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ā¢ Prabhudas Lilladher has recommended a hold rating on Thermax with a target price of Rs 2771.
ā¢ Thermax reported a healthy quarterly performance, with revenue growth of 10.9% YoY and an expanding EBITDA margin.
ā¢ The company is well positioned to benefit from energy transition and de-carbonization initiatives, and the stock is currently trading at a PE of 55.3x/47.6x/42.5x FY24/25/26E.