• Bio CNG market size: Domestic Bio CNG deployment has the potential to fulfill up to 20% of India's rapidly growing natural gas requirements, representing an annual industry opportunity of $10 to $20 billion.
• Thermax revenue outlook: Driven by plant setups costing ₹100 to ₹150 crore for a 20-tonne-per-day plant alongside recurring O&M annuities, Bio CNG could scale into a ₹1,000 to ₹2,000 crore business for Thermax over the next two to three years.
• Upcoming policy catalysts: Key central government decisions and pricing incentives are expected in the coming months, which management believes are critical to unlocking commercial viability and driving rapid industry growth.
• Margin improvement drivers: Margin expansion in the green solutions segment will depend on favorable external pricing incentives and Thermax's progress across three internal innovation areas aimed at creating solution differentiation.