Feb'25 View on Thermax Ltd

Thermax Limited offers solutions to energy, environment and chemical sectors. The Company’s portfolio includes boilers and heaters, absorption chillers/ heat pumps, power plants, solar equipment, air pollution control equipment/system, water and waste recycle plant, ion exchange resins and performance chemicals and related services. The stock made multiple attempts to break 5,900 level from June'24 till Oct'24 but failed and now due to market turbulence it is lying at 3,300 levels after making a low of 3,000 and looks to gain further momentum and cross 4,000 levels on back of improving sentiments due to Base orders pacing well, growth coming from Industrial Products. It is able to meet its margin requirements and also maintain its EBITDA levels in tough market conditions. It is also marking to get into even low margin business so that it can capture the market in this conditions to cushion any impact of falling market and make most of the capacity so that the cost comes down