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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹2096 Cr.
Stock P/E
-45.5
P/B
1.3
Current Price
₹173.9
Book Value
₹ 129.7
Face Value
1
52W High
₹328.7
52W Low
₹ 158.4
Dividend Yield
0%

Thirumalai Chemicals Overview

Business

Thirumalai Chemicals Ltd. (TCL) is a leading Indian manufacturer of chemicals. Its core business involves the production of Phthalic Anhydride (PA), Maleic Anhydride (MA), and a range of food acidulants including Fumaric Acid and Malic Acid. Phthalic Anhydride is primarily used in plastics, paints, and pharmaceuticals. Maleic Anhydride finds applications in unsaturated polyester resins, agricultural chemicals, and food products. Fumaric and Malic acids are widely used in the food and beverage industry as acidulants, flavor enhancers, and preservatives. The company operates through a manufacturing-centric model, producing these chemicals for various industrial and food-grade applications, thereby generating revenue from their sales to a diverse customer base.

Revenue Mix

Thirumalai Chemicals' primary revenue streams are derived from its three main product categories:

Phthalic Anhydride (PA): This is historically one of its largest segments, crucial for the plastics and paint industries.

Maleic Anhydride (MA): Another significant segment, serving the resins and agricultural sectors.

Food Acidulants (Fumaric Acid & Malic Acid): This segment caters to the food and beverage industry, offering stable demand due to consumer staples.

While specific percentage contributions vary with market dynamics and production cycles, these three product groups constitute the vast majority of the company's revenue.

Industry

Thirumalai Chemicals operates in the Indian chemical industry, which is characterized by its cyclical nature, dependence on crude oil derivatives for raw materials, and varying degrees of fragmentation across different product lines. The company is a significant domestic player in its chosen niches, particularly for Phthalic Anhydride and Maleic Anhydride, where it holds a prominent position in terms of production capacity and market share in India. It also competes in the food acidulants market, which has both domestic and international players. TCL positions itself through long-standing relationships with customers, consistent product quality, and a focus on operational efficiency.

MOAT

Thirumalai Chemicals' competitive advantages stem from:

Scale and Cost Efficiency: Being one of the largest producers of PA and MA in India provides economies of scale in manufacturing and procurement, leading to cost efficiencies.

Process Know-how: Extensive experience and continuous improvement in chemical manufacturing processes lead to optimized yields and lower production costs.

Established Customer Relationships: Long-term relationships with a diverse set of industrial and food sector customers ensure stable demand and repeat business.

Product Quality and Consistency: Delivering high-quality and consistent products, particularly critical for industrial applications and food-grade chemicals, builds customer trust and reduces switching incentives.

Growth Drivers

Key factors that can drive growth for Thirumalai Chemicals over the next 3-5 years include:

Increasing Domestic Demand: Growth in end-user industries such as automotive, construction, food & beverage, and packaging in India will fuel demand for PA, MA, and food acidulants.

Capacity Expansions: Strategic investments in increasing production capacities for existing products or diversifying into related chemicals can boost sales volumes.

Export Opportunities: Leveraging cost advantages and quality to expand into international markets for its products.

Focus on Specialty Chemicals: Potential shift or increased focus on value-added specialty chemicals, which typically command better margins compared to basic commodities.

Backward Integration: Investments in securing raw material supplies or producing key intermediates to enhance cost control and reduce supply chain risks.

Risks

Raw Material Price Volatility: Prices of key raw materials (e.g., Orthoxylene for PA, Butane for MA) are largely linked to crude oil prices, leading to significant fluctuations in input costs and impacting profitability.

Industry Cyclicality: The chemical industry is cyclical, with demand and pricing influenced by economic cycles, inventory levels, and global supply-demand dynamics.

Competition: Intense competition from both domestic and international players can put pressure on pricing and margins.

Environmental Regulations: Stricter environmental norms and compliance costs could impact operations and require significant capital expenditure.

Foreign Exchange Fluctuations: Given reliance on imported raw materials and potential for exports, currency volatility can affect profitability.

Project Execution Risk: Delays or cost overruns in planned capacity expansions or new projects could impact financial performance.

Management & Ownership

Thirumalai Chemicals Ltd. is promoted by the Thirumalai family, who have a long history and deep expertise in the chemical industry. The company is professionally managed, with the promoter group typically playing a significant role in strategic direction and operational oversight. The ownership structure is characterized by a significant promoter holding, a common feature in many Indian businesses, indicating alignment of interests with the company's long-term performance. The management team focuses on operational efficiency, product quality, and strategic capacity enhancements.

