd. is trading at high day volume of 614.2K.

Thermax Ltd.

05 Feb 2026

3259.20

1.19%

Execution and margin remain weak, inflow revives

Sell: Thermax Ltd.

Target

Motilal Oswal

Thermax (TMX) reported weak revenue and margins across segments in 3QFY26, while inflows improved thanks to large orders. TMX is making inroads into the fastgrowing data center market with two large order wins.

Thermax Ltd. is trading at high day volume of 614.2K.

Thermax Ltd.

23 Dec 2025

3259.20

1.19%

THERMAX LTD

Buy: Thermax Ltd.

Recommendation Target

Geojit BNP Paribas

Thermax Ltd. is trading at high day volume of 614.2K.

Thermax Ltd.

13 Nov 2025

3259.20

1.19%

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. is trading at high day volume of 614.2K.

Thermax Ltd.

12 Nov 2025

3259.20

1.19%

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 287 to 256 in Dec 2025 qtr

Thermax Ltd.

12 Nov 2025

3259.20

1.19%

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 Ltd. has an average target of 3394.60 from 5 brokers.

Thermax Ltd.

12 Sep 2025

3259.20

1.19%

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

Hold: Thermax Ltd.

Prabhudas Lilladhar

Thermax Ltd. has an average target of 3394.60 from 5 brokers.

Thermax Ltd.

02 Aug 2025

3259.20

1.19%

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 287 to 256 in Dec 2025 qtr

Thermax Ltd.

13 May 2025

3259.20

1.19%

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 287 to 256 in Dec 2025 qtr

Thermax Ltd.

12 May 2025

3259.20

1.19%

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 287 to 256 in Dec 2025 qtr

Is Thermax Ltd. worth buying?

96 Votes:

Buy 80.21%

Sell 11.46%

Hold 8.33%

RESEARCH REPORTS

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