Over the past five years, Thermax has witnessed drying up of large orders from the core sectors (Power, Steel, Cement and Refining), leading to volatility in its sales. Thermax is primarily in absorption chillers. 2. Thermax is the market leader in the B2B segment but has <1% share in the commercial segment. It targets a double-digit market share in the commercial segment. 3. Rooftop solar (INR10b industry) is an emerging market and Thermax would be present in the industrial and commercial segments. Thermax intends to expand footprint and achieve double-digit profit in this segment. Enquiry pipeline for standard products (INR4b-6b quarterly) has improved in FY19 it is more widely spread across the end markets of tyres, auto components, F&B;, segment, there are a few projects in the pipeline, with orders likely to be placed in FY19. a few captive power plant orders are in the pipeline along with WHRG.