Thermax Annual Report Analysis – Banking On Strategic Transition Towards Clean Energy: Dolat Capital

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Thermax Ltd.’s FY21 annual report emphasises on company’s strategic plans to shift its dependence from sunset to sunrise industries (clean energy/water) with environmental, social, and corporate governance as a center stage.

Notably, the change in leadership has instilled a new belief as company is looking to play a decisive role in bridging the gap between energy availability and sustainability.

The company is aligning its product offerings to green energy needs (mobility applications, solar film, fuel cells, waste to energy), though questions on initial capital requirement, technology risk, potential scalable opportunities and execution timeline remain unanswered.

Click on the attachment to read the full report:

Dolat Capital Thermax Annual Report Analysis.pdf


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