Kotak upgrades Thermax to 'Buy' on growth, margin; shares jump 5%

• Thermax shares jumped over 5% after Kotak Institutional Equities upgraded the stock.
• Kotak upgraded Thermax to 'Buy' from 'Add', setting a price target of ₹3,575, implying a 28% upside.
• The upgrade is based on expectations of faster growth, margin improvement, and the recent correction creating a buying opportunity.
• Thermax is poised for growth due to strong order inflows, existing business scale-up, geographical expansion, and new business lines.
• Margin improvement is anticipated from declining troubled orders, a rebounding chemical business, and favorable product mix effects.

Why It Matters: It signals a potential investment opportunity for Thermax shares.