ICICI Securities Ltd | Retail Equity Research Thermax reported a lower-than expected performance in Q3FY17. The key miss came in on the revenues front while margins were ahead of estimates. The key silver lining was a decent order inflow in Q3FY17, which led to a flattish order backlog QoQ Revenues came in at | 813 crore vs. our estimate of | 1025.8 crore. The miss was on account of slower execution on a lower order backlog. Energy segment revenues were at | 583 crore, down 30.3%...