Thermax shares jump 8% as Kotak hikes price target, expecting strong margin gains and steady revenue growth through FY28.

• Kotak raises Thermax’s target price to ₹3,800, citing 250 bps EBITDA margin expansion driven by the profitable turnaround of weak units.
• Revenue CAGR revised up to 13% for FY25-FY28; 75% of revenue from high-growth business segments.
• Stock trades above target price; average analyst rating remains “hold” with median price target of ₹3,520.