Buy Thermax; target of Rs 2790: Sharekhan

Sharekhan is bullish on Thermax has recommended buy rating on the stock with a target price of Rs 2790 in its research report dated February 13, 2023.

Broker Research

March 10, 2023 / 18:02 IST

26 Aug, 2025 12:21

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Sharekhan's research report on Thermax

Thermax Limited’s (Thermax) consolidated Q3 performance exceeded estimates, led by strong sales and profitability in energy and environment segments on account of rise in execution given higher opening order book. Order inflow declined by 10% y-o-y to Rs. 2,204 crore, while order book was up ~33% y-o-y to Rs. 9,859 crore. The company does not expect big-ticket orders in the near to medium term; however, the company is bullish on small to mid-size orders. Margins are on an improving trajectory across all its segments, given stability in freight cost and commodity prices.

Outlook

We maintain Buy on Thermax with an unchanged PT of Rs. 2,790, as we expect the company would benefit from increasing demand for green energy solutions across sectors. Further, its healthy balance sheet, strong cash, and execution capabilities give us comfort on its long-term prospects.

For all recommendations report, click here