Thirumalai Chemicals Limited · NSE:TIRUMALCHM
Thirumalai Chemicals — Q1 FY26 Earnings Presentation
49 slides from Thirumalai Chemicals's earnings presentation, Aug 17, 2025
Slide 1: Stock exchange cover letter for corporate presentation
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: Thirumalai Chemicals Limited Investor Presentation Q1FY26
Thirumalai Chemicals Limited Investor Presentation Q1FY26 1
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Thirumalai Chemicals Limited (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any
Slide 4: Company Overview
Company Overview
Slide 5: TCL at a glance
TCL at a glance 50 Years of delivering 8+ Products 350+ Customers across 94% Of on-site energy Sole producer of Malic Acid valuable chemicals to critical 60+ Countries and counting consumption is met in Southeast Asia industries through internal waste heat recovery Strategic shift to value-added Amo
Slide 6: Leadership has evolved over five decades
Leadership has evolved over five decades 2025 Widened global 2024 footprint with an upcoming new plant in Launched a new the USA, set up under 2021 Phthalic Anhydride and our subsidiary Fumaric Acid company Unveiled a production facility at 2012 manufacturing facility Dahej under in Dahej, Gujarat,
Slide 7: TCL Group holding structure
TCL Group holding structure Thirumalai Chemicals Limited (TCL) 100% 100% 6% 94% TCL Intermediates Pvt. Ltd. (Greenfield project to Cheminvest Pte. Ltd., TCL Global BV, manufacture PAn and Singapore (CPL) The Netherlands (TCLGBV) Fumaric Acid in Dahej) 16% 84% 100% 100% Optimistic Organic Sdn. Lapiz
Slide 8: Diversified product portfolio
Diversified product portfolio Phthalic Anhydride Malic Acid Fumaric Acid Diethyl Phthalate Raw material o-Xylene Maleic Anhydride Maleic Anhydride Ethanol, Phthalic Anhydride used Manufacturing Ranipet, India Ranipet, India Ranipet, India Ranipet, India locations Dahej, India • Production of plastic
Slide 9: Our manufacturing footprint
Our manufacturing footprint TCL is among the top 3 global manufacturers of PAn India operations Worldwide Reach We boast a significant presence across all major geographies Including the USA project, TCL will be one of the Dahej, Gujarat (TCL India) largest global manufacturers of MAc & FAc Capacity
Slide 10: Driving innovation & empowering progress
Driving innovation & empowering progress Innovation remains a key driver of growth, Emphasis is placed on enhancing core Continuous prioritization of R&D aligned with the evolving needs of diverse processes, improving operational efficiency, efforts ensures improved product industries and developing
Slide 11: Our quality commitments
Our quality commitments FSSC Certificate Kosher Certificate IMS Certificate Halal Certificate 2021-24 2023-24 2021-24 2022-25 QMS Certificate ISO 500001 Certificate BIS REACH 2021-24 2021-25 Certificate Compliance 10
Slide 12: Awards and recognitions
Awards and recognitions Confederation of Indian Indo American Chamber Industry 2025: of Commerce 2021: Industry trend setter for going global Business Excellence award Chennai Port 2023: Confederation of Indian Best Performance & Partnership Industry 2020: Award Excellence in EHS Practices The Natio
Slide 13: Senior Management and Board (1/2)
Senior Management and Board (1/2) Mr. R. Parthasarathy – Chairman & Managing Director Mrs. Ramya Bharathram - Managing Director & CFO • Chemical technocrat from IIT Mumbai & University of Wisconsin, • Heads strategy and Specialty Chemicals Businesses Madison USA • 16+ years of experience • 5 decades
