market is expected to see tendering from 2Q/3Q FY20 onwards. Sectors which are expected to witness ordering are Cement, Water recycling, Chemical, Textile, Agro Pharma etc. The company is positive on FGD and is L1 in couple of large orders which are expected to be received in FY20. On the international front, TMX sounded positive due to expected increase in demand in USA, Indonesia and Middle East. The execution of low margin order by Danstoker may continue in Q1FY20, however impact would be negligible in FY20. We expect TMX to report sales/PAT CAGR of 7%/15% over...