Thermax Limited (NSE:THERMAX)

Thermax Stock Forecast

Stock Price Forecast

According to 22 analysts polled by S&P Global, Thermax stock has a consensus rating of "Hold" and an average price target of ₹4,409. The average 1-year stock price forecast is 9.35% lower than the current stock price, while the lowest is ₹2,893 (-40.52%) and the highest is ₹5,930 (+21.92%).

Price Target: ₹4,409 (-9.35%)

Analyst Consensus: Hold

Target	Low	Average	Median	High
Price	₹2,893	₹4,409	₹4,363	₹5,930
Change	-40.52%	-9.35%	-10.31%	+21.92%

Analyst Ratings

The average analyst rating for Thermax stock is "Hold". This means that analysts believe this stock is likely to perform similarly to the overall market.

Recommendation Trends

Rating	Jan '26	Feb '26	Mar '26	Apr '26	May '26	Jun '26
Strong Buy	7	8	8	8	5	5
Buy	2	2	2	2	1	1
Hold	8	6	6	6	9	9
Sell	2	2	2	2	3	3
Strong Sell	2	2	2	2	4	4
Total	21	20	20	20	22	22

Financial Forecast

Revenue This Year

125.77B

Increased by 17.61%

from 106.94B

Revenue Next Year

148.29B

Increased by 17.90%

from 125.77B

EPS This Year

74.25

Increased by 9.45%

from 67.83

EPS Next Year

96.52

Increased by 30.00%

from 74.25

Fiscal Year	FY 2022	FY 2023	FY 2024	FY 2025	FY 2026	FY 2027
Period Ending	Mar 31, 2022	Mar 31, 2023	Mar 31, 2024	Mar 31, 2025	Mar 31, 2026	Mar 31, 2027
Revenue	61.28B	80.90B	93.23B	103.89B	106.94B	125.77B
Revenue Growth	27.91%	32.01%	15.25%	11.43%	2.94%	17.61%
Gross Profit	26.43B	34.65B	41.04B	45.75B	37.38B	58.45B
Gross Margin	43.13%	42.83%	44.02%	44.04%	34.96%	46.47%
Operating Income	3.10B	4.85B	6.64B	7.53B	8.19B	10.78B
Net Income	3.12B	4.50B	6.45B	6.34B	7.21B	8.58B
EPS	-	-	-	-	67.83	74.25
EPS Growth	-	-	-	-	20.46%	9.45%
Forward PE	51.70	46.19	68.78	53.42	47.91	65.51
Dividend / Share	9.00	10.00	12.00	14.00	14.00	18.39
Dividend Growth	-	11.11%	20.00%	16.67%	-	31.33%
Free Cash Flow	2.94B	-2.32B	-6.51B	212.08M	-3.11B	6.99B
No. Analysts	-	-	-	-	-	20

EPS and Forward PE are based on non-GAAP adjusted numbers. Financial currency is INR.

Revenue Forecast

Revenue	2027	2028	2029
High	132.1B
Avg	125.8B
Low	119.5B

Revenue Growth

Revenue Growth	2027	2028	2029
High	23.6%
Avg	17.6%
Low	11.7%

EPS Forecast

EPS	2027	2028	2029
High	87.16
Avg	74.25
Low	64.20

EPS Growth

EPS Growth	2027	2028	2029
High	28.5%
Avg	9.5%
Low	-5.4%

Data Source: S&P Global Market Intelligence

Price targets, consensus ratings and financial forecasts are provided by S&P Global Market Intelligence. Price targets and consensus ratings update every hour to every three days.

Data Sources Report a data error