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
| ₹ 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) |
| ₹ 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) |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DEEPAK FERTILIZERS & PETR | 16,727 | 17.0 | 2.24 | 12.2 | 9.9 | 8.4 | 14.6 | 26.1 |
| TATA CHEMICALS LTD | 15,683 | — | 0.71 | 141.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| GUJ NAR VAL FER & CHEM L | 8,273 | 8.0 | 0.91 | 6.0 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,773 | 55.4 | 18.15 | — | 18.8 | 24.3 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 29 Aug 2026 · Statutory Auditor Resigns at Thirumalai Chemicals Material Subsidiary | management changes | high | — | — |
| 19 Aug 2026 · GST show cause notice for Rs 33.47 lakhs on ITC reversal | regulatory legal | high | — | — |
| 13 Aug 2026 · ICRA downgrades Thirumalai Chemicals credit ratings to BBB Negative | credit debt | high | — | — |
| 7 Aug 2026 · 53rd AGM held on Aug 7, 2026; all 5 resolutions passed | board shareholder meetings | medium | — | — |
| 7 Aug 2026 · 53rd AGM proceedings and voting results - all 5 resolutions passed | board shareholder meetings | medium | — | — |
| 7 Aug 2026 · 53rd AGM held on Aug 7, 2026; all 5 resolutions passed with high approval | board shareholder meetings | medium | — | — |
| 7 Aug 2026 · Q1 FY27: Standalone profit returns, USA plant launch pushed to Dec 2026 | investor communications | medium | — | — |
| 5 Aug 2026 · Newspaper publication of Q1 FY27 results | compliance | minimal | — | — |
| 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 |
| — |
| 16.0 |
| GUJARAT ALKALIES & CHEM | 5,179 | 78.0 | 1.00 | 10.7 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED | 3,879 | 8.4 | 1.09 | 5.1 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,469 | 21.2 | 3.21 | 14.1 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,330 | 31.0 | 4.31 | 23.7 | 12.7 | 16.9 | — | 11.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.2 | 1.4 | 26 of 59 | 57% |
| ROCE | (5.9) | 6.2 | 60 of 65 | 8% |
| ROE | (10.7) | 4.9 | 59 of 65 | 9% |
| Debt / Equity | 1.3 | 0.2 | 57 of 65 | 13% |
| 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 | 1899 | 77 | 9 of 65 | 88% |
| 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 |
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.
