Thermax reported a mixed Q2FY19 with standalone revenue at | 1188.4 crore registering robust growth of 37.6% (higher than our estimate of | 993 crore). The consolidated order inflow was almost flat at | 1344 crore, on a YoY basis EBITDA came in at | 83.6 crore, down 2.9% YoY (much below our estimate of | 99.3 crore), owning to a sharp increase in raw material expenses and other operating expenses, which increased 45.3% and 49.8% to | 706.4 crore and | 266.3 crore, respectively. Consequently,...