Thermax - Decarbonisation Theme Augurs Well: HDFC Securities Initiates Coverage

Green portfolio driving multiple expansions.
<div class="paragraphs"><p>Commissioning of cogen BTG plant by Thermax Ltd. (Source: Company website)</p></div>
Commissioning of cogen BTG plant by Thermax Ltd. (Source: Company website)

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HDFC Securities Institutional Equities

Thermax Ltd. 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 the 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 (capex to opex model in solar and biomass), partnered with tech provider (flue-gas desulfurization tech imported in 2015 and partnership for Green Hydrogen tech in 2023) and strengthened its supply chain (manufacturing base rejig in Europe and Asia).

Thermax stands to benefit from the investment in clean energy, sustainability, decarbonisation, normalisation of the international market and government impetus for cleaner air and water.

Click on the attachment to read the full report:

HDFC Securities Institutional Equities Thermax - Iinitiating Coverage Note.pdf
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