Thirumalai Chemicals Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2011 • CHemical Products & its Intermediaries: 99.2% • Unallocated/Corporate: 0.6% • Power Generation (Windmill): 0.2%
AI Sector View
AI GENERATEDChemicals
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.
PROS
- Latest quarter profit grew 202.7% YoY, showing strong momentum
- 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
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of 2.2% over last 3 years
- Company has a low return on capital employed of 5.8%
- Promoter holding has decreased over last 2 years: -4.8pp
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 22307.50 | 101.37 | 201860.69 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1567.45 | 60.23 | 159547.55 | 1.37 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2483.00 | 34.05 | 73602.28 | 0.36 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4771.75 | 85.23 | 52417.67 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8541.10 | 55.49 | 43822.77 | 0.18 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1127.00 | 32.29 | 37963.11 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| AETHER | 1672.95 | 94.41 | 22204.70 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| DEEPAKNTR | 1587.10 | 27.64 | 21646.94 | 0.47 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| ATUL | 6244.55 | 23.11 | 18385.05 | 0.48 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 492.15 | 33.62 | 17851.59 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1320.45 | 17.00 | 16725.20 | 0.76 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| TIRUMALCHM | 156.05 | 0.00 | 1881.23 | 0.00 | -43.67 | 27.17 | 546.67 | 21.47 | -3.46 | 5.96 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 468 | 551 | 472 | 496 | 534 | 542 | 498 | 578 | 446 | 357 | 300 | 257 | 331 | |
| 427 | 532 | 460 | 480 | 483 | 498 | 494 | 526 | 446 | 360 | 315 | 256 | 322 | |
| Operating Profit | 41 | 19 | 12 | 16 | 51 | 44 | 5 | 52 | -0 | -3 | -15 | 1 | 9 |
| OPM % | 8.78% | 3.49% | 2.48% | 3.24% | 9.47% | 8.14% | 0.92% | 9.08% | -0.05% | -0.97% | -5.00% | 0.45% | 2.74% |
| 8 | 19 | 4 | 7 | 4 | 6 | 5 | 16 | 7 | 15 | 7 | 4 | 10 | |
| Interest | 13 | 13 | 9 | 9 | 8 | 8 | 13 | 16 | 16 | 20 | 20 | 21 | 24 |
| Depreciation | 9 | 9 | 8 | 8 | 8 | 8 | 9 | 8 | 9 | 9 | 9 | 8 | 8 |
| Profit before Tax | 27 | 16 | -1 | 6 | 38 | 33 | -12 | 45 | -18 | -18 | -36 | -23 | 19 |
| Tax % | 25.33% | 18.83% | 133.33% | 60.10% | 26.10% | 24.51% | 27.90% | 16.68% | 23.93% | 23.97% | 24.02% | 52.62% | 24.50% |
| Net Profit | 20 | 13 | 0 | 2 | 28 | 25 | -8 | 38 | -14 | -13 | -27 | -11 | 14 |
| 1.98 | 1.29 | 0.04 | 0.24 | 2.75 | 2.44 | -0.83 | 3.66 | -1.35 | -1.22 | -2.31 | -0.90 | 1.18 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 857 | 1,012 | 994 | 865 | 857 | 1,438 | 1,847 | 1,987 | 2,152 | 1,360 | 1,245 | |
| 725 | 783 | 840 | 791 | 668 | 1,198 | 1,672 | 1,899 | 2,000 | 1,373 | 1,253 | |
| Operating Profit | 133 | 229 | 155 | 74 | 190 | 240 | 176 | 88 | 152 | -13 | -8 |
| OPM % | 15.46% | 22.64% | 15.56% | 8.59% | 22.12% | 16.69% | 9.51% | 4.44% | 7.05% | -0.99% | -0.67% |
| 8 | 10 | 14 | 22 | 9 | 15 | 44 | 38 | 31 | 29 | 36 | |
