2025-10-16 12:29:25 pm | Source: Motilal Oswal Financial Services Ltd
Sell Thermax Ltd for the Target Rs. 3,450 by Motilal Oswal Financial Services Ltd
* We expect revenue to grow 11% YoY, driven by growth across all segments.
* Key monitorables include the finalization of the inquiry pipeline, revival of base ordering, margin outlook, and performance of the industrial infra and chemicals segments.
* We expect EBITDA margin to contract 100bp YoY, while sequentially it is expected to contract 90bp as 1QFY26 was aided by government incentives.
* The performance of key subsidiaries (FEPL, TOESL) needs to be monitored closely.
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