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Thirumalai Chemicals Ltd (TIRUMALCHM)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500412 NSE: TIRUMALCHM Chemicals | Small Cap | Thirumalai Chemicals Share Price
₹160.90 -2.05 (-1.26%)
As on 25-Sep'26 16:59
Thirumalai Chemicals Ltd (TIRUMALCHM)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500412 NSE: TIRUMALCHM Chemicals | Small Cap | Thirumalai Chemicals Share Price
₹160.90 -2.05 (-1.26%)
As on 25-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹1,940 Cr.
Current Price
₹160.9
52-Week Low / High
₹144 / 304
TTM EPS
₹-12.6
TTM Sales
₹1,832 Cr.
Book Value per Share
₹126.1
P/E Ratio
0.00
Lower than its 5-year historical median
Industry PE
48
Price to Book (P/B)
1.28
Lower than its 5-year historical median
Price to Sales (P/S)
1.06
Lower than its 5-year historical median
EV/EBITDA
85.79
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-12.35%
Return on Capital Employed (ROCE)
-3.46%
Return on Assets (ROA)
-3.93%
Operating Profit Margin
-1.4%
Net Profit Margin
-9.67%
Gross Profit Margin
-6.1%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-36.82%
Operating Profit Growth (1 Year)
-
-172.05%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
37.13%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,508 Cr.
Equity
₹12.1 Cr.
Face Value
₹1
All Time Low / High
₹2.08 / 395.00
Check Before You Invest
Quality
Somewhat GoodValuation
FairCheck Valuation charts
Price Trend
Semi Strong
Is Thirumalai Chemicals Ltd a good quality company?
Thirumalai Chemicals Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Thirumalai Chemicals Ltd performance compare with that of its Peers?
Revenue growth of Thirumalai Chemicals Ltd vs industry peers?
Thirumalai Chemicals Ltd revenue CAGR is 9.84%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Thirumalai Chemicals Ltd?
Promoters hold 37.13% of the Thirumalai Chemicals Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Thirumalai Chemicals Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 11.1% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Thirumalai Chemicals Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 43.6% | 51.9% | 26.8% | 11.3% | 22.4% | 24.5% | 16.8% | 7.5% | 10.7% | -0.9% | - |
| Value Creation Index ⓘ | 2.1 | 2.7 | 0.9 | -0.2 | 0.6 | 0.8 | 0.2 | -0.5 | -0.2 | -1.1 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 857 | 1,012 | 994 | 865 | 857 | 1,438 | 1,847 | 1,987 | 2,152 | 1,360 | 1,245 |
| Sales YoY Gr. | - | 18% | -1.7% | -13% | -1% | 67.8% | 28.5% | 7.6% | 8.3% | -36.8% | - |
| Adj EPS ⓘ | 7.4 | 14.1 | 9.3 | 3.6 | 11.5 | 14.8 | 10.9 | 3.5 | 8.3 | -4.9 | -3.1 |
| YoY Gr. | - | 91.7% | -34% | -61.2% | 218.6% | 28.7% | -26.6% | -68.1% | 138% | -159.8% | - |
| BVPS (₹) ⓘ | 35.8 | 50.2 | 56.8 | 54.2 | 70.8 | 84.8 | 94 | 96.1 | 108.1 | 124.2 | 125.4 |
| Adj Net Profit ⓘ | 75.3 | 144 | 95.2 | 37 | 118 | 151 | 111 | 35.6 | 84.6 | -59.5 | -37 |
| Cash Flow from Ops. ⓘ | 96.5 | 78.5 | 161 | 119 | 181 | 268 | 16.6 | 129 | 105 | -206 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0.3 | 1.2 | 0.7 | 0.4 | 19.9 | 1.4 | 5 | -3.7 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 5.3% | 9.7% | -9.7% | -36.8% | ||||
| Adj EPS ⓘ | -195.7% | -184.5% | -176.9% | -159.8% | ||||
| BVPSⓘ | 14.8% | 11.9% | 9.8% | 14.9% | ||||
| Share Price | 11.1% | -11.2% | -9.6% | -45% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 27.3 | 32.7 | 17.4 | 6.5 | 18.4 | 19 | 12.2 | 3.7 | 8.1 | -4.6 | -2.5 |
| Op. Profit Mgn % ⓘ | 15.7 | 22.7 | 15.6 | 8.7 | 22.2 | 16.7 | 9.5 | 4.4 | 7.4 | -0.3 | 1.9 |
| Net Profit Mgn % ⓘ | 8.8 | 14.3 | 9.6 | 4.3 | 13.7 | 10.5 | 6 | 1.8 | 3.9 | -4.4 | -3 |
| Debt to Equity ⓘ | 0 | 0 | 0.1 | 0.3 | 0.2 | 0.1 | 0.3 | 0.2 | 0.5 | 0.5 | - |
| Working Cap Days ⓘ | 124 | 138 | 171 | 173 | 109 | 81 | 119 | 119 | 88 | 151 | 101 |
