EBITDA margin declined by 346bps YoY to 7% due to higher commodity prices and an increase in other expenses. The company expects margin pressure is likely to sustain as recent FGD orders were booked after 9 months delay and difficulty in price hike due to high competition in chemical business. The current premium valuation and headwinds on margins, implying limited room for further upside in the near term. Therefore, we revise our rating to SELL from Accumulate and value TMX at a P/E of 35x on FY24E EPS with a TP of Rs1,700....