Capital Goods - Electrical Equipment
Capital Goods - Engineering General
from 4,123 today
We maintain a Hold rating on the stock as growth prospects are already factored into the stock price, given that stock prices, order book visibility and premium multiples have already run up.
Thermax’s 1QFY27 results came in significantly below estimates due to cost overruns in an existing project and lower revenue booking. We retain a Sell rating on the stock on high valuations and negative surprises in the legacy order book.
We revised our EPS estimates by -13.3%/-2.6% for FY27E/FY28E factoring in lower margin amid the impact of legacy government EPC project losses in Industrial Infra, shipment delays in Industrial Products and higher input cost. We maintain our rating to 'Reduce' arriving at a revised SoTP-derived TP of INR3,952.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