Slide 14: Senior Management and Board (2/2)
Senior Management and Board (2/2) Mr. Rajeev Pandia Mr. Arun Alagappan Mrs. Bhama Krishnamurthy Mr. M Somasundaram Independent Director Independent Director Independent Director Independent Director • 35+ years experience • He is the Executive Vice Chairman of • 35+ years experience • 35+ years expe
Slide 15: Resilient Business Model
Resilient Business Model
Slide 16: Unified in strategy, diversified in strength
Unified in strategy, diversified in strength Integrated value chain, strict process control, greater product consistency & sound social and environmental stewardship Diverse Product Portfolio Diverse Commercial Presence We have diverse product portfolio including Phthalic We continue to strengthen o
Slide 17: Integrated value chain
Integrated value chain Locations Feedstock End products 1) Phthalic Anhydride India operations Dahej, India o- Xylene 2) Fumaric acid Ethanol + Ranipet, India Di Ethyl Phthalate Phthalic anhydride Maleic Anhydride Malic Acid Overseas operations Mixed butane Maleic Anhydride Kemaman, Malaysia oxo-Alc
Slide 18: Key strengths reinforces our position
Key strengths reinforces our position Product quality and process control Global market reach with long-term partnership Manufacturer of essential chemicals for industries Strong domestic and export presence across key global like food and pharma, ensuring high purity and markets, with established r
Slide 19: Key achievements in Q1 – TCL
Key achievements in Q1 – TCL PHTHALIC MALIC UTILITIES ANHYDRIDE ACID • Reactor P144 re-catalysation completed in May- • On the back of effective segregation of • Overhaul of equipment during P144 re- 25; currently under ramp-up equipment, managed to achieve lower unit catalysation energy costs • Con
Slide 20: Key achievements in Q1 - TCLIPL (Dahej)
Key achievements in Q1 - TCLIPL (Dahej) Entire manufacturing complex 90 KTPA PAn 24 KTPA FAc brought on stream 01 02 03 04 Capacity ramped up Product quality FAc Plant – Almost BIS certification as with average met specifications all the sections were well as provisional throughput around w.r.t. pur
Slide 21: Pathway Forward
Pathway Forward
Slide 22: Shifting focus to value added manufacturing
Shifting focus to value added manufacturing Current product mix (FY25) Product mix after the USA & Dahej project 15.0% 23.0% 77.0% 85.0% PAn PAn MAn & Downstream MAn & Downstream • 50% of operating profits from Value Added Products (VAP) • Increased share of VAP will significantly mitigate impact of
Slide 23: Upcoming Expansion in USA
Upcoming Expansion in USA Building 40 KTPA MAn Capacity Project Cost: ~ USD 240 Million Location advantage Strategic rationale Products Malic Acid Fumaric Acid Maleic Anhydride Gas fields Abundant feedstock with assured long-term supplies competitively Ports priced (n-butane) Fully Integrated plant
Slide 24: Significant advantages of the USA project to the group
Significant advantages of the USA project to the group Market opportunity Strategic Location Cost arbitrage Competitive landscape Future growth o USA currently has only one o Feedstock accounts for 50- o Despite cost escalations o The USA producer is o The plant’s location within manufacturer of Mal
Slide 25: USA expansion – current status
USA expansion – current status Project remains on course to achieve product out by December 2025 01 All shipments from India have been delivered, received at the 07 Electrical and civil works at the Control Room are complete, USA site, and fully erected and all medium- and low-voltage underground ca
