NSE: TIRUMALCHM · BSE: 500412
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Phthalic Anhydride, Malic Acid, Fumaric Acid, Maleic Anhydride, Food Ingredients. Asset-heavy commodity chemicals with high capex intensity and exposure to global pricing cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,998 | 2,132 | 2,083 | 2,050 | 1,736 |
| EBITDA (ex other income) | 441 | 186 | 51 | 49 | (43) |
| margin % | 22.1 | 8.7 | 2.4 | 2.4 | (2.5) |
| Owners' profit | 281 | 0 | 0 | (46) | 0 |
| EPS, as reported (₹) | 27.47 | 8.77 | (3.79) | (4.50) | (14.91) |
| ROE % · ROCE % | 25.9 · 30.3 | 7.5 · 10.7 | (3.4) · 0.3 | (4.0) · 0.3 | (10.7) · (3.3) |
| Debt / equity (x) | 0.15 | 0.37 | 1.01 | 1.48 | 1.34 |
| Cash from operations | 402 | 54 | 237 | (66) | (131) |
| Capex | (74) | (363) | (811) | (613) | (599) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 525 | 447 | 523 | 450 | 445 | 416 | 424 | 547 |
| Profit before tax | 9 | (50) | (11) | (64) | (44) | (55) | (38) | (39) |
| Net profit | 5 | (42) | (14) | (60) | (33) | (47) | (28) | (44) |
| EPS (₹) | 0.48 | (4.10) | (1.37) | (5.86) | (3.07) | (3.92) | (2.32) | (3.62) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CHEMICALS LTD | 15,351 | — | 0.69 | 139.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| DEEPAK FERTILIZERS & PETR | 14,679 | 14.9 | 1.97 | 11.1 | 9.9 | 8.4 | 14.6 | 26.1 |
| GUJ NAR VAL FER & CHEM L | 7,529 | 7.3 | 0.83 | 5.4 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,923 | 56.6 | 18.55 | — | 18.8 | 24.3 | — | 16.0 |
| GUJARAT ALKALIES & CHEM | 4,105 | 61.8 | 0.79 | 8.7 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED | 3,565 | 7.8 | 1.00 | 4.7 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,543 | 21.6 | 3.28 | 14.4 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,179 | 29.0 | 4.03 | 22.2 | 12.7 | 16.9 | — | 11.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.9 | 1.4 | 24 of 60 | 61% |
| ROCE | (5.9) | 6.0 | 58 of 62 | 7% |
| ROE | (10.7) | 5.0 | 54 of 60 | 10% |
| Debt / Equity | 1.3 | 0.2 | 52 of 60 | 14% |
| EBITDA margin | 6.6 | 13.3 | 41 of 58 | 30% |
| Revenue growth | 21.5 | 6.7 | 15 of 54 | 74% |
| Profit growth | 27.2 | 21.0 | 31 of 64 | 52% |
| Market cap | 1420 | 98 | 10 of 66 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Promoter group members seek reclassification as public shareholders | ownership changes | medium | — | — |
| 22 Oct 2026 · Customs authority seeks Rs. 24.52 lakh over export benefits | regulatory legal | medium | — | — |
| 15 Oct 2026 · Quarterly dematerialisation confirmation certificate filed with exchanges | compliance | minimal | — | — |
| 1 Oct 2026 · Thirumalai Chemicals gets Rs 17.31 crore GST show cause notice for FY24 | regulatory legal | high | — | — |
| 30 Sept 2026 · GST show cause notice on FY22-23 assessment, demand around Rs 13.52 lakhs | regulatory legal | high | — | — |
| 30 Sept 2026 · Thirumalai Chemicals corrigendum to Sept 30 fund raising intimation | fund raising | medium | — | — |
| 30 Sept 2026 · Thirumalai Chemicals to sell up to 9.5L shares of Ultramarine and Pigments | fund raising | high | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 30 Aug 2026 · Thirumalai Chemicals to sell up to 5 percent stake in Ultramarine Pigments | fund raising | medium | — | — |
| 29 Aug 2026 · Auditor Resigns at TCL Intermediates Material Subsidiary | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.