Thermax reported healthy Q4FY21 performance led by strong execution across segments and improvement in margins leading to beat on net profit. Order inflow remains strong despite absence of large size orders while order book healthy well spread across sectors. Enquiry pipeline strong across food processing, chemical and pharma including large size orders from Oil & Gas, FGD, refinery and chemicals. A strong balance sheet and net cash position provide comfort in the present environment. The company’s focus on newer technologies is expected to provide next leg of growth in the near-future.
OutlookWe upgrade Thermax to Buy with a revised PT of Rs. 1720 led by improving visibility for new orders due to positive business environment.
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