NSE: THERMAX | BSE: 500411

Slowing Down Stock

Download real time

2886.70 -81.50 (-2.75%)

New 52W Low today

93,783 NSE+BSE Volume

NSE 21 Nov, 2025 3:55 PM (IST)

34,396.8

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.

Thermax Ltd.

16 Nov 2018

2886.70

-2.75%

Thermax Ltd: Thermax Cautious on Near-term Outlook

Hold: Thermax Ltd.

Target

Karvy

Thermax Cautious on Near-term Outlook: Thermax Q2 revenue grew by 38% YoY and earning grew by 31% YoY. Earningsfor Q2 were higher than our estimate by ~ 13% primarily on surprise from higher treasury income, adjusted for the same earnings were in-line with our estimates.

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

Thermax Ltd.

11 Aug 2018

2886.70

-2.75%

Thermax Ltd: Thermax Q1 In-line with Estimates

Hold: Thermax Ltd.

Target

Karvy

Thermax Q1 In-line with Estimates: Thermax's consolidated revenue grew by 19% to Rs. 10.3 bn and EPS reached Rs. 3.8 in Q1 which is in-line with our estimates for Q1. The revenue growth came in on account of pickup in execution of projects and traction for standard products in the standalone business.

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

Thermax Ltd.

09 Aug 2018

2886.70

-2.75%

Thermax Limited

Buy: Thermax Ltd.

Target

ICICI Securities Limited

The subsidiary performance was a cause for concern with Danstoker A/S Denmark continues to report losses for the quarter due to cost overrun in some orders. Thermax' European operations underperformed with...

ICICI Securities Limited upgraded Thermax Ltd. to Buy with a price target of 3600.0 on 13 Nov, 2025.

Thermax Ltd.

09 Aug 2018

2886.70

-2.75%

Subsidiaries drag overall performance

Buy: Thermax Ltd.

Target

Motilal Oswal

9 August 2018 improved 18.7% YoY to INR10.4b (est. Despite strong growth in revenue, EBIDTA of INR693m (-3.9% YoY) was meaningfully below our estimate of INR1.0b on account of a weak performance of subsidiaries. Net profit increased 21% YoY to INR0.5b (est. of INR0.6b), supported by higher other income (INR310m v/s INR241m in 1QFY18) and share of profits from JV/associates (profit of INR3m v/s a loss of INR67m in 1QFY18). TMXs revenue rose 19% YoY to INR8.5b, led by a weak base of 1QFY18 (INR800m sales loss on account of GST-led ambiguity, and impact to the tune of INR350m on exports revenue as the JNPT port was infected by malware).

Thermax Ltd. is trading below all available SMAs

Thermax Ltd.

17 Jul 2018

2886.70

-2.75%

Thermax

Hold: Thermax Ltd.

JM Financial

After 3 consecutive years of contraction, Thermax (TMX) reported a sharp jump in order inflows (up 45% YoY) in FY18, but management guides for a cautiously optimistic outlook amid rising interest rates and the run up to the 2019 elections. Key takeaways from TMX's FY18 annual report are: a) a cautious outlook on order inflows, to be driven largely by 2 sectors: consumer-led industries (food, beverage, textiles, tyres and automobiles) and emission norm-related capex (power and oil & gas); b) expanding its manufacturing footprint through new facilities in Indonesia, Dahej and the acquisition of assets in Poland to counter cyclicality in sales; c) margin decline being restricted to 70bps in FY18 as projects' improved...

Thermax Ltd. is trading below all available SMAs

Thermax Ltd.

04 Jun 2018

2886.70

-2.75%

Targeting INR160b sales in 10 years, 14 % CAGR over FY18-28

Buy: Thermax Ltd.

Recommendation Target

Motilal Oswal

Over the past five years, Thermax has witnessed drying up of large orders from the core sectors (Power, Steel, Cement and Refining), leading to volatility in its sales. Thermax is primarily in absorption chillers. 2. Thermax is the market leader in the B2B segment but has <1% share in the commercial segment. It targets a double-digit market share in the commercial segment. 3. Rooftop solar (INR10b industry) is an emerging market and Thermax would be present in the industrial and commercial segments. Thermax intends to expand footprint and achieve double-digit profit in this segment. Enquiry pipeline for standard products (INR4b-6b quarterly) has improved in FY19 it is more widely spread across the end markets of tyres, auto components, F&B;, segment, there are a few projects in the pipeline, with orders likely to be placed in FY19. a few captive power plant orders are in the pipeline along with WHRG.

ICICI Securities Limited upgraded Thermax Ltd. to Buy with a price target of 3600.0 on 13 Nov, 2025.

Thermax Ltd.

29 May 2018

2886.70

-2.75%

Thermax

Hold: Thermax Ltd.

Recommendation Target

Geojit BNP Paribas

Thermax Ltd (TMX) is a leading energy and environment solutions provider. They offer integrated innovative solutions in the areas of heating, cooling, power, water & waste management, air pollution control and chemicals . Order book grew by 47% YoY to Rs5,302cr (1.4x TTM revenue) supported by 44% rise in order inflow. Q4FY18 sales & PAT declined by 2.4% & 5% YoY (below estimate), due to slower execution in environment & chemical business...