TIRUMALCHMThirumalai Chemicals Ltd.
Thirumalai Chemicals Q2 FY27 Results: Consolidated Net Loss ₹34.31 Crore on Total Income of ₹454 Crore
- Earnings
- organic chemicals
Reviewed byKeshav SehgalBlacklitt Research
Thirumalai Chemicals (NSE: TIRUMALCHM) reported a consolidated net loss of ₹34 crore on total income of ₹454 crore for the quarter ended 30 Sep 2026, and a standalone net profit of ₹12 crore on total income of ₹700 crore, it said in a filing on 05 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹454 crore; revenue from operations ₹445 crore, down 18.5% YoY
- Net profit and EPS: Net loss of ₹34 crore; basic EPS -₹2.85, against -₹3.62 a year earlier
- Finance costs: ₹57 crore, up 120.3% YoY and 12.6% of total income
- Profit on wind mills and land sale: ₹8.22 crore recorded in other income for the quarter
Standalone
The company on its own, without its subsidiaries
- Total income: ₹700 crore; revenue from operations ₹339 crore, down 5.0% YoY
- Net profit and EPS: Net profit of ₹12 crore; basic EPS -₹1.22, against -₹5.81 a year earlier
- Finance costs: ₹27 crore, up 32.3% YoY and 3.9% of total income
- Other income: ₹20 crore, up 36.4% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 454 | n/a | n/a | n/a | n/a | |
| Revenue from operations | 445 | 547 | -18.5% | 596 | -25.3% |
| Other income | 8 | 19 | -55.2% | 10 | -13.6% |
| -34 | n/a | n/a | -78 | +56.0% | |
| Profit before tax | -30 | -39 | +22.8% | -39 | +22.8% |
| Finance costs | 57 | 26 | +120.3% | 52 | +9.0% |
| Depreciation | 22 | 23 | -3.9% | 23 | -4.8% |
| EPS, basic (₹) | -2.85 | -3.62 | +21.3% | -6.47 | +56.0% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated revenue from operations fell 18.5% YoY to ₹445 crore, while other income fell 55.2% to ₹8 crore. The loss before tax narrowed from ₹39 crore to ₹30 crore, even though finance costs rose 120.3% to ₹57 crore.
Finance costs of ₹57 crore are 12.6% of consolidated total income this quarter. The filing does not give a reason for the fall in revenue or the rise in finance costs.
The notes say the Holding Company sold wind mills and land for ₹10.38 crore, with a ₹8.22 crore profit included in other income for the quarter and half year.
Against the prior quarter, the consolidated net loss narrowed from ₹78 crore to ₹34 crore, and EPS moved from -₹6.47 to -₹2.85. The notes do not explain the change in the quarter's tax position.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 700 | n/a | n/a | 820 | -14.7% | |
| Revenue from operations | 339 | 357 | -5.0% | 331 | +2.6% |
| Other income | 20 | 15 | +36.4% | 10 | +107.7% |
| 12 | n/a | n/a | -27 | n/a | |
| Profit before tax | 19 | -18 | n/a | -18 | n/a |
| Finance costs | 27 | 20 | +32.3% | 24 | +11.1% |
| Depreciation | 8 | 9 | -12.2% | 8 | -1.0% |
| Tax expense | -4 | n/a | n/a | -9 | +50.9% |
| EPS, basic (₹) | -1.22 | -5.81 | +79.0% | -2.57 | +52.5% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income of ₹700 crore is ₹246 crore higher than the consolidated figure, and standalone net profit of ₹12 crore compares with a consolidated net loss of ₹34 crore. Standalone revenue from operations fell 5.0% YoY while other income rose 36.4%, and other income is 2.9% of total income.
The standalone net loss of ₹27 crore in the prior quarter is shown with a tax credit of ₹9 crore. Standalone current liabilities exceed current assets by ₹273.85 crore, excluding ₹330.67 crore of balances with subsidiaries.
The Group reports a net loss of ₹34.31 crore for the quarter and current liabilities that exceed current assets by ₹772.69 crore. The notes attribute the Group's net current liability mainly to capital expenditure by TCL Specialties LLC, USA, on a green field manufacturing facility.
The management has prepared both sets of results on a going concern basis. It cites expected funding through debt or equity, and revolving working capital facilities of ₹201.69 crore for the Group and ₹139.69 crore for the Company. The notes say TCL Specialties LLC is seeking debt funding of USD 130 to 180 million and expects it to be completed by end November 2026.
Inference
The filing says the Holding Company realised ₹96.73 crore from partial disposal of its Ultramarine & Pigments Limited shares, and sold wind mills and land for ₹10.38 crore. The notes say debt or equity raising for the Holding Company was approved by the board on 04 Aug 2026.
The Board has approved reclassification of promoters Mr Narayan Santhanam (90,000 shares, 0.07%) and Mrs Deepa Ajay (10,000 shares, 0.01%) from promoter group to public, subject to Regulation 31A conditions and stock exchange approval. The filing does not say whether the financing for TCL Specialties LLC has been secured, or when the proposed funding will be drawn.
Filed with BSE on . Reference: Original filing (PDF)
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