Motilal Oswal cuts Thermax to ‘Sell’, lowers target price to INR4,000
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Motilal Oswal downgraded Thermax to "Sell" and cut its target price after 1QFY27 earnings missed expectations due to ~INR910m project cost overruns and delayed revenue recognition. The brokerage reduced FY27/FY28 profit estimates and cited high valuation plus legacy order-book execution risk, implying near-term pressure on sentiment toward the stock. Market-wide spillover should be limited given the single-name focus.
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AI تجزیاتی سمجھ · NCCOGOLD2USD/USDTAI تجزیاتی سمجھ
▼ Bearish
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Motilal Oswal downgraded Thermax to “Sell” and cut its target price to INR4,000 from INR4,300. The brokerage cited 1QFY27 results that were well below expectations, including nearly INR910m in cost overruns in an industrial infra project and delayed revenue recognition in the industrial products segment. It also flagged that an INR30–40b legacy order book is expected to be completed by 2HFY27, which it said could pressure near-term profitability. Based on this, Motilal Oswal reduced its FY27/FY28 earnings estimates by 20%/3% and revalued the stock at 40x P/E for the core business.
