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Last Updated: April 2, 2026, 3:49 am
Author: Getaka|Social: XLinkedIn

Thirumalai Chemicals Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹64.20Overvalued by 64.33%vs CMP ₹180.00

P/E (15.0) × ROE (4.1%) × BV (₹127.00) × DY (2.00%)

Defaults: P/E=15

₹155.54Overvalued by 13.59%vs CMP ₹180.00
MoS: -15.7% (Negative)Confidence: 33/100 (Low)Models: 1 Under, 1 Fair, 2 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹30.3539%Over (-83.1%)
Net Asset ValueAssets₹127.1024%Over (-29.4%)
ROCE CapitalReturns₹427.0820%Under (+137.3%)
Revenue MultipleRevenue₹169.9718%Fair (-5.6%)
Consensus (4 models)₹155.54100%Overvalued
Key Drivers: EPS CAGR -52.7% drags value — could be higher if earnings stabilize. | ROE 4.1% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -52.7% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

42
Thirumalai Chemicals Ltd scores 42/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health46/100 · Moderate
ROCE 0.3% WeakROE 4.1% WeakD/E 0.19 Low debtInterest Coverage 0.0x RiskyProfitable 3/5 years Mixed
Smart Money75/100 · Strong
FII holding stable No changeDII holding up 8.35% MF buyingPromoter increased by 1.00% Positive
Earnings Quality40/100 · Moderate
OPM contracting (16% → 2%) Declining
Quarterly Momentum35/100 · Weak
Revenue (4Q): -11% YoY Declining
Industry Rank25/100 · Weak
ROCE 0.3% vs industry 13.0% Below peersROE 4.1% vs industry 25.4% Below peers3Y sales CAGR: 1% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:49 am

Market Cap 2,171 Cr.
Current Price 180
Intrinsic Value₹155.54
High / Low 329/158
Stock P/E
Book Value 127
Dividend Yield0.00 %
ROCE0.26 %
ROE4.13 %
Face Value 1.00
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Thirumalai Chemicals Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Thirumalai Chemicals Ltd 2,171 Cr. 180 329/158 1270.00 %0.26 %4.13 % 1.00
Rossari Biotech Ltd 2,239 Cr. 404 768/37316.3 2260.12 %15.8 %12.2 % 2.00
Camlin Fine Sciences Ltd 1,951 Cr. 102 335/96.2822 46.30.00 %11.0 %15.0 % 1.00
Fineotex Chemical Ltd 2,428 Cr. 20.8 35.8/19.025.0 6.720.38 %23.8 %18.4 % 1.00
Grauer & Weil (India) Ltd 2,616 Cr. 57.7 111/49.718.6 22.00.87 %23.3 %17.6 % 1.00
Industry Average12,530.04 Cr712.4964.87182.870.55%12.98%25.40%6.41

All Competitor Stocks of Thirumalai Chemicals Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 508431523542492527555525447523450445416
Expenses 479432485527498523524502467508477449431
Operating Profit 29-13815-643124-2015-27-4-15
OPM % 6%-0%7%3%-1%1%6%4%-5%3%-6%-1%-4%
Other Income 111156443908284
Interest 117101012109101415182621
Depreciation 14161616151714131618222323
Profit before tax 14-1317-4-29-19119-50-11-64-44-55
Tax % 41%0%37%47%-20%10%53%47%-16%28%-7%-24%-16%
Net Profit 8-1311-6-23-2055-42-14-60-33-47
EPS in Rs 0.81-1.251.04-0.59-2.24-2.000.500.48-4.10-1.37-5.86-2.81-3.86

Last Updated: March 3, 2026, 2:12 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 4:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,2751,0709401,0281,3121,2611,0851,0861,9982,1322,0832,0501,834
Expenses 1,1921,0328428711,0221,0551,0078651,5571,9462,0322,0011,865
Operating Profit 833898158290206782214411865149-31
OPM % 7%4%10%15%22%16%7%20%22%9%2%2%-2%
Other Income 38547122171230192122
Interest 49352317131217212031424981
Depreciation 23182536313644505756636185
Profit before tax 15-75510925316938157375129-35-41-174
Tax % 20%102%41%35%33%33%39%25%25%31%12%13%
Net Profit 12-1432711701142311828190-39-46-154
EPS in Rs 1.16-1.343.146.9016.6411.092.2611.4927.478.77-3.79-4.50-13.90
Dividend Payout % 0%-30%51%27%12%18%0%19%9%17%-26%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-216.67%328.57%121.88%139.44%-32.94%-79.82%413.04%138.14%-67.97%-143.33%-17.95%
Change in YoY Net Profit Growth (%)0.00%545.24%-206.70%17.56%-172.38%-46.88%492.87%-274.91%-206.11%-75.36%125.38%

