Name: Latest research reports of Thermax Ltd. authored by BOB Capital Markets Ltd. and published by - Trendlyne research reports.
Item: Thermax Ltd.
Rating: 3
Author: BOB Capital Markets Ltd.

Summary	Date	Stock	Author	LTP	Target	Price at reco (Change since reco%)	Upside(%)	Type	Report	Discuss
	15 Jul 2025	Thermax	Consensus Share Price Target	3474.90	3492.57	-	0.51	hold	pdf Detailed Estimates
	06 Nov 2023	Thermax	BOB Capital Markets Ltd. Target	3474.90	3000.00	2895.35 (20.02%)	Target met	Hold	pdf post cache	Broker Report Thermax (HOLD): Sound operations, measured commentary BOB Capital Markets Ltd. Q2 operating performance strong with 210bps YoY margin expansion, half of which management believes is sustainable pdf Copy Link Share on Share on Share on Share on Alert
	31 Aug 2023	Thermax	Sharekhan Target	3474.90	3235.00	2800.15 (24.10%)	Target met	Buy	pdf post cache	Broker Report Thermax Sharekhan pdf Copy Link Share on Share on Share on Share on Alert
	23 Aug 2023	Thermax	Prabhudas Lilladhar	3474.90	2613.00	2738.05 (26.91%)	Target met	Hold	pdf post cache	Broker Report THERMAX LTD Prabhudas Lilladhar pdf Copy Link Share on Share on Share on Share on Alert
	04 Aug 2023	Thermax	ICICI Securities Limited Reco Target	3474.90	2703.00	2529.95 (37.35%)	Target met	Accumulate	pdf post cache	Broker Report Outlook for base orders remains strong; wage hike in Q1 to impact profitability ICICI Securities Limited Thermax has reported a good set of Q1FY24 earnings with revenue growing by 16%, operating profit (EBIDTA) by 38% and adjusted profit by 65% YoY. However, reported profit was flat on account of a one-off. The result is in line with consensus estimates. pdf Copy Link Share on Share on Share on Share on Alert
	02 Aug 2023	Thermax	BOB Capital Markets Ltd. Target	3474.90	2600.00	2602.10 (33.54%)	Target met	Hold	pdf post cache	Broker Report Thermax (HOLD): Good quarter, healthy order flows BOB Capital Markets Ltd. Good Q1 performance though legacy orders continue to weigh on infrastructure margins pdf Copy Link Share on Share on Share on Share on Alert
	02 Aug 2023	Thermax	Prabhudas Lilladhar Reco	3474.90	2613.00	2602.10 (33.54%)	Target met	Hold	pdf post cache	Broker Report THERMAX LTD Prabhudas Lilladhar pdf Copy Link Share on Share on Share on Share on Alert
	21 Jun 2023	Thermax	Geojit BNP Paribas Target	3474.90	2113.00	2283.50 (52.17%)		Sell	pdf post cache	Broker Report THERMAX LTD Geojit BNP Paribas pdf Copy Link Share on Share on Share on Share on Alert
	19 May 2023	Thermax	ICICI Direct Reco Target	3474.90	2635.00	2226.90 (56.04%)	Target met	Buy	pdf post cache	Broker Report Thermax Limited ICICI Direct pdf Copy Link Share on Share on Share on Share on Alert
	18 May 2023	Thermax	Prabhudas Lilladhar Target	3474.90	2613.00	2280.10 (52.40%)	Target met	Buy	pdf post cache	Broker Report THERMAX LTD Prabhudas Lilladhar pdf Copy Link Share on Share on Share on Share on Alert
	18 May 2023	Thermax	BOB Capital Markets Ltd.	3474.90	2400.00	2280.10 (52.40%)	Target met	Hold	pdf post cache	Broker Report Thermax (HOLD): Cautious outlook continues BOB Capital Markets Ltd. Order book has flattened with a lack of big orders in the pipeline; management outlook on FY24 cautious pdf Copy Link Share on Share on Share on Share on Alert
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39.24% Fall from 52W High

Thermax Ltd. share price target

Thermax Ltd. has an average share price target of 3977.80. The consensus estimate represents an upside of 14.47% from the last price of 3474.90. View 9 reports from 5 analysts offering long-term price targets for Thermax Ltd..

Thermax (HOLD): Sound operations, measured commentary

Thermax

THERMAX LTD

Outlook for base orders remains strong; wage hike in Q1 to impact profitability

Thermax (HOLD): Good quarter, healthy order flows

THERMAX LTD

THERMAX LTD

Thermax Limited

THERMAX LTD

Thermax (HOLD): Cautious outlook continues

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