Thermax Share Price Target Forecast 2022, 2023, 2025, 2030

14 JANUARY 2022

Sharekhan recommends buying Thermax with a target price of Rs 2400.

In their research report dated January 13, 2022, Sharekhan suggested a buy rating on Thermax stock with a target price of Rs 2400.

India’s ambitious goal of developing 500 GW of renewable energy capacity by 2030 will benefit Thermax. It is in a strong position due to strong order intake in green energy products and exposure to important sectors. Large orders in FGD were announced in November 2021 and January 2022, demonstrating the company’s competitiveness in decreasing power plant emissions. The corporation’s strong treasury corpus would help it invest in future technologies like hydrogen, which would provide the company with a new leg of development.


With a revised PT of Rs. 2,400, we retain our Buy rating on Thermax, owing to upwardly revised forecasts and the solid traction expected in order inflows. is the source for this information.

16 NOVEMBER 2021

Prabhudas Lilladher: Thermax Share Price Target 2022; Accumulate For Rs 1633

On November 13, 2021, Prabhudas Lilladher suggested Accumulate Rating on Thermax with a target price of Rs.1633 in his research report.

Thermax Ltd (TMX) announced a strong Q2FY22 performance, with growth of 19.4 percent /101.2 percent /12.4 percent YoY in Energy/Environment/Chemical. Order inflows of Rs 18.6 billion were recorded in the refinery, oil and gas, chemical, food and beverage, pharmaceutical, and cement industries (67 percent yoy). TMX obtained its first order for the construction of a bio CNG facility using rice straw as a feedstock during the quarter.

Management stated that there is a robust demand forecast across the area, indicating that order flow visibility would be good in the future. With a solid order book of Rs 65.2 billion (1.2x TTM sales), revenue visibility for the next few quarters is favourable.


Given its 1) robust balance sheet, 2) cautious working capital management, and 3) consistent order flow with strong tender pipeline, TMX is well positioned to restart economic activity in the long run. Currently, the stock is trading at 47.6x/37.3x/33.2x FY22/FY23/FY24E. We extend our target price till September 23 and keep our ‘Accumulate’ rating on the company, with a revised target price of Rs 1,633. (earlier Rs 1,559). is the source for this information.

11 NOVEMBER 2021

Thermax’s stock has risen by 12% as a result of good second-quarter earnings.

On November 11, a day after the business released its second-quarter profits, Thermax stock rose 12 percent.

On November 10, the energy and environmental solutions firm announced a profit after tax (PAT) increase of 183% to Rs 88 crore for the quarter ended September 30. In the same quarter of FY15, the company had a profit of Rs 31 crore.

During the September quarter, the business recorded a 29 percent year-on-year increase in consolidated operating revenue of Rs 1,469 crore.

Last year, unusual items such as a voluntary retirement programme, the impairment of some assets of Boilerworks A/S, and the provision for winding up German subsidiary claims impacted the results during the second quarter of FY 2011.

The company has received orders worth Rs 1,856 crore, representing a 67 percent increase above order bookings in the Covid-affected Q2 of FY21.

The stock was trading at Rs 1,501.45 at 12:41 p.m., up Rs 159.60 or 11.89 percent. It has traded between a high of Rs 1,530.00 and a low of Rs 1,417.20 during the day.

When compared to its five-day average of 1,311 shares, the stock was trading with a volume of 54,222 shares, up 4,037.19%. is the source for this information.

18 AUGUST 2021

ICICI Direct: Thermax Share Price Target 2022; Buy For Rs 1680

ICICI Direct is optimistic on Thermax, recommending a BUY rating on the company with a target price of Rs 1680 in a research report dated August 10, 2021.

Thermax Limited (Thermax) offers comprehensive energy and environmental solutions, including heating, cooling, electricity, water and waste management, air pollution control, and chemicals. The Energy sector (76 percent of FY2011 revenue), the Environment segment (17 percent), and the Chemicals section (9%), are its three key segments.


We remain bullish on the stock in the long run and keep our BUY recommendation. We value Thermax at Rs 1680, or 42 times FY23E EPS. is the source for this information.

10 AUGUST 2021

Sharekhan: Thermax Share Price Target 2022; Buy For Rs 1720

Sharekhan is positive on Thermax, with a BUY rating and a target price of Rs 1720 in a research report dated August 09, 2021.

Thermax had a good first quarter of FY22, thanks to outperformance in the products and channel businesses. Despite the absence of significant orders, order flows have remained steady, and the order book has remained solid and distributed across industries. The pipeline of inquiries in food processing, chemicals, and pharmaceuticals continues robust, with large orders coming in from oil and gas, FGDs, refineries, and chemicals.

In the current economy, a robust balance sheet and net cash position give reassurance. In the foreseeable future, the company’s concentration on new technologies is likely to bring the next stage of growth.


We keep our Buy rating on Thermax at Rs. 1,720, owing to the greatest order booking and backlog in the past seven quarters. is the source for this information.

10 JUNE 2021

ICICI Direct: Thermax Share Price Target 2022; Buy For Rs 1685

In a research report dated May 27, 2021, ICICI Direct recommended a BUY rating on Thermax with a target price of Rs 1685.

Consolidated revenue was Rs 1574.5 crore, up 19 percent year over year and 11.6 percent quarter over quarter (up from our forecast of Rs 1552.9 crore), thanks to improved execution across categories. Income from the energy category (which accounts for 74% of total revenue) increased by 11.8 percent to Rs 1175.3 crore, compared to 10.3 percent in the previous quarter. Income from the environment category increased by 51.6 percent to Rs 301.8 crore, while revenue from the chemical segment increased by 23.6 percent to Rs 119 crore.

EBITDA was Rs 139.6 crore, down 120 percent year on year and 5.4 percent quarter on quarter, thanks to improved execution and higher raw material costs. As a consequence, the EBITDA margin increased to 8.9%. (versus our estimate of 9.9 percent ). Adjusted PAT was Rs 107.3 crore, up 3.4 percent over the previous quarter, thanks to greater other income and a reduced effective tax rate.


In the period FY 2011-23E, we project sales to grow at an annual rate of 18.8%, with an EBITDA CAGR of 33.4 percent, notwithstanding the low base. Our Target Price has been raised to Rs 1685 (formerly Rs 1310), with 42x FY23E EPS, and our recommendation has been upgraded from Hold to BUY. is the source for this information.

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