IN : Thermax Ltd - Challenge to meet high expectations

4QFY21 EBITDA miss by 5%, however reported strong order inflows despite the lack of large orders. Working capital improvement aided solid cash flows. Valuations stretched despite factoring in positives of 35% EPS CAGR over FY21-23F, leading to lower safety margin if overall capex recovery is delayed. Reiterate Reduce with higher target price of Rs1,275.

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