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Core sectors such as metal and cement are moving into capex mode backed by improved balance sheet, which could lead to better order inflow of ~Rs 55 billion in FY22 (versus Rs 48 billion in FY21).
However, achieving an annual order inflow of Rs 60 billion plus seems difficult for Thermax Ltd. as visibility on broad based order inflow recovery (including large projects) is still limited in our view.
Management re-iterated its stance of not taking orders from government sector (mainly municipal corporations) as it has faced losses in the past.
The company is foraying into new areas like fuel cell, solar dilm which could potentially offer long term growth opportunities.
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