Thirumalai Chemicals Ltd.

•

thirumalaichemicals.comBSE: 500412NSE: TIRUMALCHM

Market Cap₹ 1,868 Cr.

Current Price

High / Low₹ 329 / 144

Stock P/E—

Book Value₹ 126

Price to Book1.27

Dividend Yield0.00 %

ROCE-3.5 %

ROE-12.3 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2017 • Chemical products and its Intermediaries: 99.9% • Power Generation from Wind operated generators: 0.1%

AI Sector View

AI GENERATED

Chemicals

Hold

The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.

Confidence

55%

View full sector analysis →

PROS

Working capital cycle has improved - days down from 6 to -105
Institutional investors have been accumulating - FII+DII up 8.6pp

CONS

Company is loss-making at the operating / net level
Operating cash flow has been negative in recent years
Company has a low return on equity of -6.6% over last 3 years
Company has a low return on capital employed of -0.9%
Interest coverage is weak at -1.3x - earnings barely cover interest
Promoter holding has decreased over last 2 years: -4.8pp

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsChemicals

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SOLARINDS	21904.00	99.53	198209.42	0.05	666.37	88.98	3668.20	70.26	38.16	27.91
2.	PIDILITIND	1585.00	60.91	161333.93	1.36	8835.10	1202.86	45515.50	1112.74	32.38	26.28
3.	SRF	2537.10	34.79	75205.94	0.35	758.87	75.53	5033.26	34.63	14.21	24.57
4.	FLUOROCHEM	4528.30	80.88	49743.38	0.07	219.00	19.02	1588.00	23.97	9.58	26.83
5.	NAVINFLUOR	8607.15	55.92	44161.66	0.18	243.31	107.67	1045.08	44.07	21.39	34.17
6.	GODREJIND	1159.50	33.22	39057.88	0.00	523.36	-27.85	5448.09	22.16	10.64	12.82
7.	DEEPAKNTR	1640.85	28.57	22380.05	0.46	345.01	207.36	2577.60	36.39	11.58	20.96
8.	AETHER	1618.80	91.36	21485.98	0.00	62.75	33.45	326.56	27.49	11.65	31.47
9.	ATUL	6309.15	23.35	18575.24	0.48	253.93	91.85	1847.95	25.03	15.05	21.41
10.	AARTIIND	491.05	33.54	17811.69	0.20	155.00	260.47	2387.00	42.42	6.95	16.00
11.	DEEPAKFERT	1343.70	17.29	17019.69	0.74	490.04	100.95	3256.26	22.47	12.12	25.96
12.	TIRUMALCHM	154.95	0.00	1867.97	0.00	-43.67	27.17	546.67	21.47	-3.46	5.96

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	523	542	492	527	555	525	447	523	450	445	416	424	547
	485	527	498	523	524	502	467	508	477	449	431	418	589
Operating Profit	38	15	-6	4	31	24	-20	15	-27	-4	-15	6	-42
OPM %	7.23%	2.85%	-1.22%	0.72%	5.53%	4.47%	-4.53%	2.84%	-5.94%	-0.82%	-3.63%	1.45%	-7.75%
	5	6	4	4	3	9	0	8	2	8	4	0	3
Interest	10	10	12	10	9	10	14	15	18	26	21	24	52
Depreciation	16	16	15	17	14	13	16	18	22	23	23	21	23
Profit before Tax	17	-4	-29	-19	11	9	-50	-11	-64	-44	-55	-38	-39
Tax %	36.80%	-47.06%	19.77%	-9.52%	53.35%	46.62%	15.81%	-27.70%	6.85%	23.74%	15.73%	27.06%	-11.69%
Net Profit	0	0	0	0	5	5	-42	-14	-60	-33	-47	-28	-44
	1.04	-0.59	-2.24	-2.00	0.50	0.48	-4.10	-1.37	-5.86	-3.07	-3.92	-2.32	-3.62

