JEFFERIES ON THERMAX ; MAINTAINS BUY | TARGET CUT TO ₹4,020 (CMP ₹2,839.80)

• Q2 EBITDA missed estimates by 19%, while EBITDA margin at 6.9% was 170 bps below expectations. • Commodity inflation and shipment delays weighed on performance. • H1 order inflows declined 4% YoY, though management expects recovery in H2 FY27. • Order book grew 16% YoY, supporting revenue visibility through FY27–29. • Jefferies cuts FY27–30 EPS estimates by 1–22%.

THERMAX LTD

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