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    Thermax: Valuations way ahead of expectations

    High valuations could limit stock price returns in the short to medium term

    Jitendra Kumar Gupta
    May 31, 2022 / 11:04 AM IST
    Thermax: Valuations way ahead of expectations

    The good news about Thermax is that order inflows are healthy and the order book is at the highest in recent history. (Representative image)

    India’s capital goods sector remains hobbled by higher commodity prices, supply-chain disruptions, and limited capex, particularly in the international markets. These have reduced the overall growth and earnings visibility of the two leading companies in this segment — Cummins India and Thermax — as they are unable to  pass on the higher input cost. Though order flows and enquiries in the domestic market are good, the companies remain cautious. This comes at a juncture when both the stocks are trading...

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