| Interest | 15 | 11 | 11 | 16 | 19 | 18 | 34 | 44 | 44 | 77 | 85 |
| Depreciation | 14 | 10 | 15 | 21 | 25 | 32 | 30 | 34 | 34 | 33 | 33 |
| Profit before Tax | 112 | 218 | 143 | 60 | 154 | 205 | 156 | 48 | 105 | -95 | -58 |
| Tax % | 33.66% | 33.86% | 32.84% | 31.48% | 23.76% | 25.55% | 23.53% | 25.02% | 21.34% | 30.90% | 35.20% |
| Net Profit | 74 | 144 | 96 | 41 | 118 | 152 | 120 | 36 | 82 | -65 | -37 |
| EPS | 72.41 | 14.06 | 9.38 | 3.99 | 11.49 | 14.88 | 11.67 | 3.54 | 8.03 | -5.42 | — |
| Dividend Payout % | 25.90% | 14.22% | 21.31% | 0.00% | 19.15% | 16.81% | 12.85% | 28.21% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 10%
- 3 Years:
- -10%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 13%
- 5 Years:
- -5%
- 3 Years:
- -10%
- 1 Year:
- -50%
RETURN ON EQUITY
- 10 Years:
- 14%
- 5 Years:
- 8%
- 3 Years:
- 2%
- Last Year:
- -5%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 357 | 504 | 572 | 545 | 714 | 858 | 952 | 974 | 1,096 | 1,486 | |
| 0 | 0 | 50 | 139 | 125 | 103 | 330 | 171 | 510 | 723 | |
| Trade Payables | 229 | 72 | 223 | 218 | 175 | 383 | 455 | 464 | 404 | 182 |
| 56 | 218 | 263 | 76 | 95 | 136 | 116 | 113 | 121 | 101 | |
| Total Liabilities | 652 | 804 | 1,117 | 988 | 1,119 | 1,490 | 1,864 | 1,733 | 2,141 | 2,504 |
| 146 | 147 | 171 | 329 | 317 | 416 | 411 | 408 | 385 | 366 | |
| Capital Work in Progress | 9 | 39 | 159 | 71 | 108 | 6 | 12 | 5 | 6 | 3 |
| 79 | 173 | 219 | 119 | 210 | 418 | 538 | 657 | 1,151 | 1,512 | |
| 132 | 114 | 175 | 133 | 109 | 206 | 292 | 217 | 163 | 105 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 165 | 234 | 327 | |
| Cash & Bank | 33 | 44 | 35 | 185 | 258 | 240 | 109 | 161 | 65 | 31 |
| 253 | 287 | 358 | 152 | 116 | 203 | 501 | 120 | 137 | 160 | |
| Total Assets | 652 | 804 | 1,117 | 988 | 1,119 | 1,490 | 1,864 | 1,733 | 2,141 | 2,504 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 133 | 152 | 208 | 127 | 219 | 320 | 53 | 129 | 105 | -206 | |
| Cash from Investing | -42 | -35 | -165 | -24 | -142 | -217 | -300 | 197 | -485 | -480 |
| Cash from Financing | -43 | -34 | 14 | 47 | -36 | -69 | 166 | -214 | 281 | 644 |
| 12 | 10 | 9 | 142 | 2 | -17 | -117 | 112 | -99 | -41 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Thirumalai Chemicals Limited has informed the Exchange about Resignation of Statutory Auditor
2026-08-29 - Thirumalai Chemicals Limited has informed the Exchange regarding resignation of Statutory Auditors in Material Subsidiary of the Company
2026-08-19 - Thirumalai Chemicals Limited has informed the Exchange about Action(s) initiated or orders passed
2026-08-13 - Thirumalai Chemicals Limited has informed the Exchange about Credit Rating- Revision
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 - Thirumalai Chemicals Limited has informed the Exchange regarding 'Corporate Presentation for the quarter ended June 30, 2026'.
2026-08-05 - Thirumalai Chemicals Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-04 - Thirumalai Chemicals Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
News
Recent coverage and analyst commentary for TIRUMALCHM
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