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TPI Polene Public Company Limited

TPI Polene Public Company Limited

TPIPL.BK
TPI Polene Public Company LimitedTH flagStock Exchange of Thailand
0.81
THB
-0.02
- -
15.34BMarket Cap
TPI Polene Public Company Limited
TPIPL.BK
(Stock Exchange of Thailand)

Recent

price

0.81

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
1.24
1.23
1.32
1.35
1.43
1.36
1.46
1.46
1.75
1.93
1.81
2.04
2.54
2.26
1.89
1.83
1.84
Revenue per Share
0.11
0.49
0.01
0.03
0.07
-0.06
0.03
-0.06
0.02
0.07
0.08
0.3
0.37
0.17
0.08
0.11
0.11
Basic EPS, GAAP
0.05
-0.02
0.01
-0.21
-0.84
-0.33
-0.31
-0.28
-0.18
-0.11
0.02
0.03
0.12
0.03
-0.1
- -
0.04
Free Cash Flow per Basic Share
0.01
0.02
0.01
0.01
0.01
0.02
0.02
0.05
0.06
0.09
0.1
0.1
0.09
0.1
0.09
0.03
0.03
Dividend per Share
1.3
1.71
1.71
1.74
1.81
1.8
1.81
1.72
1.63
1.7
1.72
1.93
2.2
2.26
2.24
2.31
2.37
Book Value per Share
2.7
2.78
2.94
2.9
2.88
1.82
1.83
2.6
2.54
2.68
2.73
2.98
3.28
3.19
3.19
3.3
3.37
Tangible Book Value per Share
19,968
19,968
19,968
19,968
19,968
19,968
19,968
19,968
19,963
19,182
18,903
19,102
18,944
18,935
18,935
18,935
18,788
Basic Weighted Avg Shares
24,837
24,544
26,358
26,872
28,505
27,135
29,128
29,088
34,993
37,041
34,276
38,920
48,133
42,807
35,770
34,628
34,654
Sales/Revenue/Turnover
8.82
13.77
0.99
2.47
2.35
-5.66
2.52
0.39
6.86
10.03
16.31
21.95
17.76
13.26
11.8
16.12
15.47
Operating Margin (%)
1,192
1,742
1,976
1,865
1,950
4,101
2,478
2,621
2,786
3,189
3,124
3,098
3,292
3,316
3,176
3,350
3,454
Depreciation Expense
2,273
9,751
288
606
1,364
-1,257
515
-1,260
324
1,394
1,498
5,671
7,008
3,218
1,442
1,999
2,108
Net Income, GAAP
18.89
8.85
21.35
20.81
21.47
- -
- -
- -
13.3
- -
- -
7.23
2.07
6.36
16.67
15.34
15.46
Effective Tax Rate (%)
9.15
39.73
1.09
2.26
4.78
-4.63
1.77
-4.33
0.93
3.76
4.37
14.57
14.56
7.52
4.03
5.77
6.08
Profit Margin (%)
-4,274
3,993
2,577
2,332
2,397
5,283
2,480
7,978
9,171
6,717
577
10,626
13,673
12,560
9,416
3,757
6,291
Working Capital
2,189
2,434
1,550
7,203
23,960
33,150
37,005
33,040
38,485
41,479
42,211
51,029
54,023
60,170
65,683
63,246
65,691
LT Debt
54,338
55,840
59,012
58,123
57,785
36,609
36,755
52,086
50,937
51,493
52,172
57,562
62,814
64,626
64,824
66,728
67,622
Total Equity
2.99
5.15
0.33
0.8
0.68
- -
- -
- -
2.14
- -
- -
6.59
6.44
3.74
2.38
3.2
3.09
Return on Invested Capital (%)
7.93
28.79
1.19
1.92
3.17
- -
- -
- -
0.82
- -
- -
5.81
6.81
3.13
1.8
2.52
2.87
Return on Capital (%)
9.01
32.4
0.84
1.76
3.85
-3.49
1.43
-3.58
0.97
4.28
4.61
16.34
17.84
7.62
3.39
4.64
4.81
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
21,204
19,440
16,362
LT Borrowings
61,476
63,058
65,516
LT Finance Leases
203
189
176
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
18,935
18,935
18,935
Market Capitalization
14,307
12,990
13,339

