India's Thermax jumps to near 4-month high after top-rated brokerage Kotak's PT raise

** Shares of Thermax THERMAX jump 8% to 3,937 rupees, their highest since March 27

** Kotak Institutional Equities raises price target for the capital goods firm to 3,800 rupees from 3,500 rupees, citing scope for margin improvement, maintains "add"

** Brokerage, which is top-rated among analysts covering THMX, estimates EBITDA margins will expand by 250 bps between FY25 and FY28, 20 bps higher than earlier, as loss-making segments turn profitable

** Adds, revenue will grow at a compounded annual growth rate of 13% in the same period, compared to 12.5% it estimated earlier

** Kotak says "75% of revenues comprise businesses with strong growth potential"

** THMX currently trades above Kotak's new PT

** 20 analysts rate stock "hold" on avg; median PT 3,520 rupees - data compiled by LSEG