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Thermax: Rich valuation and near-term pressure on earnings to limit returns

Expensive valuation can put a cap on price appreciation even though Thermax's business is relatively better

May 27, 2021 / 06:32 PM IST
Thermax: Rich valuation and near-term pressure on earnings to limit returns

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Thermax (CMP: Rs 1461, Mcap: Rs 17404 crore) is one of the very few companies that enjoys the highest delta for every unit of change in the domestic economy. Considering its presence across industries and its leading position, the company capitalised on the domestic recovery in the March quarter, leading to a spurt in revenue and profitability. However, with the second wave of the pandemic, the situation has once again changed, impacting  demand. Though orders had picked up and execution...

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