Thermax shares gain after Kotak upgrade on valuation
In short
Kotak Institutional Equities upgraded Thermax and other capital goods stocks, and the shares rose as much as 7%. Kotak said Thermax trades at 35 times estimated FY2028 earnings and expects 16% revenue growth a year for FY2026-2029.
This matters because the upgrade may boost investor interest in capital goods stocks. The report does not name all three stocks or give the full upgrade details.
What the reporting says
Kotak Institutional Equities upgraded Thermax and other capital goods stocks, and the publisher summary says the shares surged up to 7%. Kotak said Thermax trades at 35 times estimated FY2028 earnings and cited expectations for a 16% revenue CAGR over FY2026-2029. The immediate consequence is a stock rally, while the source does not name the other two stocks or give the exact upgrade calls.
Why it matters
Kotak Institutional Equities upgraded Thermax and other capital goods stocks, with the publisher summary saying the shares jumped up to 7%. Kotak described Thermax as trading at 35 times estimated FY2028 earnings and pointed to a 16% revenue CAGR over FY2026-2029. That supports a positive valuation case for the stock, but the report does not identify the other companies or spell out the full recommendation changes.