Slide 26: USA project – current status
USA project – current status 25
Slide 27: Financial Highlights
Financial Highlights
Slide 28: Global themes and headwinds in Q1 FY26
Global themes and headwinds in Q1 FY26 Global chemical industry in Q1 FY26 faced soft demand, inflation in energy and raw materials, excess capacity, and geopolitical trade frictions, with PMI signaling contraction Brent crude fell 17%, but weak product demand capped margin gains; prices likely to d
Slide 29: Key factors - Q1 FY26 results
Key factors - Q1 FY26 results OOSB, Malaysia Performance Impact TCL Intermediates Pvt. Ltd., Dahej Operational Ramp-up • Q1 losses were impacted by one-time retrenchment costs as part of cost • Low plant utilization during the ramp-up phase, coupled with full optimization measures due to the shutdow
Slide 30: Q1 FY26 Financial Highlights
Q1 FY26 Financial Highlights Total Income (INR Cr) EBITDA (INR Cr) PAT (INR Cr) 10.1% 1.5% 5.2% -3.1% 537 54 28 Standalone 453 7 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 -14 Q1 FY25 Q1 FY26 6.1% -5.4% 0.9% -13.2% 558 34 5 Consolidated 452 Q1 FY25 Q1 FY26 -25 -60 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 29
Slide 31: Consolidated P&L Statement
Consolidated P&L Statement Particulars (INR Cr) Q1 FY26 Q1 FY25 Y-O-Y Q4 FY25 Q-o-Q Revenue from Operations 450 555 523 Other Income 2 3 8 Total Income 452 558 -19% 531 -15% Cost of Goods Sold 367 434 394 Gross Profit 86 124 -31% 137 -37% Gross Profit Margin (%) 19.0% 22.3% 25.8% Employee Expenses 2
Slide 32: Standalone P&L Statement
Standalone P&L Statement Particulars (INR Cr) Q1 FY26 Q1 FY25 Y-O-Y Q4 FY25 Q-o-Q Revenue from Operations 446 534 578 Other Income 7 4 16 Total Income 453 537 -16% 595 -24% Cost of Goods Sold 381 421 457 Gross Profit 71 116 -39% 138 -48% Gross Profit Margin (%) 15.7% 21.6% 23.2% Employee Expenses 13
Slide 33: Historical Financial Highlights
Historical Financial Highlights Total Income (INR Cr) EBITDA (INR Cr) PAT (INR Cr) 11.6% 6.2% 8.4% 6.3% 1.8% 3.8% 2.183 220 120 2.025 Standalone 1.892 183 82 126 36 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 10.0% 3.3% 3.4% 4.2% -1.8% -2.2% 2.162 216 90 Consolidated 2.102 2.070 70 69 -39 -46 FY23
Slide 34: Consolidated P&L Statement
Consolidated P&L Statement Particulars (INR Cr) FY21 FY22 FY23 FY24 FY25 Revenue from operations 1,086 1,998 2,132 2,083 2,050 Other income 7 12 30 19 21 Total Income 1,093 2,010 2,162 2,102 2,070 Cost of materials consumed 640 1,224 1,516 1,670 1,553 Purchase of stock-in-trade 6 4 3 16 47 Changes i
Slide 35: Consolidated Balance Sheet (Assets)
Consolidated Balance Sheet (Assets) Assets (INR Cr) FY21 FY22 FY23 FY24 FY25 Non-Current Assets (a) Property, plant and equipment 479 557 563 592 1,145 (b) Capital Work-in-Progress 126 64 406 1,200 1,352 (c) Right of use assets 33 39 108 119 106 (d) Intangible Asset 0 0 0 0 0 Financial Assets (a) In
Slide 36: Consolidated Balance Sheet (Liabilities)
Consolidated Balance Sheet (Liabilities) Equity & Liabilities (INR Cr) FY21 FY22 FY23 FY24 FY25 Equity (a) Equity Share Capital 10 10 10 10 10 (b) Other Equity 793 1,075 1,182 1,136 1,145 Total Equity 803 1,085 1,192 1,146 1,156 Non-Current Liabilities (a) Financial Liabilities (i) Borrowings 158 13
Slide 37: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (INR Cr) FY21 FY22 FY23 FY24 FY25 Cash Flow from Operating Activities Profit / (Loss) before Tax 157 375 129 -35 -41 Adjustment for Non-Operating Items 75 65 56 91 87 Operating Profit before Working Capital Changes 233 441 185 56 46 Changes in Working Cap
