Thermax Ltd has been actively making partnerships, growth capex & entering new markets.
12 September 2025
Thermax Ltd (THERMAX) - ADD
- TMX has been actively making partnerships, growth capex & entering new markets.
- Order pipeline strengthening across industrial infra and products segments.
- TBWES can double its topline with a reasonably sized supercritical boiler order
- Chemicals hold bigger growth potential, though a few hurdles to cross
- Infra segment’s margin improved yoy, helping grow adjusted EBITDA 20% in Q1FY26
- We expect 15%/12% CAGR in ordering/revenues for next 3 years from TMX
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Eureka Forbes Ltd (EUREKAFORB) EFL ticked most of the boxes in FY25: (1) product growth acceleration to high teens, (2) margin expansion and (3) healthy FCF generation. EFL expects the product business to continue in its mid-to-high teens growth trajectory in FY26, notwithstanding the challenging market conditions. Company will maintain its thrust on innovation to further reduce the total cost of ownership in water purifiers so as to accelerate penetration and improve its premium mix. On the service front, management expects growth to accelerate in the next 3-4 quarters. Management shared that the EBITDA margin will keep expanding year after year, even as it further ramps up A&P spends. Our fair value is based DCF (discounted cash flow) methodology. Note: This is a synopsis of the Research report issued by Kotak Securities Limited. This is not a comprehensive report and before taking any investment decision we request you to refer the detailed report including disclaimers by clicking here: https://www.kotaksecurities.com/stock-research-recommendations/. Further, the recipient of this material should take their own professional advice before investing. Disclaimer: https://www.kotaksecurities.com/disclaimer/research/
Home First Finance (HOMEFIRST) Home First remains consistent on operational and financial parameters. Home First (HFFC) reported 24% earnings growth, with 19% net interest income growth in Q2FY25. Gross stage-3 ratio was flat qoq at 1.7%, stage-2 ratio declined 6 bps qoq to 1.1%. While other asset classes have reported mixed trends residential home loans, as an asset class, continues to stand tall. Home First, with 85% home loan exposure, is well-placed on the above. We expect the company to deliver 25% earnings CAGR for FY25-27E. We remain assertive with a BUY rating and FV of Rs1,360 (no change). Note: The above is a brief note on the company, based on the inputs of KIEresearch report dated 25111Oct, 2024, which is available onour website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamenta1. Disclaimer: http://bit.ly/2n5Ax1E https://www.kotaksecurities.oom/ksweb/research/kotak-research-reports/top-weekly-picks
