1. Thailand Stocks

  2. •

    Utilities

  3. •

    Electric utilities
Ratch Group Public Co. Ltd.

Ratch Group Public Co. Ltd.

38.75
THB
0.00
(0.00%)
3.04EPS
12.33P/E
68.51BMarket Cap
Nov 16Next Earn
Ratch Group Public Co. Ltd.
SET:RATCH
(Stock Exchange of Thailand)

Recent

price

38.75

P/E

ratio

12.33

div

yld

4.12%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
THB
26.98
27.79
35.41
31.35
35.16
36.57
30.43
26.86
25.28
24.54
21.88
23.94
40.76
20.08
15.23
12.45
17.38
Revenue per Share
3.34
3.1
4.94
4.17
4.02
2.04
3.94
3.86
3.57
3.81
4.02
5.01
3.15
2.38
2.82
2.86
2.55
Basic EPS, GAAP
5.72
4.93
5.54
2.55
5.75
5.81
4.58
2.22
1.14
2
1.7
3.37
2.79
3.53
2.8
5.01
5.58
Free Cash Flow per Basic Share
2.09
2.09
2.09
2.1
2.1
2.1
2.1
2.22
2.23
2.23
2.23
2.23
2.02
1.6
1.6
1.6
1.6
Dividend per Share
29.79
30.62
35.92
37.24
38.83
38.45
37.56
38.13
38.29
37.96
38.67
44.94
45.07
45.06
44.77
42.97
46.3
Book Value per Share
29.28
25.18
31.82
33.58
35.86
35.65
34.67
35.57
36.1
35.24
36.46
40.42
36.1
36.2
36.19
35.01
38.12
Tangible Book Value per Share
1,564
1,564
1,564
1,564
1,564
1,564
1,564
1,564
1,564
1,564
1,564
1,559
1,833
2,175
2,175
2,175
2,181
Basic Weighted Avg Shares
42,181
43,457
55,365
49,020
54,970
57,177
47,578
41,996
39,520
38,364
34,206
37,327
74,725
43,675
33,133
27,082
37,896
Sales/Revenue/Turnover
12.2
14.29
11.95
14.25
11.55
8.91
9.77
8.91
7.15
9.23
6.95
6.7
3.56
6.6
7.79
7.58
7.62
Operating Margin (%)
2,689
3,307
3,835
1,433
1,275
1,296
1,303
1,301
1,184
1,528
1,833
2,150
3,037
4,065
4,028
3,708
3,838
Depreciation Expense
5,226
4,849
7,726
6,514
6,279
3,188
6,166
6,039
5,588
5,963
6,287
7,819
5,782
5,167
6,127
6,220
5,571
Net Income, GAAP
19.52
28.13
10.06
18.05
17.13
31.83
12.45
12.86
13.52
12.73
0.45
2.21
14.17
13.57
12.55
7.73
3.25
Effective Tax Rate (%)
12.39
11.16
13.96
13.29
11.42
5.58
12.96
14.38
14.14
15.54
18.38
20.95
7.74
11.83
18.49
22.97
14.7
Profit Margin (%)
9,609
6,288
7,389
1,424
15,358
14,325
15,440
13,892
12,724
12,906
11,608
5,046
26,311
8,491
3,004
6,607
3,817
Working Capital
13,241
32,601
24,879
7,729
16,775
18,355
20,926
19,273
28,742
30,441
41,469
50,922
82,539
63,742
75,599
90,845
85,410
LT Debt
46,676
48,484
56,992
59,126
61,199
60,420
58,283
59,009
59,936
59,414
60,522
79,278
107,403
107,133
106,374
107,646
114,421
Total Equity
6.93
5.86
7.75
6.98
6.64
4.29
4.93
3.93
2.74
3.6
2.42
2.19
1.32
1.23
1.14
0.9
1.31
Return on Invested Capital (%)
9.09
8.32
11.16
9.62
9.3
5.21
9.08
9.11
7.77
7.81
8.02
7.9
4.87
4.31
4.95
4.54
4.19
Return on Capital (%)
11.47
10.26
14.84
11.38
10.55
5.27
10.36
10.19
9.34
9.99
10.48
11.95
6.87
5.27
6.27
6.52
5.7
Return on Common Equity (%)

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
23,394
27,066
29,391
LT Borrowings
87,650
78,997
81,913
LT Finance Leases
3,194
3,448
3,497
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2,175
2,175
2,175
Market Capitalization
64,162
65,250
68,512

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
36,337
35,397
40,426
Cash, Cash Equivalents & STI
21,090
18,877
22,821
Accounts Receivable, Net
7,138
8,153
9,722
Inventories
2,653
2,654
2,636
Total Current Liabilities
29,729
33,558
36,609
Payables & Accruals
6,188
6,213
6,924
ST Debt
23,394
27,066
29,391
Deferred Revenue
- -
- -
- -

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.7%
13.34%
1.2%
Free Cash Flow
14.29%
40.7%
79.04%
Net Income, GAAP
10.38%
1.56%
1.53%
Sales/Revenue/Turnover
-2.28%
5.07%
-18.26%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
9,455
8,160
8,922
6,595
33,133
2025
5,367
6,204
5,341
10,169
27,082
2026
10,718
11,668
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.71
1.05
0.76
0.29
2.82
2025
0.56
0.95
1
0.36
2.86
2026
0.56
0.64
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.8
0.8
- -
1.6
2025
- -
0.8
0.8
- -
1.6
2026
- -
0.8
- -
- -
- -
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Business
Ratch Group Public Company Limited (RATCH.BK), founded in 2000 and headquartered in Nonthaburi, Thailand, operates as a holding company that invests in electricity generation through fossil fuel-based power plants using natural gas, coal and fuel oil; renewable energy projects encompassing solar, wind, hydropower and biomass; as well as power plant operation and maintenance services, electricity and steam sales, and diversified infrastructure including railway systems, water utilities, fuel supply, healthcare services and emerging technologies such as battery energy storage systems and green hydrogen, primarily serving state utilities via long-term power purchase agreements and industrial customers across Thailand, Australia, Lao PDR, Indonesia, Philippines, Vietnam and Japan, where it maintains total equity installed capacity of 10,817 megawatts with 9,056 megawatts commercially operational as of mid-2024. The Electricity Generating Authority of Thailand holds a 45% equity stake as its major shareholder. In recent developments, Ratch Group completed a USD605 million acquisition in 2022 of Nexif Energy and Denham Capital's asset portfolio, adding 1,500 megawatts including renewables, gas-fired plants and battery storage across Thailand, Australia, Vietnam and the Philippines, while in March 2025 its subsidiary finalized investment in the 355-megawatt Xekong 4A and 4B hydropower projects in Lao PDR, leading to the dissolution of Sekong Investment Advisory Co., Ltd., and it outlines a 2025-2029 strategy targeting non-power revenue growth to 30% by 2030 through infrastructure expansions alongside renewable capacity increases.