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
32,180
31,295
30,268
Cash, Cash Equivalents & STI
8,375
7,509
6,553
Accounts Receivable, Net
4,709
4,649
5,270
Inventories
17,288
17,671
16,673
Total Current Liabilities
29,456
27,539
23,977
Payables & Accruals
8,252
8,098
7,615
ST Debt
21,204
19,440
16,362
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.79%
5.12%
2.94%
Free Cash Flow
-50.1%
-57.92%
-99.42%
Net Income, GAAP
-4.2%
46.27%
38.54%
Sales/Revenue/Turnover
3.24%
1.31%
-3.19%
Total Cash Common Dividend
- -
-15.6%
-66.67%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
9,051
8,742
9,147
8,831
35,770
2025
9,595
8,714
8,106
8,214
34,628
2026
9,620
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.04
0.03
-0.02
- -
0.08
2025
0.04
0.03
0.01
- -
0.11
2026
0.04
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.07
- -
0.02
- -
0.09
2025
- -
0.03
- -
- -
0.03
2026
- -
- -
- -
- -
- -
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Business
TPI Polene Public Company Limited (TPIPL.BK) manufactures and distributes a diverse portfolio of construction materials, petrochemical products, energy solutions, and agricultural inputs primarily under the TPIPL brand. The company operates through four main segments: Construction Materials, including masonry, plastering, and structural cement; mortar products such as masonry, plastering, floor screed, dry concrete, tile grouts, ready-mixed concrete, concrete blocks, roof tiles, floor and wall tiles, fiber cement boards, digital boards, wood replacement products, and related accessories; Petrochemical & Chemicals, encompassing low-density polyethylene (LDPE) resins, ethylene vinyl acetate (EVA) copolymer resins, EVA films for photovoltaic modules, nitric acids, ammonium nitrate, and factory equipment; Energy & Utilities, featuring electricity generation and distribution, refuse-derived fuel (RDF), organic waste processing, waste heat recovery power plants, gasoline, diesel, natural gas distribution, oil services, and NGV gas stations; and Agriculture, offering aquatic, livestock, and plant fertilizers, growth hormones, soil enhancers, healthcare products like hand and body wash, cleaning detergents, drinking water, paints (clear coat, interior/exterior, wall, waterproof, floor, artistic), and personal care items. It also engages in life insurance provision, packing bags, retailing, construction, property development, export-import activities, and industrial waste disposal. TPI Polene conducts operations in Thailand, China, Bangladesh, Australia, India, the Philippines, and other international markets, serving construction firms, industrial users, agricultural customers, energy providers, and retail consumers. Founded in 1987 and headquartered in Bangkok, Thailand, the company oversees more than 20 subsidiaries, including TPI Polene Power Public Company Limited (TPIPP.BK), a key affiliate focused on renewable energy generation from waste and waste heat with expanded capacity initiatives. In recent developments, TPI Polene achieved full subscription of a 3,400 million baht debenture issuance, reflecting strong investor confidence amid its sustainability focus. The company secured multiple awards in 2025, including the Sustainability Disclosure Award, Industrial Energy Efficiency Award from ESGBUSINESS, and The Global Economics Awards for sustainable cement production, alongside acquiring 1.2 million International Renewable Energy Certificates (I-RECs) to bolster its ESG credentials. Its subsidiary TPI Polene Power pursued a significant IPO in early 2025 to fund capacity expansions in waste-to-energy plants, enhancing the group's renewable energy footprint with total installed capacity reaching 440 megawatts by 2024.