Outlook

Thirumalai Chemicals operates in a core sector supporting numerous downstream industries, making it well-positioned to benefit from India's overall economic growth. The company's established market position, operational efficiencies, and diversified product portfolio across industrial chemicals and food acidulants provide a degree of resilience. Demand for its products is expected to grow, driven by industrialization, infrastructure development, and increasing consumer spending. However, the cyclical nature of commodity chemicals, vulnerability to raw material price volatility, and intense competition present ongoing challenges. Future performance will largely depend on the company's ability to manage input costs, successfully execute capacity expansions, and maintain its competitive edge through process innovation and customer loyalty amidst evolving market dynamics and regulatory landscapes.

Thirumalai Chemicals Share Price

Live · BSE / NSE · Inception: 1972
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Thirumalai Chemicals Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 492 527 555 525 447 523 450 445 416 424
Other Income 4 4 3 9 0 8 2 8 4 8
Total Income 496 530 558 534 447 531 452 454 420 433
Total Expenditure 498 523 524 502 467 508 477 449 431 418
Operating Profit -2 8 34 33 -20 23 -25 5 -11 14
Interest 12 10 9 10 14 15 18 26 21 24
Depreciation 15 17 14 13 16 18 22 23 23 21
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 -8
Profit Before Tax -29 -19 11 9 -50 -11 -64 -44 -55 -38
Provision for Tax -6 2 6 4 -8 3 -4 -10 -9 -10
Profit After Tax -23 -20 5 5 -42 -14 -60 -33 -47 -28
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -23 -20 5 5 -42 -14 -60 -33 -47 -28
Adjusted Earnings Per Share -2.2 -2 0.5 0.5 -4.1 -1.4 -5.9 -2.8 -3.9 -2.3

Thirumalai Chemicals Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 1072 944 1028 1312 1261 1085 1086 1998 2132 2083 2050 1735
Other Income 8 5 4 7 12 21 7 12 30 19 21 22
Total Income 1080 949 1033 1319 1273 1106 1093 2010 2162 2102 2070 1759
Total Expenditure 1034 846 871 1022 1055 1007 865 1557 1946 2032 2001 1775
Operating Profit 46 103 162 296 217 99 228 452 216 70 69 -17
Interest 35 23 17 13 12 17 21 20 31 42 49 89
Depreciation 18 25 36 31 36 44 50 57 56 63 61 89
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 -8
Profit Before Tax -7 55 109 253 169 38 157 375 129 -35 -41 -201
Provision for Tax 7 23 39 83 55 15 39 94 40 4 5 -33
Profit After Tax -14 32 71 170 114 23 118 281 90 -39 -46 -168
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -14 32 71 170 114 23 118 281 90 -39 -46 -168
Adjusted Earnings Per Share -1.3 3.1 6.9 16.6 11.1 2.3 11.5 27.5 8.8 -3.8 -4.5 -14.9

Thirumalai Chemicals Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 193 219 398 573 668 638 803 1085 1192 1146 1156
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 39 24 12 50 78 184 158 135 148 813 1401
Other Non-Current Liabilities 28 27 49 133 261 77 81 86 155 333 324
Total Current Liabilities 287 251 327 217 328 301 301 555 866 1029 926
Total Liabilities 547 520 786 973 1335 1200 1343 1862 2360 3320 3807
Fixed Assets 243 256 317 310 383 550 513 596 671 712 1251
Other Non-Current Assets 28 38 100 253 493 151 258 235 637 1475 1594
Total Current Assets 276 227 368 409 459 499 573 1031 1053 1134 961
Total Assets 547 520 786 973 1335 1200 1343 1862 2360 3320 3807

Thirumalai Chemicals Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 9 1 1 13 24 53 202 227 425 350 406
Cash Flow from Operating Activities 154 126 108 81 234 140 221 402 54 237 -66
Cash Flow from Investing Activities -19 -32 -44 -54 -220 -38 -157 -139 -359 -831 -542
Cash Flow from Financing Activities -142 -93 -52 -16 16 46 -38 -70 206 643 375
Net Cash Inflow / Outflow -8 0 12 10 29 148 25 194 -99 49 -233
Closing Cash & Cash Equivalent 1 1 13 24 53 202 227 425 350 406 183

