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ICICI Securities Report
Thermax Ltd.'s margins were lower than expectations at 6% in Q1 FY22 versus our estimate of 8.7%, impacted by normalisation of fixed cost and employee expenses.
Despite headwinds, consolidated order intake was healthy at Rs 16.9 billion with order book of Rs 61.1 (1.2 times trailing twelve months sales).
Thermax has taken various strategic technology collaborations in waste-to-energy, fuel cell and solar film segments.
Factoring in the margin stress, we cut our FY22E and FY23E earnings by 14% and 2%, respectively.
We have adopted sum-of-the-parts-based valuation given different growth, margin and return outlook of the segments.
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