| Cash Conv. Cycle ⓘ | -13 | 3 | 17 | -7 | -34 | -25 | -24 | -17 | -14 | 33 | 24 |
Valuation of Thirumalai Chemicals - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,028 | 1,312 | 1,261 | 1,085 | 1,086 | 1,998 | 2,132 | 2,083 | 2,050 | 1,736 |
| Operating Expenses ⓘ + | 871 | 1,022 | 1,055 | 1,007 | 865 | 1,557 | 1,946 | 2,032 | 2,001 | 1,771 |
| Operating Profit ⓘ | 158 | 290 | 206 | 78 | 221 | 441 | 186 | 51 | 49 | -35 |
| Operating Profit Margin (%) | 15.3% | 22.1% | 16.3% | 7.2% | 20.3% | 22.1% | 8.7% | 2.4% | 2.4% | -2.0% |
| Other Income ⓘ + | 4 | 7 | 12 | 21 | 7 | 12 | 30 | 19 | 21 | 19 |
| Interest ⓘ | 17 | 13 | 12 | 17 | 21 | 20 | 31 | 42 | 49 | 89 |
| Depreciation ⓘ | 36 | 31 | 36 | 44 | 50 | 57 | 56 | 63 | 61 | 88 |
| Profit Before Tax ⓘ | 109 | 253 | 169 | 38 | 157 | 375 | 129 | -35 | -41 | -202 |
| Tax ⓘ | 39 | 83 | 55 | 15 | 39 | 94 | 40 | 4 | 5 | -34 |
| Profit After Tax | 71 | 170 | 114 | 23 | 118 | 281 | 90 | -39 | -46 | -168 |
| PAT Margin (%) | 6.9% | 13.0% | 9.0% | 2.1% | 10.8% | 14.1% | 4.2% | -1.9% | -2.3% | -9.7% |
| Adjusted EPS (₹) | 6.9 | 16.6 | 11.1 | 2.3 | 11.5 | 27.5 | 8.8 | -3.8 | -4.5 | -13.9 |
| Dividend Payout Ratio (%) | 27.20% | 12% | 18% | 0% | 19.10% | 9.10% | 17.10% | -26.40% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 398 | 573 | 668 | 638 | 803 | 1,085 | 1,192 | 1,146 | 1,156 | 1,564 | |
| Debt + | 30 | 50 | 78 | 184 | 158 | 135 | 415 | 1,126 | 1,626 | 1,971 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 257 | 113 | 271 | 262 | 230 | 464 | 497 | 516 | 448 | 287 | |
| Others Liabilities ⓘ | 101 | 237 | 318 | 116 | 153 | 177 | 256 | 532 | 577 | 914 | |
| Total Liabilities ⓘ | 786 | 973 | 1,335 | 1,200 | 1,343 | 1,862 | 2,360 | 3,320 | 3,807 | 4,737 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 317 | 310 | 383 | 550 | 513 | 596 | 671 | 712 | 1,251 | 1,251 | |
| CWIP ⓘ | 9 | 44 | 159 | 82 | 126 | 64 | 406 | 1,200 | 1,352 | 2,518 | |
| Investments ⓘ | 77 | 104 | 150 | 49 | 136 | 180 | 132 | 173 | 200 | 154 | |
| Inventories | 152 | 126 | 191 | 147 | 132 | 242 | 319 | 251 | 247 | 185 | |
| Trade Receivables | 138 | 119 | 113 | 90 | 87 | 156 | 102 | 183 | 199 | 197 | |
| Cash Equivalents | 36 | 47 | 58 | 214 | 309 | 550 | 545 | 599 | 357 | 262 | |
| Others Assets ⓘ | 58 | 222 | 281 | 68 | 42 | 74 | 185 | 202 | 200 | 169 | |
| Total Assets ⓘ | 786 | 973 | 1,335 | 1,200 | 1,343 | 1,862 | 2,360 | 3,320 | 3,807 | 4,737 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 108 | 81 | 234 | 140 | 221 | 402 | 54 | 237 | -66 | -131 |
| Cash Flow From Investing Activity ⓘ + | -44 | -54 | -220 | -38 | -157 | -139 | -359 | -831 | -542 | -600 |
| Cash Flow From Financing Activity ⓘ + | -52 | -16 | 16 | 46 | -38 | -70 | 206 | 643 | 375 | 603 |
| Net Cash Flow ⓘ | 12 | 10 | 29 | 148 | 25 | 194 | -99 | 49 | -233 | -128 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 22.91 | 35.1 | 18.31 | 3.55 | 16.33 | 29.79 | 7.89 | -3.32 | -4.01 | -12.35 |
| ROCE (%) | 32.75 | 49.1 | 25.97 | 6.84 | 19.56 | 35.47 | 11.16 | 0.36 | 0.32 | -3.46 |
| Asset Turnover Ratio | 1.71 | 1.52 | 1.09 | 0.86 | 0.85 | 1.25 | 1.01 | 0.73 | 0.58 | 0.41 |
| PAT to CFO Conversion(x) | 1.52 | 0.48 | 2.05 | 6.09 | 1.87 | 1.43 | 0.6 | N/A | N/A | N/A |
| Working Capital Days | ||||||||||
| Receivable Days | 43.70 | 35.10 | 33.60 | 34.20 | 29.80 | 22.20 | 22.10 | 25 | 34 | 41.60 |
| Inventory Days | 36.10 | 37.90 | 45.90 | 56.80 | 46.70 | 34.10 | 48 | 49.90 | 44.40 | 45.40 |
| Payable Days | 114.30 | 86.30 | 84.50 | 125.20 | 138.30 | 105.70 | 114.60 | 111.10 | 111 | 98.20 |
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Thirumalai Chemicals Ltd FAQs
The current trading price of Thirumalai Chemicals on 25-Sep-2026 16:59 is ₹160.9.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 24-Sep-2026 the market cap of Thirumalai Chemicals stood at ₹1,939.7 Cr
The latest P/E ratio of Thirumalai Chemicals as of 24-Sep-2026 is 0.00.
