Top 10 Thai Companies vs 21 Industry Sections by Revenue 2026
In short
Nineteen of Thailand's 21 industry sections report less revenue than the top 10 companies combined, as of 17 July 2026. The ten firms book 10.84 trillion baht. Only wholesale and retail at 38.74 trillion and manufacturing at 25.13 trillion are bigger. Financial and insurance, the third largest section, is just 3.30 trillion, about 30 percent of the ten.
How many sections do the top 10 companies outweigh?
Nineteen of the 21 sections. The ten largest companies by revenue report 10.84 trillion baht combined (DBD, 2026). Only two sections are bigger than that. Wholesale and retail trade reports 38.74 trillion baht, and manufacturing reports 25.13 trillion. Every other section, from financial and insurance down to households, sits below the ten. Construction reports 2.33 trillion baht, so the ten outweigh it 4.66 times. Real estate reports 1.25 trillion, so the ten outweigh it 8.66 times. Even the third largest section, financial and insurance at 3.30 trillion baht, is only 30 percent of the ten.
Top 10 companies combined against the 14 largest sections
- Top 10 companies combined11
- Wholesale and retail trade39
- Manufacturing25
- Financial and insurance3
- Construction2
- Transportation and storage2
- Information and communication1
- Real estate1
- Administrative and support1
- Professional, scientific and technical1
- Accommodation and food service1
- Electricity and gas1
- Human health and social work1
- Agriculture0
- Mining and quarrying0
Figures in trillion baht of reported revenue.
The first bar is ten companies. Every bar below it is an entire section, and all but two are shorter.
All 21 sections against the top 10 combined
| Industry section | Revenue, trillion baht | Companies | Against top 10 | Top 10 as a multiple |
|---|---|---|---|---|
| Wholesale and retail trade | 39 | 715,976 | Larger than top 10 | 0 |
| Manufacturing | 25 | 230,396 | Larger than top 10 | 0 |
| Financial and insurance | 3 | 35,567 | Smaller than top 10 | 3 |
| Construction | 2 | 283,534 | Smaller than top 10 | 5 |
| Transportation and storage | 2 | 85,273 | Smaller than top 10 | 5 |
| Information and communication | 1 | 52,537 | Smaller than top 10 | 8 |
| Real estate | 1 | 149,608 | Smaller than top 10 | 9 |
| Administrative and support | 1 | 100,691 | Smaller than top 10 | 10 |
| Professional, scientific and technical | 1 | 138,962 | Smaller than top 10 | 10 |
| Accommodation and food service | 1 | 83,598 | Smaller than top 10 | 12 |
| Electricity and gas | 1 | 7,833 | Smaller than top 10 | 13 |
| Human health and social work | 1 | 17,294 | Smaller than top 10 | 21 |
| Agriculture | 0 | 19,259 | Smaller than top 10 | 22 |
| Mining and quarrying | 0 | 8,231 | Smaller than top 10 | 24 |
| Water and waste | 0 | 4,818 | Smaller than top 10 | 74 |
| Arts and entertainment | 0 | 18,486 | Smaller than top 10 | 79 |
| Other services | 0 | 20,455 | Smaller than top 10 | 126 |
| Education | 0 | 13,897 | Smaller than top 10 | 175 |
| Public administration | 0 | 38 | Smaller than top 10 | 40,473 |
| Extraterritorial | 0 | 4 | Smaller than top 10 | 584,757 |
| Households | 0 | 32 | Smaller than top 10 | 3,531,295 |
Reported revenue by TSIC section and the multiple by which 10.84 trillion baht exceeds it, as of 17 Jul 2026. Small sections are shown in trillion baht to four places.
Who the ten are, and why gold and oil dominate
Five of the ten are bullion and gold traders: Hua Seng Heng Commoditas, MTS Gold, YLG Corporation, Y L G Bullion International and Intergold Gold Trade. Together they report 6.83 trillion baht, 63.0 percent of the ten. Hua Seng Heng alone reports 2.66 trillion baht, 24.5 percent of the group. PTT reports 1.85 trillion baht, 17.1 percent. PTT, PTT Oil and Retail Business, Thai Oil and PTT Global Chemical together report 3.54 trillion baht. CP ALL, at 0.47 trillion baht, is the only household consumer brand among them. Gold trading and fuel move enormous sales volume at thin margins, which is why they top a revenue ranking.