Thirumalai Chemicals Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:7%
5 Years:14%
3 Years:1%
TTM:-8%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-151%
Stock Price CAGR
10 Years:31%
5 Years:36%
3 Years:9%
1 Year:-8%
Return on Equity
10 Years:11%
5 Years:8%
3 Years:0%
Last Year:-4%

Last Updated: September 5, 2025, 1:46 pm

Balance Sheet

Last Updated: December 10, 2025, 3:33 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 10101010101010101010101012
Reserves 2051832083885636586287931,0751,1821,1361,1451,521
Borrowings 2221429162501031971831655141,2521,7862,086
Other Liabilities 321212211327202370365358612654922867727
Total Liabilities 7575475207868251,1411,2001,3431,8622,3603,3203,8084,345
Fixed Assets 2302432563173103835505135966717121,2511,281
CWIP 1871894415982126644061,2001,3521,740
Investments 5557710415049136180132173200210
Other Assets 5032912413833674495195691,0221,1501,2361,0051,114
Total Assets 7575475207868251,1411,2001,3431,8622,3603,3203,8084,345

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1331541261088123414022140254237-66
Cash from Investing Activity + -15-19-32-44-54-221-36-159-134-335-824-531
Cash from Financing Activity + -116-142-93-52-161646-38-70206643375
Net Cash Flow 3-8012102915024198-7556-223
Free Cash Flow 1101329885224138160329-308-574-676
CFO/OP 162%422%147%91%57%137%190%118%108%66%480%-90%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-139.00-104.007.0096.00240.00103.00-119.0038.00276.00-328.0050.0048.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 665250493333302929173235
Inventory Days 744238825984697474765557
Days Payable 59389213953119123129141118113103
Cash Conversion Cycle 8256-3-839-2-24-26-39-25-26-11
Working Capital Days 3-8-15-5374-5-19-23-61-93-57
ROCE %14%7%24%33%49%26%7%20%35%11%0%0%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 42.07%42.16%42.17%41.98%41.95%41.95%41.92%41.92%41.89%41.87%36.13%37.13%
FIIs 2.14%1.81%1.86%1.88%2.16%2.50%2.86%2.77%1.97%1.88%2.15%1.97%
DIIs 0.01%0.10%0.16%0.17%0.54%1.29%1.30%1.27%1.12%1.05%9.32%9.47%
Public 55.78%55.93%55.81%55.98%55.34%54.25%53.90%54.04%55.02%55.20%52.39%51.43%
No. of Shareholders 80,13778,53077,68576,90370,81764,65162,05361,24959,51559,35658,41657,446

