Prabhudas Lilladher Recommends 'Accumulate' on Thermax; Sets Target at Rs 3374

• Thermax reported marginal revenue growth of 5.1% YoY, with EBITDA margin expanding by 214 bps to 9.7%.
• Unfavorable product mix in Industrial Products and weaker performance in heating/environmental equipment may keep FY26 margins flat.
• Company is selective in Industrial Infrastructure order bookings, avoiding construction-intensive and government-linked projects.
• Chemicals segment targets 13-14% EBITDA margins, with expected improvement in Q4FY26.
• Green Solutions plans 250 MW capacity addition in FY26, aiming for 1.1 GW by FY28, and exploring monetization options.