Slide 38: Standalone P&L Statement
Standalone P&L Statement Particulars (INR Cr) FY21 FY22 FY23 FY24 FY25 Revenue from operations 857 1,438 1,847 1,987 2,152 Other income 9 15 44 38 31 Total Income 866 1,453 1,892 2,025 2,183 Cost of materials consumed 501 959 1,277 1,451 1,381 Project material and contract costs - - 90 180 288 Purch
Slide 39: Standalone Balance Sheet (Assets)
Standalone Balance Sheet (Assets) Assets (INR Cr) FY21 FY22 FY23 FY24 FY25 Non-Current Assets (a) Property, plant and equipment 292.38 385.85 395.82 387 366 (b) Capital Work-in-Progress 107.95 5.58 12.34 5 6 (c) Right of use assets 24.84 30.41 15.08 21 18 (d) Intangible Asset 0.12 0.06 0.09 0 0 Fina
Slide 40: Standalone Balance Sheet (Liabilities)
Standalone Balance Sheet (Liabilities) Equity & Liabilities (INR Cr) FY21 FY22 FY23 FY24 FY25 Equity (a) Equity Share Capital 10.24 10.24 10.24 10 10 (b) Other Equity 714.4 857.85 951.78 974 1,096 Total Equity 725 868 962 984 1,107 Non-Current Liabilities Financial Liabilities (i) Borrowings 100.63
Slide 41: Standalone Cash Flow Statement
Standalone Cash Flow Statement Particulars (INR Cr) FY21 FY22 FY23 FY24 FY25 Cash Flow from Operating Activities Profit / (Loss) before Tax 154 205 156 48 105 Adjustment for Non-Operating Items 49 38 24 42 54 Operating Profit before Working Capital Changes 203 242 180 90 158 Changes in Working Capit
Slide 42: ESG
ESG
Slide 43: Our ESG Aspirations
Our ESG Aspirations Driving Sustainable Progress for a Better Tomorrow Environment Social Governance Health & Safety Carbon Footprint Zero Accidents at the Business 25% Reduction in GHG Workplace and Implement Ethics Emissions by 2030 * Practices for Responsible Zero Tolerance for Care initiatives H
Slide 44: Governance
Governance 11 18% 64% Board of Female Independent Directors Representation Directors Data Privacy Breaches in the Past Three years Forced or Voluntary Product Recalls Cases of Corruption and Anti-Competitive Practices Conflict of Interest Complaints 43
Slide 45: People
People 100% BOD, KMP’s & Employees Trained in NGRBC Principles 100% Employees Trained in 600+ 9% Human Rights Total Workforce Overall, Gender Diversity 20 Average Training Hours 92.5% & 91% 0 362 lakhs Plants and Offices Assessed Fatalities in the Last CSR expenditure in for Health & Safety Practice
Slide 46: Planet
Planet 11Lakh Kilo Liters Water Recycled 493200GJ 38% 1ZLD Plant Energy utilised in FY 23-24 from Renewable Sources 91% Sustainably Sourced Inputs 101475 Mt CO e 2 166156 Mt CO e 2 Scope 1 Emissions Scope 3 Emissions 3050 Mt CO e 2 5.16 Mt CO e 2 Scope 2 Emissions Scope 1 & Scope 2 Emissions per Rup
Slide 47: Corporate Social Responsibility
Corporate Social Responsibility Transforming education across Fostering livelihoods and Expanding healthcare rural communities empowerment access x 25,000+ 280 Lakhs CSR beneficiaries CSR expenditure 46
Slide 48: Key Takeaways
Key Takeaways Increasing Phthalic Anhydride production capacity to position among the world’s largest manufacturers, unlocking unmatched scale advantages Get recognized as one of the leading global producers of Malic and Fumaric Acid, with a strong focus on expanding into high-value, differentiated
Slide 49: Thank You
COMPANY : Thirumalai Chemicals Ltd. CIN : L24100MH1972PLC016149 INVESTOR RELATIONS ADVISORS : MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of MUFG Pension & Market Services Mr. Irfan Raeen Irfan.raeen@in.mpms.mufg.com Ms. Pooja Swami Pooja.swami@in.mpms.mufg.com Tha