TIRUMALCHM

Thirumalai Chemicals Limited

Commodity and specialty chemicals producer with phthalic anhydride and derivatives

Commodities›Chemicals›Chemicals & Petrochemicals›Commodity Chemicals

thirumalaichemicals.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹142.37
Market cap
1,717 Cr
Stock P/E
Loss (TTM EPS ₹-12.88)
P/B
1.10
Dividend yield
0.6%
ROE (FY26)
-10.7%
ROCE (FY26)
-3.1%
Operating margin (FY26)
-7.1%
Debt / equity (FY26)
1.34

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

TCL (Thirumalai Chemicals) makes phthalic anhydride (PAN) and downstream chemicals such as esters and food acids for Indian and export customers, and is building a maleic anhydride, malic acid and fumaric acid plant in West Virginia, USA.

Company snapshot

11thBy market cap

Ranked among 24 companies in Commodity Chemicals.

What we see

Concerns
  • ✗Net margin is negative — the company is spending more than it earns right now.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales542 Cr492 Cr527 Cr555 Cr525 Cr447 Cr523 Cr450 Cr445 Cr416 Cr424 Cr547 Cr
Operating expenses (approx.)527 Cr498 Cr523 Cr524 Cr502 Cr467 Cr508 Cr477 Cr449 Cr431 Cr418 Cr514 Cr
EBITDA15 Cr-6 Cr4 Cr31 Cr24 Cr-20 Cr15 Cr-27 Cr-4 Cr-15 Cr6 Cr33 Cr
OPM %2.8%-1.2%0.7%5.5%4.5%-4.5%2.8%-5.9%-0.8%-3.6%1.5%6.0%
Other income6 Cr4 Cr4 Cr3 Cr9 Cr0.20 Cr8 Cr2 Cr8 Cr4 Cr8 Cr3 Cr
Interest10 Cr12 Cr10 Cr9 Cr10 Cr14 Cr15 Cr18 Cr26 Cr21 Cr24 Cr52 Cr
Depreciation16 Cr15 Cr17 Cr14 Cr13 Cr16 Cr18 Cr22 Cr23 Cr23 Cr21 Cr23 Cr
Profit before tax-4 Cr-29 Cr-19 Cr11 Cr9 Cr-50 Cr-11 Cr-64 Cr-44 Cr-55 Cr-38 Cr-39 Cr
Tax %-47.1%19.8%-9.5%53.3%46.6%15.8%-27.7%6.9%23.7%15.7%27.1%-11.7%
Net profit-6 Cr-23 Cr-20 Cr5 Cr5 Cr-42 Cr-14 Cr-60 Cr-33 Cr-47 Cr-28 Cr-44 Cr
EPS (₹)₹-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 (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales—1,338 Cr1,261 Cr1,085 Cr1,086 Cr1,998 Cr2,132 Cr2,083 Cr2,050 Cr1,736 CrSign in free for the trailing twelve months
Operating expenses (approx.)—1,048 Cr1,055 Cr1,007 Cr865 Cr1,557 Cr1,946 Cr2,032 Cr2,001 Cr1,771 CrSign in free for the trailing twelve months
EBITDA—290 Cr206 Cr78 Cr221 Cr441 Cr186 Cr51 Cr49 Cr-35 CrSign in free for the trailing twelve months
OPM %—21.7%16.3%7.2%20.3%22.1%8.7%2.4%2.4%-2.0%Sign in free for the trailing twelve months
Other income—7 Cr12 Cr21 Cr7 Cr12 Cr30 Cr19 Cr21 Cr19 CrSign in free for the trailing twelve months
Interest—13 Cr12 Cr17 Cr21 Cr20 Cr31 Cr42 Cr49 Cr89 CrSign in free for the trailing twelve months
