External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.  

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>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.</li><li>Thermax (TMX) reported weak Q3 with 7.9% YoY revenue growth and EBITDA margin declining by 53bps YoY to 7.5% impacted by weaker performance in industrials infra segment.</li><li>Less profitable FGD orders are nearing completion, offering relief for Industrial Infra segment, further bolstered by increasing traction from Refinery &amp; Petchem, Power, Steel and Cement sectors.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

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.Thermax (TMX) reported weak Q3 with 7.9% YoY revenue growth and EBITDA margin declining by 53bps YoY to 7.5% impacted by weaker performance in industrials infra segment.Less profitable FGD orders are nearing completion, offering relief for Industrial Infra segment, further bolstered by increasing traction from Refinery &amp; Petchem, Power, Steel and Cement sectors.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thermax (TMX IN) - Dismal Q3; Industrial Infra Recovery Remains in Focus