TIRUMALCHM
Thirumalai Chemicals share price & financials
- Price
- ₹167
- Market cap
- ₹1.9k Cr
- Sector
- Chemicals
What Thirumalai Chemicals Limited does
Thirumalai Chemicals manufactures Phthalic Anhydride (PAn), used to make plasticizers, unsaturated polyester and alkyd resins, from o-Xylene, and food-grade acids such as Malic Acid and Fumaric Acid from Maleic Anhydride, used in confectionery, beverages, bakery products, pharma APIs and animal feed. It also makes Diethyl Phthalate for fragrances and cosmetics. Manufacturing is based at Ranipet (Tamil Nadu) and Dahej (Gujarat) in India, with a Maleic Anhydride unit in Malaysia via subsidiary Optimistic Organic Sdn. Bhd. and a new integrated plant under construction in West Virginia, USA, through subsidiary TCL Specialties LLC, which began first-phase commercial operations (Maleic Anhydride sales) in December 2025. It sells domestically and exports to the Americas, Europe, Asia and the Middle East.
Segments
- Phthalic Anhydride (PAn)
- Food Ingredients — Malic Acid (MAc) & Fumaric Acid (FAc)
- Diethyl Phthalate (DEP)
- Malaysia operations (Maleic Anhydride & esters)
- USA project (Maleic Anhydride & food ingredients)
- Manufacturing locations
- 5 (Ranipet & Dahej in India; Kemaman, Malaysia; New Martinsville, West Virginia, USA; plus an EU representative office)
- Phthalic Anhydride capacity — Ranipet, India
- 165 KTPA plus 34 KTPA of derivatives/downstream products
- Phthalic Anhydride capacity — TCL Intermediates, Dahej, India
- 94 KTPA
- Fumaric Acid capacity — Dahej, India
- 10 KTPA
- Phthalic Anhydride capacity — Dahej project (TCL India)
- 24 KTPA
- Maleic Anhydride capacity — Malaysia (OOSB)
- 40 KTPA, plus 10 KTPA esters
Quarterly results
Q1 FY27: revenue up 21.6%, net profit up 26.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 525 | 447 | 523 | 450 | 445 −15% | 416 −7% | 424 −19% | 547 +22% |
| EBITDA | 24 | -20 | 15 | -27 | -4 −117% | -15 +25% | 6 −60% | 33 +222% |
| Net profit | 5 | -42 | -14 | -60 | -33 −760% | -47 −12% | -28 −100% | -44 +27% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −48.8% 1Y
1Y: ₹304.4 on 10 Sept 2025 → ₹155.98. High ₹324.75 (19 Sept 2025), low ₹144.28 (19 Aug 2026).
Financials, as filed
Revenue fell 6.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to -2.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.1k Cr | ₹2.1k Cr | ₹2.0k Cr | ₹1.7k Cr |
| Operating profit | ₹186 Cr | ₹51 Cr | ₹50 Cr | ₹-40 Cr |
| Operating margin | 8.7% | 2.4% | 2.4% | -2.3% |
| Interest | ₹31 Cr | ₹42 Cr | ₹48 Cr | ₹89 Cr |
| Depreciation | ₹56 Cr | ₹64 Cr | ₹61 Cr | ₹89 Cr |
| Net profit | ₹89 Cr | ₹-38 Cr | ₹-46 Cr | ₹-168 Cr |
| Net margin | 4.2% | -1.8% | -2.2% | -9.7% |
| Cash from operations | ₹54 Cr | ₹237 Cr | ₹-66 Cr | ₹-131 Cr |
| Free cash flow | ₹-308 Cr | ₹-574 Cr | ₹-676 Cr | ₹-730 Cr |
| ROCE | 11.0% | 0.0% | 0.0% | -3.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹12 Cr | ₹12 Cr |
