Thirumalai Chemicals Ltd

₹ 231 -1.64%

02 Dec 3:40 p.m.

thirumalaichemicals.com BSE: 500412 NSE: TIRUMALCHM

About

Thirumalai Chemicals Ltd is a part of the Thirumalai Group, which has business interests in chemicals, surfactants, pigments and education. The Company’s principal activities are manufacturing and selling chemicals such as PAN, DEP etc. ^[1]^[2]

Key Points

Product Portfolio
1) Phthalic Anhydride (PA): It is crucial for producing plasticizers, pigments, dyes, and resins, especially unsaturated polyester resins used in fiberglass-reinforced plastics. Additionally, PA is used in herbicides, insecticides, fire retardants, polyester polyols, and rubber scorch inhibitors. ^[1] It is the second-largest producer of PA in India and one of the largest players globally. ^[2]

Website BSE NSE

Market Cap ₹ 2,736 Cr.
Current Price ₹ 231
High / Low ₹ 395 / 201
Stock P/E
Book Value ₹ 129
Dividend Yield 0.00 %
ROCE 0.26 %
ROE -4.13 %
Face Value ₹ 1.00

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Pros

Cons

Company has low interest coverage ratio.
Promoter holding has decreased over last quarter: -5.74%
Company has a low return on equity of 0.09% over last 3 years.
Company might be capitalizing the interest cost
Debtor days have increased from 28.3 to 35.4 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Chemicals Chemicals & Petrochemicals Commodity Chemicals

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	572	508	431	523	542	492	527	555	525	447	523	450	445
	511	479	432	485	527	498	523	524	502	467	508	477	449
Operating Profit	61	29	-1	38	15	-6	4	31	24	-20	15	-27	-4
OPM %	11%	6%	-0%	7%	3%	-1%	1%	6%	4%	-5%	3%	-6%	-1%
	6	11	11	5	6	4	4	3	9	0	8	2	8
Interest	7	11	7	10	10	12	10	9	10	14	15	18	26
Depreciation	13	14	16	16	16	15	17	14	13	16	18	22	23
Profit before tax	47	14	-13	17	-4	-29	-19	11	9	-50	-11	-64	-44
Tax %	27%	41%	0%	37%	47%	-20%	10%	53%	47%	-16%	28%	-7%	-24%
	34	8	-13	11	-6	-23	-20	5	5	-42	-14	-60	-33
EPS in Rs	3.35	0.81	-1.25	1.04	-0.59	-2.24	-2.00	0.50	0.48	-4.10	-1.37	-5.86	-2.81
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	1,275	1,070	940	1,028	1,312	1,261	1,085	1,086	1,998	2,132	2,083	2,050	1,865
	1,192	1,032	842	871	1,022	1,055	1,007	865	1,557	1,946	2,032	2,001	1,901
Operating Profit	83	38	98	158	290	206	78	221	441	186	51	49	-36
OPM %	7%	4%	10%	15%	22%	16%	7%	20%	22%	9%	2%	2%	-2%
	3	8	5	4	7	12	21	7	12	30	19	21	19
Interest	49	35	23	17	13	12	17	21	20	31	42	49	74
Depreciation	23	18	25	36	31	36	44	50	57	56	63	61	78
Profit before tax	15	-7	55	109	253	169	38	157	375	129	-35	-41	-169
Tax %	20%	102%	41%	35%	33%	33%	39%	25%	25%	31%	12%	13%
	12	-14	32	71	170	114	23	118	281	90	-39	-46	-149
EPS in Rs	1.16	-1.34	3.14	6.90	16.64	11.09	2.26	11.49	27.47	8.77	-3.79	-4.50	-14.14
Dividend Payout %	0%	-30%	51%	27%	12%	18%	0%	19%	9%	17%	-26%	0%

Compounded Sales Growth
10 Years:	7%
5 Years:	14%
3 Years:	1%
TTM:	-11%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-347%

Stock Price CAGR
10 Years:	27%
5 Years:	16%
3 Years:	5%
1 Year:	-38%

Return on Equity
10 Years:	11%
5 Years:	8%
3 Years:	0%
Last Year:	-4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	10	10	10	10	10	10	10	10	10	10	10	10	12
Reserves	205	183	208	388	563	658	628	793	1,075	1,182	1,136	1,145	1,521
	222	142	91	62	50	103	197	183	165	514	1,252	1,786	2,086
	321	212	211	327	202	370	365	358	612	654	922	867	727
Total Liabilities	757	547	520	786	825	1,141	1,200	1,343	1,862	2,360	3,320	3,808	4,345
	230	243	256	317	310	383	550	513	596	671	712	1,251	1,281
CWIP	18	7	18	9	44	159	82	126	64	406	1,200	1,352	1,740
Investments	5	5	5	77	104	150	49	136	180	132	173	200	210
	503	291	241	383	367	449	519	569	1,022	1,150	1,236	1,005	1,114
Total Assets	757	547	520	786	825	1,141	1,200	1,343	1,862	2,360	3,320	3,808	4,345

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	133	154	126	108	81	234	140	221	402	54	237	-66
	-15	-19	-32	-44	-54	-221	-36	-159	-134	-335	-824	-531
	-116	-142	-93	-52	-16	16	46	-38	-70	206	643	375
Net Cash Flow	3	-8	0	12	10	29	150	24	198	-75	56	-223

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	66	52	50	49	33	33	30	29	29	17	32	35
Inventory Days	74	42	38	82	59	84	69	74	74	76	55	57
Days Payable	59	38	92	139	53	119	123	129	141	118	113	103
Cash Conversion Cycle	82	56	-3	-8	39	-2	-24	-26	-39	-25	-26	-11
Working Capital Days	3	-8	-15	-5	37	4	-5	-19	-23	-61	-93	-57
ROCE %	14%	7%	24%	33%	49%	26%	7%	20%	35%	11%	0%	0%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	42.01%	42.07%	42.16%	42.17%	41.98%	41.95%	41.95%	41.92%	41.92%	41.89%	41.87%	36.13%
	1.99%	2.14%	1.81%	1.86%	1.88%	2.16%	2.50%	2.86%	2.77%	1.97%	1.88%	2.15%
	0.01%	0.01%	0.10%	0.16%	0.17%	0.54%	1.29%	1.30%	1.27%	1.12%	1.05%	9.32%
	55.99%	55.78%	55.93%	55.81%	55.98%	55.34%	54.25%	53.90%	54.04%	55.02%	55.20%	52.39%
No. of Shareholders	81,997	80,137	78,530	77,685	76,903	70,817	64,651	62,053	61,249	59,515	59,356	58,416

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	41.46%	41.45%	41.62%	41.86%	41.90%	41.98%	42.07%	41.95%	41.89%	36.13%
	5.93%	6.85%	2.32%	0.94%	0.27%	1.29%	2.14%	2.16%	1.97%	2.15%
	0.35%	0.44%	0.31%	0.12%	0.01%	0.02%	0.01%	0.54%	1.12%	9.32%
	0.00%	0.00%	0.00%	0.00%	0.70%	0.70%	0.00%	0.00%	0.00%	0.00%
	52.26%	51.25%	55.74%	57.08%	57.13%	56.01%	55.78%	55.34%	55.02%	52.39%
No. of Shareholders	18,871	29,018	47,471	51,609	53,568	81,618	80,137	70,817	59,515	58,416

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Thirumalai Chemicals Ltd

Thirumalai Chemicals Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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