Thirumalai Chemicals Ltd(TIRUMALCHM)

NSE: TIRUMALCHMBSE: 500412

₹ 117.65-2.12%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,418 crWebsite: www.thirumalaichemicals.comUpdated: 27 Oct 2026

About

Thirumalai Chemicals makes Phthalic Anhydride, Maleic Anhydride, Malic Acid and Fumaric Acid, and reports a single organic chemicals segment. It describes itself as the largest producer of Phthalic Anhydride in the world and India's only manufacturer of Malic Acid. Consolidated revenue was 1735.52 Cr in FY26. Its plants are at Ranipet and Dahej in India and in Malaysia, and a plant in the US is being commissioned.^[1][2]

Business and products

The company reports one segment, organic chemicals. Consolidated revenue from operations was Rs 2,049.51 Cr in FY25, against Rs 2,083.13 Cr in FY24.^[1][3]
Phthalic Anhydride and its derivatives, Malic Acid and Fumaric Acid made up 87% of turnover in FY25.^[1]
At Ranipet it also makes Diethyl Phthalate from ethanol and Phthalic Anhydride. Diethyl Phthalate is used in perfumes, cosmetics and plasticisers.^[1]
The share of Maleic Anhydride and its downstream products in the product mix is targeted to rise from 15% in FY25 to 23% after the US and Dahej projects.^[4]
Fumaric acid received ISO, Kosher, Halal and FSSAI certifications in Q1 FY27.^[5]

Market position

As of FY25, the company describes itself as the largest Phthalic Anhydride producer in the world, the largest Fumaric acid producer in India and the 3rd largest Maleic Anhydride producer in Southeast Asia.^[1]
The company says it is India's sole manufacturer of Malic Acid (FY25 annual report).^[1]
As of Q4 FY25, its domestic Phthalic Anhydride market share was about 37%, up from 26% in FY21. Its Phthalic Anhydride export market share was about 25%.^[4]

Plants and capacity

Ranipet, Tamil Nadu is the flagship plant and has run since 1973. It makes Phthalic Anhydride and the food acids. Its Phthalic Anhydride capacity is 165 KTPA (Q3 FY26 call).^[1][6]
Dahej, Gujarat is run by the subsidiary TCL Intermediates. It has 94 KTPA of Phthalic Anhydride and 10 KTPA of Fumaric Acid capacity and cost INR 750 Cr.^[4][6]
Phthalic Anhydride capacity was 189 KTPA in FY25 and 283 KTPA from FY26.^[4]
The Malaysian subsidiary Optimistic Organic Sdn. Bhd. has 50,000 tpa of Maleic Anhydride capacity. Its Maleic Anhydride reactor was shut in Q1 FY26 so that it could focus on its downstream esters plant.^[1][7]
Ranipet has an R&D laboratory with a pilot plant. Its food-grade acids are ISO and FSSC 22000 certified.^[1]
Phthalic Anhydride is made from O-Xylene, and Malic and Fumaric acids are made from Maleic Anhydride. The US Maleic Anhydride plant will use domestic n-butane.^[1]

Operating performance

The Dahej Phthalic Anhydride reactor ran at 95% utilisation in Q1 FY27. A raw-material shortage caused by a lack of working capital cut production.^[5]
Dahej throughput averaged 75%+ in June 2025, and the plant reached 175 TPD by the end of Q1 FY26. Dahej was EBITDA positive in Q3 FY26.^[7][6]
Consolidated gross margin was 26% in Q1 FY27, up from 19% in Q1 FY26. Standalone gross margin was 35%, up from 16%.^[5]
The large Ranipet reactor ran for 400+ days without interruption (as of Q3 FY26) and was re-catalysed by Q1 FY27. Specific steam consumption fell by more than 10% in Q1 FY26.^[6][5][7]
Fumaric acid prices strengthened significantly in Q1 FY27, which helped clear inventory from Dahej.^[5]

Customers and reach

As of FY25, the company had 350+ customers across 60 countries. Malic Acid customers include Perfetti and Symrise.^[1]
TCL Global B.V. in the Netherlands distributes products from India and Malaysia across Europe. It completed its fourth year of operations in FY25.^[1]
In Q3 FY26, Malic acid won contracts in the US and EU, and Fumaric acid shipments to the EU grew.^[6]

US project

TCL Specialties is building a greenfield plant in West Virginia. It is planned to make 40.5 KTPA of Maleic Anhydride and 30 KTPA+ of food ingredients.^[4][5]
The estimated project cost rose from about $240M (Q4 FY25) to about US$340m, including working capital and ramp-up costs (Q1 FY27).^[4][5]
The first Maleic Anhydride sale was made in December 2025. As of Q1 FY27, mechanical construction is complete, commissioning is under way, and commercial operations are targeted for December 2026.^[6][5]

Recent developments

The Board approved raising Rs 700 crore through a mix of debt and equity, and borrowing powers were set at Rs 1700 crore (FY25).^[1]
In FY25, management began exploring strategic options for the Malaysian subsidiary, including selling part or all of it. The Malaysian unit returned to positive EBITDA in Q1 FY27.^[1][5]
No dividend was recommended for FY25, to conserve capital for projects.^[1]

Market Cap

₹1,418 Cr

High / Low

₹294 / 118

Stock P/E

-9.5

Price / Book

0.9

Book Value

₹130

EPS

₹-13.9

No. of Shares

12.06 Cr

ROCE

-3.0%

ROE

-12.3%

OPM

-6.0%

Debt / Equity

1.34

Sales

₹1,736 Cr

Net Profit

₹-168 Cr

Promoter holding

37.1%

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