Thermax Ltd. NSE: THERMAX | BSE: 500411

Mid-range Performer

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3311.40 -7.40 (-0.22%)

42.10% Fall from 52W High

92,005

NSE+BSE Volume

NSE 17 Sep, 2025 3:31 PM (IST)

Thermax Ltd. share price target

Thermax Ltd. has an average share price target of 3828.67. The consensus estimate represents an upside of 15.62% from the last price of 3311.40. View 8 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)

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

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
	18 Sep 2025	Thermax	Consensus Share Price Target	3311.40	3656.95	-	10.44	hold	pdf Detailed Estimates
	18 May 2023	Thermax	BOB Capital Markets Ltd.	3311.40	2400.00	2280.10 (45.23%)	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
	20 Mar 2023	Thermax	Sharekhan	3311.40	2790.00	2281.00 (45.17%)	Target met	Buy	pdf post cache		Broker Report Thermax Sharekhan pdf Copy Link Share on Share on Share on Share on Alert
	15 Feb 2023	Thermax	Geojit BNP Paribas Target	3311.40	1806.00	2112.10 (56.78%)		Sell	pdf post cache		Broker Report THERMAX LTD Geojit BNP Paribas pdf Copy Link Share on Share on Share on Share on Alert
	14 Feb 2023	Thermax	ICICI Securities Limited Target	3311.40	2568.00	2139.35 (54.79%)	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	3311.40	2604.00	2139.35 (54.79%)	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	3311.40	2790.00	2181.45 (51.80%)	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	3311.40	2375.00	2142.85 (54.53%)	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	3311.40	2480.00	2040.45 (62.29%)	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	3311.40	1911.00	2131.30 (55.37%)	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	3311.40	2480.00	2255.50 (46.81%)	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
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