Sharekhan has given Buy recommendation for Thermax with a target price of Rs. 1720 in its research report issued on Aug 09, 2021

Sharekhan’s research report on Thermax

Thermax reported strong Q1FY2022 performance, led by improved performance of the products businesses and channel business during the quarter. Order inflow remains strong despite absence of large-size orders, while order book remains healthy, well spread across sectors. Enquiry pipeline stays strong across food processing, chemical, and pharma, including large-size orders from oil and gas, FGD , refinery, and chemicals. A strong balance sheet and net cash position provide comfort in the present environment. The company’s focus on newer technologies is expected to provide the next leg of growth in the near future.


We maintain Buy on Thermax with an unchanged PT of Rs. 1,720, led by the highest order booking and backlog in past seven quarters.

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