India's Thermax jumps most in 10 weeks after top analyst double upgrades to 'buy'

Thermax

09/10/2026 05:50

** Engineering firm Thermax's THMX.NS shares rise as much as 5.16%, their biggest intraday rise in 10 weeks, to 3,300 rupees apiece
** Kotak Institutional Equities double-upgrades THMX to "buy" from "sell"; slightly trims PT to 4,000 rupees, implying 27.5% upside over last close, from 4,250 rupees to account for broader market weakness
** Analyst among top-two highest rated on overall rating accuracy, per LSEG 
** Notes THMX's favourable margin outlook on legacy orders' completion and increasing contribution from higher-margin segments such as power, industrial boilers
** Says THMX trades at 35x FY2028 earnings, which is attractive given the 16% revenue CAGR over FY2026-2029
** Adds, US data centre opportunity for THMX far exceeds existing cooling business
** Average rating of 19 analysts tracking THMX is "hold"; median PT 4,313.50 rupees - LSEG-compiled data
** YTD, THMX up about 10%

(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))