Thailand's Deepest Net-Loss Industry Codes in 2026
In short
353 of Thailand's 1,228 five-digit industry codes report a negative net margin overall, 28.7 percent, as of 17 July 2026. Only 55 of those losses run deeper than negative 50 percent, so most of the red ink is shallow, not catastrophic. The steepest loss among large-revenue codes sits in agriculture, code 03224, at negative 111.4 percent on 230 million baht of revenue. Among the ten deepest-margin large-revenue codes, the biggest dollar loss sits in an information and communication code, where reporting companies lost a combined 6.58 billion baht.
Which industry codes lose the most money in Thailand?
Rank Thailand's 1,228 five-digit industry codes by net margin and 353 of them sit below zero, as of 17 July 2026 (DBD, 2026). That is 28.7 percent of all 1,228 five-digit TSIC codes in the registry. Most of that red ink is shallow. Only 55 codes fall below negative 50 percent, so 84.4 percent of the loss-making group is bruised, not broken. Strip out the tiny codes where one or two companies with almost no revenue can swing a ratio into the hundreds of thousands of percent, and the real damage concentrates in a handful of large, active codes. Among codes carrying at least 100 million baht in total revenue, the deepest loss sits in agriculture, code 03224, at negative 111.4 percent. Among those ten deepest-margin codes, the largest dollar loss sits in an information and communication code, where reporting companies lost a combined 6.58 billion baht against 12.57 billion baht of revenue.
Deepest net margins among industry codes with at least 100 million baht in revenue
- 03224, Agriculture-111
- 49201, Transportation-82
- 63120, Info and comm-56
- 70200, Professional services-55
- 61102, Info and comm-52
- 01199, Agriculture-46
- 22291, Manufacturing-42
- 03119, Agriculture-35
- 01289, Agriculture-35
- 52102, Transportation-32
Figures in percent net margin.
Every code shown here carries dozens or hundreds of reporting companies and real revenue, so these losses are structural, not a statistical accident from a tiny filer.
Thailand's ten deepest net-loss industry codes by scale
| TSIC code | Section | Net margin | Total revenue | Net loss | Reporting companies | Top filer by revenue |
|---|---|---|---|---|---|---|
| 03224 | Agriculture | -111.4% | 230.0 million baht | 256.2 million baht | 14 | Sriracha Crocodiel Farm and Product Company Limited |
| 49201 | Transportation and storage | -82.4% | 4.56 billion baht | 3.75 billion baht | 174 | Thai Smile Bus Company Limited |
| 63120 | Information and communication | -56.3% | 151.0 million baht | 85.1 million baht | 61 | Digitalland Services (Thailand) Ltd. |
| 70200 | Professional, scientific and technical | -55.4% | 114.1 million baht | 63.2 million baht | 70 | Thairung Auto Group Company Limited |
| 61102 | Information and communication | -52.4% | 12.57 billion baht | 6.58 billion baht | 460 | True Visions Group Co., Ltd. |
| 01199 | Agriculture | -46.4% | 157.8 million baht | 73.3 million baht | 94 | Future Feed Inter Co., Ltd. |
| 22291 | Manufacturing | -42.5% | 7.66 billion baht | 3.25 billion baht | 85 | ปัญจวัฒนาพลาสติก จำกัด |
| 03119 | Agriculture | -34.9% | 976.8 million baht | 341.1 million baht | 78 | Nutthanet Co., Ltd. |
| 01289 | Agriculture | -34.8% | 3.18 billion baht | 1.11 billion baht | 1,241 | Natura Gen Labs Co., Ltd. |
| 52102 | Transportation and storage | -32.4% | 2.66 billion baht | 863.7 million baht | 66 | Central Silo and Drying Co., Ltd. |
Five-digit TSIC codes with at least 100 million baht in total revenue and a negative net margin, ranked by margin, as of 17 Jul 2026.
Why the headline count hides more noise than signal
Most of the 353 negative-margin codes carry only one to five reporting companies and revenue in the thousands or tens of thousands of baht. In that setting a single bad debt writedown against almost no revenue produces a margin of negative several hundred thousand percent, which is mathematically correct but tells you nothing about the shape of an actual industry. That is why the ranked table above applies a 100 million baht revenue floor. Filtered that way, 242 codes still show a negative margin, but only 5 fall below negative 50 percent. The losses that remain after filtering are real. They sit inside sectors with hundreds of active filers, not a handful of shell companies.
