Thermax has plans to venture into green hydrogen and has set up a strategic unit for hydrogen EPC projects and localisation of electrolyser manufacturing. As a proposed collaboration with Australian company Fortescue Future Industries (FFI) for green hydrogen projects, and manufacturing facilities in India, did not materialise, Thermax is now scouting for a new partner. It is expected to be finalised within 90 days.

During the quarter, Thermax unveiled a manufacturing factory in Pune for water and wastewater solutions. The company acquired a 51 percent stake in TSA Process Equipments to offer end-to-end solutions for highly purified water, ultra-pure water, and water for injectables across fast-growing industries. Additionally, Thermax established a wholly-owned subsidiary, Thermax Chemical Solutions, to expand its chemical business.

The company is looking at potential participation in thermal projects, with multiple projects expected to be awarded in Q3/FY25. The chemical segment grew by 35 percent, green solutions by 19 percent, and industrial products by six percent. The company has secured a fuel cell project for submarines from the Indian Navy.

Thermax is positioning itself as a one-stop shop for industrial and commercial customers, having launched a range of energy transition products, services, and green energy projects.