ICICI Securities Ltd | Retail Equity Research Thermax reported a mixed Q2FY18. Revenues were lower than estimates while EBIDTA margins were ahead of our estimates. For the second quarter in a row the company reported growth in order backlog coupled with growth in order intake Revenues came in at | 863.9 crore, down 0.8% (I-direct estimate: | 912 crore). Order inflows were in line with estimates at | 1185 crore, up 8% YoY. The key positive was the consecutive growth in...