| Reserves | ₹793 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.1k Cr | ₹1.5k Cr | ₹1.6k Cr |
| Borrowings | ₹183 Cr | ₹165 Cr | ₹514 Cr | ₹1.3k Cr | ₹2.1k Cr | ₹2.2k Cr |
| Other liabilities | ₹358 Cr | ₹612 Cr | ₹654 Cr | ₹922 Cr | ₹727 Cr | ₹1.0k Cr |
| Total liabilities | ₹1.3k Cr | ₹1.9k Cr | ₹2.4k Cr | ₹3.3k Cr | ₹4.3k Cr | ₹4.7k Cr |
| Fixed assets | ₹513 Cr | ₹596 Cr | ₹671 Cr | ₹712 Cr | ₹1.3k Cr | ₹1.3k Cr |
| Capital work in progress | ₹126 Cr | ₹64 Cr | ₹406 Cr | ₹1.2k Cr | ₹1.7k Cr | ₹2.5k Cr |
| Investments | ₹136 Cr | ₹180 Cr | ₹132 Cr | ₹173 Cr | ₹210 Cr | ₹154 Cr |
| Other assets | ₹569 Cr | ₹1.0k Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.1k Cr | ₹814 Cr |
| Total assets | ₹1.3k Cr | ₹1.9k Cr | ₹2.4k Cr | ₹3.3k Cr | ₹4.3k Cr | ₹4.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +9.02 pp while promoters trimmed −4.74 pp. The shareholder count shrank 4% to 57,101.
- Promoters
- 37.1%
- FIIs
- 1.5%
- DIIs
- 10.1%
- Public
- 51.3%
Since Jun 2025
- DIIs +9.02 pp
- Promoters −4.74 pp
- Public −3.86 pp
How it drifted, 12 quarters
Over this window DIIs went from 0.2% to 10.1% — +9.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 42.2%, FIIs 1.9%, DIIs 0.2%, Public 55.8%.Dec '23: Promoters 42.0%, FIIs 1.9%, DIIs 0.2%, Public 56.0%.Mar '24: Promoters 42.0%, FIIs 2.2%, DIIs 0.5%, Public 55.3%.Jun '24: Promoters 42.0%, FIIs 2.5%, DIIs 1.3%, Public 54.3%.Sep '24: Promoters 41.9%, FIIs 2.9%, DIIs 1.3%, Public 53.9%.Dec '24: Promoters 41.9%, FIIs 2.8%, DIIs 1.3%, Public 54.0%.Mar '25: Promoters 41.9%, FIIs 2.0%, DIIs 1.1%, Public 55.0%.Jun '25: Promoters 41.9%, FIIs 1.9%, DIIs 1.1%, Public 55.2%.Sep '25: Promoters 36.1%, FIIs 2.1%, DIIs 9.3%, Public 52.4%.Dec '25: Promoters 37.1%, FIIs 2.0%, DIIs 9.5%, Public 51.4%.Mar '26: Promoters 37.1%, FIIs 2.1%, DIIs 9.9%, Public 50.9%.Jun '26: Promoters 37.1%, FIIs 1.5%, DIIs 10.1%, Public 51.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Commodities Fund Mutual fund newly disclosed 1.17% held
- Ajay Upadhyaya +0.12 pp 1.20% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Thirumalai Chemicals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ultramarine And Pigments Ltd | 18.23% | unchanged |
| Motilal Oswal Small Cap Fund Mutual fund | 6.79% | −0.26 pp |
| Jasmine Limited | 5.62% | unchanged |
| Sampath Family Trust | 2.45% | unchanged |
| Sujata Sampath Family Trust | 2.45% | unchanged |
| R Parthasarathy Family Trust | 2.00% | unchanged |
| Bhooma Parthasarathy Family Trust | 1.95% | unchanged |
| Indira Sundararajan | 1.56% | unchanged |
| Ajay Upadhyaya | 1.20% | +0.12 pp |
| ICICI Prudential Commodities Fund Mutual fund | 1.17% | newly disclosed |
| Bandhan Small Cap Fund Mutual fund | 1.10% | unchanged |
| Tara Parthasarathy Family Trust | 0.61% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Thirumalai Chemicals Limited
Guides on how to read this kind of business and the numbers that matter.