IRPC Public Company Limited (IRPSY)
POSITIVEFundamental
68
Price
$2.42
Market Cap
$51.43B
Part 1 · What the company is worth
Overview
IRPC refines crude oil into fuels and turns some of that output into petrochemicals, at an integrated site in Thailand that is the country's second-largest refinery, with capacity of about 215,000 barrels a day. It also sells lubricants, asphalt and plastics such as polyethylene and polypropylene. The company is majority-linked to Thailand's national oil company PTT, which owns roughly 45% of it and supplies its crude oil.
How it makes money
Revenue comes from selling refined fuels, petrochemicals and related products at market prices, so profit depends on the spread between the cost of crude oil and the price of what comes out the other end — a margin that swings with global oil and petrochemical markets rather than being set by the company. PTT supplies essentially all of its crude, but at market price rather than at a discount, so ownership does not translate into a lower input cost.
Competitive moat
No identified moat · NoneIRPC buys its main input, crude oil, at market price even from its own parent company, and sells fuels and basic petrochemicals that are largely undifferentiated commodities priced on global markets. Being Thailand's second-largest refiner gives it local scale, but not a cost or pricing advantage over other refiners exposed to the same crude and product prices.
What drives demand
CyclicalAs a refiner and petrochemical producer, results move with global crude oil prices and refining margins, which swing with the broader economy, energy demand and regional refining capacity — not with any steady, non-discretionary consumption pattern.
The case for
Buyers argue that being tied to PTT, Thailand's national oil company and a roughly 45% owner, gives IRPC funding support and credit-rating uplift in stressed periods, and that its position as the country's second-largest, fully integrated refining-and-petrochemical complex is not easily replicated.
The case against
Sellers fear that buying crude at market price even from its own parent leaves IRPC with no cost advantage, that refining and petrochemical margins are set by volatile global markets outside its control, and that a commodity business with no pricing power offers little protection when those margins compress.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$283.23B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Net Income
$5.52B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Free Cash Flow
$20.46B
Total Equity
$76.40B
Total Liabilities
$67.55B
Current Ratio
1.36
Interest Coverage
-
Debt/EBITDA
2.77
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$5.93
Current Price
$2.42
Margin of Safety
+59.2%
Fair Value Range
$3.86 - $8.01
Estimation Methods
Valuation Metrics
P/E Ratio
9.32
ROE
14.8%
P/B Ratio
0.70
P/FCF
2.51
Gross Margin
5.8%
ROIC
4.9%
Profitability Radar
Value Creation (Economic Moat)
ROIC
4.9%
WACC
5.9%
ROIC − WACC
-1.0 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Fundamental Analysis Criteria
Passed (12)
- P/FCF 2.51
- P/B Ratio 0.70
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- DCF valuation (Undervalued)
- ROE 8.1%
- Revenue Growth 5Y 9.9%
- Earnings Surprise avg 37.9%
- Net Margin Trend -1.3% vs -1.6%
Failed (7)
- Price CAGR -7.06%
- ROIC 4.9%
- Gross Margin 5.8%
- Operating Margin 3.0%
- CapEx intensity
- Analyst Consensus 11% Buy
- Piotroski F-Score 2/9
Unavailable (8)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Terdkiat Prommool | President, CEO, Secretary & Director | 58 |
| Ms. Torsang Chaipravat | Senior EVP of Corporate Accounting & Finance | 49 |
| Mr. Lersak Thongruang | Senior Executive Vice President of Operation | 58 |
| Ms. Wanida Utaisomnapa | Senior Executive Vice President of Corporate Commercial & Marketing | 59 |
| Mr. Kraisit Anukoolutaiwong | Executive VP of Corporate People & Organization Effectiveness | 63 |
| Mr. Thammasak Panyowatkool | Executive Vice President of Corporate Organization Effectiveness | 58 |
| Mr. Rathapol Unakanporn | Executive VP of Infrastructure Logistics & Operation Excellence | 62 |
| Mr. Pranarch Kosayanont | Senior Executive Vice President of Corporate Strategy Planning & Business Development | 58 |
| Mr. Poramet Junwichit | Senior Executive Vice President of Corporate Organization Effectiveness | 60 |
| Mr. Apichit Wongpanit | Acting Senior Executive Vice President of Corporate Organization Effectiveness and Digital | - |
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for IRPSY, sourced from Markets Gazette.