Thirumalai Chemicals Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -1.34 3.14 6.9 16.64 11.09 2.26 11.49 27.46 8.77 -3.79 -4.5
CEPS(Rs) 0.4 5.59 10.4 19.63 14.64 6.57 16.33 32.99 14.21 2.38 1.46
DPS(Rs) 0.4 1 1.88 2 2 0 2.2 2.5 1.5 1 0
Book NAV/Share(Rs) 18.86 21.36 38.89 55.95 65.22 62.32 78.41 105.96 116.4 111.93 112.86
Core EBITDA Margin(%) 3.26 9.56 14.13 21.65 16.33 7.2 20.33 22.06 8.73 2.45 2.38
EBIT Margin(%) 2.39 7.61 11.29 19.87 14.36 5.07 16.4 19.8 7.53 0.34 0.41
Pre Tax Margin(%) -0.58 5.36 9.79 18.92 13.39 3.52 14.47 18.79 6.07 -1.66 -1.99
PAT Margin (%) -1.18 3.14 6.33 12.74 9.01 2.14 10.84 14.07 4.21 -1.86 -2.25
Cash Profit Margin (%) 0.35 5.6 9.55 15.03 11.89 6.2 15.4 16.91 6.82 1.17 0.73
ROA(%) -2.1 6.03 10.82 19.37 9.84 1.83 9.26 17.55 4.26 -1.37 -1.29
ROE(%) -6.72 15.61 22.91 35.1 18.31 3.55 16.33 29.79 7.89 -3.32 -4.01
ROCE(%) 7 24.18 32.75 49.1 25.97 6.84 19.56 35.47 11.16 0.36 0.32
Receivable days 59.78 50.14 43.73 35.13 33.6 34.15 29.83 22.23 22.09 24.98 34.03
Inventory Days 47.83 29.8 36.11 37.88 45.89 56.81 46.74 34.11 48.03 49.94 44.35
Payable days 54.1 70.16 114.25 86.31 84.49 125.15 138.25 105.69 114.58 111.14 110.96
PER(x) 0 5.73 12.82 10.26 8.01 15.6 7.44 9.69 19.59 0 0
Price/Book(x) 0.43 0.84 2.28 3.05 1.36 0.57 1.09 2.51 1.48 2.09 2.15
Dividend Yield(%) 4.93 5.56 2.12 1.17 2.25 0 2.57 0.94 0.87 0.43 0
EV/Net Sales(x) 0.2 0.28 0.91 1.33 0.76 0.32 0.69 1.17 0.78 1.42 1.87
EV/Core EBITDA(x) 4.68 2.53 5.76 5.91 4.39 3.48 3.29 5.16 7.66 42.09 55.27
Net Sales Growth(%) -15.98 -11.95 8.93 27.57 -3.88 -13.98 0.09 84.04 6.71 -2.3 -1.61
EBIT Growth(%) -55.99 179.12 61.77 110.98 -31.9 -69.63 223.89 122.28 -59.4 -95.54 15.92
PAT Growth(%) -215.66 334.26 119.8 141.18 -33.37 -79.6 407.94 138.96 -68.06 -143.18 -18.85
EPS Growth(%) -215.66 334.26 119.78 141.18 -33.37 -79.6 407.94 138.96 -68.06 -143.18 -18.85
Debt/Equity(x) 0.73 0.42 0.15 0.09 0.15 0.31 0.23 0.15 0.37 1.01 1.48
Current Ratio(x) 0.96 0.9 1.12 1.89 1.4 1.66 1.9 1.86 1.22 1.1 1.04
Quick Ratio(x) 0.62 0.63 0.66 1.31 0.82 1.17 1.47 1.42 0.85 0.86 0.77
Interest Cover(x) 0.8 3.38 7.54 20.72 14.88 3.27 8.51 19.43 5.14 0.17 0.17
Total Debt/Mcap(x) 1.7 0.49 0.07 0.03 0.11 0.55 0.21 0.06 0.25 0.49 0.69

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -2% +1% +14% +7%
Operating Profit CAGR -1% -47% -7% +4%
PAT CAGR 0% 0%
Share Price CAGR -37% -2% +5% +20%
ROE Average -4% 0% +9% +12%
ROCE Average 0% +4% +13% +19%

Thirumalai Chemicals Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 37.13 %
FII 2.06 %
DII (MF + Insurance) 9.87 %
Public (retail) 62.87 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 41.9841.9541.9541.9241.9241.8941.8736.1337.1337.13
FII 1.882.172.512.862.771.971.882.151.972.06
DII 0.180.551.291.311.211.0719.279.419.87
Public 58.0258.0558.0558.0858.0858.1158.1363.8762.8762.87
Others 0000000000
Total 100100100100100100100100100100

Thirumalai Chemicals Peer Comparison

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Thirumalai Chemicals Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Thirumalai Chemicals Pros & Cons

Pros

  • Debtor days have improved from 111.14 to 110.96days.

Cons

  • Promoter holding is low: 37.13%.
  • Company has a low return on equity of 0% over the last 3 years.
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