Thirumalai Chemicals Ltd

₹ 167 -3.69%

19 Jun - close price

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 ₹ 2,016 Cr.
Current Price ₹ 167
High / Low ₹ 329 / 158
Stock P/E
Book Value ₹ 130
Dividend Yield 0.00 %
ROCE -3.14 %
ROE -11.8 %
Face Value ₹ 1.00

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Pros

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of 9.84% over past five years.
Company has a low return on equity of -6.70% over last 3 years.
Company might be capitalizing the interest cost
Promoter holding has decreased over last 3 years: -4.94%

* 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

Part of BSE Commodities BSE 1000

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	431	523	542	492	527	555	525	447	523	450	445	416	424
	432	485	527	498	523	524	502	467	508	477	449	431	418
Operating Profit	-1	38	15	-6	4	31	24	-20	15	-27	-4	-15	6
OPM %	-0%	7%	3%	-1%	1%	6%	4%	-5%	3%	-6%	-1%	-4%	1%
	11	5	6	4	4	3	9	0	8	2	8	4	0
Interest	7	10	10	12	10	9	10	14	15	18	26	21	24
Depreciation	16	16	16	15	17	14	13	16	18	22	23	23	21
Profit before tax	-13	17	-4	-29	-19	11	9	-50	-11	-64	-44	-55	-38
Tax %	0%	37%	47%	-20%	10%	53%	47%	-16%	28%	-7%	-24%	-16%	-27%
	-13	11	-6	-23	-20	5	5	-42	-14	-60	-33	-47	-28
EPS in Rs	-1.25	1.04	-0.59	-2.24	-2.00	0.50	0.48	-4.10	-1.37	-5.86	-2.81	-3.86	-2.32
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,070	940	1,028	1,312	1,261	1,085	1,086	1,998	2,132	2,083	2,050	1,736
	1,032	842	871	1,022	1,055	1,007	865	1,557	1,946	2,032	2,001	1,771
Operating Profit	38	98	158	290	206	78	221	441	186	51	49	-35
OPM %	4%	10%	15%	22%	16%	7%	20%	22%	9%	2%	2%	-2%
	8	5	4	7	12	21	7	12	30	19	21	11
Interest	35	23	17	13	12	17	21	20	31	42	49	89
Depreciation	18	25	36	31	36	44	50	57	56	63	61	88
Profit before tax	-7	55	109	253	169	38	157	375	129	-35	-41	-202
Tax %	102%	41%	35%	33%	33%	39%	25%	25%	31%	12%	13%	-17%
	-14	32	71	170	114	23	118	281	90	-39	-46	-168
EPS in Rs	-1.34	3.14	6.90	16.64	11.09	2.26	11.49	27.47	8.77	-3.79	-4.50	-13.93
Dividend Payout %	-30%	51%	27%	12%	18%	0%	19%	9%	17%	-26%	0%	0%

Compounded Sales Growth
10 Years:	6%
5 Years:	10%
3 Years:	-7%
TTM:	-15%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-236%

Stock Price CAGR
10 Years:	19%
5 Years:	5%
3 Years:	-5%
1 Year:	-43%

Return on Equity
10 Years:	7%
5 Years:	2%
3 Years:	-7%
Last Year:	-12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	10	10	10	10	10	10	10	10	10	10	10	12
Reserves	183	208	388	563	658	628	793	1,075	1,182	1,136	1,145	1,552
	142	91	62	50	103	197	183	165	514	1,252	1,786	2,175
	212	211	327	202	370	365	358	612	654	922	867	998
Total Liabilities	547	520	786	825	1,141	1,200	1,343	1,862	2,360	3,320	3,808	4,737
	243	256	317	310	383	550	513	596	671	712	1,251	1,251
CWIP	7	18	9	44	159	82	126	64	406	1,200	1,352	2,518
Investments	5	5	77	104	150	49	136	180	132	173	200	154
	291	241	383	367	449	519	569	1,022	1,150	1,236	1,005	813
Total Assets	547	520	786	825	1,141	1,200	1,343	1,862	2,360	3,320	3,808	4,737

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	154	126	108	81	234	140	221	402	54	237	-66	-131
	-19	-32	-44	-54	-221	-36	-159	-134	-335	-824	-531	-600
	-142	-93	-52	-16	16	46	-38	-70	206	643	375	603
Net Cash Flow	-8	0	12	10	29	150	24	198	-75	56	-223	-128
Free Cash Flow	132	98	85	22	41	38	160	329	-308	-574	-676	-730
CFO/OP	422%	147%	91%	57%	137%	190%	118%	108%	66%	480%	-90%	384%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	52	50	49	33	33	30	29	29	17	32	35	41
Inventory Days	42	38	82	59	84	69	74	74	76	55	57	49
Days Payable	38	92	139	53	119	123	129	141	118	113	103	77
Cash Conversion Cycle	56	-3	-8	39	-2	-24	-26	-39	-25	-26	-11	14
Working Capital Days	-8	-15	-5	37	4	-5	-19	-23	-61	-93	-57	-160
ROCE %	7%	24%	33%	49%	26%	7%	20%	35%	11%	0%	0%	-3%

Insights

In beta

Mar 1976

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Product Mix - Phthalic Anhydride (PAN) Weightage
% ・Standalone data

	xx	xx	xx	xx					xx	xx
	xx				xx	xx		xx	xx
	xxx,xxx			xx,xxx					xxx,xxx	xxx,xxx
	xx,xxx	xx,xxx				xx,xxx				xx,xxx
x,xxx							xxx,xxx			xxx,xxx
						xx
										xx,xxx
										xx,xxx

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Internal Waste Heat Recovery (Energy Self-Sufficiency)
% ・Standalone data

Actual Production (Standalone Total)
MT ・Standalone data

Installed Capacity - Maleic Anhydride (MAN)
TPA

Installed Capacity - Phthalic Anhydride (PAN)
TPA ・Standalone data

Global Presence (Countries Exported to)
Count

New Capacity Addition - Fumaric Acid (Dahej Phase II)
TPA

New Capacity Addition - PAN (Dahej Phase II)
TPA

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	42.16%	42.17%	41.98%	41.95%	41.95%	41.92%	41.92%	41.89%	41.87%	36.13%	37.13%	37.13%
	1.81%	1.86%	1.88%	2.16%	2.50%	2.86%	2.77%	1.97%	1.88%	2.15%	1.97%	2.06%
	0.10%	0.16%	0.17%	0.54%	1.29%	1.30%	1.27%	1.12%	1.05%	9.32%	9.47%	9.93%
	55.93%	55.81%	55.98%	55.34%	54.25%	53.90%	54.04%	55.02%	55.20%	52.39%	51.43%	50.86%
No. of Shareholders	78,530	77,685	76,903	70,817	64,651	62,053	61,249	59,515	59,356	58,416	57,446	56,739

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	41.46%	41.45%	41.62%	41.86%	41.90%	41.98%	42.07%	41.95%	41.89%	37.13%
	5.93%	6.85%	2.32%	0.94%	0.27%	1.29%	2.14%	2.16%	1.97%	2.06%
	0.35%	0.44%	0.31%	0.12%	0.01%	0.02%	0.01%	0.54%	1.12%	9.93%
	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%	50.86%
No. of Shareholders	18,871	29,018	47,471	51,609	53,568	81,618	80,137	70,817	59,515	56,739

* 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

Insights

Shareholding Pattern

Documents

Announcements

Annual reports

Credit ratings

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