The Company is a manufacturer of made-to-order transformers for domestic and overseas distribution and a service provider of transformer installation, maintenance and testing.
| 9M25 | 9M24 | 2024 | 2023 |
|---|
| Revenues | 1,480.84 | 2,330.71 | 2,881.98 | 2,110.69 |
| Expenses | 1,335.50 | 1,953.61 | 2,506.90 | 1,857.39 |
| Net Profit (Loss) | 85.12 | 245.31 | 223.37 | 129.58 |
| Assets | 3,088.94 | 3,476.39 | 3,015.95 | 3,265.58 |
| Liabilities | 1,861.23 | 2,182.62 | 1,779.63 | 2,152.02 |
| Shareholders' Equity | 1,261.80 | 1,326.29 | 1,269.07 | 1,145.65 |
| Operating | 569.53 | 150.75 | 761.56 | -209.47 |
| Investing | -64.61 | -22.33 | -31.63 | -47.64 |
| Financing | -408.88 | -142.16 | -539.84 | 115.18 |
| EPS (Baht) | 0.28 | 0.80 | 0.73 | 0.42 |
| GP Margin (%) | 23.99 | 24.27 | 22.50 | 25.57 |
| NP Margin (%) | 5.66 | 10.51 | 7.73 | 6.00 |
| D/E Ratio (x) | 1.52 | 1.69 | 1.44 | 1.93 |
| ROE (%) | 4.88 | 28.46 | 18.50 | 11.99 |
| ROA (%) | 4.15 | 15.71 | 11.76 | 8.35 |
Under the current high competition, the company and its subsidiaries estimate revenue growth to be around 16%-20%, maintaining an average gross profit rate for the entire group at 20%. The company has developed strategic and business plans. The company’s business groups are divided into Transformer and Non-Transformer groups, with a 10-year timeframe (2023-2032), divided into short-term plans of 1-3 years, medium-term plans of 3-5 years, and long-term plans of 5-10 years. With a vision to lead in the production, distribution, and full-service related to transformers in the Asian region and all other regions, and to seek opportunities to invest in related energy businesses with quality work that meets customer needs under good governance principles and creating beauty for society. Currently, the company continues to operate according to the set plan, giving importance to the design and development of full-circle products, services, and solutions to meet consumer needs under digital technology innovation and green products, aiming towards a low-carbon society and a net-zero greenhouse gas emission target by 2050.
The company is committed to being a leader in the transformer business and integrated energy business. Driving the organization under creating balance sustainable development and strengthen the business The goal is to increase operational efficiency. good corporate governance and create value together with stakeholders The company places importance on governance in all three dimensions: economy, society, and environment. To meet the needs of stakeholders Including protecting and maintaining environment and create good things for society. The company has received a certificate “Corporate Carbon Footprint (CFO)” shows commitment to reducing greenhouse gas emissions for sustainable growth. By operating according to the project plan to reduce carbon emissions. Reduce greenhouse gas emissions and demonstrate to all parties involved their responsibility in terms of economics, society, and the environment.
The Company has expanded its production capabilities, becoming one of only two manufacturers in Thailand able to produce 333 MVA, 525 kV power transformers. The Company is committed to comprehensive management and services, leveraging modern technology and efficient resource use. International markets continue to grow, particularly in the United States, where demand for high-capacity transformers is strong, and in Europe, where demand is rising. New orders are expected from 2026 to 2028, ensuring a solid pipeline for long-term growth. Export revenue for next year is projected at approximately 33% of total revenue.
Tirathai Public Company Limited and its subsidiaries reported a net profit attributable to owners of the parent of THB 85.12 million for the quarter ended 30 September 2025, as reviewed by the Company’s Certified Public Accountant. This represents a decrease of THB 160.19 million, or more than 20 percent from the same period last year. Sales revenue totaled THB 1,332.48 million, down THB 816.18 million (37.99%) year-on-year, mainly due to a decline in transformer sales, which accounted for 89.98 percent of total revenue. Service revenue was THB 125.92 million, a decrease of THB 9.46 million (6.98%) from the same period last year. The gross profit margin from sales decreased from 22.72% in Q3/2024 to 22.40% in Q3/2025, primarily due to lower margins in transformer sales. The gross profit margin from services declined from 48.81% to 40.83%, reflecting higher market competition and efforts to maintain market share. Selling expenses were THB 46.94 million, a decrease of THB 2.27 million (4.62%) from the same period last year, while administrative expenses increased to THB 179.13 million, up THB 4.10 million (2.34%), in line with ongoing operations and business expansion. Finance costs totaled THB 36.64 million, a reduction of THB 33.22 million (47.55%) from the same period last year, due to sufficient liquidity that enabled repayment of short-term borrowings and reduced interest expenses. The impairment loss related to the Clean Fuel Project (CFP) decreased from THB 19.46 million in Q2/2025 to THB 0.00 million in Q3/2025, as the Company successfully collected the outstanding debt in full.
The Company is focusing R&D of product, create the innovation to develop its capabilities and aims to use the remote communication control to increase transformer efficiency and value.
Risk management is an organizational process that is systematic and continuous, aimed at minimizing the causes of potential events so that the likelihood and impact of future losses remain at acceptable, measurable, controllable, and auditable levels. The process prioritizes the achievement of organizational objectives while taking into account advances in technology, economic, social, and environmental changes, as well as uncertain conditions. Effective risk management ensures that operations meet performance targets and supports sustainable outcomes across economic, social, and environmental dimensions.
2024 Received an award The Prime Minister's Industry Award 2024 in the category Circular Economy. 2024 Certified with the Energy-Saving Label No. 5 for Distribution transformers. 2023 Certificate Carbon Footprint for Organization (CFO). 2022 Certified as a member of the Thai Private Sector Collective Action Coalition Against Corruption (CAC). 2021 Certificate as a product made in Thailand MIT. 2020 Received an award for “Outstanding Industry of the Year2020 in the category Potential Industry” The Prime Minister's Industry Award 2020. 2017, 2019,2024 Certificate Green Industry Level 4 Green Culture 2018, 2021 Certificate Green Label Transformer.
| as of 30/09/25 | TRT | INDUS | mai |
|---|---|---|---|
| P/E (X) | 6.25 | 23.36 | 72.21 |
| P/BV (X) | 0.76 | 0.85 | 1.27 |
| Dividend yield (%) | 11.78 | 5.25 | 3.64 |
| 30/09/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 967.15 | 1,133.47 | 763.86 |
| Price (B/Share) | 3.14 | 3.68 | 2.48 |
| P/E (X) | 6.25 | 3.35 | 17.11 |
| P/BV (X) | 0.76 | 0.85 | 0.73 |
