Update shared on 14 Nov 2025
Fair value Decreased 2.33%Analysts have revised their fair value estimate for Thermax downward from ₹3,646.86 to ₹3,562.05. This adjustment is due to lowered expectations for revenue growth and profit margins, as well as a higher discount rate in their updated assessment.
What's in the News
- Thermax Limited will hold a Board Meeting on November 11, 2025, to consider and approve the un-audited financial results for the quarter and half-year ended September 30, 2025. The meeting will also cover related segment-wise financial results (Key Developments).
- A Board Meeting scheduled for October 17, 2025, will address a proposed Scheme of Merger by Absorption of Buildtech Products India Private Limited with Thermax Limited, additional investment in Fortmax Chemicals India Private Limited, and support for Enernxt Private Limited (Key Developments).
Valuation Changes
- The Fair Value Estimate has decreased from ₹3,646.86 to ₹3,562.05.
- The Discount Rate has risen slightly, moving from 14.67% to 15.04%.
- Revenue Growth expectations have declined from 13.67% to 12.90%.
- Net Profit Margin projections have fallen from 7.86% to 7.50%.
- The Future P/E ratio is expected to increase from 51.54x to 55.00x.
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