Thermax shares fell nearly 5% to ₹3,591, marking the largest single-day decline in three months after weak revenue and a downgraded analyst outlook.

• Revenue declined in Q1, despite year-on-year profit growth, signaling waning top-line momentum.
• Execution delays and early monsoon disruptions undermined delivery performance, prompting downgrades.
• Analyst sentiment shifted: PL Capital cut rating from “accumulate” to “hold”; average target price ₹3,590.