Engineering & Capital Goods BTG Equipments… Is this new era in the offing? n Emkay

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Engineering & Capital Goods

BTG Equipments… Is this new era in the offing?

n     NTPC 9x800 MW – Doosan L1 in boilers & BGR Energy L1 in turbine-generator sets. Prima facie comparison with past pricing orders indicates only marginal disruption in pricing

n     With new players emerging L1, BTG equipment market splits-wide open. Hints at hectic competition, disintegration of market and fragmentation of market shares in the near future

n     (1) BHEL – Boosts orderbook (de-facto L2); Concerns play out; (2) L&T – Not bagging an order a negative, but has sufficient cushion (3) Thermax – Higher stakes involved - time is ticking