Thirumalai Chemicals Limited has successfully completed the full utilization of proceeds from its preferential issue, as confirmed in the final monitoring agency report submitted for the quarter ended December 31, 2025. The company filed the report with stock exchanges on February 14, 2026, pursuant to Regulation 32 of SEBI Listing Regulations.

Complete Utilization of Issue Proceeds

The monitoring report, prepared by Crisil Ratings Limited, confirms that the entire preferential issue amount of Rs. 450.63 crore has been fully utilized according to the disclosed objects. The deployment was completed during the quarter ended December 31, 2025, with no deviations from the original plan.

Capital Expenditure Progress

The largest component of Rs. 330.00 crore was invested in TCL Global BV for onward investment into TCL Specialties LLC in the United States. During the reported quarter, the company infused Rs. 2.47 crore in TCL Global BV, while Rs. 107.93 crore from the previous quarter was transferred to TCL Specialties LLC. The total amount of Rs. 118.06 crore utilized during the quarter was deployed for capital expenditure as planned.

General Corporate Purposes Deployment

The general corporate purposes allocation of Rs. 110.90 crore was fully utilized for operational payments. During the quarter, Rs. 11.73 crore was deployed, primarily for payments to Total Energies Trading Asia Pte. Ltd. for raw material purchases. This amount included Rs. 10.83 crore carried over from the previous quarter and Rs. 0.90 crore transferred from the monitoring account.

Regulatory Compliance and Approvals

The monitoring report confirms that all government and statutory approvals related to the objects have been obtained, including the National Pollutant Discharge Elimination System (NPDES) approvals. All technical assistance and collaboration arrangements are operational, with TCL Technology & Engineering serving as the EPC contractor for the capex project.

Final Monitoring Report

This represents the final monitoring agency report for the preferential issue, as the entire proceeds have been fully utilized. The Audit Committee reviewed the report, and the Board of Directors took it on record at their meeting held on February 14, 2026. With the completion of fund utilization, both the preferential issue account and monitoring account balances stand at nil.

Thirumalai Chemicals Limited announced its unaudited financial results for the quarter ended December 31, 2025, showing a significant decline in performance compared to the previous year. The company reported substantial losses on both standalone and consolidated basis, marking a challenging quarter for the specialty chemicals manufacturer.

Financial Performance Overview

The company's standalone financial performance showed a marked deterioration during Q3FY26. Revenue from operations declined substantially, while the company moved from profitability to losses compared to the same quarter in the previous fiscal year.

Consolidated Results

On a consolidated basis, the company's performance was even more challenging, with higher losses reported across key metrics. The consolidated revenue also witnessed a significant decline year-on-year.

Nine-Month Performance

For the nine months ended December 31, 2025, the standalone revenue from operations was ₹1,10,278 lakhs compared to ₹1,57,386 lakhs in the corresponding period of FY25. The company reported a standalone net loss of ₹5,457 lakhs for the nine-month period versus a profit of ₹4,470 lakhs in the previous year.

Leadership Changes

The company announced significant changes in its leadership structure during the board meeting held on February 14, 2026.

Director Resignation

Mr. Arun Alagappan tendered his resignation as Independent Director, effective from the closure of business hours on March 31, 2026. He cited increased professional commitments and demands at his own organization where he holds an executive role as the reason for resignation.

New Appointment

Mr. K. Anand Kumar has been appointed as President-Finance and designated as Senior Management Personnel effective February 14, 2026. He is an Associate Member of the Institute of Chartered Accountants of India (ICAI) and the Institute of Cost Accountants of India (ICMAI), and holds an Executive MBA from IIM Bangalore with over 24 years of experience across diverse industries.

Operational Updates

TCL Specialties LLC, USA, a step-down wholly owned subsidiary of Thirumalai Chemicals Limited, commenced the phased commissioning of its Maleic Anhydride plant in December 2025. The phased commissioning process is expected to be completed and stabilized progressively during the first half of calendar year 2026.

Recent Capital Raising

The company had undertaken preferential issues during FY26, allotting 1,62,68,040 equity shares on August 26, 2025, at ₹277 per share aggregating to ₹45,062 lakhs, and 18,96,614 equity shares on December 23, 2025, at ₹296 per share aggregating to ₹5,614 lakhs.