Thirumalai Chemicals

₹256.7 2.4 | 1%

WEBSITE BSE:500412 NSE : THIRUMALAI 10 May, 16:01

Market Cap ₹2628 Cr.

Stock P/E -84.4

P/B 2.2

Current Price ₹256.7

Book Value ₹ 116.2

Face Value 1

52W High ₹289.4

Dividend Yield 0.58%

52W Low ₹ 175.5

Edit Ratio

Thirumalai Chemicals Research see more...

Thirumalai Chemicals Ltd: Sailing the Chemical Horizon

Overview Inc. Year: 1972Industry: Chemicals

Thirumalai Chemicals Ltd is an totally India-based corporation, that's engaged in manufacturing and selling chemicals. The Company's segments include Chemical products and power generation from wind operated generators. The Company's merchandise include phthalic anhydride, which gives applications, including manufacturing of polyester polyols, phthalate esters, dyes and polyester resin, among others; maleic anhydride, which is used within the manufacture of fumaric and malic acid, lubricating oil additives and tartaric acid, amongst others; malic acid, which is used in liquids, confectionery, preserves and bakery merchandise; fumaric acid, that's used to acidity sweets, wine, fruit juices, drinks, jams and preserves, jellies, gelatin dessert and pie filling; diethyl phthalate (DEP), and chemical substances. It offers chemicals, consisting of succinic acid and succinic anhydride, which offer applications in industries, which includes food, pharmaceutical, agriculture and industrial.

Thirumalai Chemicals Share Price

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Peer Comparison

Thirumalai Chemicals Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	477	541	583	621	572	508	431	523	542	492
Other Income	4	3	3	3	6	11	11	5	6	4
Total Income	482	544	586	624	578	519	442	527	549	496
Total Expenditure	394	425	444	525	511	479	432	485	527	498
Operating Profit	88	119	141	100	67	39	10	42	22	-2
Interest	5	5	6	6	7	11	7	10	10	12
Depreciation	15	14	15	13	13	14	16	16	16	15
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	68	100	120	81	47	14	-13	17	-4	-29
Provision for Tax	17	25	30	21	13	6	0	6	2	-6
Profit After Tax	51	75	90	60	34	8	-13	11	-6	-23
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	51	75	90	60	34	8	-13	11	-6	-23
Adjusted Earnings Per Share	4.9	7.4	8.8	5.9	3.4	0.8	-1.3	1	-0.6	-2.2

Thirumalai Chemicals Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1371	1276	1072	944	1028	1312	1261	1085	1086	1998	2132	1988
Other Income	5	5	8	5	4	7	12	21	7	12	30	26
Total Income	1376	1281	1080	949	1033	1319	1273	1106	1093	2010	2162	2014
Total Expenditure	1236	1194	1034	846	871	1022	1055	1007	865	1557	1946	1942
Operating Profit	140	86	46	103	162	296	217	99	228	452	216	72
Interest	52	49	35	23	17	13	12	17	21	20	31	39
Depreciation	23	23	18	25	36	31	36	44	50	57	56	63
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	64	15	-7	55	109	253	169	38	157	375	129	-29
Provision for Tax	21	3	7	23	39	83	55	15	39	94	40	2
Profit After Tax	44	12	-14	32	71	170	114	23	118	281	90	-31
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	44	12	-14	32	71	170	114	23	118	281	90	-31
Adjusted Earnings Per Share	4.3	1.2	-1.3	3.1	6.9	16.6	11.1	2.3	11.5	27.5	8.8	-3.1

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	7%	25%	10%	5%
Operating Profit CAGR	-52%	30%	-6%	4%
PAT CAGR	-68%	58%	-12%	7%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	28%	37%	27%	40%
ROE Average	8%	18%	15%	16%
ROCE Average	11%	22%	20%	23%

Thirumalai Chemicals Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	199	215	193	219	398	573	668	638	803	1085	1192
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	107	60	39	24	12	50	78	184	158	135	148
Other Non-Current Liabilities	26	28	28	27	49	133	261	77	81	86	155
Total Current Liabilities	461	456	287	251	327	217	328	301	301	555	866
Total Liabilities	793	758	547	520	786	973	1335	1200	1343	1862	2360
Fixed Assets	249	230	243	256	317	310	383	550	513	596	671
Other Non-Current Assets	30	39	28	38	100	253	493	151	258	235	637
Total Current Assets	514	489	276	227	368	409	459	499	573	1031	1053
Total Assets	793	758	547	520	786	973	1335	1200	1343	1862	2360

Thirumalai Chemicals Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	12	6	9	1	1	13	24	53	202	227	425
Cash Flow from Operating Activities	19	133	154	126	108	81	234	140	221	402	54
Cash Flow from Investing Activities	-0	-15	-19	-32	-44	-54	-220	-38	-157	-139	-359
Cash Flow from Financing Activities	-26	-116	-142	-93	-52	-16	16	46	-38	-70	206
Net Cash Inflow / Outflow	-7	3	-8	0	12	10	29	148	25	194	-99
Closing Cash & Cash Equivalent	6	9	1	1	13	24	53	202	227	425	350

