NSE: THERMAX | BSE: 500411

Slowing Down Stock

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2867.20 -19.50 (-0.68%)

New 52W Low today

162.0K NSE+BSE Volume

NSE 24 Nov, 2025 3:31 PM (IST)

34,164.5

Market Cap

High in industry

0.8

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.

10 Feb 2017

2867.20

-0.68%

Even after penciling in near term orders from cement, waste heat recovery, and middle-east, the energy/environment segment will not qualify for around, we fear. Further, higher exposure to international orders poses a risk. From margins to pace of execution, there are multiple variables that could adversely impact. We maintain REDUCE....

Thermax Ltd. has lost -36.12% in the last 1 Year

Thermax Ltd.

09 Feb 2017

2867.20

-0.68%

Thermax (3QFY17): Subdued show continues. Maintain SELL

Sell: Thermax Ltd.

Target

HDFC Securities

Thermaxs (TMX) 3QFY17 result was below our estimates. The company continues to report a decline in revenues (-20% YoY for 3QFY17) on the back of a muted order book. 3QFY17 also saw the impact of demonetisation, in the absence of which revenues would have been higher by 4-5%. Surprisingly, gross margins improved 730bps YoY (better mix) which led to EBITDA margins of 9% ( 210bps YoY).

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

Thermax Ltd.

15 Nov 2016

2867.20

-0.68%

Thermax Limited

Hold: Thermax Ltd.

Target

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research Thermax reported a weak set of Q2FY17 results where revenues and EBITDA were below estimates. However, higher share of other income led PAT to come in line with estimates Reported revenue fell 17.6% YoY to ~| 870.8 crore (vs. I-direct estimate: | 973.3 crore). Revenue miss may be largely due to lower carry of order backlog of previous years. In terms of segmental performance, energy segment revenue fell 22.2% YoY to | 652 crore...

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

Thermax Ltd.

11 Nov 2016

2867.20

-0.68%

Thermax (2QFY17): In line quarter; valuations limit upside. Maintain SELL

Sell: Thermax Ltd.

Target

HDFC Securities

Thermax reported a decline in revenue (-13% YoY) and EBITDA (-17% YoY) was on expected lines as it began FY17E with a muted order book. Led by higher other income ( 48% YoY) and profits in B&W JV, PAT decline was restricted to 5% YoY (Rs 708mn). Large order finalisations continue to be elusive leading to a sequentially flattish order book of Rs 45.8bn.

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

Thermax Ltd.

12 Aug 2016

2867.20

-0.68%

Thermax - Q117 12Aug2016

Sell: Thermax Ltd.

Target

Phillip Capital

Top takeaways from 1QFY17: Thermax’s 1QFY17 standalone earnings (Rs 452mn; ?10% yoy) were materially below our and consensus estimates. The company disappointed on all metrics.Order inflow declined 19% yoy to Rs 8.2bn on weak domestic end markets coupled with certain deferrals in the international market, which should flow through in 2Q. Management highlighted that the outlook on large domestic orders from key sectors such as metals, power and cement continues to be weak over the next 12 months but expects ordering in the hydrocarbon sector to pick up pace in FY18. Current orders are driven by noncore sectors such as food processing and paint.Phillip Capital maintain Sell rating with a target price of Rs 700 (Rs 615 earlier), as the current stock valuations at 33x FY18 PE look expensive considering a modest 10% CAGR in FY16?18 earnings and RoE’s of 11?12%.

Thermax Ltd. has lost -36.12% in the last 1 Year

Thermax Ltd.

11 Aug 2016

2867.20

-0.68%

Thermax (1QFY17): No reason to cheer. Downgrade to SELL

Sell: Thermax Ltd.

Target

HDFC Securities

Thermax 1QFY17 result was a miss on both revenue and EBITDA leading to a PAT decline of 19% YoY for the quarter. Revenue (Rs8.1 bn, -17% YoY) declined on the back of weak order book.

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

Is Thermax Ltd. worth buying?

94 Votes:

Buy 79.79%

Sell 11.7%

Hold 8.51%

RESEARCH REPORTS

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