Kotak Securities' report on Thermax
"Thermax reported higher than expected numbers on all fronts viz Revenue, EBITDA and Earnings. So far as business outlook is concerned, order intake in the near term is likely to be driven by short cycle orders from consumption oriented industries like Food, Textile, Pharma etc. Big ticket orders from Power, Cement, Refineries would come with a lag. Until then, order intake should continue to witness moderate growth. Although, the company is a quality play on the capex cycle, weak (though improving) near term outlook, loss at TBW and premium valuations constrain us from giving a more favourable rating. Maintain ACCUUMULATE (BUY on declines)", says Kotak Securities research report.
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