Large-Company Mix and Net Margins in Thai Industry Codes 2026
In short
Thai industry codes where large companies make up 20 to 40 percent of the company count post an average net margin of 12.67 percent. Codes where large firms are under 20 percent of the roster average just 2.30 percent, a gap of 10.36 percentage points. Only seven of 967 sizable TSIC codes fall in that higher band, covering 862 companies. The single code where large firms exceed 40 percent of the roster settles back to 9.34 percent, so the pattern is not a straight line upward.
Does a bigger share of large firms mean a fatter margin?
Yes, but only inside a narrow band. Among the 967 Thailand Standard Industrial Classification codes with more than 20 registered companies each, 959 codes have large firms making up under a fifth of the roster, and those codes average a net margin of 2.30 percent (DBD, 2026). Seven codes cross into the 20 to 40 percent large-company share band, and those seven average 12.67 percent, more than five times higher. That is a gap of 10.36 percentage points between the two groups. The pattern is real inside this slice of the registry, and it is thin. Those seven codes hold just 862 companies out of the 1,985,061 covered by codes with more than 20 firms.
Average net margin by large-company share band
- Under 20 percent large2
- 20 to 40 percent large13
- Above 40 percent large9
Figures in percent net margin.
The single code above 40 percent breaks the upward climb, so margin does not simply rise with a heavier large-firm mix.
TSIC codes grouped by large-company share
| Large-company share band | TSIC codes | Companies | Average net margin |
|---|---|---|---|
| Under 20 percent | 959 | 1,984,174 | 2.30% |
| 20 to 40 percent | 7 | 862 | 12.67% |
| Above 40 percent | 1 | 25 | 9.34% |
Codes with more than 20 registered companies, grouped by the share of those companies DBD classifies as large, as of 7 Jul 2026.
Who sits in the high-margin band
Section codes, not the five digit code names, are all the registry hands out below the top level, since description_en is blank for individual TSIC codes. The seven codes in the 20 to 40 percent band sit across transportation and storage, mining and quarrying, financial and insurance, and manufacturing, with manufacturing supplying four of the seven. Margins inside that manufacturing group swing hard, from 9.68 percent down to 0.37 percent and 0.19 percent. A shared size mix does not guarantee a shared outcome. The strongest code, in transportation and storage with 30.77 percent of its 26 companies classified large, posts a 35.99 percent net margin. The weakest, a manufacturing code with just over a fifth of its 163 companies large, posts 0.19 percent.
Why this matters
A big count of large players does not explain profitability on its own. The under 20 percent band holds 959 codes and 1,984,174 companies, close to the entire sized economy, and its average margin sits below the national aggregate of 4.10 percent (DBD, 2026). A heavier large-firm mix does coincide with fat margins in a handful of pockets, transportation and storage, mining and quarrying, a slice of niche finance. It does not scale into a general rule, because the one code where large firms exceed 40 percent of the roster falls back to 9.34 percent, below four of the seven codes in the 20 to 40 percent band. Anyone screening industry codes by size mix for a lending or investment thesis should treat this as a narrow signal from eight codes, not a broad law of Thai business.
Definitions
- Net margin
- Net profit as a share of revenue. A ten percent margin means ten satang of profit for every baht of revenue.
- TSIC code
- Thailand Standard Industrial Classification code, a five digit code the DBD registry uses to classify a company's main business activity.
- Large-company share
- The count of companies DBD classifies as large in a TSIC code, divided by that code's total registered company count.
- Large company
- DBD's largest of four size bands, alongside micro, small and medium, based on the company's registered financial profile.
- TSIC section
- The single letter grouping, such as C for manufacturing, that sits one level above the five digit TSIC code.
Assumptions
- Only TSIC codes with more than 20 registered companies are included, to keep each code's margin and large-company share stable.
- Band averages are a simple average of each code's own net margin, not weighted by revenue or company count, so a few small high margin codes can move a band's average.
- Net margin only reflects companies that filed a financial statement, so codes with low filing rates carry more uncertainty.
- The above 40 percent band holds a single code, too few companies to generalize about.
Methodology
Net margin per Thailand Standard Industrial Classification code is aggregate net profit divided by aggregate revenue for companies in that code that filed a financial statement, drawn from the DBD registry as of 7 July 2026. A company is classified large under DBD's own size band, the biggest of four bands alongside micro, small and medium. Large-company share is the count of large companies in a code divided by that code's total registered company count. To keep the share and margin stable, this analysis only uses TSIC codes with more than 20 registered companies, which covers 967 of 1,228 codes and 1,985,061 of 1,986,709 sized companies. Band averages are a simple average of each code's own net margin, one code, one vote, not weighted by revenue or company count, so a handful of small but high margin codes can move a band's average.
How we verified this
- 12.67 percent recomputed as the simple average of net margin across the seven TSIC codes with a large-company share of 20 to 40 percent: 35.99, 18.85, 18.84, 9.68, 4.75, 0.37 and 0.19 sum to 88.67, divided by 7 equals 12.67.
- 2.30 percent recomputed as the simple average of net margin across the 959 TSIC codes with a large-company share under 20 percent, each code counted once.
- The margin gap of 10.36 percentage points recomputed from the unrounded band averages, 12.66629 minus 2.30205, which rounds to 10.36 and not to 10.37, the figure a naive subtraction of the rounded 12.67 and 2.30 would give.
- 967 rechecked as 959 plus 7 plus 1, the three bands summing to the full set of TSIC codes with more than 20 registered companies.
- 862 companies in the 20 to 40 percent band recomputed as 26 plus 49 plus 38 plus 44 plus 373 plus 169 plus 163, the entity counts of the seven codes.
- 1,985,061 total companies rechecked as 1,984,174 plus 862 plus 25 across the three bands.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- World Bank. (2020). Thailand manufacturing firm productivity report. World Bank Group. https://documents1.worldbank.org/curated/en/497151606302306312/pdf/Thailand-Manufacturing-Firm-Productivity-Report.pdf
Frequently asked questions
Do industries with more large companies earn higher margins in Thailand?
Only in a narrow band. TSIC codes where large firms make up 20 to 40 percent of the company count average 12.67 percent net margin, versus 2.30 percent where large firms make up under 20 percent of the count.
How many Thai industry codes have a large-company share above 20 percent?
Eight of 967 sizable codes clear 20 percent, seven in the 20 to 40 percent band and one above 40 percent, together holding 887 of the 1,985,061 companies covered.
What counts as a large company in this analysis?
DBD's own size classification, the biggest of four bands used across the registry alongside micro, small and medium.
Does the margin keep rising as the large-company share climbs past 40 percent?
No. The single code above 40 percent posts a 9.34 percent margin, lower than four of the seven codes in the 20 to 40 percent band.
Cite this page
Chatpong L. (2026). Large-Company Mix and Net Margins in Thai Industry Codes 2026. Max Data Insights. https://maxdatathailand.com/insights/do-thai-industries-with-more-large-companies-earn-higher-margins-2026
Data & corrections
Download the data (CSV)Spot something off, or want to ask about the data? Email insights@maxsolutions.co.th. We publish corrections.
Written by
Chatpong L.Founder, Max Data, Max Solutions Co., Ltd.
Chatpong L. leads Max Data, a company-intelligence platform built on Thailand's official business registry. He writes about the structure of the Thai economy using primary registry data. His work covers company formation, industry concentration, and regional business activity.
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This page reports company-level and aggregate statistics only. It names no individuals and makes no claims about any person. Figures are provided for information and may be revised as source data updates.