Shareholding Pattern Chart

No. of Shareholders

Thirumalai Chemicals Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
ICICI Prudential Commodities Fund 669,709 0.35 12.8571,9732026-03-23 00:09:1517.09%
Bandhan Small Cap Fund 600,274 0.06 11.47577,6172025-12-15 06:52:353.92%
Bandhan Balanced Advantage Fund 361,010 0.31 6.9N/AN/AN/A
ICICI Prudential Multicap Fund 171,818 0.02 3.28N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) -4.50-3.798.7727.4611.49
Diluted EPS (Rs.) -4.50-3.798.7727.4611.49
Cash EPS (Rs.) 1.462.3814.2132.9916.33
Book Value[Excl.RevalReserv]/Share (Rs.) 112.86111.93116.40105.9678.41
Book Value[Incl.RevalReserv]/Share (Rs.) 112.86111.93116.40105.9678.41
Revenue From Operations / Share (Rs.) 200.15203.43208.23195.14106.03
PBDIT / Share (Rs.) 6.786.8721.1344.1822.22
PBIT / Share (Rs.) 0.810.6915.6938.6517.39
PBT / Share (Rs.) -3.99-3.3712.6436.6615.34
Net Profit / Share (Rs.) -4.50-3.798.7727.4611.49
NP After MI And SOA / Share (Rs.) -4.50-3.798.7727.4611.49
PBDIT Margin (%) 3.383.3710.1422.6320.95
PBIT Margin (%) 0.400.347.5319.8016.39
PBT Margin (%) -1.99-1.656.0618.7814.47
Net Profit Margin (%) -2.24-1.864.2114.0710.83
NP After MI And SOA Margin (%) -2.24-1.864.2114.0710.83
Return on Networth / Equity (%) -3.98-3.387.5325.9114.65
Return on Capital Employeed (%) 0.280.3110.7430.2917.08
Return On Assets (%) -1.21-1.163.8015.108.76
Long Term Debt / Equity (X) 1.210.700.120.120.19
Total Debt / Equity (X) 1.481.010.370.140.19
Asset Turnover Ratio (%) 0.570.731.011.020.73
Current Ratio (X) 1.041.101.221.861.90
Quick Ratio (X) 0.770.850.841.421.47
Inventory Turnover Ratio (X) 8.237.315.405.683.91
Dividend Payout Ratio (NP) (%) -22.21-39.5928.498.010.00
Dividend Payout Ratio (CP) (%) 68.2662.9217.596.660.00
Earning Retention Ratio (%) 122.21139.5971.5191.990.00
Cash Earning Retention Ratio (%) 31.7437.0882.4193.340.00
Interest Coverage Ratio (X) 1.411.696.9222.2110.88
Interest Coverage Ratio (Post Tax) (X) 0.060.073.8714.816.63
Enterprise Value (Cr.) 3836.012961.101656.342334.91725.01
EV / Net Operating Revenue (X) 1.871.420.771.170.66
EV / EBITDA (X) 55.2742.097.665.163.19
MarketCap / Net Operating Revenue (X) 1.211.150.821.360.80
Retention Ratios (%) 122.21139.5971.5091.980.00
Price / BV (X) 2.152.091.482.511.09
Price / Net Operating Revenue (X) 1.211.150.821.360.80
EarningsYield -0.01-0.010.050.100.13

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Thirumalai Chemicals Ltd. is a Public Limited Listed company incorporated on 27/11/1972 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L24100MH1972PLC016149 and registration number is 016149. Currently Company is involved in the business activities of Manufacture of organic and inorganic chemical compounds. Company's Total Operating Revenue is Rs. 2152.07 Cr. and Equity Capital is Rs. 10.24 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Chemicals - Speciality - OthersThirumalai House, Mumbai Maharashtra 400022Contact not found
Management
NamePosition Held
Mr. R ParthasarathyChairman & Managing Director
Mrs. Ramya BharathramManaging Director & CFO
Mr. P Mohana Chandran NairDirector
Mr. Arun AlagappanDirector
Mrs. Bhama KrishnamurthyDirector
Mr. Arun RamanathanDirector
Mr. R SampathDirector
Mr. Rajeev M PandiaDirector
Mr. M SomasundaramDirector

FAQ

What is the intrinsic value of Thirumalai Chemicals Ltd and is it undervalued?

As of 14 April 2026, Thirumalai Chemicals Ltd's intrinsic value is ₹155.54, which is 13.59% lower than the current market price of ₹180.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (4.13 %), book value (₹127), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Thirumalai Chemicals Ltd?

Thirumalai Chemicals Ltd is trading at ₹180.00 as of 14 April 2026, with a FY2026-2027 high of ₹329 and low of ₹158. The stock is currently near its 52-week low. Market cap stands at ₹2,171 Cr..

How does Thirumalai Chemicals Ltd's P/E ratio compare to its industry?

Thirumalai Chemicals Ltd has a P/E ratio of , which is below the industry average of 64.87. This is broadly in line with or below the industry average.

Is Thirumalai Chemicals Ltd financially healthy?

Key indicators for Thirumalai Chemicals Ltd: ROCE of 0.26 % is on the lower side compared to the industry average of 12.98%; ROE of 4.13 % is below ideal levels (industry average: 25.40%). Dividend yield is 0.00 %.

Is Thirumalai Chemicals Ltd profitable and how is the profit trend?

Thirumalai Chemicals Ltd reported a net profit of ₹-46 Cr in Mar 2025 on revenue of ₹2,050 Cr. Compared to ₹281 Cr in Mar 2022, the net profit shows a declining trend.

Does Thirumalai Chemicals Ltd pay dividends?

Thirumalai Chemicals Ltd has a dividend yield of 0.00 % at the current price of ₹180.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Thirumalai Chemicals Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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