Thermax shares are up 5% at the moment.
\n\nBrokerage firm Kotak Insitutional Equities upgraded the stock to “buy” with a target price of 4,000 per share.
\n\nKotak Institutional Equities on Thermax
\n\nUpgrade to Buy, Target Price Rs 4,000 Stock trades at 35X FY2028 earnings, which we find attractive given our expectation of a 16% revenue CAGR over FY2026-29. A sizeable 5-6% revenue CAGR boost is likely to come from businesses in their early stages where Thermax enjoys strong competitive positioning and the market is starting to open up, namely data centers (US, India) and compressed biogas. In addition, margin outlook remains favorable, supported by the completion of legacy orders and increasing contribution from higher-margin segments such as power, TBWES and services.
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