TICL The Thal Industries Corporation Limited

The Thal Industries Corporation Limited (TICL) financial ratios

The Thal Industries Corporation Limited earned a net margin of 4.8% in FY2025 against a five-year average of 6.4% (Sugar & Allied Industries median 0.6%). Return on equity was 20.9%, compared with a sector median of 2.0%. The current ratio stood at 1.95× and debt was 13.2% of equity. Cash took about 90 days to cycle through receivables, inventory and payables.

FY2025 vs the Sugar & Allied Industries median

Gross margin: 12.8%; Sector median 9.9%
Operating margin: 9.4%; Sector median 6.4%
Net margin: 4.8%; Sector median 0.6%
Return on equity (ROE): 20.9%; Sector median 2.0%
Return on assets (ROA): 10.0%; Sector median 0.6%
Current ratio: 1.95×; Sector median 0.93×
Debt to equity: 13.2%; Sector median 60.7%
Asset turnover: 2.07×; Sector median 1.01×
Dividend payout ratio: 1.6%; Sector median 0.0%

Median of the 28 companies in the sector with the figure for their latest fiscal year.

TICL financial ratios (annual) (Rs mn)
Rs mn	FY2025 Oct 2024 – Sep 2025	FY2024 Oct 2023 – Sep 2024	FY2023 Oct 2022 – Sep 2023	FY2022 Oct 2021 – Sep 2022	FY2021 Oct 2020 – Sep 2021	FY2020 Oct 2019 – Sep 2020	FY2019 Oct 2018 – Sep 2019	FY2018 Oct 2017 – Sep 2018	FY2017 Oct 2016 – Sep 2017	FY2016 Oct 2015 – Sep 2016	FY2015 Oct 2014 – Sep 2015	FY2014 Oct 2013 – Sep 2014	FY2013 Oct 2012 – Sep 2013	FY2012 Oct 2011 – Sep 2012	FY2011 Oct 2010 – Sep 2011	FY2010 Oct 2009 – Sep 2010	FY2009 Oct 2008 – Sep 2009	FY2008 Oct 2007 – Sep 2008	FY2007 Oct 2006 – Sep 2007	FY2006 Oct 2005 – Sep 2006
Profitability
Gross margin	12.8%	16.0%	19.9%	20.4%	15.6%	17.0%	12.1%	2.6%	12.4%	12.6%	8.2%	10.5%	10.3%	9.1%	12.9%	10.5%	17.3%	13.3%	7.0%	6.8%
EBITDA margin	10.7%	13.5%	16.6%	18.6%	14.2%	15.5%	9.9%	1.5%	11.1%	12.1%	8.7%	9.4%	9.3%	8.6%	12.7%	10.7%	17.3%	12.8%	8.0%	9.0%
Operating margin	9.4%	11.3%	14.9%	16.2%	11.9%	12.3%	6.9%	(1.3%)	9.1%	9.8%	6.7%	6.9%	7.4%	6.5%	10.7%	8.4%	13.6%	9.8%	3.9%	4.7%
Pre-tax margin	6.5%	3.7%	9.6%	12.2%	9.5%	9.8%	3.8%	(1.1%)	6.3%	6.2%	2.8%	1.0%	3.3%	2.2%	3.9%	3.6%	8.1%	6.9%	1.6%	1.4%
Net margin	4.8%	4.0%	6.4%	9.0%	7.6%	7.8%	2.4%	(1.1%)	4.7%	6.2%	2.3%	0.7%	2.1%	1.4%	2.5%	0.1%	2.4%	2.8%	(0.0%)	(0.2%)
Effective tax rate	25.3%	(6.3%)	33.4%	26.0%	19.6%	20.9%	36.9%	—	24.8%	1.0%	17.1%	25.2%	34.9%	35.1%	36.8%	96.4%	70.4%	59.9%	100.2%	114.0%
Returns
Return on equity (ROE)	20.9%	11.7%	23.9%	27.5%	35.8%	44.4%	16.7%	(7.6%)	33.5%	41.3%	22.0%	5.9%	21.8%	13.2%	26.6%	1.5%	20.9%	20.2%	(0.0%)	(1.2%)
Return on assets (ROA)	10.0%	5.2%	12.4%	14.5%	18.7%	14.1%	3.5%	(1.7%)	9.1%	10.9%	4.5%	1.1%	4.2%	2.4%	5.2%	0.3%	3.6%	3.6%	(0.0%)	(0.3%)
Return on invested capital (ROIC)	16.1%	16.7%	25.9%	27.4%	31.6%	30.2%	11.5%	—	15.7%	20.1%	12.9%	9.8%	13.1%	9.8%	17.5%	0.8%	8.1%	6.5%	(0.0%)	(1.2%)
