Please refer to important disclosures at the end of this report
1
Thermax Limited (TMX) is engaged in the business of manufacture and sale o
f
boilers, heating and cooling equipment, industrial chemicals, and water and
waste management equipment. TMX is a leading energy and environment
solutions provider. TMX has also won a solar thermal order from NTPC worth
INR 780mn for its Dadri plant to take out low pressure steam. Potential
opportunity can be seen for TMX in water displacement and desulphurization in
the oil & gas industry to comply with Bharat VI norms is pegged at INR 8bn.
Q2FY17 order inflow grew by 31% YoY to `1,242cr. Export orders constitutes a
significant portion which grew by 90% YoY. This is on account of fairly good
order received from Thailand for sugar factory and from the oil sector in the
Middle East. The company has been maintaining a healthy dividend payout o
f
30.96%. Hence Buy.
BUY
CMP `834
Stock Info
Sector
Beta 0.7
Bloomberg Code
Shareholding Pattern (%)
Promoters 62.0
MF / Banks / Indian Fls 10.7
FII / NRIs / OCBs 16.3
Indian Public / Others 11.1
Abs. (%) 3m 1yr 3yr
Sensex (7.0) 2.5 25.4
Thermax (2.6) (2.0) 33.6
Reuters Code THMX.BO
2
BSE Sensex 26,150
Nifty 8,074
Face Value (
`
)
Capital Goods
Market Cap (
`
cr) 9,929
52 Week High / Low 970/691
Avg. Daily Volume 15,099
Vaibhav Agrawal
022 – 3935 7800 Ext: 6808
Thermax
Others | Capital Goods
November 21, 2016
Thermax | Capital Goods
November 21, 2016
2
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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Disclosure of Interest Statement Thermax
1. Financial interest of research analyst or Angel or his Associate or his relative No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or relatives No
3. Served as an officer, director or employee of the company covered under Research No
4. Broking relationship with company covered under Research No
Ratings (Based on expected returns Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)