Thirumalai Chemicals posts $60m loss amid $240m USA expansion

Thirumalai Chemicals reported Q1 consolidated income of INR 452 crore, down 19% year-over-year, with a consolidated loss of INR 60 crore driven by lower spreads, retrenchment costs, and USA project interest expenses.

The company is pursuing a $240 million USA expansion to become one of the largest global manufacturers of Maleic Acid and Fumaric Acid with 40 KTPA capacity. The project is on track for production by December 2025, targeting 50% of EBITDA from high-margin products.