Thermax Q3 Results Review: Motilal Oswal Maintains 'Sell' Rating On The Stock, Lowers Target Price— Here's Why

Thermax expects a revival in inflows and execution in Q4 FY25 and expects enquiry finalization in FY26 for large sectors..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..Motilal Oswal Report.Thermax Ltd’s Q3 FY25 results came in below our estimates, impacted by lower than-expected revenue booking and cost overruns. Revenue grew by 8% YoY, whereas PAT declined by 19% YoY as Ebitda margin contracted to 7.5%. Margins were impacted by cost overruns in FGD projects in Industrial Infra, floods in Chennai impacting Green Solutions segment margins, and increased costs incurred for expanding the scope of work in Chemicals. Order inflows declined by 8% YoY, mainly led by a sharp decline in domestic order inflows due to delays in enquiry finalizations across base industries. Thermax expects a revival in inflows and execution in Q4 FY25 and expects enquiry finalization in FY26 for large sectors. We cut our estimates by 9%/13%/13% for FY25/FY26/FY27 to factor in weak inflows, execution and margins. We maintain Sell with a target price of Rs 3,350, based on core business valuation at 42 times Mar’27E EPS and the addition of subsidiary valuations..Click on the attachment to read the full report:.JK Lakshmi Cement Q3 Review: Motilal Oswal Maintains 'Buy' On The Stock, Says Cost Savings Drives Margin.DISCLAIMERThis 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.

Thermax Q3 Results Review: Motilal Oswal Maintains 'Sell' Rating On The Stock, Lowers Target Price— Here's Why

Motilal Oswal maintains 'Sell' with a target price of Rs 3,350 based on 42x Mar’27 EPS and with value of investments in subsidiaries.

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