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

For Q1, Thermax yet again achieved strong execution although gross margins remained under pressure. Lower ETR supported net profit growth with increase in interest, depreciation and lower other income. The weak order inflow over trailing two quarters coupled with strong execution during the same period depleted the exit order backlog at 0.9x FY2019 consolidated revenues. Management remains cautiously optimistic and will be focusing on short cycle projects to replenish order book while big ticket size capex may take time for recovery.

Outlook

We retain our Hold rating on Thermax with revised PT of Rs. 1195 due to a weak order backlog and low visibility in order intake for FY2020.

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