And the disappointment continues. With a poor backlog, TMX IN starts FY17 on a bad note. As usual, the core policy-dependent sectors are yet to translate. Adding to the woes, even the outlook is bleak. True, non-policy dependent orders like, for instance, FMCG and waste heat recovery in cement, might save the day. However, they hardly change the direction of dial. Expansion plans are on cards. It is unclear if they can be up and running in full steam to justify the stretched valuations. With bleak order inflows, thereby, we fear the days are darker ahead. We continue with a SELL rating on the stock....