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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