Hold Thermax target of Rs 1195: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Thermax

In Q2FY20, Thermax achieved steady execution and operating margins improved. A higher effective tax rate due to write-down of deferred tax assets and lower other income dragged net profit. Weak order inflow barring one large FGD order for H1FY2020 and strong execution during the same period depleted the exit order backlog to 0.8x TTM consolidated revenues. Management remains cautious on order inflows and will focus on short-cycle projects to replenish order book, while big-ticket size capex may take time to recover. Absence of meaningfully pick up in order inflows in coming quarters could pose risk to revenue estimates ahead.

Outlook

We retain our Hold rating on Thermax with an unchanged PT of Rs. 1,195 due to cautious outlook in order tendering.

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