Thirumalai Chemicals Limited has received a credit rating downgrade from ICRA Limited, with the rating agency revising its assessment across multiple debt instruments totaling ₹1,317.55 crores. The company informed the stock exchanges on January 13, 2026, about the rating action communicated by ICRA on January 12, 2026.

Rating Downgrade Details

ICRA has downgraded the company's credit ratings to [ICRA]BBB+ (Negative) for long-term instruments and [ICRA]A2 for short-term facilities. The rating agency cited moderation in the company's performance and increase in US project costs as the primary reasons for this downgrade.

Facility-wise Breakdown

The downgrade encompasses various banking facilities across multiple lenders. The term loans of ₹437.05 crores are distributed among IDFC FIRST Bank Limited (₹212.05 crores), Federal Bank Limited (₹200.00 crores), and CSB Bank Limited (₹25.00 crores). The fund-based working capital facilities of ₹480.50 crores include limits with Axis Bank Limited (₹150.00 crores), IDFC FIRST Bank Limited (₹180.00 crores), ICICI Bank Limited (₹150.00 crores), and Federal Bank Limited (₹0.50 crores).

Non-Convertible Debentures Impact

The rating downgrade also affects the company's non-convertible debentures program worth ₹100.00 crores. The debentures are distributed across three ISIN codes: INE338A07021 (₹33.00 crores), INE338A07013 (₹33.00 crores), and INE338A07039 (₹34.00 crores). All these instruments now carry the [ICRA]BBB+ (Negative) rating.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, by informing both BSE Limited and National Stock Exchange of India Limited about the rating action. The communication was signed by Company Secretary Aditya Sharma and submitted to the exchanges with the company's scrip codes 500412 (BSE) and TIRUMALCHM (NSE).

Rating Surveillance and Future Reviews

ICRA has indicated that the ratings will become due for surveillance within one year from the date of the rating communication. The rating agency reserves the right to review and revise the ratings at any time based on new information or circumstances that could impact the company's creditworthiness. Investors and lenders are advised to visit ICRA's website for the latest rating updates on the company.

Thirumalai Chemicals has reached a significant operational milestone with its US subsidiary TCL Specialties USA successfully launching the first phase of commercial production at its new American facility. The company has announced the completion of its initial sale of Maleic Anhydride (MAN), marking the commencement of commercial operations at the facility.

Production Milestone Details

The new US facility represents a strategic expansion for Thirumalai Chemicals into the American market. The successful start of commercial production demonstrates the company's ability to establish and operationalize manufacturing capabilities internationally.

Strategic Significance

The commencement of production at the US facility marks an important development in Thirumalai Chemicals' international operations. The facility's ability to produce and sell Maleic Anhydride establishes the company's manufacturing footprint in the United States, potentially providing access to North American markets.

Product Focus

Maleic Anhydride (MAN) serves as the initial product offering from the new facility. The successful production and sale of this chemical compound demonstrates the facility's operational readiness and market connectivity.

This milestone represents the beginning of what appears to be a phased approach to full commercial operations at the US facility, with the first phase now successfully underway.