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2025-04-12 10:35:46 am | Source: Motilal Oswal Financial Services Ltd
Sell Thermax Ltd For Target Rs. 3,350 by Motilal Oswal Financial Services Ltd
Sell Thermax Ltd For Target Rs. 3,350 by Motilal Oswal Financial Services Ltd

* We expect revenue to grow 5% YoY, driven by industrial products, green solutions, and chemical segments.

* Key monitorables include the finalization of the inquiry pipeline from the private sector, revival of inflows, margin outlook, and performance of the Industrial Infra and Chemicals segment.

* We expect EBITDA/PAT growth of 4%/15%. We expect EBITDA margin to remain flat YoY at 9.8%. Sequentially, margins are set to expand ~230bp, recovering from 3QFY25 cost overruns.

* The performance of key subsidiaries (FEPL, TOESL) needs to be monitored closely.

 

 

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