2025-01-17 12:25:17 pm | Source: Motilal Oswal Financial Services Ltd Ltd
Neutral Thermax Ltd For Target Rs. 4,400 by Motilal Oswal Financial Services Ltd
* We expect revenue to grow 22% YoY and EBITDA margin to expand 130bp YoY to 9.4%. Sequentially, margin is estimated to contract ~220bp due to the one-off government incentive received in 2QFY25.
* We expect healthy YoY EBITDA and PAT growth of 41% and 23%, respectively.
* The performance of key subsidiaries (FEPL, TOESL) needs to be monitored closely.
Key monitorables include the large order pipeline, margin outlook, and industrial Infra and Chemicals segment.
* We reduce our FY26/27 estimates baking in slightly lower revenue growth.
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