This case is a sequel to Thermax (A). It describes strategy formulation and implementation associated with decisions over investment and internationalization after the firm raised capital through an Initial Public Offering (IPO). While resolving top management succession issues, the firm finds itself in a business downturn that sharply erodes its shareholder value. The conflict between sustainable growth and shareholder value puts to test the core vision and values of the founders. The situation described requires Thermax to review its Corporate Governance frame and to evaluate which businesses to retain and which to divest in its bid to recover from the double crisis it faces from sluggish domestic market conditions and uncertainty of international business.