Thirumalai Chemicals Limited has been downgraded by ICRA Limited on its various fund-based and non-fund-based facilities. The long-term fund-based working capital facilities totaling ₹480.50 crore and long-term fund-based term loan of ₹437.05 crore have been downgraded to [ICRA]BBB+ (Negative). The long-term/short-term unallocated limits of ₹200.00 crore have also been downgraded to [ICRA]BBB+ (Negative)/[ICRA]A2. Furthermore, short-term non-fund-based facilities of ₹100.00 crore and another set of non-fund-based facilities amounting to (₹680.00) crore have been downgraded to [ICRA]A2. The company's non-convertible debentures worth ₹100.00 crore have also been downgraded to [ICRA]BBB+ (Negative).

The rating action, effective January 12, 2026, is attributed to the moderation in the company's performance and an increase in the cost of its US project. The ratings were communicated by ICRA on January 13, 2026.