Thirumalai Chemicals Limited · NSE:TIRUMALCHM
Thirumalai Chemicals — Investor Presentation (June 2025)
27 slides from Thirumalai Chemicals's investor presentation, Jun 2, 2025
Slide 1: Corporate Presentation filing cover letter
Registered Office: “THIRUMALAI HOUSE”, Plot No. 101-102, Road No. 29, Sion (East), Mumbai – 400 022, India PHONE: +91 – 22– 43686200 FAX +91 – 22 – 24011699 E‐ MAIL: thirumalai@thirumalaichemicals.com Website: www.thirumalaichemicals.com (AN ISO 9001, 14001, 50001/ HACCP & FSSC 22000 CERTIFIED COMPA
Slide 2: TCL
TCL
Slide 3: Business highlights
Business highlights Leading producer of Phthalic Anhydride (PAn); holds ~5% of global PAn capacity; one of the largest manufacturers in India Leadership position in value added products MAc and FAc in India; holds ~5% and ~6% of global capacities Good brand image with broad customer base of 350+ and
Slide 4: Established group with over 5 decades of experience
Established group with over 5 decades of experience Shifting focus to value added manufacture 17% Revenue* 4** Current product mix (FY25) Product mix after the US & Dahej project Revenue CAGR INR 2,050 Cr Manufacturing 15% MAn & (FY21-25) (FY25) facilities Downstream 23% MAn & Downstream ~37% 85% 77
Slide 5: TCL Group holding structure
TCL Group holding structure Thirumalai Chemicals Limited (TCL) 100% 100% 100% TCL Global BV, Cheminvest Pte. Ltd., Singapore TCL Intermediates Pvt. Ltd. (CPL) The Netherlands (TCLGBV) (Greenfield project to 100% manufacture PAn in Dahej) 84% 100% TCL Inc. 16% 100% Optimistic Organic Sdn. Bhd., Lapiz
Slide 6: Governance – Senior Management and Board
Governance – Senior Management and Board Spearheaded by visionary and experienced leadership Experienced management with consistent track record Mr. R. Parthasarathy – CMD TCL Mrs. Ramya Bharathram - MD & CFO, TCL ➢ Chemical technocrat from IIT Mumbai & University of Wisconsin, Madison USA ➢ Heads s
Slide 7: Product portfolio & applications
Product portfolio & applications Phthalic Anhydride Maleic Anhydride Malic Acid Fumaric Acid Diethyl Phthalate • Production of • Manufacturing of • Confectionery, • Pharma API’s, food & • End products include plasticizers, pigments, unsaturated polyester beverages, food beverages and animal fragranc
Slide 8: Value chain
Value chain India operations Overseas operations Ranipet, India Dahej, India Kemaman, Malaysia West Virginia, USA Locations Ethanol + Maleic Phthalic O- Xylene Mixed butane n - Butane Anhydride Feedstock anhydride 1) Phthalic 1) Maleic Anhydride Di Ethyl 1) Maleic Anhydride Malic Acid Anhydride 2) M
Slide 9: Market landscape of India business
Market landscape of India business Growth dynamic • Strong correlation to GDP growth • Infrastructure is the biggest growth driver – Apart from the civil infrastructure initiatives where Phthalic Anhydride gets consumed via the paint and plasticisers industries, it also finds growth through initiati
Slide 10: TCL manufacturing footprint
TCL manufacturing footprint Including the US project, TCL will be India operations one of the largest global manufacturers of MAc & FAc TCL Specialties LLC: New Martinsville, West Virginia Ongoing capex: MAn & Food Ingredients – 40.5 KTPA TCL is among the top 3 global manufacturers of PAn US operati
Slide 11: Technological capabilities
Technological capabilities World Class US project Capabilities • R&D for manufacturing processes of MAc & FAc was • Early partnerships with German developed in-house • US plant design and engineering industry leaders: BASF, Wacker • Holds a global patent for developed in-house Chemie, Lonza, and Bay
Slide 12: TCLS - US Project
Thirumalai Chemicals Ltd. TCLS - US Project
Slide 13: US Project - Overview
US Project - Overview Location advantage Strategic rationale Products Malic Acid Fumaric Acid Maleic Anhydride Norfolk • Abundant feedstock with assured long-term supplies Gas fields Ports competitively priced (n-butane) Feedstock availability within 70 miles from project site • Fully Integrated pla
