Some green shoots emerging for Thermax

Improving order flows lifts confidence; recovery in domestic private capex awaited

An otherwise subdued Street sentiment got a boost after energy and environment engineering company Thermax secured a large export order.

The company’s first EPC (engineering, procurement and construction) order from the Gulf region, worth $43 million (Rs 275 crore) to set up a turnkey captive power plant for a UAE-based cement firm, saw the stock surge over seven per cent.

“We intend to expand our footprint in this region where we have been providing solutions,” M S Unnikrishnan, managing director and chief executive officer of Thermax, said. 

The new order and the management’s comments definitely lifted the confidence. However, it