NSE: THERMAX | BSE: 500411

Mid-range Performer

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2967.00 35.30 (1.20%)

35.19% Fall from 52W High

55,431 NSE+BSE Volume

NSE 24 Dec, 2025 12:21 PM (IST)

35,353.7

Market Cap

High in industry

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.

14 Nov 2024

2967.00

1.20%

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.

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

Thermax Ltd.

04 Sep 2024

2967.00

1.20%

THERMAX LTD

Sell: Thermax Ltd.

Target

Geojit BNP Paribas

Geojit BNP Paribas upgraded Thermax Ltd. to Buy with a price target of 3440.0 on 23 Dec, 2025.

Thermax Ltd.

04 Aug 2024

2967.00

1.20%

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 has lost -34.77% in the last 1 Year

Thermax Ltd.

27 Jul 2024

2967.00

1.20%

Large dependence on private capex

Neutral: Thermax Ltd.

Target

Motilal Oswal

Thermax (TMX) in its annual report outlined its strategy to innovate for energy transition, strengthen its solutions business, scale up sustainability and urbanizationoriented businesses, and drive digital transformation.

Thermax Ltd. is trading below its 50 day SMA of 3024.2

Thermax Ltd.

20 Jun 2024

2967.00

1.20%

Decent Q4, soft orderbook visibility

Hold: Thermax Ltd.

Recommendation Target

Sharekhan

Company reported Revenue/operating profit/Adj. PAT of Rs. 2,764/273/190 crore, a growth of 19.6%/36.6%/22% y-o-y respectively

Thermax Ltd.'s price crossed above 30Day SMA today

Thermax Ltd.

05 Jun 2024

2967.00

1.20%

THERMAX LTD

Sell: Thermax Ltd.

Recommendation Target

Geojit BNP Paribas

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

Thermax Ltd.

14 May 2024

2967.00

1.20%

Margin improvement continues; order backlog remains muted

Hold: Thermax Ltd.

Target

ICICI Securities Limited

Thermax reported a growth of 15% YoY FY24 respectively, which is nearly half of the growth seen for the previous two fiscals. Order intake for the year was on the lower end and the order book now stand +4% over that of FY23.

Geojit BNP Paribas upgraded Thermax Ltd. to Buy with a price target of 3440.0 on 23 Dec, 2025.

Thermax Ltd.

13 May 2024

2967.00

1.20%

Order inflow growth remains weak

Neutral: Thermax Ltd.

Target

Motilal Oswal

Thermax 4QFY24 results beat our estimates, with in-line revenue and higherthan-expected PAT on strong margins. 4Q revenue/EBITDA/PAT grew by
20%/37%/20% YoY.

Geojit BNP Paribas upgraded Thermax Ltd. to Buy with a price target of 3440.0 on 23 Dec, 2025.

Thermax Ltd.

13 Feb 2024

2967.00

1.20%

First Light | Amber Enterprises, CPI And IIP, Credit Composition, Hero Motocorp, Thermax, Bandhan Bank, Indraprastha Gas, Zydus Wellness

Hold: Thermax Ltd.

BOB Capital Markets Ltd.

AMBER: Persistent near-term challenges; cut to SELL. CPI and IIP: Still some pain points on inflation. Credit Composition: Study on personal loans. HMCL: Healthy quarter but positives priced in. TMX: Improving order outlook; maintain HOLD. BANDHAN: Recovery on track. IGL: Legacy UP, new GAs can offset slowdown, reiterate BUY. ZYWL: Seasonally weak quarter