Thirumalai Chemicals Q1 FY27: Standalone recovery, consolidated drag, and a December 2026 inflection point

The presentation lists Phthalic Anhydride, Malic Acid, Fumaric Acid, and Diethyl Phthalate as key products, with Maleic Anhydride produced via its Malaysia operations and planned via the USA project.

In India, the company operates at Ranipet (Tamil Nadu) and Dahej (Gujarat). It also operates in Kemaman, Malaysia through Optimistic Organic Sdn. Bhd., and is commissioning a facility in the United States.

The company states the USA facility includes a 40,500 TPA Maleic Anhydride plant and a 30,000+ TPA food ingredients plant (Malic Acid and Fumaric Acid), with first phase commercial operations targeted for December 2026.

The presentation states the estimated project cost was revised to approximately USD 340 million (including working capital and ramp-up costs) due to higher financing costs from timeline extension, contractor-driven construction increases, productivity impacts, and debt raising expenses.

Standalone total income was INR 340 Cr, EBITDA INR 51 Cr and PAT INR 14 Cr. Consolidated total income was INR 550 Cr, EBITDA INR 36 Cr and PAT was a loss of INR 44 Cr.

Ranipet reported stable operations after re-catalyzation for Phthalic Anhydride and improved profitability in food ingredients through process optimization. Dahej achieved 95% utilization but faced raw material shortages due to working capital constraints. Malaysia operations reported positive EBITDA.

The presentation discloses export mix as Europe 43%, North America 25%, Asia 19%, and Africa 13%.