For Q3FY19, consolidated order inflows came in flat at | 1480 crore (vs. | 1413 crore in Q3FY18) owing to muted capex in several sectors. Order inflows comprise energy segment (| 1153 crore), environment segment (| 212 crore) and chemicals segment (| 114 crore). The order book was at | 6475 crore, up 16.5% YoY. We estimate order inflows of | 5764 crore and | 6548 crore for FY19E and FY20E, respectively. We expect the order backlog at | 6331 crore at the end of FY20E. Going ahead, Thermax expects enquiries and order intakes in cement...