Thermax Share Price Target 2027: 4.9% Upside to Rs 2,941, Bull Case Rs 3,574

Investors weighing a Thermax target price for 2027 should start with where the stock sits today. At Rs 2,802.50 on 11 November 2026, it is 46.9% below its 52-week high of Rs 5,277.80 and 5.1% above its 52-week low of Rs 2,666.60. That range spans 98% from low to high, so the entry point matters as much as the Thermax price forecast itself.

This article builds the Thermax share price target from reported numbers only: five years of annual results, the last five quarters, the latest shareholding pattern and current valuation ratios from company filings and exchange data. Each scenario states its assumptions, so you can trace how the base case, the bull case and the downside risk level were reached and test them against your own view.

Click Here – Get Free Investment Predictions

Thermax Stock Analysis: Company Overview and Key Stats

Thermax (NSE: THERMAX) has a market capitalisation of Rs 33,168 crore. In FY26 it reported revenue of Rs 11,041 crore and net profit of Rs 720.26 crore. The table collects the figures the Thermax share price target is built on.

Metric	Value
Company	Thermax
NSE Ticker	THERMAX
CMP (11 November 2026)	Rs 2,802.50
52-Week High	Rs 5,277.80
52-Week Low	Rs 2,666.60
Market Cap	Rs 33,168 crore
PE Ratio (TTM)	56.76
Industry PE	42.59
Price to Book	6.05
Return on Equity	10.73%
Debt to Equity	0.53
EPS (TTM)	Rs 49.04
Dividend Yield	0.07%
12-Month Base Target	Rs 2,941
Bull Case	Rs 3,574
Downside Risk Level (not a target)	Rs 2,227

Why Is Thermax Share Price Target Set at Rs 2,941 for 2027?

The arithmetic is short. Trailing EPS of Rs 49.04 grown for one year gives a forward EPS estimate of Rs 51.81, and multiplying it by the unchanged PE of 56.76 gives the Rs 2,941 base-case Thermax stock target. The bull case adds faster earnings growth and a higher multiple, while the downside risk level assumes flat earnings and a lower multiple.

Earnings Growth Behind the Thermax Target Price: Five Years of Results

Thermax grew revenue from Rs 6,255 crore in FY22 to Rs 11,041 crore in FY26, a compound annual growth rate of 15.3%. Net profit grew faster, from Rs 312.31 crore to Rs 720.26 crore (23.2% a year), which shows margin gains did part of the work and not just higher sales.

Financial Year	Revenue (Rs Cr)	Net Profit (Rs Cr)	EPS (Rs)	Dividend per Share (Rs)
FY22	6,255.34	312.31	27.73	9.00
FY23	8,249.99	450.70	39.97	10.00
FY24	9,556.03	643.19	57.28	12.00
FY25	10,640.91	626.70	56.31	14.00
FY26	11,041.49	720.26	63.94	20.00

FY26 revenue growth was 3.8%, slower than the four-year average of 15.3%, and net profit moved up 14.9%. EPS rose from Rs 57.28 in FY24 to Rs 63.94 in FY26. The FY27 outlook for the Thermax price target depends on whether that EPS estimate keeps compounding.

Margins and the Latest Quarter

Thermax converted 6.5% of FY26 revenue into net profit, against 5.9% in FY25, within a five-year range of 5.0% to 6.7%. EBITDA margin was 12.3% in FY26 versus 10.9% in FY25.

In the September 2026 quarter, revenue was Rs 2,838 crore, up 10.9% from the same quarter a year earlier, while net profit of Rs 113.11 crore was down 5.3%. EBITDA came in at Rs 275.93 crore, up 7.2% year on year. The next quarterly result is the first test of whether the earnings assumption behind the Thermax stock target holds.

Balance Sheet and Cash Flow

Debt to equity stands at 0.53, and shareholders' equity grew from Rs 3,492 crore in FY22 to Rs 5,579 crore in FY26. Operating cash flow in FY26 was Rs 541.55 crore against capital expenditure of Rs 952.40 crore, leaving negative free cash flow of Rs 410.85 crore. In FY25 free cash flow was Rs 177.76 crore, so cash generation has not been steady year to year.

Valuation Check for the Thermax Stock Target: PE, Price to Book and ROE

At a PE of 56.76 against an industry PE of 42.59, Thermax trades at a premium to its industry. Price to book is 6.05 on a book value of Rs 460.38 per share, and return on equity is 10.73%. A PE of 56.76 equals an earnings yield of 1.8%, and the FY26 dividend of Rs 20.00 per share gives a yield of 0.07%.

