This article first appeared on GuruFocus.

Thermax Ltd (NSE:THERMAX) is set to release its Q2 2026 earnings on Nov 12, 2025. The consensus estimate for Q2 2026 revenue is $27.84 billion, and the earnings are expected to come in at $13.51 per share. The full year 2026's revenue is expected to be $115.48 billion and the earnings are expected to be $67.24 per share. More detailed estimate data can be found on the Forecast page.

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Revenue estimates for Thermax Ltd have declined from $115.90 billion to $115.48 billion for the full year 2026 and declined from $132.92 billion to $132.64 billion for 2027 over the past 90 days. Earnings estimates have decreased from $67.84 per share to $67.24 per share for the full year 2026. However, for 2027, earnings estimates have increased from $84.09 per share to $84.20 per share over the same period.

In the previous quarter ending 2025-06-30, Thermax Ltd's actual revenue was $21.50 billion, which missed analysts' revenue expectations of $24.47 billion by -12.14%. Thermax Ltd's actual earnings were $13.52 per share, which beat analysts' earnings expectations of $11.70 per share by 15.56%. After releasing the results, Thermax Ltd was down by -4.10% in one day.

Based on the one-year price targets offered by 20 analysts, the average target price for Thermax Ltd is $3860.35 with a high estimate of $5155 and a low estimate of $3210. The average target implies an upside of 23% from the current price of $3138.60.

Based on GuruFocus estimates, the estimated GF Value for Thermax Ltd in one year is $4435.63, suggesting an upside of 41.33% from the current price of $3138.60.

Based on the consensus recommendation from 21 brokerage firms, Thermax Ltd's average brokerage recommendation is currently 2.9, indicating a \\"Hold\\" status. The rating scale ranges from 1 to 5, where 1 signifies strong buy, and 5 denotes sell.