Скачать или смотреть BEML Ltd [Fundamental Analysis] with Hindustan Aeronautical and Thermax Ltd [ Peer Group Analysis ]

BEML incorporated in May 1964, and commenced operations on 1 January 1965 with a Tractor project that was transferred from the Gun and Shell Factory of the Ordnance Factory Board. It was wholly owned and operated by India's Ministry of Defence until 1992, when the government divested 25% of its holdings in the company. BEML is Asia's second-largest manufacturer of earth moving equipment, and it controls 70% of India's market in that sector. Its stock trades on the National Stock Exchange of India under the symbol "BEML", and on the Bombay Stock Exchange under the code "500048". The company went for Follow on Public offer (FPO) and fixed the price band for its FPO between ₹1,020 and ₹1,090. The Government of India had given 'in-principle' approval for strategic disinvestment of BEML Ltd. to the extent of 26% out of the Government shareholding of 54.03% with transfer of management control to strategic buyer.


HAL was established as Hindustan Aircraft Limited in Bangalore on 23 December 1940 by Walchand Hirachand who became Chairman of the company. The company's office was opened at a bungalow called "Eventide" on Domlur Road.

The organisation and equipment for the factory at Bangalore was set up by William D. Pawley of the Intercontinental Aircraft Corporation of New York. Pawley obtained a large number of machine-tools and equipment from the United States.

The Indian Government bought a one-third stake in the company and by April 1941 by investing ₹25 lakh as it believed this to be a strategic imperative. The decision by the government was primarily motivated to boost British military hardware supplies in Asia to counter the increasing threat posed by Imperial Japan during Second World War. The Kingdom of Mysore supplied two directors, Air Marshal John Higgins was resident director. The first aircraft built was a Harlow PC-5 On 2 April 1942, the government announced that the company had been nationalised when it had bought out the stakes of Seth Walchand Hirachand and other promoters so that it could act freely. The Mysore Kingdom refused to sell its stake in the company but yielded the management control over to the Indian Government.


Thermax manufactures boilers to harness the power of steam. The company started with producing small, once-through, "baby" boilers to cater to the steam requirements at hospitals. It was established in 1966, when A. S. Bhathena collaborated with a Belgian company, Wanson, to commence business operations in Dadar, Mumbai, India as Wanson India Ltd., manufacturing small boilers

In the 1970s, Wanson India Ltd. introduced Vaporax boilers that generated instant steam. The oil shock saw the firm introducing Multitherm, a boiler that led the shift of the Indian industrial market to solid-fuel fired boilers. The company went on to build water treatment systems for boilers, chemicals to support them and air pollution control systems to contain boiler emissions. The company was renamed in 1981 as Thermax Pvt. Limited.

In the 1980s and 1990s, Thermax branched off into waste heat recovery, absorption cooling and power generation. It went public in 1995.

Thermax played a key role in the country’s energy shifts – from oil to coal and biomass, to waste heat, solar and other forms of clean energy. In 1987, it started making vapor absorption machines in collaboration with Sanyo of Japan. It formed a joint venture in 1988 with Babcock & Wilcox, USA, who make boilers, to make steam generation units for heat recovery steam generators (HRSGs). In 1992, it formed the Combined Heat and Power Group.

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