Thermax - Strong Long Term Outlook: HDFC Securities Initiates Coverage

HDFC Securities Retail Research

Thermax Ltd., is a leading conglomerate providing integrated solutions in heating, cooling, power generation, water treatment and recycle, air pollution control, Ion exchange resins and performance chemicals related services.

The company operates in different countries having 14 manufacturing facilities (10 in India and four overseas facilities) and has presence over 90 countries with ~26% of its revenue coming from global operations. The company has three major segments, energy segment contributing majority to its revenue followed by environment segment and chemical segment.

The order-book of the company as on December 2022 stands at Rs 9,859 crores with a well-diversified order-book across cement, fertiliser, sugar, metal and refinery sectors. The company has been at the forefront of green technology for more than a decade.

Thermax ordering from the green portfolio has expanded from 40% in FY10 to 74% in FY22. The lower carbon footprint target around the globe has allowed company to position itself globally in clean water, air and energy products and solutions.

Over the years, it has streamlined its business segments (synergising via boiler business transfer) and modified the business model.

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