Thirumalai Chemicals Limited (TIRUMALCHM.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1693.9%

-₹1,907.73

vs ₹119.69 price

Levered DCF

-₹2,301.82

After debt service

Piotroski score

0 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-11.09×	-53.73×	-63.19×	19.59×	9.68×	7.45×	15.66×	8.36×
P/B	1.19×	2.14×	2.14×	1.48×	2.51×	1.09×	0.57×	1.42×
P/S	1.07×	1.21×	1.18×	0.83×	1.36×	0.81×	0.33×	0.75×
EV / EBITDA	-162.61×	83.6×	51.09×	8.89×	5.45×	3.66×	3.71×	4.72×
Gross margin	11.0%	22.6%	18.7%	28.3%	38.3%	38.3%	26.0%	32.2%
Operating margin	-7.1%	18.3%	-0.2%	6.3%	19.5%	16.0%	3.7%	13.6%
Net margin	-9.7%	-2.2%	-1.9%	4.2%	14.1%	10.8%	2.1%	9.0%
Current ratio	0.61×	1.04×	1.1×	1.22×	1.86×	1.9×	1.66×	1.4×
Debt / equity	1.39×	1.55×	1.09×	0.43×	0.15×	0.23×	0.31×	0.15×
Interest coverage	-1.39×	7.62×	-0.11×	4.28×	19.16×	8.32×	2.35×	14.08×
Dividend yield	0.0%	0.4%	0.6%	1.5%	0.8%	0.0%	6.7%	2.6%
Payout ratio	0.0%	-22.2%	-39.6%	28.5%	7.9%	0.0%	104.5%	21.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-10.7%	-4.0%	-3.4%	7.5%	25.9%	14.7%	3.6%	17.0%
Return on invested capital	-2.6%	11.7%	-0.2%	5.2%	21.9%	12.2%	2.6%	13.9%
Return on assets	-3.5%	-1.2%	-1.2%	3.8%	15.1%	8.8%	1.9%	10.0%
Free cash flow yield	-48.2%	-27.4%	-23.4%	-17.5%	12.1%	18.2%	10.2%	4.3%
Earnings yield	-9.0%	-1.9%	-1.6%	5.1%	10.3%	13.4%	6.4%	12.0%
Enterprise value	₹39.7B	₹40.8B	₹33B	₹19.2B	₹24.6B	₹8.3B	₹3.6B	₹10B
Net debt / EBITDA	-86.4×	32.84×	13.11×	0.76×	-0.57×	-0.19×	-0.05×	0.24×
Cash conversion cycle (days)	17	-11	-25	-24	-37	-23	-17	-1