Buy Thermax; target of Rs 1040: Firstcall Research

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26 Aug, 2025 12:21

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Firstcall Research report on Thermax

“Thermax Limited, , a leading energy and environment solution and one of the few companies in the world that offers integrated, innovative solutions in the areas of heating, cooling, power, water and waste management, chemicals and air pollution control. The sustainable solutions Thermax develops for client companies are environment-friendly and enable efficient deployment of energy and water resources. The company has contracted over 85 Power projects on Trunkey Basis Based on various fuels including domestic and imported coal Washery rejects Petcoke, waste heat from various processes renewable energy including biomass and solar waste gases, and natural gas. Thermax is already executing a gas based combined cycle power project for an oil and gas majors. The company was Headquarter in Pune, India operate globally through 19 International offices, 12 Sales & Service offices and 12 manufacturing facilities - 7 of which are in India and 5 overseas.” “At the current market price of Rs.945.05, the stock P/E ratio is at 36.79 x FY15E and 33.63 x FY16E respectively. Earning per share (EPS) of the company for the earnings for FY15E and FY16E is seen at Rs.25.69 and Rs.28.10 respectively. On the basis of EV/EBITDA, the stock trades at 2.26 x for FY15E and 2.04 x for FY16E. Price to Book Value of the stock is expected to be at 4.83 x and 4.22 x respectively for FY15E and FY16E. We recommend ‘BUY’ in this particular scrip with a target price of Rs.1040.00 for Medium to Long term Investment,” says Firstcall Research report.

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