NSE: THERMAX | BSE: 500411

Expensive Performer

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3682.00 36.60 (1.00%)

30.24% Fall from 52W High

174.8K NSE+BSE Volume

NSE 11 Sep, 2026 3:31 PM (IST)

43,873.3

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.

01 Aug 2026

3682.00

1.00%

Performance sharply below estimates

Sell: Thermax Ltd.

Target

Motilal Oswal

Thermax’s 1QFY27 results came in significantly below our estimates, impacted by cost overruns of nearly INR910m for an existing project in the industrial infra segment and lower revenue booking in the industrial products segment.

Thermax Ltd. has an average target of 3919.60 from 5 brokers.

Thermax Ltd.

13 May 2026, 12:00AM

3682.00

1.00%

THERMAX LTD

Accumulate: Thermax Ltd.

Recommendation Target

Geojit BNP Paribas

opportunities arising out of rebuilding in the Middle Eastern region. Due to the improved long-term sector prospects and the recent run-up in price, the valuation appeared stretched; we therefore revise our rating to Accumulate and...

Thermax has lost -22.10% in the last 3 Months

Thermax Ltd.

06 Feb 2026

3682.00

1.00%

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 below all available SMAs

Thermax Ltd.

05 Feb 2026

3682.00

1.00%

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 below all available SMAs

Thermax Ltd.

23 Dec 2025

3682.00

1.00%

THERMAX LTD

Buy: Thermax Ltd.

Recommendation Target

Geojit BNP Paribas

Thermax Ltd. is trading below all available SMAs

Thermax Ltd.

13 Nov 2025, 12:00AM

3682.00

1.00%

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 below all available SMAs

Thermax Ltd.

12 Nov 2025

3682.00

1.00%

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 increased from 258 to 294 in Jun 2026 qtr.

Thermax Ltd.

12 Nov 2025

3682.00

1.00%

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 3919.60 from 5 brokers.

Thermax Ltd.

12 Sep 2025

3682.00

1.00%

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

Hold: Thermax Ltd.

Prabhudas Lilladhar

Thermax Ltd. has an average target of 3919.60 from 5 brokers.

Thermax Ltd.

02 Aug 2025

3682.00

1.00%

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 increased from 258 to 294 in Jun 2026 qtr.

Is Thermax Ltd. worth buying?

100 Votes:

Buy 81.0%

Sell 11.0%

Hold 8.0%

RESEARCH REPORTS

Sell SEE REPORTS >

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Accumulate SEE REPORTS >

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