Emkay Global has given a sell rating to Thermax with a target price of Rs 644. The share price moved down by 0.15 per cent from its previous close of Rs 714.55. The stock’s last traded price is Rs 713.45.

Thermax Ltd., incorporated in the year 1980, is a Mid Cap company (having a market cap of Rs 8510.74 Crore) operating in Engineering sector.

For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 664.94 Crore, down 49.74 % from last quarter Sales of Rs 1322.96 Crore and down 52.25 % from last year same quarter Sales of Rs 1392.45 Crore. The Company reported net profit after tax of Rs -15.27 Crore in latest quarter.

Investment Rationale
The brokerage feels weak order backlog and still weak private capex are likely to hurt Thermax. Key things to watch out for: Order inflow trends and commentary on medium-term outlook

Promoter/FII Holdings
Promoters held 61.98 per cent stake in the company as of March 31, 2020, while FIIs held 7.77 per cent, DIIs 17.48 per cent and public & others 12.67 per cent.

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