ICICI Securities Upgrades Thermax to BUY, Sets ₹3,600 Target Price on Fading Legacy Orders

Overview

ICICI Securities has upgraded Thermax shares to BUY from ADD, with a revised target price of ₹3,600. The upgrade is driven by the expected completion of legacy industrial infrastructure orders, which have previously pressured profitability. Despite a subdued Q2FY26 performance, order inflow has improved, signaling potential earnings growth over the next 2-3 years.