Thermax reported a 13% year-on-year revenue growth for Q2FY2025, driven by strong performance across segments and a Rs. 66 crore incentive from the Maharashtra government. Operating profit rose 36% to Rs. 278 crore, while adjusted PAT increased 24% to Rs. 197 crore, surpassing expectations. Despite a significant 70% rise in order bookings, the outlook remains cautious due to weak order visibility and high stock multiples, leading to a Hold rating.