Slide 14: US Project – Current status
US Project – Current status 13
Slide 15: Significant advantages of the US project to the group
Significant advantages of the US project to the group • US currently has only one Strategic Location manufacturer of MAc & FAc, • Feedstock accounts for 50-70% of cost, prices in with significant cost region lower by at least 25% from other markets disadvantages • 40% North American MAn customers wi
Slide 16: US Project – Compelling rationale
US Project – Compelling rationale Financial: ► High margin accretive project on account of low- cost backward integrated process ► More than 50% of the US project revenue will be from Food ingredients (MAc & FAc) This is a placeholder text Market: Operations: ► MAn consumption in the US is in ► n-Bu
Slide 17: US Project – Leveraging cost arbitrage
US Project – Leveraging cost arbitrage Capex Process and Advantage % Of project cost % Of manhours required 14% 28% 72% 86% ➢ Total project outlay of ~$ 240 Million ➢ Capex plan designed to leverage cost arbitrage between India and US ➢ 100% of plant and machinery (modular) is made in SEZ unit at Ra
Slide 18: US Project – Marketing plan
US Project – Marketing plan At the time of commissioning 3 years after commissioning Have a strong sales team in Target Import substitution place to build on the existing in North America using MNC customer relationship in local presence EU & Americas During construction First 2 years of operations
Slide 19: TCL Intermediates – (Dahej Expansion)
TCL Intermediates – (Dahej Expansion) 18
Slide 20: TCL Intermediates – Project overview
TCL Intermediates – Project overview Project will position TCL as one of the largest manufacturers in India of PAn and FAc Strategic rationale Plant Green field project with capacity of 94 Products 1 capacity KTPA of PAn and 10 KTPA of FAc in Dahej, Gujarat Project cost is INR 750 Crores Phthalic An
Slide 21: Dominance in PAn market
Dominance in PAn market TCL domestic market share 160 37% Capacity from FY26 140 29% 31% Capacity in FY25 120 26% 100 80 60 189 283 KTPA 40 KTPA 20 - FY21 FY22 FY23 FY24 Domestic sales (KTPA) % market share in India ➢ Since commencement of Dahej phase 1 operations in 2021, ➢ With TCL Intermediates p
Slide 22: Financial Performance and Outlook
Financial Performance and Outlook 21
Slide 23: Financial performance
Financial performance Standalone - Operating Revenue (INR Cr) Standalone – EBITDA** (INR Cr) Standalone - PAT (INR Cr) 2,152 23% 1,987 1,847 18% 1,438 11% 12% 865 857 8% 152 118 120 6% 82 41 36 96 198 255 220 126 183 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY2
Slide 24: TCL Group outlook
TCL Group outlook Future Target position position Financial year 2024-25 Financial year 2027-28 Current position 1. Doubling Phthalic Anhydride production capacity and be amongst the largest manufacturers in 1. One of the leading manufacturers of Phthalic world; unparalleled scale benefits Anhydride
Slide 25: Multiple awards and recognitions
Multiple awards and recognitions Confederation of Chennai Port, The National Safety Indian Industry, 2023: Council,2023: 2025: Best Occupational Health, Industry trend Performance & Safety, and setter for going Partnership Environment Awards global Award Indo American Confederation of Indian Chemica
Slide 26: Sustainability and Governance
Sustainability and Governance Environment Governance • We have reduced water consumption by 95% since our inception. TCL has a diverse and majority • Large portion of our on-site energy comes from independent board recapturing waste heat, which is converted into steam to power our operations. Zero i
Slide 27: THANK YOU
THANK YOU Website: www.thirumalaichemicals.com 26
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