Thermax (TMX IN) - Dismal Q3; Industrial Infra Recovery Remains in Focus
We largely maintain our FY26/27E EPS estimates and upgrade the rating to ‘Accumulate’ from ‘Reduce’ due to recent sharp correction in the stock price.
120 Views
Thermax - Large Dependence on Private Capex
Thermax (TMX) in its annual report outlined its strategy to innovate for energy transition, strengthen its solutions business, scale up...
190 Views
HSIE Results Daily: Britannia Industries, ABB India, Thermax, Jyothy Labs...
Britannia’s Q4FY25 results were a mixed bag, coming in below estimates on volume growth (3.5% vs HSIE est of 5%) and surprising us on the...
131 Views
Industrials (Q4FY25 Results Preview): Expecting Recovery
Government support in some sectors, while others stay muted: During Q4FY25, the government capex or awards pick-up is still subpar ex of T&D
521 Views
Capital Goods: Elecrama 2025 - Key Takeaways
We visited the 16th annual exhibition organized by IEEMA (Indian Electrical and Electronics Manufacturers’ Association) – Elecrama 2025
245 Views