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Thirumalai Chemicals Limited

Thirumalai Chemicals Limited

TIRUMALCHM.NS
Thirumalai Chemicals LimitedIN flagNational Stock Exchange of India
167.50
INR
+1.49
- -
20.19BMarket Cap
Thirumalai Chemicals Limited
TIRUMALCHM.NS
(National Stock Exchange of India)

Recent

price

167.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
74.66
102.94
133.93
124.65
104.72
92.22
99.55
127.29
122.1
104.97
105.34
194.2
207.09
202.32
200.06
- -
154.08
Revenue per Share
1.75
0.09
4.28
1.16
-1.34
3.14
6.9
16.65
11.09
2.26
11.49
27.47
8.77
-3.79
-4.5
- -
-14.91
Basic EPS, GAAP
-4.99
-4.94
0.56
10.73
12.91
9.53
8.2
2.14
3.98
3.6
15.61
39.3
5.29
23.15
-6.43
- -
- -
Free Cash Flow per Basic Share
0.58
- -
0.58
0.29
- -
1.69
- -
2.26
2.41
2.36
- -
2.18
2.5
1.5
1
- -
- -
Dividend per Share
4.42
4.51
7.62
8.78
6.74
13.02
19.92
34.31
42.99
42.84
54.34
79.59
85.9
80.59
75.05
- -
1.07
Book Value per Share
12.81
15.05
19.43
21.01
18.86
28.22
37.14
54.2
62.36
62.29
78.4
105.96
116.39
111.93
112.8
- -
138.79
Tangible Book Value per Share
102
102
102
102
102
102
102
102
102
102
102
102
102
102
102
- -
113
Basic Weighted Avg Shares
7,644
10,540
13,713
12,762
10,723
9,442
10,193
13,033
12,502
10,748
10,786
19,884
21,203
20,715
20,495
17,355
17,355
Sales/Revenue/Turnover
6.73
4.92
8.28
4.68
3.53
8.5
12.24
20.4
13.71
3.7
15.91
19.48
6.17
-0.3
-0.6
-7.12
-7.36
Operating Margin (%)
154
226
229
230
178
251
358
306
364
441
495
566
557
632
611
884
884
Depreciation Expense
179
9
438
119
-137
322
707
1,704
1,136
232
1,177
2,812
898
-388
-461
-1,679
-1,679
Net Income, GAAP
29.79
54.63
32.04
20.21
- -
41.37
35.33
32.63
32.74
39.28
25.1
25.08
30.58
- -
- -
- -
- -
Effective Tax Rate (%)
2.35
0.09
3.19
0.93
-1.28
3.41
6.93
13.08
9.08
2.16
10.91
14.14
4.24
-1.87
-2.25
-9.67
-9.67
Profit Margin (%)
-841
229
533
330
-118
-241
421
1,937
1,314
1,981
2,721
4,758
1,870
1,050
350
-5,005
-5,005
Working Capital
326
1,425
1,074
595
388
236
117
500
784
1,840
1,582
1,373
2,142
8,938
14,746
16,454
16,454
LT Debt
1,311
1,541
1,990
2,151
1,931
3,068
3,982
5,730
6,678
6,381
8,029
10,850
11,919
11,462
11,557
15,636
15,636
Total Equity
10.66
7.19
17.94
10.85
- -
13.32
18.92
33.19
16.58
3.01
14.15
25.86
6.14
- -
- -
- -
- -
Return on Invested Capital (%)
6.96
0.39
13.89
13.65
- -
19.92
32.96
52.35
24.99
5.39
19.06
34.19
9.1
- -
- -
- -
- -
Return on Capital (%)
49.44
2.01
70.53
14.13
-17.27
31.79
41.91
61.39
28.7
5.27
23.66
41.02
10.6
-4.55
-5.78
-43.01
-43.01
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
4,545
- -
5,293
LT Borrowings
15,557
- -
15,658
LT Finance Leases
754
- -
795
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
119
- -
121
Market Capitalization
29,230
25,517
18,621

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
10,938
- -
7,968
Cash, Cash Equivalents & STI
3,775
- -
2,755
Accounts Receivable, Net
2,048
- -
1,970
Inventories
3,592
- -
1,847
Total Current Liabilities
9,380
- -
12,973
Payables & Accruals
- -
- -
- -
ST Debt
4,545
- -
5,293
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
18.89%
15.46%
35.3%
Free Cash Flow
69.58%
74.77%
98.44%
Net Income, GAAP
76.68%
42.16%
264.23%
Sales/Revenue/Turnover
9.04%
14.46%
-15.32%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
5,227
5,420
4,919
5,149
20,715
2025
5,547
5,251
4,466
5,231
20,495
2026
4,500
4,454
4,158
4,242
17,355

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.04
-0.59
-2.24
- -
-3.79
2025
0.5
0.48
-4.1
-1.37
-4.5
2026
-5.86
-3.07
-3.92
-2.32
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
1.5
2025
- -
- -
- -
- -
1
2026
- -
- -
- -
- -
- -
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Business
Thirumalai Chemicals Limited engages primarily in the manufacture and sale of specialty and intermediate chemicals. Its core products include phthalic anhydride, maleic anhydride, malic acid, and fumaric acid, along with food ingredients and specialty food acids. The company also produces fine chemicals and phthalate esters used as downstream derivatives. It operates through subsidiaries including TCL Intermediates Private Limited and Optimistic Organic Sdn. Bhd. in Malaysia, and TCL Specialties LLC in the USA. Founded in 1972 and headquartered in Ranipet, Tamil Nadu, India, Thirumalai Chemicals serves domestic and international markets with diverse applications in polymers, paints, coatings, cosmetics, personal care, and food industries. Recently, Thirumalai Chemicals has expanded its product portfolio by commencing commercial production of fumaric acid from a greenfield plant in Dahej, expected to add incremental quarterly revenue. The company is advancing a greenfield food ingredients and fine chemicals plant in the USA through its wholly owned subsidiary TCL Specialties LLC, with Phase I construction progressing and final pre-commissioning tests expected soon. Additionally, Thirumalai Chemicals acquired a maleic anhydride plant in Malaysia via its subsidiary, broadening its manufacturing footprint overseas. Strategic amendments to its Articles of Association were approved in 2025, and the company is actively pursuing fund raising initiatives and preferential equity issuance to support growth and expansion plans. Thirumalai Chemicals operates primarily in specialty and functional chemicals segments with key markets spanning Asia, North America, and other international regions. Its product applications cater to specialty polymers, food additives, paint and coatings, cosmetics and personal care, and industrial intermediates. The company’s strategy centers on expanding its global manufacturing presence while diversifying into related chemicals and value-added downstream derivatives to capture broader market segments and enhance revenue streams.