ICICI Direct has given Buy recommendation for Thermax with a target price of Rs. 1680 in its research report issued on Aug 10, 2021

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 three in key segments energy (~76% of FY21 revenue), environment segment (~17%) and chemicals segment (~9%) Focus to increase the product & services share (~50% in FY21) vs. projects


We remain long term positive and retain our BUY rating on the stock We value Thermax at Rs 1680 i.e. 42x on FY23E EPS.


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