Thirumalai Chemicals Limited (TIRUMALCHM)

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Thirumalai Chemicals Limited (TIRUMALCHM) · mywealthgrid

About

Thirumalai Chemicals Limited manufactures commodity chemicals in the Materials sector. With ₹1,925.5 Cr market cap, it operates in a price-sensitive segment where profitability depends on scale, input costs, and industrial demand cycles. Recent financial results show severe margin pressure and volatility, though some quarters demonstrate the potential for profitability.

Face value: ₹1

Market cap

₹1,764 Cr

P/E

—

P/B

1.1×

Dividend yield

ROE

-12.3%

ROCE

-3.3%

Debt / equity

1.34

OPM

-2%

EPS (TTM)

₹-12.6

Book value

₹129.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins have turned negative (-2.03% average OPM) with extreme quarterly swings from -5% to +12.35%; verify whether margin compression is cyclical demand pressure or structural business model weakness

Debt (D/E 1.34) combined with negative ROE (-12.35%) creates cash-drain risk if unprofitability continues; monitor cash burn, reserves and debt covenant compliance

Quarterly net profit volatility ranges from -₹46.57 Cr (Dec 2025) to +₹14.21 Cr (Jun 2026), indicating operational instability or acute market cyclicality; identify underlying drivers and controllability

Stock down 44.22% over 1 year with price now at 52-week low (₹159.66 vs high ₹324.75); verify management credibility and feasibility of turnaround plan

Generated analysis · source review pending

Growth drivers

Margin stabilization can unlock profitability: Jun 2026 standalone achieved 12.35% OPM vs -2.03% average, suggesting capability exists—verify if this reflects sustainable cost discipline or temporary product mix benefit

Commodity revenue base of ₹256–₹546 Cr per quarter is stable; sustained volumes combined with even 5% OPM would generate positive cash flow—verify current demand trends and production capacity status

High debt (D/E 1.34) requires profitability to service; verify management's roadmap to operational cash generation and deleveraging

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹146.3-4%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of -6.6% (3-yr avg)
−Modest revenue growth of 9.8% a year over the last 5 years
−Weak interest coverage of -1.2×
−Promoter holding fell 4.7 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

33/100

Business quality: 7
Growth: 44
Valuation: 49

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,338	1,338	1,261	1,085	1,086	1,998	2,132	2,083	2,050	1,736
COGS	782	782	828	777	649	1,198	1,531	1,664	1,587	1,368
Gross profit	555	555	433	308	436	800	601	419	463	368
	266	266	227	229	216	359	415	368	414	403
	290	290	206	78	221	441	186	51	49	-35
OPM %	21.7%	21.7%	16.3%	7.2%	20.3%	22.1%	8.7%	2.5%	2.4%	-2%
Depreciation	31	31	36	44	50	57	56	63	61	88
Interest	13	13	12	17	21	20	31	42	49	89
	7	7	12	21	7	12	30	19	21	11
Profit before tax	253	253	169	38	157	375	129	-35	-41	-202
Tax	83	83	55	15	39	94	40	4	5	-34
Tax %	32.6%	32.6%	32.7%	39.3%	25.1%	25.1%	30.6%	12.3%	12.9%	-16.8%
	170	170	114	23	118	281	90	-39	-46	-168
PAT margin %	12.7%	12.7%	9%	2.1%	10.8%	14.1%	4.2%	-1.9%	-2.3%	-9.7%
EPS (₹)	166.5	166.5	11.1	2.3	11.5	27.5	8.8	-3.8	-4.5	-14.9
EPS adjusted (₹)	16.6	16.6	11.1	2.3	11.5	27.5	8.8	-3.8	-4.5	-13.9
	11.3%	12%	18%	0%	19.1%	9.1%	17.1%	—	—	—
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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
Reserves	297	563	658	628	793	1,075	1,182	1,136	1,145	1,552
	66	50	78	184	183	161	441	1,163	1,707	2,093
	259	202	395	378	358	616	727	1,011	945	1,080
Total equity & liabilities	631	825	1,141	1,200	1,343	1,862	2,360	3,320	3,807	4,737
	321	310	383	518	513	596	671	712	1,251	1,251
CWIP	18	44	159	82	126	64	406	1,200	1,352	2,518
Investments	54	104	150	49	136	180	132	173	200	154
	238	367	449	550	569	1,022	1,150	1,236	1,004	813
Total assets	631	825	1,141	1,200	1,343	1,862	2,360	3,320	3,807	4,737

