Buy Thermax; target of Rs 2445: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Thermax

Thermax Ltd (Thermax) offers integrated solutions in the areas of energy and environment – heating, cooling, power, water & waste management, air pollution control and chemicals. It operates in three key segments energy (~76% of FY21 revenue), environment segment (~17%) and chemicals segment (~9%) Focus to increase product & services share (~50% in FY21) vs. projects

Outlook

We remain long term positive and retain our BUY rating on the stock. We value Thermax at Rs 2445 i.e. 50x on FY24E EPS

More Info on Trent

At 14:48 hrs Thermax was quoting at Rs 1,948.40, down Rs 89.20, or 4.38 percent.

It has touched an intraday high of Rs 2,056.70 and an intraday low of Rs 1,943.00.

It was trading with volumes of 4,568 shares, compared to its thirty day average of 10,469 shares, a decrease of -56.37 percent.

In the previous trading session, the share closed up 1.50 percent or Rs 30.15 at Rs 2,037.60.

The share touched its 52-week high Rs 2,174.00 and 52-week low Rs 1,122.55 on 02 February, 2022 and 08 February, 2021, respectively.

Currently, it is trading 10.38 percent below its 52-week high and 73.57 percent above its 52-week low.

Market capitalisation stands at Rs 23,216.41 crore.

For all recommendations report, click here

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