Valuations capture upsides in Thermax stock; double-digit growth likely

Thermax is looking to build technical capability in boilers, electrostatic precipitators, regenerative air gas heaters, and pulse jet bag filters, as well as other new areas

Thermax recently held an analyst meet to explain how it is a likely beneficiary of the energy transition story. Most recently it won a Rs 500 crore tender to supply five bio-CNG plants and it targets setting up 1 gigawatt (GW) of renewables plants in the next three years. It now has 14 bio-CNG plants at various stages of operation and construction. In coal gasification where the Centre targets Rs 3 trillion investment by 2030 with 100 MTPA of capacity, Thermax has set up pilot plants, which it intends to scale up after stabilising the technology.

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