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,028	1,312	1,261	1,085	1,086	1,998	2,132	2,083	2,050	1,736	1,832
	871	1,022	1,055	1,007	865	1,557	1,946	2,032	2,001	1,771	1,887
Operating Profit	158	290	206	78	221	441	186	51	49	-35	-55
OPM %	15.33%	22.07%	16.33%	7.20%	20.33%	22.06%	8.73%	2.45%	2.38%	-2.03%	-3.00%
	4	7	12	21	7	12	30	19	21	11	16
Interest	17	13	12	17	21	20	31	42	49	89	123
Depreciation	36	31	36	44	50	57	56	63	61	88	90
Profit before Tax	109	253	169	38	157	375	129	-35	-41	-202	-177
Tax %	35.33%	32.63%	32.74%	39.28%	25.10%	25.08%	30.58%	-12.27%	-12.85%	16.79%	14.11%
Net Profit	71	170	114	23	118	281	90	-39	-46	-168	-152
EPS	69.02	16.65	11.09	2.26	11.49	27.46	8.77	-3.79	-4.50	-13.92	—
Dividend Payout %	27.17%	12.02%	18.03%	0.00%	19.14%	9.10%	17.10%	-26.40%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 6%
5 Years:: 10%
3 Years:: -7%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: 14%
5 Years:: -4%
3 Years:: -12%
1 Year:: -49%

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 4%
3 Years:: -7%
Last Year:: -12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	12
	388	563	658	628	793	1,075	1,182	1,136	1,145	1,552
	30	50	95	196	183	163	508	1,373	1,872	2,243
Trade Payables	257	113	271	262	230	464	497	516	448	287
	101	237	302	103	128	149	163	285	330	642
Total Liabilities	786	973	1,335	1,200	1,343	1,862	2,360	3,320	3,807	4,737
	317	310	383	550	513	596	671	712	1,251	1,251
Capital Work in Progress	9	44	159	82	126	64	406	1,200	1,352	2,518
	77	104	150	49	136	180	132	173	200	154
	152	126	191	147	132	242	319	251	247	185
	0	0	0	0	0	0	0	183	199	197
Cash & Bank	36	47	58	214	309	550	545	599	357	262
	196	342	393	158	129	230	287	202	200	169
Total Assets	786	973	1,335	1,200	1,343	1,862	2,360	3,320	3,807	4,737

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	143	164	283	148	260	476	122	237	-66	-131
Cash from Investing	-44	-54	-220	-38	-157	-139	-359	-831	-542	-600
Cash from Financing	-52	-16	16	46	-38	-70	206	643	375	603
	12	10	29	148	25	194	-99	49	-233	-128

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	41.95	41.92	41.92	41.89	41.87	36.13	37.13	37.13	37.13
	2.50	2.86	2.77	1.97	1.88	2.15	1.97	2.06	1.46
	1.29	1.30	1.21	1.06	0.99	9.27	9.40	9.86	9.99
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	54.26	53.91	54.10	55.07	55.25	52.44	51.49	50.94	51.41

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-30

Updates

2026-08-30 - Thirumalai Chemicals Limited has informed the Exchange regarding outcome of the meeting of Fund Raising Committee of the Board of Directors held on August 30, 2026 ''.

2026-08-29

Resignation of Statutory Auditor

2026-08-29 - Thirumalai Chemicals Limited has informed the Exchange about Resignation of Statutory Auditor

2026-08-29

General Updates

2026-08-29 - Thirumalai Chemicals Limited has informed the Exchange regarding resignation of Statutory Auditors in Material Subsidiary of the Company

2026-08-19

Action(s) initiated or orders passed

2026-08-19 - Thirumalai Chemicals Limited has informed the Exchange about Action(s) initiated or orders passed

2026-08-13

Credit Rating- Revision

2026-08-13 - Thirumalai Chemicals Limited has informed the Exchange about Credit Rating- Revision

2026-08-07

Shareholders meeting

2026-08-07 - Please find attached the Copy of proceeding, e-voting results and scrutinizer report of 53rd AGM of the Company held on August 07, 2026

2026-08-07

Updates

2026-08-07 - Thirumalai Chemicals Limited has informed the Exchange regarding 'Corporate Presentation for the quarter ended June 30, 2026'.

2026-08-05

Copy of Newspaper Publication

2026-08-05 - Thirumalai Chemicals Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-04

Statement of deviation(s) or variation(s) under Reg. 32

2026-08-04 - Thirumalai Chemicals Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32

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