The latest P/B ratio of Thirumalai Chemicals as of 24-Sep-2026 is 1.28.
The 52-week high of Thirumalai Chemicals is ₹303.9 and the 52-week low is ₹143.8.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Thirumalai Chemicals is ₹1,245 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Thirumalai Chemicals Ltd is a average quality company.
The key valuation ratios of Thirumalai Chemicals Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Thirumalai Chemicals Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Thirumalai Chemicals Ltd
Thirumalai Chemicals Limited was incorporated in 1972 as a public limited company and commenced commercial production in 1976. It was established to manufacture PAN with an initial installed capacity of 7500 mts per annum based on the technology supplied by Ch.F.Von Heyden and Davy Power Gas Germany.
Thirumalai Chemicals is a publicly owned company with shares traded in the stock market in India. TCL manufactures and markets organic acids, anhydrides and derivatives for a variety of global industries including plastics, resins, paints, and coatings, agro chemicals, food, pharmaceuticals, textiles, personal care, paper, etc.
The company's first plant to manufacture Phthalic Anhydride was set up in 1973 at Ranipet 100 km from Chennai in South India. Since then, it has grown into a highly profitable enterprise, rapidly expanding into the manufacture of Maleic Anhydride, Fumaric Acid and Malic Acid and various organic acids and derivatives. In 1994 TCL set up TCL Industries (Malaysia) Sdn. Bhd., a joint venture project in Malaysia to produce Maleic Anhydride. The plant is located at Kemaman in Terengganu State of Malaysia.
After the commissioning of the ambitious expansion projects at Ranipet in 1996 and the commissioning of n-Butane conversion Project in Malaysia in 2008, TCL ranks among the largest producers in the world of Phthalic Anhydride, Maleic Anhydride, Fumaric Acid and Malic Acid.
TCL has well planned and widespread infrastructure with regional offices in major cities of India. TCL's international marketing strategy aims at direct relationship with end users to provide efficient service to the customers. It is supported by local specialized agents around the world.
Product range of the company includes:
- Phthalic Anhydride
- Maleic Anhydride
- Fumaric acid
- Malic Acid
- L(+) Tartaric Acid
- Maleic Acid
- Succinic Acid
- Succinic Anhydride
- Phthalimide
- Diethyl Phthalate (DEP)
Achievements/ recognition
- Recognised as an Export House by the Government of India
- Won the Export Award for Meritorious Export Performance 1n 1993-'94
- Received the Certificate of Merit for outstanding export performance during 1994-'95
- Has pioneered the concept of low energy and zero power in India
- Has the first and only food acidulants plant designed and developed completely in-house, ranking among the top in the world.
- Has an in-house R&D unit recognised by the Govt. of India, Ministry of Science & Technology since 1993.
- Has modern biological effluent treatment plant to ensure nil pollution from the entire complex.
- Received ISO -9002 in 1994 for its quality management system - the first company in the world in this line of business, to get the honour. Upgraded and got recertified to ISO 9001:2000.
- Thirumalai Chemicals has made environmental initiatives an integral part of the company culture and received ISO 14001 accreditation,in 2000.
- TCL follows Good Manufacturing Practices (GMP) in Food acid manufacturing and has received HACCP certification
- TCL is working towards acquiring TPM excellence award from JIPM
- Became a Zero discharge organisation in August 2006
- Received Frost & Sullivan Gold Award 2006
- Received National Award for excellence in water management 2007
- Received ICC Aditya Birla Award as the Best Responsible Care Committed Company for 2007
- Received CII's National Award for Excellence in Energy Management 2008
- ISO-9000 ( for Quality Systems), and ISO-14000(for excellence in Environmental, Safety and Health systems).
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