Thermax Q1 Results Review - A Strong Quarter Marred By One-Off: ICICI Securities

ICICI Securities Report

Thermax Ltd. reported unexciting Q1 FY25 numbers as revenue grew 13% YoY to Rs 21.8 billion while Ebitda ascended 6% YoY to Rs 1.4 billion impacted by a one-off provision of Rs 500 million in the industrial infra segment. Order inflow and order book growth remained soft too; although, the outlook appears brighter with large orders expected from refining, petchem, steel and cement sectors.

Thermax is contemplating participating in thermal power plant orders given that the tenders for the same are split to boiler supply levels. Thermal awarding shall remain strong over the next two–three years and could be a huge boost to order inflow in the medium term. Retain Hold; target price revised to Rs 4,774 (from Rs 4,406).

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