Buy Thermax; target of Rs 2790: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Thermax

Thermax Limited’s (Thermax) consolidated Q2 performance exceeded estimates, wherein energy, environment and chemicals posted strong revenue growth driven by healthy opening order book. Order inflow witnessed moderate growth of 9% y-o-y to Rs. 2,015 crore, while order book improved ~46% y-o-y to Rs. 9,485 crore. Order intake expectations particularly for big ticket orders are muted but overall demand scenario is promising. Margins are expected to improve in the coming quarters in energy and chemicals segment on account of price hikes in products/services business, easing supply chain constraints, and stability in commodity prices.

Outlook

We maintain a Buy on Thermax with a revised PT of Rs. 2,790, as we believe despite moderate order intake outlook, the long-term growth will be driven by increasing demand for green-energy solutions and improving margin trajectory.

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Thermax - 15 -11-2022 - khan