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	34.3%	28.4%	40.2%	40%	28.2%	20.1%	22.6%	21.2%
EBITDA margin %	16.3%	7.2%	20.3%	22.1%	8.7%	2.5%	2.4%	-2%
EBIT margin %	13.4%	3.1%	15.8%	19.2%	6.1%	-0.6%	-0.6%	-7.1%
PAT margin %	9%	2.1%	10.8%	14.1%	4.2%	-1.9%	-2.3%	-9.7%
Working capital
Receivable days	33	30	29	29	17	32	35	41
Inventory days	84	69	74	74	76	55	57	49
Payable days	0	0	129	141	118	113	103	77
NWC days	117	99	-26	-39	-25	-26	-11	14
Leverage
Current ratio	1.4	1.66	1.9	1.86	1.22	1.1	1.04	0.61
Debt to EBITDA	0.38	2.36	0.83	0.37	2.37	22.8	34.97	—
Debt to equity	0.12	0.29	0.23	0.15	0.37	1.01	1.48	1.34
Interest coverage	14.9	3.3	8.5	19.4	5.1	0.2	0.2	-1.2
Asset turnover	1.11	0.9	0.81	1.07	0.9	0.63	0.54	0.37
Return ratios
Return on assets %	10%	1.9%	8.8%	15.1%	3.8%	-1.2%	-1.2%	-3.5%
Return on capital employed %	22.3%	6.4%	18.3%	33.7%	11.5%	0.4%	0.3%	-3.3%
Return on equity %	17%	3.6%	14.7%	25.9%	7.5%	-3.4%	-4%	-10.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	42.17%	41.98%	41.95%	41.95%	41.92%	41.92%	41.89%	41.87%	36.13%	37.13%	37.13%	37.13%
	1.86%	1.88%	2.17%	2.51%	2.86%	2.77%	1.97%	1.88%	2.15%	1.97%	2.06%	1.46%
	0.18%	0.18%	0.63%	1.35%	1.37%	1.27%	1.12%	1.06%	9.32%	9.47%	9.94%	10.07%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	55.79%	55.96%	55.25%	54.19%	53.85%	54.04%	55.02%	55.19%	52.4%	51.43%	50.87%	51.34%
No. of shareholders	—	—	—	—	—	—	—	—	58,416	57,446	56,739	57,101

Promoter holding down 5.04 percentage points since Sep 2023.

9 deals · 16 Sept 2021 – 17 May 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
17 May 2024	NILESH KISHOR SHAH	Bulk	NSE	Buy	5,23,495	₹263.92	₹13.82 Cr
30 Aug 2023	HN SAFAL INFRA DEVELOPERS PRIVATE LIMITED	Bulk	NSE	Sell	6,00,000	₹235.11	₹14.11 Cr
24 Aug 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	7,00,948	₹221.12	₹15.50 Cr
24 Aug 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	7,00,948	₹221.19	₹15.50 Cr
17 Sept 2021	WHV-EAM INTERNATIONAL SMALL CAP EQUITY FUND	Bulk	NSE	Buy	14,45,016	₹258.52	₹37.36 Cr
17 Sept 2021	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	5,37,514	₹255.86	₹13.75 Cr
17 Sept 2021	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	5,37,514	₹255.56	₹13.74 Cr
16 Sept 2021	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	6,05,366	₹236.02	₹14.29 Cr
16 Sept 2021	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	6,05,366	₹236.03	₹14.29 Cr

