Thermax Q1 Review - Mixed Quarter; Margins Hit By Raw Material Inflation: Yes Securities


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Thermax Ltd.’s Q1 FY23 result was a mixed bag with a strong 57% YoY revenue growth at Rs 19 billion led by robust execution across segments such as energy (up 61%), environment (up 62%) and chemicals (up 22%).

Order inflows came in at Rs 23.1 billion while the order book as of Q1 FY23 stands at Rs 95.5 billion (1.4 times trailing twelve months revenues), providing revenue visibility for one-two years.

Ebitda margins remained under pressure owing to elevated commodity prices (steel, aluminium, nickel, styrene, etc.). Thermax sees strong traction in cement, refinery, petchem, power and upcoming sectors such as waste to energy, bioethanol, biomass, etc.

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