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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

    Jitendra Kumar Gupta
    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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