Investor Presentation uploaded today.

Thanx LarryWink
(1) For both Hydrogen fuel Cell & Hydrogen ICE , the input is Hydrogen.

(2) However, in a ICE as the name suggest, Hydrogen as a fuel is burnt just like diesel petrol to give power.

(3) In a fuel cell vehicle, hydrogen is used in a fuel cell in combo with oxygen from air to produce electricity which drives the vehicle.As there is no burning or combustion involved, there would not be any exhaust gas or emission.

(4).Where as in Hydrogen ICE , there would be exhaust gas but with zero carbon emission. The only emission is NOx and steam. NOx can be very well controlled with proven technology

(5)Fuel cell parts components are expensive with recurrent cost involved in maintenance of fuel cell. there would be rate elements involved and we would be import dependant.

(6) The advantage of Hydrogen ICE is that the engine platform is same as diesel petrol engines with well known components like piston, connecting rod , crankshaft, cam shaft etc which are well developed with reputed auto ancillaries/ vendor base all around the country… in fact we export these components to other countries. So we are self dependent – made in India…
The existing Workshops /Servicing infrastructure can handle hydrogen ICE.

(8) So , logically speaking , both cost – capex and maintenance could be lower in hydrogen ICE.
The only challenge is the building hydrogen filling stations …which has already started at few cities.

(9) But we had the same challenge with EV charging stations a couple of years back , though it has improved with participation from many Pvt players.
we also had similar challenges with CNG filling station a decade back. But to day , CNG filling stations are everywhere.

If you will look at previous quarterly results, their sales peak at quarter ending June and the reason for this could be peak summer.

This is how their sales is on quarterly basis:
FY Q1 > Q2 > Q3. Then Q4 is almost similar to Q3.

If you will results on year on year basis, their sales has increased. It is only single digits growth.

I think we need to wait for their upcoming quarter results specially Q1 of next FY.

One can assume between Rs1000-1500/t of coal as cost saving for the company.

Thirumalai Chemicala fits under the framework of under-earnings.

Couple of reason for under-earnings
Fall in end product prices (P.A)
Chinese players dumping lower grade of P.A

These reason have resulted in fall in margins.
Over, last decade avg EBITDA margins have been 14%, bottom margins 4%, peak margins have been 22%. On TTM EBITDA margins are at 4%.
Now, prices have seen some recovery, Chinese dumping was also expected to stop by Q3FY24. So if prices now starts to recover we can see margins expanding going forward by FY25.

Overall, these are my thesis for investment in Thirumalai. Thanks to SOIC for the framework of Under-Earnings.