Reduce Thermax; target of Rs 3952: Prabhudas Lilladher

Prabhudas Lilladher set a target price of Rs 3952 for Thermax and gave it a Reduce rating. The company reported a weak performance as revenue grew 9.4% but margins fell due to project losses and shipment delays. Management expects a recovery from Q3FY27 as they finish old government projects soon.