Deutsche Bank has maintained buy rating on the stock with a target at Rs 1,320 per share.
Shares of Thermax gained 3.5 percent intraday Thursday as company posted better numbers for the quarter ended September 2018.
The company's Q2 net profit grew 29 percent at Rs 74.9 crore against Rs 57.9 crore.
Revenue was up 38 percent at Rs 1,427.6 crore versus Rs 1,033.1 crore.
Operating profit or EBITDA gained 15 percent at Rs 109.9 crore, while margin was at 7.7 percent.
Deutsche Bank has maintained buy rating on the stock with a target at Rs 1,320 per share.
The stock valuation looks attractive on the correction post weak results. PE of 26x for FY20e justified given 38 percent EPS CAGR forecast.
Its working capital has significantly improved as company tightens creditors, it added.
At 14:32 hrs Thermax was quoting at Rs 1,043.50, up Rs 9.25, or 0.89 percent on the BSE.
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