Thermax shares slide as JPMorgan upgrades on recovery view
In short
Thermax shares extended Friday’s losses after JPMorgan said the stock has fallen about 50% from its June peak. The bank also said first-half FY27 earnings were weaker, but margin pressure may be easing.
JPMorgan said EBITDA margin recovered to 7% in Q2FY27 from 3% in the previous quarter. It sees the stock as a better risk-reward bet now.
What the reporting says
Thermax shares extended Friday’s losses after JPMorgan said the stock has corrected around 50% from its June peak. The bank pointed to weaker first-half FY27 earnings performance but said margin pressures may be bottoming out, with EBITDA margin recovering to 7% in Q2FY27 from 3% in the previous quarter. The note framed the stock as offering an attractive risk-reward setup.
Why it matters
Thermax shares extended losses after JPMorgan upgraded its view, saying the stock had corrected about 50% from its June peak. The bank cited weaker first-half FY27 earnings, but said margin pressures appear to be bottoming out, with EBITDA margin improving to 7% in Q2FY27 from 3% in the previous quarter. The call highlights a recovery view despite recent weakness in the stock.