Why this matters
Loss-making industry codes are where credit risk and supplier risk concentrate first. A lender, landlord or supplier scanning a counterparty's five-digit code against this list gets an early warning before a single company's numbers turn bad. The OECD has already flagged the broader trend behind these numbers, reporting that the share of loss-making Thai companies rose across every size category between 2014 and 2023, with small and medium firms hit hardest (OECD, 2025). Manufacturing carries the most loss-making codes of any section, 97 of the 353, which lines up with the same OECD finding that industrial SMEs have struggled to hold margin through weak demand and higher input costs. None of this means every company in these codes is failing. A code-level margin is an aggregate, and profitable filers inside a loss-making code are still common. What the data does show is where the aggregate weight of red ink sits, in transportation, in a slice of manufacturing, and in pockets of agriculture, not spread evenly across the economy.
Definitions
- Net margin
- Net profit as a share of revenue. A negative ten percent margin means the code lost ten satang for every baht of revenue booked.
- Aggregate margin
- Total net profit for a code divided by total revenue for that code, computed across every filing company at once, rather than averaging each company's own margin.
- Five-digit TSIC code
- The most granular level of Thailand's industry classification, nested inside one of 21 lettered sections such as agriculture or manufacturing. The registry does not publish an official name for each five-digit code, only the code number and its parent section.
- Deep loss
- In this analysis, a code where the aggregate net margin runs below negative 50 percent, meaning the code loses more than 50 satang for every baht of revenue it books.
- Reporting company
- A registered company within a code that filed a financial statement for the year measured, as opposed to one that registered but never filed.
Assumptions
- Margin is computed only from companies that filed a financial statement, so a code with very few filers can carry a margin that does not represent every registered company inside it.
- Codes with very low total revenue produce mathematically extreme margins, which is why the ranked table applies a 100 million baht revenue floor.
- Net margin is a snapshot of the latest filed year in aggregate, not adjusted for one time writedowns or accounting treatment specific to any single industry.
Methodology
Net margin per five-digit TSIC code is aggregate net profit divided by aggregate revenue, summed across every company in that code that filed a financial statement in the DBD registry, as of 17 July 2026. A code counts as loss-making when that aggregate margin is negative, not when any single company inside it loses money. Of the 1,228 five-digit codes in the registry, 36 have no filed financial data and carry no computed margin, so they count toward the 1,228 total but not toward the negative or positive split. The chart and ranked table restrict to codes with at least 100 million baht in combined revenue so that a handful of tiny filers with near zero revenue cannot swing the ratio into the thousands of percent. Codes below that revenue floor are still counted in the headline totals but excluded from the ranked table for readability. The five-digit registry does not carry an official industry name, so codes are identified by number, parent section, and top filer by revenue.
How we verified this
- 353 divided by 1,228 equals 28.7 percent, the negative-margin share of all 1,228 five-digit TSIC codes in the registry, including 36 codes with no filed financial data and therefore no computed margin.
- 55 divided by 353 equals 15.6 percent, the share of negative-margin codes that fall below negative 50 percent, confirming most loss-making codes are shallow losses, not deep ones.
- 9,229,336,068,285.76 baht divided by the national revenue total of 80,148,033,688,000 baht equals 11.5 percent, the share of national revenue sitting inside loss-making codes.
- 166,038,707,844.75 baht divided by 9,229,336,068,285.76 baht equals negative 1.8 percent, the dollar-weighted aggregate margin of the entire loss-making group, far shallower than the extreme percentages any single tiny code can show.
- 97 divided by 353 equals 27.5 percent, confirming manufacturing carries the largest count of negative-margin codes of any section.
- Applying a 100 million baht revenue floor leaves 242 negative-margin codes and 5 deep losses below negative 50 percent, confirmed by direct count against the filtered query.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- OECD. (2025). The corporate sector. In OECD Capital Market Review of Thailand 2025. OECD Publishing. https://www.oecd.org/en/publications/oecd-capital-market-review-of-thailand-2025_0a975590-en/full-report/the-corporate-sector_008c96e5.html
Frequently asked questions
How many Thai industry codes are losing money?
353 of the 1,228 five-digit industry codes with a computed net margin report a negative margin overall, 28.7 percent, as of 17 July 2026.
Which industry code has the deepest loss?
Among codes with at least 100 million baht in total revenue, the deepest is code 03224 in agriculture, at negative 111.4 percent. Its top filer by revenue is Sriracha Crocodiel Farm and Product Company Limited.
Which code lost the most money in baht terms?
Code 61102, inside information and communication, posted the largest dollar loss among the ten deepest-margin large-revenue codes in this ranking, a combined 6.58 billion baht loss against 12.57 billion baht of revenue, a negative 52.4 percent margin. Its top filer by revenue is True Visions Group Co., Ltd.
Are these losses spread evenly across the economy?
No. Manufacturing carries the most loss-making codes at 97, or 27.5 percent of the negative group, followed by agriculture at 60 and wholesale and retail trade at 47.
Cite this page
Chatpong L. (2026). Thailand's Deepest Net-Loss Industry Codes in 2026. Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-with-the-deepest-net-losses-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.