1–9 of 9

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. R ParthasarathyExecutive Director-Chairperson-MD
Mrs. Ramya BharathramExecutive Director-MD
Mr. Parameshwaran Mohanachandra NairNon-Executive - Non Independent Director
C G SethuramChief Executive Officer
Mr. Sanjay SinhaChief Executive Officer
Mr. Rajeev PandiaNon-Executive - Independent Director
Mrs. Bhama KrishnamurthyNon-Executive - Independent Director
Mr. M SomasundaramNon-Executive - Independent Director
Mrs. D. SabithaNon-Executive - Independent Director
Mr. Raj Kumar KatariaNon-Executive - Non Independent Director
Mr. Meghav Deepak MehtaNon-Executive - Independent Director

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

5.31%

of the company's equity

All mutual funds

9.06%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

4 schemes · 2 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	49.95 L	79.95	0.98%	4.142%	-0
Commodities Fund	ICICI Prudential Mutual Fund	11.83 L	18.94	0.44%	0.981%	-0
Multi Cap FundNEW	ICICI Prudential Mutual Fund	2.3 L	3.69	0.02%	0.191%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	172	0	0%	0%	+1

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

20 announcementsExport CSV

1 Oct 2026, 4:56 pmCompany Update

Announcement Under Regulation 30 (LODR) - Updates - Show Cause Notice Received Under Section 73 Of The CGST Act, 2017

General PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	34.3%	28.4%	40.2%	40%	28.2%	20.1%	22.6%	21.2%
EBITDA margin %	16.3%	7.2%	20.3%	22.1%	8.7%	2.5%	2.4%	-2%
EBIT margin %	13.4%	3.1%	15.8%	19.2%	6.1%	-0.6%	-0.6%	-7.1%
PAT margin %	9%	2.1%	10.8%	14.1%	4.2%	-1.9%	-2.3%	-9.7%
Working capital
Receivable days	33	30	29	29	17	32	35	41
Inventory days	84	69	74	74	76	55	57	49
Payable days	0	0	129	141	118	113	103	77
NWC days	117	99	-26	-39	-25	-26	-11	14
Leverage
Current ratio	1.4	1.66	1.9	1.86	1.22	1.1	1.04	0.61
Debt to EBITDA	0.38	2.36	0.83	0.37	2.37	22.8	34.97	—
Debt to equity	0.12	0.29	0.23	0.15	0.37	1.01	1.48	1.34
Interest coverage	14.9	3.3	8.5	19.4	5.1	0.2	0.2	-1.2
Asset turnover	1.11	0.9	0.81	1.07	0.9	0.63	0.54	0.37
Return ratios
Return on assets %	10%	1.9%	8.8%	15.1%	3.8%	-1.2%	-1.2%	-3.5%
Return on capital employed %	22.3%	6.4%	18.3%	33.7%	11.5%	0.4%	0.3%	-3.3%
Return on equity %	17%	3.6%	14.7%	25.9%	7.5%	-3.4%	-4%	-10.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Deepak Fertilizers And Petrochemicals Corporation LimitedDEEPAKFERTDEEPAKFERT	₹16,417 Cr	₹21,903 Cr	₹12,104 Cr	₹2,016 Cr	14.6%	₹984 Cr	6.4%	12.6%	11.3%	55
Tata Chemicals LimitedTATACHEMTATACHEM	₹15,487 Cr	₹23,488 Cr	₹15,120 Cr	₹1,711 Cr	12.4%	₹-2,165 Cr	-11.8%	2.9%	-8.9%	113
Gujarat Narmada Valley Fertilizers And Chemicals LimitedGNFCGNFC	₹8,655 Cr	₹8,655 Cr	₹8,410 Cr	₹1,241 Cr	11.3%	₹1,037 Cr	10.4%	10.6%	9.1%	81
TANFAC Industries LtdTANFACINDTANFACIND	₹6,909 Cr	₹7,002 Cr	₹711 Cr	₹112 Cr	15.8%	₹70 Cr	9.9%	27.7%	20.5%	112
Gujarat Alkalies And Chemicals LimitedGUJALKALIGUJALKALI	₹4,430 Cr	₹4,998 Cr	₹4,498 Cr	₹510 Cr	9.3%	₹66 Cr	-0.1%	1.6%	-0%	25
Grauer & Weil India LimitedGRAUWEILGRAUWEIL	₹3,709 Cr	₹3,717 Cr	₹1,134 Cr	₹188 Cr	16.6%	₹69 Cr	13.9%	23%	18%	72
Ghcl LimitedGHCLGHCL	₹3,700 Cr	₹3,762 Cr	₹3,064 Cr	₹689 Cr	22.5%	₹472 Cr	15.4%	17%	13.4%	126
J.g.chemicals LimitedJGCHEMJGCHEM	₹2,392 Cr	₹2,399 Cr	₹1,071 Cr	₹96 Cr	8.4%	₹75 Cr	7.1%	18.2%	13.3%	101
Thirumalai Chemicals LimitedTIRUMALCHMTIRUMALCHM	₹1,764 Cr	₹3,857 Cr	₹1,832 Cr	₹20 Cr	-2%	₹-152 Cr	-9.7%	-3.3%	-12.3%	14
Ig Petrochemicals LimitedIGPLIGPL	₹1,754 Cr	₹2,110 Cr	₹2,073 Cr	₹207 Cr	4.9%	₹82 Cr	0.1%	3.2%	0.2%	23
Indo Borax & Chemicals LimitedINDOBORAXINDOBORAX	₹1,507 Cr	₹1,507 Cr	₹232 Cr	₹52 Cr	20.5%	₹56 Cr	23.3%	15.5%	15.1%	110
Innovassynth Technologies (India) LtdINOVSYNTHINOVSYNTH	₹1,462 Cr	₹1,466 Cr	₹0 Cr	₹-0 Cr	—	₹-5 Cr	—	-1.1%	-12%	—

