Thermax · Material risks, their source context, and severity in the latest available quarter.
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Gas output at Bio-CNG plants is between 50-75% of theoretical maximum due to feedstock conversion issues. While Thermax claims top quartile performance, the economics require government intervention on pricing, carbon credits, fertilizer subsidies, and pipeline infrastructure.
The company carries INR 80-100 crore annual base costs in the project business. With zero large project orders for several quarters, these costs are not covered. Need INR 250-300 crore quarterly inflows to break even on base costs alone.
Private capital expenditure remains below expectations, particularly in the ethanol sector where financing is not completing on time. This impacts base order growth which was only in single digits.
Board retreat identified global trade wars, currency fluctuations, and potential macroeconomic slowdown as concerns for the Products segment which has delivered strong growth through macro tailwinds.
