Thermaxs (TMX) 3QFY17 result was below our estimates. The company continues to report a decline in revenues (-20% YoY for 3QFY17) on the back of a muted order book. 3QFY17 also saw the impact of demonetisation, in the absence of which revenues would have been higher by 4-5%. Surprisingly, gross margins improved 730bps YoY (better mix) which led to EBITDA margins of 9% ( 210bps YoY).