NSE: THERMAX | BSE: 500411

Slowing Down Stock

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3165.90 -4.40 (-0.14%)

44.64% Fall from 52W High

34,399 NSE+BSE Volume

NSE 01 Oct, 2025 2:45 PM (IST)

37,723.7

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.

11 Feb 2022

3165.90

-0.14%

THERMAX LTD

Sell: Thermax Ltd.

Recommendation Target

Geojit BNP Paribas

EBITDA margin declined by 346bps YoY to 7% due to higher commodity prices and an increase in other expenses. The company expects margin pressure is likely to sustain as recent FGD orders were booked after 9 months delay and difficulty in price hike due to high competition in chemical business. The current premium valuation and headwinds on margins, implying limited room for further upside in the near term. Therefore, we revise our rating to SELL from Accumulate and value TMX at a P/E of 35x on FY24E EPS with a TP of Rs1,700....

Thermax Ltd. has lost -37.93% in the last 1 Year

Thermax Ltd.

08 Feb 2022

3165.90

-0.14%

THERMAX LTD

Accumulate: Thermax Ltd.

Target

Prabhudas Lilladhar

Thermax Ltd. (TMX) reported a healthy revenue growth of 14.5% YoY, led by growth across all segment, while profitability was impacted due to higher commodity price and freight cost. Order inflow grew 57% YoY to Rs24.6bn, including FGD orders worth Rs8bn in Q3FY22. Order book stands strong at...

Prabhudas Lilladhar released a Hold report for Thermax Ltd. with a price target of 3633.0 on 12 Sep, 2025.

Thermax Ltd.

07 Feb 2022

3165.90

-0.14%

Earnings miss due to margin deterioration

Neutral: Thermax Ltd.

Target

Motilal Oswal

3QFY22 snapshot: Revenue grew 15% YoY to INR16b, in line with our estimate. EBITDA declined 23% YoY to INR1.1b, 26% below our estimate. Adj. PAT decreased 24% YoY to INR795m, 27% below our estimate. Order...

Thermax Ltd. has an average target of 3779.75 from 4 brokers.

Thermax Ltd.

15 Nov 2021

3165.90

-0.14%

THERMAX LTD

Accumulate: Thermax Ltd.

Recommendation Target

Geojit BNP Paribas

TMX reported a top-line growth of 29% YoY in Q2FY22 led by robust execution in Environment (101% YoY) & Energy segment (19% YoY). EBITDA margin improved by 53bps YoY to 7.5% due to favourable sales mix, cost rationalisation & operating leverage....

Thermax Ltd. has an average target of 3779.75 from 4 brokers.

Thermax Ltd.

13 Nov 2021

3165.90

-0.14%

Q2FY22 Result Update - Robust order inflow - ACCUMULATE

Accumulate: Thermax Ltd.

Target

Prabhudas Lilladhar

Domestic enquiry pipeline remains strong from Refinery, Cement and Metals, while for exports market enquiry level is improving. Thermax Ltd (TMX) reported healthy Q2FY22 performance, as execution momentum continued across Energy/Environment/Chemical and grew 19.4%/101.2%/12.4% YoY. Healthy ordering momentum in Refinery, O&G, chemical, F&B, pharma, cement etc, resulted in order inflows of Rs18.6bn (up 67% YoY). During the quarter TMX received its 1st order to set up Bio CNG...

Thermax Ltd. is trading below all available SMAs

Thermax Ltd.

12 Nov 2021

3165.90

-0.14%

Thermax Limited

Buy: Thermax Ltd.

Target

ICICI Securities Limited

* Numbers till FY18 includes standalone business with boiler & heater business of Thermax, which is now classified as discontinued operations from standalone and transferred to its subsidiary TBWES with effect from October 1, 2019. Hence, they will not be reflected in standalone numbers. Instead, they will be reflected in consolidated numbers. Therefore, they will not be comparable. Hence, we have changed our presentation of historical numbers (FY19, FY20) and forward numbers to consolidated and valued accordingly....

Thermax Ltd. is trading below all available SMAs

Thermax Ltd.

09 Aug 2021

3165.90

-0.14%

Margin-led earnings miss; order inflows robust

Neutral: Thermax Ltd.

Target

Motilal Oswal

Revenue was in line with our estimate in 1QFY22, with a miss (15%) on operating profit. EBITDA margin stood at 6%, lower than our estimate of 7%, on account of higher commodity costs, an elevated freight rate, and lower productivity owing to COVID-led disruptions. Owing to a miss on operating profit, adjusted PAT came in 21% below our estimate. Order inflows almost tripled to ~INR17b on a low base YoY. However, it stood 13% higher sequentially, with robust orders from Refinery, Cement, and Steel sectors. Order book stood at INR61b (+17% YoY, with a book-to-bill...

Prabhudas Lilladhar released a Hold report for Thermax Ltd. with a price target of 3633.0 on 12 Sep, 2025.

Thermax Ltd.

09 Aug 2021

3165.90

-0.14%

Q1FY22 Result Update - Highest OI in last seven quarters - ACCUMULATE

Accumulate: Thermax Ltd.

Prabhudas Lilladhar

We believe TMX is well placed to capitalize on reviving economic activities in the long run given its 1) strong balance sheet, 2) prudent working capital management and 3) continuity in order inflow with strong tender pipeline. The stock is currently trading at 42.3x/33.2x FY22/FY23E. We maintain Accumulate' rating on stock with TP of Rs1,559 (same as earlier)....

Thermax Ltd. has lost -37.93% in the last 1 Year

Thermax Ltd.

27 May 2021

3165.90

-0.14%

THERMAX LTD

Sell: Thermax Ltd.

Recommendation Target

Geojit BNP Paribas

EBITDA margin expanded by 406bps YoY to 8.9% due to favourable sales mix, cost rationalisation & operating leverage. Order inflow grew by 57% YoY in Q4FY21 largely due to low base and fresh orders received in Energy segment, while order...

Prabhudas Lilladhar released a Hold report for Thermax Ltd. with a price target of 3633.0 on 12 Sep, 2025.

Thermax Ltd.

27 May 2021

3165.90

-0.14%

Thermax Limited

Buy: Thermax Ltd.

Recommendation Target

ICICI Securities Limited

Consolidated revenue came in at | 1574.5 crore, up 19% YoY, 11.6% QoQ (above our estimate of | 1552.9 crore) aided by better execution across segments. Energy segment revenue (~74% of revenue) grew 11.8% to | 1175.3 crore YoY while it was up 10.3% QoQ. Environment segment revenue grew 51.6% to | 301.8 crore and chemical segment revenue came in at | 119 crore, up 23.6%, YoY. EBITDA came in at | 139.6 crore, up 120% YoY and down 5.4% QoQ, aided by cost control measures and better execution amid higher raw material cost. Consequently, EBITDA margin...

Thermax Ltd. has lost -37.93% in the last 1 Year

Is Thermax Ltd. worth buying?

92 Votes:

Buy 79.35%

Sell 11.96%

Hold 8.7%

RESEARCH REPORTS

Hold SEE REPORTS >

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Hold SEE REPORTS >

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