Date	Category	Subject	Filing
1 Oct 2026, 4:56 pm	Company Update General	Announcement Under Regulation 30 (LODR) - Updates - Show Cause Notice Received Under Section 73 Of The CGST Act, 2017	PDF
30 Sept 2026, 7:26 pm	Company Update General	Announcement Under Regulation 30 (LODR) - Updates - Show Cause Notice Received Under Section 73 Of The CGST Act, 2017	PDF
30 Sept 2026, 12:48 pm	Company Update General	General - Update - Corrigendum	PDF
30 Sept 2026, 12:02 pm	Company Update General	Announcement Under Regulation 30 Of SEBI (LODR) - Outcome Of Fund Raising Committee Meeting	PDF
28 Sept 2026, 7:06 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
30 Aug 2026, 11:54 pm	Company Update General	Announcement Under Regulation 30 Of SEBI (LODR) - Outcome Of Fund Raising Committee Meeting	PDF
29 Aug 2026, 10:49 am	Company Update General	Resignation Of Statutory Auditors Of The Material Subsidiary	PDF
19 Aug 2026, 11:26 pm	Company Update General	Announcement Under Regulation 30 (LODR) - Show Cause Notice Received Under Section 74 Of The CGST Act, 2017	PDF

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	140	221	402	54	237	-66	-131
	-38	-157	-139	-359	-823	-542	-600
	46	-38	-70	206	643	375	603
Net cash flow	—	25	194	-99	57	-233	-128
Free cash flow	—	160	329	-309	-574	-679	-730
CFO / Operating profit %	178.9%	100%	91.3%	29.1%	464.6%	-135.3%	—

Thirumalai Chemicals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

14

1

1

Compounded sales growth

Return on equity

Thirumalai Chemicals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Dividends14

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

14

1

1