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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