Improving prospect pipeline

11 Mar 2024
5 Min read 
  • Thermax's 3QFY24 result was below estimates due to lower margins and higher interest expense.
  •  Order inflows have started improving, especially in the power sector.
  •  The company is evaluating bids and will selectively participate in thermal power projects.
  •  New product launches are in the testing stage and will yield results in the coming years.
  •  Continued investments in subsidiaries will weigh on the company's balance sheet strength.
  •  Neutral rating maintained with a revised target price of INR3,060.
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