Shareholding Pattern and Institutional Holding

Promoters held 61.98% of Thermax in September 2026, and promoter holding has stayed near 61.98% since September 2025. Foreign institutional investors (FII) held 11.31% and domestic institutions (DII) held 14.94%, which puts total institutional holding at 26.25%. FII holding fell from 13.44% in September 2025 to 11.31% in September 2026. Public shareholders own the remaining 11.78%. A meaningful institutional holding adds a layer of research coverage and trading depth.

Thermax Share Price Targets for the Short Term and 12 Months

Short Term Thermax Stock Target Levels: Technical Setup

At Rs 2,802.50 on 11 November 2026, Thermax trades below its 50-day simple moving average of Rs 3,345.93 and below its 200-day exponential moving average of Rs 3,706.59. The 14-day RSI reads 35.7, which is neutral territory, and the MACD line sits below its signal line. The nearest resistance level is Rs 3,345.93 (50-day simple moving average) and the nearest support is Rs 2,666.60 (52-week low). A sustained move above Rs 3,345.93 would improve the short-term setup, while a close below Rs 2,666.60 would shift attention to the next support.

12 Month Thermax Target Price for 2027

The 12-month target of Rs 2,941 means a move of 4.9% up from Rs 2,802.50 over the next 12 months. It would still leave the stock 44.3% below its 52-week high of Rs 5,277.80. The upside in the base case is thin, so the thesis here leans on the bull case and on patience. Anyone checking the Thermax share price target against their own view should focus on two inputs: the EPS estimate and the PE multiple.

How EPS Growth and PE Multiple Change the Thermax Target Price

EPS Growth	PE 45.41	PE 56.76	PE 65.27
0.0% (EPS Rs 49.04)	Rs 2,227	Rs 2,784	Rs 3,201
5.7% (EPS Rs 51.81)	Rs 2,353	Rs 2,941	Rs 3,382
11.7% (EPS Rs 54.75)	Rs 2,486	Rs 3,108	Rs 3,574

Each cell multiplies the forward EPS estimate by the PE shown. Reading across a row shows what a de-rating or re-rating does to the Thermax price forecast, and reading down a column shows what earnings growth is worth at a fixed multiple.

Bull Case and Downside Risk for Thermax Stock Target in 2027

Bull Case Rs 3,574

The bull case Thermax price target needs EPS growth of 11.7%, which lifts forward EPS to Rs 54.75, and a PE multiple that rises 15% to 65.27. That gives Rs 3,574, 27.5% above the current price and below the 52-week high of Rs 5,277.80.

Downside Risk Level Rs 2,227

The downside risk level is not a target. It assumes EPS stays flat at Rs 49.04 and the PE falls 20% to 45.41. That gives Rs 2,227, 20.5% below the current price and below the 52-week low of Rs 2,666.60.

Scenario	EPS Growth	PE Multiple	Price (Rs)	Change vs CMP
Bull Case	11.7%	65.27	Rs 3,574	+27.5%
Base Case	5.7%	56.76	Rs 2,941	+4.9%
Downside Risk	0.0%	45.41	Rs 2,227	-20.5%

Key Risks to the Thermax Target Price for 2027

Growth Slowdown Risk for the Thermax Price Target

Revenue in the September 2026 quarter was up 10.9% year on year, and FY26 revenue growth was 3.8%. If growth slows from here, the EPS estimate behind the Thermax stock target will need revising.

Liquidity and Size Risk

Thermax has a market capitalisation of Rs 33,168 crore. Institutional holding is 26.25%, and promoters hold 61.98%. Stocks of this size are usually liquid, though exits can take longer than entries when the market is falling.

Valuation and Margin Risk

Net margin was 6.5% in FY26, so a small slip in costs moves profit noticeably. At a PE of 56.76 versus an industry PE of 42.59, a de-rating toward the downside-risk PE of 45.41 would cut the price even if earnings hold.

Market and Technical Risk

Technical indicators add short-term risk: the 14-day RSI is 35.7 and the MACD sits below its signal line. A broad fall in the Nifty 50 or the Sensex can override company fundamentals for weeks at a time. That applies to any Thermax stock target, however carefully it is built.

How to Invest in Thermax

Start with the live price and volume. Any Thermax share price target is only as current as the data behind it, and the data here is as of 11 November 2026, so refresh the Rs 2,802.50 price before acting on any level.

Next, review the fundamentals yourself. The Univest Screener lets you check Thermax's PE, ROE, debt and shareholding in one place.

