Thirumalai Chemicals Limited has issued a clarification to BSE Surveillance regarding the significant increase in trading volumes of its shares across exchanges. The company responded to BSE's inquiry dated March 19, 2026, which sought explanations for the unusual market activity.

Company's Response to BSE Surveillance

In its official response, Thirumalai Chemicals clarified that all company information remains in the public domain and no price-sensitive announcements are pending disclosure. The company emphasized its compliance with regulatory obligations under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance Statement

The company stated that it has made and will continue to make disclosures in compliance with Regulation 30 of the SEBI Listing Regulations. This regulation mandates timely disclosure of material events and information that could impact share prices or investor decisions.

Market Activity Explanation

Thirumalai Chemicals attributed the increased trading volumes to market forces rather than any undisclosed corporate developments. The company confirmed that no material information requiring disclosure under regulatory frameworks is currently pending.

Official Documentation

The response was digitally signed by Company Secretary Aditya Sharma (Membership No: A39666) on March 19, 2026. The company maintains its registered office at Thirumalai House, Sion (East), Mumbai, and operates as an ISO 9001, 14001, 50001/HACCP & FSSC 22000 certified organization.

Thirumalai Chemicals Limited released its corporate presentation for Q3FY26 and nine months ended December 2025, revealing mixed performance amid challenging market conditions. The company, established in 1944 as a chemical trading venture, has evolved into a diversified chemical manufacturer with global operations spanning India, Malaysia, and now the USA.

Financial Performance Overview

The company's Q3FY26 consolidated results reflected the impact of market headwinds across key segments. Revenue from operations declined to ₹420 crore compared to ₹447 crore in Q3FY25, while the company reported negative EBITDA of ₹11 crore, an improvement from negative ₹20 crore in the previous year quarter.

For the nine months ended December 2025, consolidated revenue stood at ₹1,322 crore compared to ₹1,539 crore in the corresponding period of FY25, representing a 14% decline.

Market Challenges and Operational Factors

The company faced multiple headwinds during Q3FY26 that impacted performance across business segments. In the Phthalic Anhydride (PAn) segment, paints demand remained subdued due to prolonged monsoon conditions, with recovery expected in Q4. The Unsaturated Polyester Resin (UPR) demand weakened in October-November due to increased US tariffs, with key producers operating at approximately 40-50% capacity.

Chlorinated Paraffin Compound (CPC) manufacturers operated at around half capacity, primarily to maintain plant operations as domestic demand remained weak and exports were impacted by tariffs and lower European demand. Rising raw material costs in CPC intensified cost pressures, leading to strong resistance to PAn price increases.

USA Facility Milestone

A significant development during the quarter was the commencement of the first phase of commercial operations at the company's USA facility in December 2025. This strategic expansion positions Thirumalai Chemicals as one of the largest global manufacturers of Malic Acid (MAc) and Fumaric Acid (FAc) worldwide.

Operational Improvements and Sustainability

Despite market challenges, the company achieved several operational improvements. The large reactor in Ranipet operated without interruption for over 400 days, while energy cost optimization and process improvements were implemented in the food ingredients segment. At the Dahej facility, the changeover to gas-based energy continued to yield benefits, with the plant operating at steady rates since August 2025.

The company maintains strong sustainability commitments, including 25% reduction in GHG emissions by 2030, 10% reduction in water consumption, and 100% process water treatment through Zero Liquid Discharge systems. Currently, 36% of total energy is sourced from renewable sources, with 94% of on-site energy consumption met through internal waste heat recovery.