NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Comprehensive Budget 2026 coverage, LIVE TV analysis, Stock Market and Industry reactions, Income Tax changes and Latest News on NDTV Profit.
