THERMAX

Thermax is a fundamentally solid industrial play with attractive long-term prospects, but currently trades at steep multiples with technical and margin concerns. Patience may be the best strategy unless fresh catalysts emerge. FY25 Q4 revenue ~₹3,000 cr; net profit maintained across divisions. 5‑year sales CAGR ~13%; profit CAGR ~25%; but 1‑year stock return down ~35%. Order book remains solid (~₹10–11 k cr), although margin and inflow volatility persists. Growth/infrastructure investors: A good long-term play if the energy transition capex cycle accelerates—entry on dips could be strategic.