THIRUMALAI CHEMICALS LTD

Makes Phthalic Anhydride, Malic Acid and Fumaric Acid at its Indian operations, and is commissioning Maleic Anhydride and Food Ingredients through a greenfield plant in West Virginia, USA being set up by step-down subsidiary TCL Specialties LLC. Consolidated FY26 revenue was Rs 1,735.52 crore; on a standalone basis revenue dropped 37% to Rs 1,35,973 lakhs, with management attributing the decline to weak global demand, pricing pressure and geopolitical challenges. Materials make up 76.9% of revenue, the dominant input cost, followed by other operating expenses at 18.2%, employee costs at 5.1% and depreciation at 5.1%. The US build-out, alongside Indian capacity, drives a heavy investment cycle, with capex running at 34.5% of revenue in FY26. Indian operations have shifted from furnace oil to piped natural gas.