Thermax bags ₹500-cr order to build 5 bio-CNG plants; stock surges 2.2%

Additionally, Thermax outlined plans to develop gasification plants with carbon capture capabilities to process coal ranging from 100 to 500 TPD. The company initiated a pilot gasifier project at its Pune factory in collaboration with IIT Delhi, supported by the Department of Science and Technology. This technology is aimed to convert high-ash Indian coal into value-added fuels, particularly benefiting industries such as the steel sector. The initiative is aligned with the Prime Minister's vision to gasify 100 million tonnes of coal by 2030, as per the company.

Energy and environmental solutions provider Thermax secured an order exceeding ₹500 crore from a leading energy conglomerate to establish five bio-CNG plants across India. These plants, located in Rajasthan, Madhya Pradesh, Maharashtra, and Uttar Pradesh, would have a combined capacity to produce 110 tonnes per day (TPD) of bio-CNG, the company says. The company is producing green and decarbonising solutions which will help in bridging the gap between available energy and sustainability, as per the stock exchange filing.

Utilising local feedstock exceeding 1,000 TPD, such as rice straw, Napier grass, cane trash, and soya trash, the plants aimed to generate bio-CNG for both commercial and captive use. This initiative is a part of Thermax's broader plan to introduce solutions in the biochemicals and bioenergy sector.

As part of another venture, Thermax aimed to install 1 GW of hybrid renewable energy solutions by FY 2027, including intra-state and inter-state projects. Among the ongoing projects is a wind and solar bundled captive power project in Thoothukudi, Tamil Nadu, comprising 100 MW wind and 90 MWp solar among the 290 MWp commissioned and under construction, the company filing states.

Thermax manages an operational portfolio of 140 MWp, with an additional 145 MWp under construction, over 300 MW in development, and 400 MW in the pipeline, it adds.

MD and CEO Ashish Bhandari, says, "To address the country's unique energy challenges, we have pioneered technologies for converting waste to energy and are investing in newer areas such as hybrid renewables, biofuels, green hydrogen, and more.”

Shares of Thermax closed 2.2% up at ₹2,740.50 apiece on the BSE today. The surge followed after it bagged the order of over ₹500 crore to set up 5 bio-CNG plants across India. Its two-week average quantity stood at 7,032 at the time of reporting. In the past week, the share has risen 1.8% but fell 5.76% in the past month. In the past 6 months, year-to-date period and 1 year, the stock has risen 16.85%, 39.4%, and 34.49%, respectively.