Karvy downgrades Thermax to HOLD from earlier BUY with a revised price target of Rs.896. We are scaling down our FY16E and FY17E on account of weak order inflows and shrinking revenue visibility necessitates for downward revision of estimates by 6.6%/12.2% leading to Revenue, EBITDA and PAT to Rs.52,651mn/4,540mn/2,681mn and Rs.55,641mn/4,820mn/2,875mn for FY16E nd FY17E leaving book-to-bill ratio below 1x during FY16E-17E. We value Thermax at 36xFY17E EPS (+1 SD of FY05-15 mean P/E) and by adding 1.5x book value of investments in JV transpiring to a target rice of Rs.896 with an upside potential of 5%.