Thermax shares climbed over 3% in morning trade after Kotak Institutional Equities raised its earnings estimates for the company and maintained an “ADD” rating with a revised target price of ₹3,600. As of 9:26 AM, the shares were trading 2.58% higher at Rs 3,740.00.
According to the brokerage, Thermax is entering a phase of increased activity, with a packed launch pipeline, early-stage businesses gaining scale, and ongoing investments in R&D and partnerships. Kotak noted that a majority of the company’s business remains on stable ground, both in terms of revenue growth and margins.
The brokerage also sees a strong possibility of the company delivering over 20% CAGR in earnings per share between FY2025 and FY2028. It has revised its earnings estimates upward by 3%, factoring in improved margins.
Thermax shares opened at ₹3,701 today and touched a high of ₹3,765 during the session. The stock’s low for the day also stood at ₹3,701. Over the past year, Thermax shares have declined by 24.23%, moving significantly below their 52-week high of ₹5,719. The 52-week low for the stock is ₹2,950.05.
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