Depreciation—31 Cr36 Cr44 Cr50 Cr57 Cr56 Cr63 Cr61 Cr88 CrSign in free for the trailing twelve months
Profit before tax—253 Cr169 Cr38 Cr157 Cr375 Cr129 Cr-35 Cr-41 Cr-202 CrSign in free for the trailing twelve months
Tax %—32.6%32.7%39.3%25.1%25.1%30.6%-12.3%-12.9%16.8%Sign in free for the trailing twelve months
Net profit—170 Cr114 Cr23 Cr118 Cr281 Cr90 Cr-39 Cr-46 Cr-168 CrSign in free for the trailing twelve months
EPS (₹)—₹166.46₹11.09₹2.26₹11.49₹27.47₹8.77₹-3.79₹-4.50₹-14.91Sign in free for the trailing twelve months
Dividend payout %————-0.2%7.9%28.5%———Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital10 Cr10 Cr10 Cr10 Cr10 Cr10 Cr10 Cr10 Cr10 Cr12 Cr
Reserves388 Cr563 Cr658 Cr628 Cr793 Cr1,075 Cr1,182 Cr1,136 Cr1,145 Cr1,552 Cr
Borrowings30 Cr50 Cr78 Cr184 Cr158 Cr161 Cr441 Cr1,163 Cr1,707 Cr2,093 Cr
Other liabilities358 Cr202 Cr395 Cr378 Cr382 Cr616 Cr727 Cr1,011 Cr945 Cr1,080 Cr
Total liabilities786 Cr825 Cr1,141 Cr1,200 Cr1,343 Cr1,862 Cr2,360 Cr3,320 Cr3,807 Cr4,737 Cr
Fixed assets (net)317 Cr309 Cr382 Cr518 Cr479 Cr557 Cr563 Cr592 Cr1,251 Cr1,250 Cr
CWIP9 Cr44 Cr159 Cr82 Cr126 Cr64 Cr406 Cr1,200 Cr1,352 Cr2,518 Cr
Investments77 Cr104 Cr150 Cr49 Cr136 Cr180 Cr132 Cr173 Cr200 Cr154 Cr
Inventories152 Cr126 Cr191 Cr147 Cr132 Cr242 Cr319 Cr251 Cr247 Cr185 Cr
Trade receivables138 Cr119 Cr113 Cr90 Cr87 Cr156 Cr102 Cr183 Cr199 Cr197 Cr
Cash & bank13 Cr24 Cr53 Cr202 Cr227 Cr425 Cr350 Cr406 Cr183 Cr64 Cr
Other assets81 Cr99 Cr93 Cr111 Cr157 Cr238 Cr488 Cr516 Cr375 Cr368 Cr
Total assets786 Cr825 Cr1,141 Cr1,200 Cr1,343 Cr1,862 Cr2,360 Cr3,320 Cr3,807 Cr4,737 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity108 Cr80 Cr234 Cr140 Cr221 Cr402 Cr54 Cr237 Cr-66 Cr-131 Cr
Cash from investing-44 Cr-53 Cr-220 Cr-38 Cr-157 Cr-139 Cr-359 Cr-823 Cr-542 Cr-600 Cr
Cash from financing-52 Cr-16 Cr16 Cr46 Cr-38 Cr-70 Cr206 Cr643 Cr375 Cr603 Cr
Net cash flow12 Cr10 Cr29 Cr148 Cr24 Cr198 Cr-75 Cr64 Cr-223 Cr-119 Cr
Free cash flow (OCF − Capex)84 Cr21 Cr41 Cr37 Cr160 Cr329 Cr-309 Cr-574 Cr-679 Cr-730 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—42.7%24.3%6.7%18.5%31.8%9.8%0.3%0.3%-3.1%
ROE %—29.7%17.0%3.6%14.7%25.9%7.5%-3.4%-4.0%-10.7%
Debtor days—333330292817323541
Inventory days—608370757277555850
Days payable—5611812613113811911310578
Cash conversion cycle—37-2-25-27-38-25-26-1213
OCF / EBITDA %—27.5%113.6%178.9%100.0%91.3%29.1%n.m.n.m.—
OCF / EBITDA % (3 years)———79.0%117.8%103.1%79.9%102.3%78.7%n.m.
Debt / equity0.080.090.120.290.200.150.371.011.481.34
Current ratio——1.401.661.901.861.221.101.040.61
Net debt / EBITDA——0.13-0.24-0.31-0.600.4914.8531.22—