Why this matters
Revenue is a measure of volume, not of value created. A bullion dealer that turns over inventory daily can report more sales than the whole construction industry. So a headline that says ten firms outweigh 19 sections is a statement about turnover and trade flows. It is not a claim that ten firms drive 19 industries. Readers who size markets from company revenue should check whether the top names are dealers, refiners or producers. The ten together are 66.9 percent of the combined revenue of the 19 smaller sections, so the gap between a handful of giants and the long tail of 1.99 million registered companies is real, even after discounting for trading volume.
Definitions
- Industry section
- One of 21 lettered top-level groups in the Thai Standard Industrial Classification, such as manufacturing or construction.
- Reported revenue
- Total revenue on a company's filed financial statement, in baht.
- Aggregate
- A total summed across many companies rather than an average.
- Multiple
- The top 10 combined revenue divided by a section's revenue.
Assumptions
- Only companies that filed a financial statement contribute revenue.
- The company ranking and the section totals were computed on different dates and may rest on different statement years, so ratios are indicative.
- Revenue measures sales volume, so gold and fuel traders rank high without implying high profit.
Methodology
Top 10 company revenue comes from the Max Data ranking of companies by reported revenue, computed from Department of Business Development filings, with rows dated 24 June 2026. Section revenue is the sum of reported revenue for companies in each of the 21 TSIC sections, computed 17 July 2026. Only companies with a filed financial statement are counted. The two tables were computed on different dates and the company ranking may use a single statement year while section totals may aggregate differently, so the comparison is indicative. The registry figures are authoritative.
How we verified this
- Top 10 revenue figures summed to 10,840,486,258,090 baht, rounded to 10.84 trillion.
- Each of the 21 section revenues was compared with 10.84 trillion baht. Two exceed it, G at 38.74 and C at 25.13, so 21 minus 2 equals 19 sections are smaller.
- The 19 smaller sections sum to 80.075 minus 38.739 minus 25.131, which is 16.205 trillion baht. 10.840 divided by 16.205 equals 66.9 percent.
- Financial and insurance at 3.304 trillion baht against 10.840 gives 30.5 percent. Construction 10.840 divided by 2.326 gives 4.66 times. Real estate 10.840 divided by 1.252 gives 8.66 times.
- Gold names Hua Seng Heng, MTS Gold, YLG, Y L G Bullion and Intergold sum to 6.829 trillion baht, 63.0 percent of 10.840. With CP ALL at 0.473 trillion, 6.829 plus 3.538 plus 0.473 returns the full 10.840. The four energy names PTT, PTT Oil and Retail, Thai Oil and PTT Global Chemical sum to 3.538 trillion baht. Hua Seng Heng 2.658 divided by 10.840 gives 24.5 percent. PTT 1.848 divided by 10.840 gives 17.1 percent.
- Sum of all 21 section revenues is 80.075 trillion baht, within 0.1 percent of the national total of 80.148 trillion baht.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- National Statistical Office of Thailand. (2026). Statistical data and industrial classification. NSO. https://www.nso.go.th/
Frequently asked questions
How many Thai industry sections earn less than the top 10 companies?
Nineteen of 21. Only wholesale and retail and manufacturing report more than the 10.84 trillion baht the ten companies book.
How much revenue do the top 10 Thai companies report together?
10.84 trillion baht, from the DBD registry rankings dated 24 June 2026.
Which sections are bigger than the top 10 combined?
Wholesale and retail trade at 38.74 trillion baht and manufacturing at 25.13 trillion baht.
Does this mean ten companies dominate the economy?
Not by itself. Gold trading and fuel sales carry huge revenue at low margins, so the ranking reflects turnover more than profit.
Cite this page
Chatpong L. (2026). Top 10 Thai Companies vs 21 Industry Sections by Revenue 2026. Max Data Insights. https://maxdatathailand.com/insights/do-the-top-10-thai-companies-out-earn-the-smallest-industry-sections-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.