Thermax Ltd. NSE: THERMAX | BSE: 500411

Mid-range Performer

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3332.20 11.30 (0.34%)

41.73% Fall from 52W High

118.9K

NSE+BSE Volume

NSE 09 Sep, 2025 1:43 PM (IST)

Thermax Ltd. share price target

Thermax Ltd. has an average share price target of 3779.75. The consensus estimate represents an upside of 13.43% from the last price of 3332.20. View 7 reports from 4 analysts offering long-term price targets for Thermax Ltd..

Reco - This broker has downgraded this stock from it's previous report.
(eg. - Buy->Hold)

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Reco - This broker has upgraded this stock from it's previous report.
(eg. - Sell->Hold)

Target - Broker has maintained previous recommendation but increased share price target.

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Summary	Date	Stock	Author	LTP	Target	Price at reco (Change since reco%)	Upside(%)	Type	Report		Discuss
	09 Sep 2025	Thermax	Consensus Share Price Target	3332.20	3646.86	-	9.44	hold	pdf Detailed Estimates
	14 Feb 2023	Thermax	ICICI Securities Limited Target	3332.20	2568.00	2139.35 (55.76%)	Target met	Buy	pdf post cache		Broker Report Healthy execution; profitability improves ICICI Securities Limited Thermax (TMX) delivered strong performance in Q3FY23 with ~27% YoY revenue growth to Rs20.5bn (I-Sec: Rs18.2bn) led by pick-up in execution in all its three business segments, supported by healthy order backlog, easing of supply-chain challenges and logistical issues. pdf Copy Link Share on Share on Share on Share on Alert
	14 Feb 2023	Thermax	Prabhudas Lilladhar Reco Target	3332.20	2604.00	2139.35 (55.76%)	Target met	Buy	pdf post cache		Broker Report THERMAX LTD Prabhudas Lilladhar pdf Copy Link Share on Share on Share on Share on Alert
	13 Feb 2023	Thermax	Sharekhan	3332.20	2790.00	2181.45 (52.75%)	Target met	Buy	pdf post cache		Broker Report Thermax Sharekhan pdf Copy Link Share on Share on Share on Share on Alert
	13 Feb 2023	Thermax	ICICI Direct Reco Target	3332.20	2375.00	2142.85 (55.50%)	Target met	Hold	pdf post cache		Broker Report Thermax Limited ICICI Direct pdf Copy Link Share on Share on Share on Share on Alert
	06 Dec 2022	Thermax	ICICI Securities Limited Reco	3332.20	2480.00	2040.45 (63.31%)	Target met	Buy	pdf post cache		Broker Report Order pipeline moderates, but remains stable ICICI Securities Limited We believe Thermax Ltd is a key beneficiary of the government’s increasing thrust on clean energy and decarbonisation initiatives, as well as visibility on private capex. pdf Copy Link Share on Share on Share on Share on Alert
	18 Nov 2022	Thermax	Geojit BNP Paribas Target	3332.20	1911.00	2131.30 (56.35%)	Target met	Sell	pdf post cache		Broker Report THERMAX LTD Geojit BNP Paribas pdf Copy Link Share on Share on Share on Share on Alert
	15 Nov 2022	Thermax	ICICI Securities Limited Reco Target	3332.20	2480.00	2255.50 (47.74%)	Target met	Accumulate	pdf post cache		Broker Report Healthy execution; profitability improves ICICI Securities Limited Thermax delivered strong performance in Q2FY23 with ~41% YoY revenue growth to Rs20.8bn (I-Sec: Rs18.2bn) led by pick-up in execution in all its three business segments. pdf Copy Link Share on Share on Share on Share on Alert
	14 Nov 2022	Thermax	Prabhudas Lilladhar Target	3332.20	2556.00	2255.50 (47.74%)	Target met	Accumulate	pdf post cache		Broker Report THERMAX LTD Prabhudas Lilladhar pdf Copy Link Share on Share on Share on Share on Alert
	01 Sep 2022	Thermax	Geojit BNP Paribas Target	3332.20	2178.00	2398.75 (38.91%)	Target met	Sell	pdf post cache		Broker Report THERMAX LTD Geojit BNP Paribas pdf Copy Link Share on Share on Share on Share on Alert
	03 Aug 2022	Thermax	ICICI Direct Target	3332.20	2405.00	2010.40 (65.75%)	Target met	Buy	pdf post cache		Broker Report Thermax Limited ICICI Direct pdf Copy Link Share on Share on Share on Share on Alert
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