Check Thermax fundamentals on the Univest Screener

Then compare the three Thermax target price scenarios with your own view. If you expect EPS growth below 5.7%, the base case is too optimistic for you; if you expect more, the bull case deserves weight.

Decide your position size and exit levels before you buy. The support and resistance levels above can serve as reference points, but they are not recommendations.

Finally, place the order through a SEBI-registered broker or the Univest app, and review the position after each quarterly result. Consult a SEBI-registered advisor if you are unsure.

Download the Univest iOS App or Univest Android App to track Thermax live price and get daily stock recommendations.

Conclusion

The Thermax share price target for 2027 is Rs 2,941 in the base case, with Rs 3,574 as the bull case. The support for that view is arithmetic you can check: EPS grew 5.7% a year over FY24 to FY26, and the stock trades at a PE of 56.76. The risks are equally concrete, including a PE of 56.76 that sits above the industry PE of 42.59 and a downside scenario that cuts the price 21% if earnings stall. Use these numbers as a framework for judging the Thermax price target, check them against the latest filings, and size any position to your own risk appetite.

FAQs on Thermax Share Price Target 2027

What is the Thermax share price target for 2027?

Ans. The base-case Thermax share price target for 2027 is Rs 2,941, which is 4.9% above the price of Rs 2,802.50 on 11 November 2026. The bull case is Rs 3,574 and the downside risk level, which is not a target, is Rs 2,227. All three come from one method: forward EPS multiplied by a PE multiple, using only reported results. They are model estimates and not guaranteed outcomes, and the next quarterly result is the first check on the EPS assumption.

What is the Thermax share price today?

Ans. As of 11 November 2026, 9:53 AM IST, Thermax (NSE: THERMAX) trades at Rs 2,802.50, up 0.60% on the day. That is 46.9% below the 52-week high of Rs 5,277.80 and 5.1% above the 52-week low of Rs 2,666.60. The market capitalisation of Rs 33,168 crore places it among mid-cap stocks. Prices change through the trading session, so check the live quote before acting on any level in this article.

Is Thermax a buy or sell at the current price?

Ans. The data points both ways. On the positive side, EPS has grown 5.7% a year over FY24 to FY26 and the base case implies 4.9% upside; on the cautious side, the PE of 56.76 sits above the industry PE of 42.59, and the downside risk level of Rs 2,227 is 21% below the current price. Whether Thermax fits your portfolio depends on your time horizon, position size and risk appetite. Consult a SEBI-registered advisor before investing, as this article is not investment advice.

What are the bull case target and downside risk level for Thermax shares?

Ans. The bull case in the Thermax share price target for 2027 is Rs 3,574, which assumes 11.7% EPS growth and a PE of 65.27, a 15% re-rating from today's multiple. That is 27.5% above the current price and below the 52-week high of Rs 5,277.80. The downside risk level is Rs 2,227, which assumes flat EPS and a PE of 45.41, 20% lower than today. It sits 20.5% below the current price and below the 52-week low of Rs 2,666.60, and it marks a risk to watch, not a target.

What are the main risks to the Thermax price target?

Ans. Four risks matter most for the Thermax share price target: slower revenue or profit growth, a PE de-rating, thin liquidity or size risk, and weakness in the broader market. With a market capitalisation of Rs 33,168 crore, the stock is usually liquid, though exits can take longer than entries in a falling market. A fall to the downside-risk PE of 45.41 would cut the price even if earnings hold.

What is the PE ratio of Thermax and how does it compare with the industry?

Ans. The PE ratio of Thermax is 56.76, against an industry PE of 42.59, which is a premium to the industry. Price to book is 6.05 and return on equity is 10.73%, and the PE equals an earnings yield of 1.8%. The base case holds the PE unchanged, so the Thermax share price target moves only with earnings, while the bull and downside scenarios change the multiple by +15% and -20%.

Who owns Thermax, and what is the promoter holding?

Ans. Promoters held 61.98% of Thermax in September 2026. FII held 11.31%, DII held 14.94% and the public held 11.78%. Together the two institutional groups hold 26.25%. Shareholding is filed every quarter, so it is worth rechecking after each result.

What were Thermax's latest quarterly results?

Ans. In the September 2026 quarter, Thermax reported revenue of Rs 2,838 crore (up 10.9% year on year) and net profit of Rs 113.11 crore (down 5.3%). For comparison, FY26 full-year revenue growth was 3.8% and net profit moved up 14.9%. Each new quarter either supports or weakens the EPS growth of 5.7% assumed in the base case.