Everything around the stack: water purification, compressors, heat exchangers, gas purification, cryogenic and pressure tanks.
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Thermax (THERMAX)
Energy and environment engineering group (boilers, heat exchangers, water treatment) offering complete alkaline electrolyser systems under a HydrogenPro licence
Price
₹2,746
snapshot 6 Nov 2026
Strengths
Aug 2025 licence and supply deal with Norway's HydrogenPro: exclusive in India, with Thermax making the balance of plant
Said it expects domestic electrolyser demand from around mid-2026 and planned to be ready by then (Feb 2026)
Already sells water treatment, heat recovery and utilities to refineries and fertiliser plants
Risks
Stacks are bought from the licensor, so margins are shared
Hydrogen orders still small and lumpy
Competes with integrated foreign packagers
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹32,696 Cr
Stock P/E
60.0x
Div Yield
0.51%
ROCE
13.9%
ROE
10.6%
P/B
6.0x
Revenue growth
+3.7%FY26
Profit growth
+14.8%FY26
Net margin
6.7%FY26
1Y vs Nifty
−14 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
6,128FY22
8,090FY23
9,323FY24
10,387FY25
10,774FY26
Stock price return · as of 6 Nov 2026
1Y price return
−16%
3Y CAGR
−2%
5Y CAGR
+15%
Trend32nd percentile
52-week range as of 6 Nov 2026 vs snapshot price · 48% below its high
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Electrolysers need ultra-pure water (about 9-10 litres per kg of hydrogen before losses), cooling, rectifiers, gas drying and compressors. Ammonia plants add synthesis loops and refrigerated tanks. These are made and installed by process-equipment companies.
Why it matters
Balance of plant is a large share of an electrolysis plant's cost, and it is where Indian engineering firms already have scale. Thermax signed a licence with Norway's HydrogenPro in Aug 2025 to offer complete alkaline electrolyser systems, making the stacks' surroundings in India.
Where the value pool sits
Steadier than stacks: the same water-treatment, heat-exchange and storage gear sells to refineries, chemicals and power plants. Green hydrogen is an add-on order stream for these companies, not their main business.
Key drivers
Each SIGHT plant needs water, cooling and storage packages
Ammonia export terminals need refrigerated tanks
Localisation preference in PSU tenders
Potential bottlenecks
Hydrogen-grade compressors are still largely imported