ICICI Direct's research report on Thermax
Thermax Ltd (Thermax) offers integrated solutions in the areas of energy and environment – heating, cooling, power, water & waste management, air pollution control and chemicals. It operates in three key segments energy (~70.7% of FY22 revenue), environment segment (~20.6%) and chemicals segment (~8.7%) • Focus to increase product & services share (~50% in FY22) vs. projects.
We remain long term positive on the stock but change our rating from BUY to HOLD as we are cautiously optimistic on the stock. We value Thermax at Rs 2540 i.e. 45x on average on FY24E & FY25E EPS.
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