Sharekhan has given Buy recommendation for Thermax with a target price of Rs. 2940 in its research report issued on Sep 09, 2022

Sharekhan’s research report on Thermax

Thermax boasts of a formidable offerings and product portfolio to leverage on increasing demand for the green-energy solutions. Further, low debt and a short working capital cycle offer comfort. Order backlog stands at Rs. 9,554 crore and order intake expectations are high, given strong enquiry inflow from refinery, steel, power, and chemical segments. OPM is likely to improve as projects with escalated pricing/margin get executed. Profitability in the subsidiaries is also likely to improve.


We maintain a Buy on Thermax with a revised PT of Rs. 2,940, valuing the stock on its September 2024E EPS. We expect the stock to trade at a premium given strong track record and multiple growth levers.

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