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Nirmal Bang Report
We attended Thermax Fest 2023 and interacted with the management team to gain better insights into the business.
Thermax Ltd. is gradually recovering its lost competitive advantage and has shifted its focus from low-margin engineering, procurement and construction business (in power and flue gas desulphurisation) to the product business and other industrial applications.
Management highlighted that Thermax will continue to remain prudent in its trade policies with focus on protecting working capital and cash flows. The management expects profitability to improve gradually.
Maintain 'Accumulate' with a revised target price of Rs 3,015 (versus Rs 2,860 earlier), valuing it at 40 times Dec-25E earnings per share.
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