Liquidity
Current ratio	1.95×	1.30×	1.70×	1.43×	1.80×	1.08×	0.87×	0.93×	1.12×	1.13×	1.09×	1.06×	1.01×	1.14×	1.12×	1.08×	1.04×	1.16×	4.10×	1.99×
Quick ratio	1.26×	0.37×	0.71×	0.51×	1.19×	0.58×	0.43×	0.37×	0.37×	0.52×	0.46×	0.35×	0.33×	0.30×	0.34×	0.42×	0.30×	0.73×	1.90×	0.70×
Leverage
Debt to equity	13.2%	117.0%	22.8%	47.4%	20.3%	68.4%	191.2%	286.7%	187.1%	188.8%	221.1%	391.8%	259.4%	261.2%	303.5%	294.6%	317.2%	324.2%	317.7%	290.4%
Debt to capital	11.7%	53.9%	18.5%	32.1%	16.8%	40.6%	65.7%	74.1%	65.2%	65.4%	68.9%	79.7%	72.2%	72.3%	75.2%	74.7%	76.0%	76.4%	76.1%	74.4%
Debt to assets	8.5%	42.9%	13.0%	22.1%	12.9%	27.6%	45.9%	52.9%	49.3%	52.6%	53.9%	66.4%	56.0%	45.1%	58.2%	59.7%	55.6%	53.3%	66.2%	63.0%
Assets to equity	2.10×	2.26×	1.93×	1.90×	1.92×	3.14×	4.74×	4.52×	3.70×	3.80×	4.91×	5.28×	5.16×	5.52×	5.09×	5.29×	5.86×	5.54×	4.70×	4.26×
Efficiency
Asset turnover	2.07×	1.31×	1.94×	1.61×	2.46×	1.81×	1.47×	1.48×	1.91×	1.76×	1.93×	1.55×	1.97×	1.65×	2.10×	2.18×	1.50×	1.31×	1.43×	1.50×
Receivable days days	35	48	31	34	25	38	49	43	35	45	34	37	28	24	10	9	10	10	16	15
Inventory days days	85	161	93	95	31	52	82	90	73	70	76	100	82	107	70	53	74	65	72	56
Payable days days	29	49	48	54	31	49	52	40	23	15	14	24	43	43	6	9	15	7	5	6
Cash conversion cycle days	90	160	76	75	25	41	79	93	85	100	96	113	68	87	73	53	69	68	83	65
Dividends
Dividend payout ratio	1.6%	6.6%	2.7%	2.5%	2.8%	1.8%	0.0%	—	37.3%	11.4%	9.6%	36.1%	11.0%	14.1%	16.4%	268.6%	33.1%	37.1%	—	—
Earnings retention rate	0.98×	0.93×	0.97×	0.97×	0.97×	0.98×	1.00×	—	0.63×	0.89×	0.90×	0.64×	0.89×	0.86×	0.84×	(1.69×)	0.67×	0.63×	—	—

Ratios as reported for each fiscal year; returns are on average equity / assets. Debt ratios are percentages; turnover in times; working-capital measures in days.

TICL: frequently asked questions

What is TICL's EPS?

The Thal Industries Corporation Limited reported basic earnings per share of Rs 154.99 for FY2025 (Oct 2024 – Sep 2025).

What is TICL's P/E ratio?

At the closing price of Rs 784.00 on 16 Oct 2026, TICL trades at a P/E of 5.1× based on EPS of Rs 154.99 (FY2025).

Does TICL pay dividends?

Yes. The Thal Industries Corporation Limited declared a dividend of Rs 10.00 per share for FY2025. It has paid a dividend in each of the last 20 years. At Rs 784.00 that is a dividend yield of 1.3%.

What was TICL's revenue and profit in FY2025?

The Thal Industries Corporation Limited reported revenue of Rs 48.2 bn and profit attributable to shareholders of Rs 2.3 bn for FY2025 (Oct 2024 – Sep 2025).

What is TICL's book value per share?

The Thal Industries Corporation Limited's book value per share was Rs 800.07 at the end of FY2025. The shares trade at 0.98× book value.

Information only, not investment advice.