Thirumalai Chemicals Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	4.28	1.16	-1.34	3.14	6.9	16.64	11.09	2.26	11.49	27.46	8.77
CEPS(Rs)	6.51	3.4	0.4	5.59	10.4	19.63	14.64	6.57	16.33	32.99	14.21
DPS(Rs)	0.75	0	0.4	1	1.88	2	2	0	2.2	2.5	1.5
Book NAV/Share(Rs)	19.43	21.01	18.86	21.36	38.89	55.95	65.22	62.32	78.41	105.96	116.4
Core EBITDA Margin(%)	8.99	5.89	3.26	9.56	14.13	21.65	16.33	7.2	20.33	22.06	8.73
EBIT Margin(%)	7.79	4.57	2.39	7.61	11.29	19.87	14.36	5.07	16.4	19.8	7.53
Pre Tax Margin(%)	4.3	1.07	-0.58	5.36	9.79	18.92	13.39	3.52	14.47	18.79	6.07
PAT Margin (%)	2.92	0.85	-1.18	3.14	6.33	12.74	9.01	2.14	10.84	14.07	4.21
Cash Profit Margin (%)	4.45	2.51	0.35	5.6	9.55	15.03	11.89	6.2	15.4	16.91	6.82
ROA(%)	5.65	1.53	-2.1	6.03	10.82	19.37	9.84	1.83	9.26	17.55	4.26
ROE(%)	24.82	5.73	-6.72	15.61	22.91	35.1	18.31	3.55	16.33	29.79	7.89
ROCE(%)	24.86	13.06	7	24.18	32.75	49.1	25.97	6.84	19.56	35.47	11.16
Receivable days	65.56	67.51	59.78	50.14	43.73	35.13	33.6	34.15	29.83	22.23	22.09
Inventory Days	43.02	52.84	47.83	29.8	36.11	37.88	45.89	56.81	46.74	34.11	48.03
Payable days	20.84	46.7	54.1	70.16	114.25	86.31	84.49	125.15	138.25	105.69	114.58
PER(x)	2.17	7.67	0	5.73	12.82	10.26	8.01	15.6	7.44	9.69	19.59
Price/Book(x)	0.48	0.42	0.43	0.84	2.28	3.05	1.36	0.57	1.09	2.51	1.48
Dividend Yield(%)	8.07	0	4.93	5.56	2.12	1.17	2.25	0	2.57	0.94	0.87
EV/Net Sales(x)	0.28	0.25	0.2	0.28	0.91	1.33	0.76	0.32	0.69	1.17	0.78
EV/Core EBITDA(x)	2.79	3.67	4.68	2.53	5.76	5.91	4.39	3.48	3.29	5.16	7.66
Net Sales Growth(%)	30.1	-6.93	-15.98	-11.95	8.93	27.57	-3.88	-13.98	0.09	84.04	6.71
EBIT Growth(%)	113.69	-45.69	-55.99	179.12	61.77	110.98	-31.9	-69.63	223.89	122.28	-59.4
PAT Growth(%)	4671.38	-72.91	-215.66	334.26	119.8	141.18	-33.37	-79.6	407.94	138.96	-68.06
EPS Growth(%)	4670.01	-72.91	-215.66	334.26	119.78	141.18	-33.37	-79.6	407.94	138.96	-68.06
Debt/Equity(x)	1.56	1.15	0.73	0.42	0.15	0.09	0.15	0.31	0.23	0.15	0.37
Current Ratio(x)	1.12	1.07	0.96	0.9	1.12	1.89	1.4	1.66	1.9	1.86	1.22
Quick Ratio(x)	0.69	0.62	0.62	0.63	0.66	1.31	0.82	1.17	1.47	1.42	0.85
Interest Cover(x)	2.23	1.31	0.8	3.38	7.54	20.72	14.88	3.27	8.51	19.43	5.14
Total Debt/Mcap(x)	3.26	2.72	1.7	0.49	0.07	0.03	0.11	0.55	0.21	0.06	0.25

Thirumalai Chemicals Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	41.98	41.98	41.98	41.98	42	42.07	42.16	42.17	41.98	41.95
FII	1.89	1.29	2.67	2.5	1.99	2.14	1.8	1.86	1.88	2.17
DII	0.71	0.72	0.71	0.01	0.01	0.01	0.11	0.16	0.18	0.55
Public	55.42	56.01	54.64	55.5	55.99	55.78	55.93	55.81	55.97	55.34
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	4.3	4.3	4.3	4.3	4.3	4.31	4.32	4.32	4.3	4.29
FII	0.19	0.13	0.27	0.26	0.2	0.22	0.18	0.19	0.19	0.22
DII	0.07	0.07	0.07	0	0	0	0.01	0.02	0.02	0.06
Public	5.67	5.74	5.59	5.68	5.73	5.71	5.73	5.71	5.73	5.67
Others	0	0	0	0	0	0	0	0	0	0
Total	10.24	10.24	10.24	10.24	10.24	10.24	10.24	10.24	10.24	10.24

Pros

Company is almost debt free.

Cons

Promoter holding is low: 41.95%.
Debtor days have increased from 105.69 to 114.58days.
The company has delivered a poor profit growth of -11% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.