Thai Industry Codes With 3 Straight Years of Rising Margin (2026)
In short
48 Thai industry codes with 100 or more filers in every year raised their net margin three years running from 2022 to 2025, as of 14 August 2026. That is 9.0 percent of the 534 codes that qualify. Twelve of them climbed out of a loss into a profit. Wholesale and retail supplies 14 of the 48, and manufacturing supplies 13. The median gain is 3.09 points, so the typical climber improves slowly while a few big recoveries stretch the average.
Which codes improved their margin three years in a row?
Forty-eight of them. The test is strict: net margin must rise from 2022 to 2023, again to 2024, and again to 2025, in a code that had at least 100 filers in every one of those years (DBD, 2026). Only 534 codes clear the filer bar across all four years. So 9.0 percent pass the climb test. The group is not a niche. It holds 64,932 filers in 2025, and it runs from restaurants and hotels to wholesale, manufacturing and finance. Averages across the economy move slowly. Underneath them, a small set of industries has been getting steadily better at keeping profit.
Where the 48 climbing codes sit
- Wholesale and retail trade14
- Manufacturing13
- Accommodation and food service3
- Administrative and support3
- Agriculture2
- Arts and entertainment2
- Information and communication2
- Financial and insurance2
- Education2
- Other services2
- Mining, professional services and health, one each3
Figures in number of 5-digit codes.
Trade and manufacturing together supply 27 of the 48.
The 15 biggest margin gains among the 48
| TSIC code | Section | 2022 | 2023 | 2024 | 2025 | Gain in points | Filers 2025 |
|---|---|---|---|---|---|---|---|
| 01289 | Agriculture | -132.80% | -81.36% | -54.79% | -33.36% | 99.44 | 690 |
| 93210 | Arts and entertainment | -77.17% | -64.13% | -29.84% | -14.96% | 62.21 | 167 |
| 09100 | Mining | -13.46% | 6.63% | 17.34% | 28.74% | 42.20 | 123 |
| 55101 | Accommodation and food service | -12.66% | 4.16% | 6.46% | 10.05% | 22.71 | 10,713 |
| 93120 | Arts and entertainment | -22.84% | -20.26% | -10.70% | -7.35% | 15.49 | 213 |
| 58112 | Information and communication | -12.86% | -8.62% | -4.29% | -1.16% | 11.70 | 304 |
| 55901 | Accommodation and food service | -8.01% | -1.50% | 1.66% | 3.32% | 11.32 | 267 |
| 64921 | Financial and insurance | 11.07% | 12.49% | 12.55% | 22.37% | 11.30 | 262 |
| 85497 | Education | -0.03% | 5.32% | 6.90% | 10.85% | 10.88 | 233 |
| 95120 | Other services | -2.60% | 0.20% | 2.24% | 8.08% | 10.68 | 117 |
| 47412 | Wholesale and retail trade | -1.31% | 3.16% | 6.63% | 9.04% | 10.34 | 390 |
| 85410 | Education | -7.18% | -0.69% | 2.56% | 2.93% | 10.11 | 1,017 |
| 30110 | Manufacturing | -8.09% | -5.66% | -1.62% | -0.74% | 7.35 | 158 |
| 64925 | Financial and insurance | 9.05% | 9.47% | 11.05% | 16.16% | 7.11 | 536 |
| 47599 | Wholesale and retail trade | -2.70% | -1.37% | -0.68% | 4.06% | 6.76 | 843 |
Net margin by year for 5-digit TSIC codes with three straight rises. Gain is in percentage points, 2022 to 2025. Filers are for 2025.
Rising is not the same as profitable
Read the table with care. Nineteen of the 48 codes began 2022 with a negative margin. Twelve of those finished 2025 in profit. Seven are still losing money, just losing less. One mining code went from minus 13.46 percent to 28.74 percent over the period. One agricultural code improved by 99.44 points and still sits at minus 33.36 percent. Small-margin codes matter too. Retail code 47113 rose from 2.95 percent to 4.95 percent on 552.7 billion baht of 2025 revenue. A two point lift on that base is real money. The mean gain is 8.68 points, but the median is 3.09, because a handful of recovering codes pull the mean up.
Why this matters
A margin that rises once can be luck. A margin that rises three times in a row is harder to wave away. It points to costs falling, prices holding or weaker rivals leaving, and each of those is worth a closer look. For a lender, these codes are where repayment capacity is quietly improving. For an owner weighing a new line of business, they are a shortlist worth a closer look. For a policymaker, the seven codes still in loss but improving show recovery that headline profit never captures. This test does not predict 2026. It only says which industries have earned the benefit of the doubt. Start there, then check the individual company.
Definitions
- Net margin
- Net profit as a share of revenue. A five percent margin means five satang of profit per baht of revenue.
- TSIC code
- The Thai Standard Industrial Classification. A 5-digit code names a narrow line of business.
- Filer
- A company that submitted a financial statement for the year.
- Percentage point
- The simple difference between two percentages. Going from 2 percent to 5 percent is a gain of 3 points.
- Aggregate margin
- A code's total profit divided by its total revenue, not the average of each company's margin.
Assumptions
- Only companies that filed statements are counted, so late or non-filing firms are missing.
- Aggregate margins are weighted toward large filers inside each code.
- Three rises in a row is a deliberately strict test. Codes with one flat year are excluded even if their trend is positive.
- The 5-digit codes carry no public name in the registry extract, so they are identified by number and parent section.
- Statement years follow the Buddhist calendar and are converted to Gregorian years.
Methodology
Source: Department of Business Development DBD registry aggregates, as of 14 August 2026 for the year-by-year code table. Net margin is a code's total net profit divided by its total revenue for companies that filed a statement. Statement years 2565 to 2568 on the Buddhist calendar are shown as 2022 to 2025. A code qualifies if it has results for all four years and at least 100 filers in each. It counts as climbing if margin rose strictly in each of the three steps. Year 2026 is excluded as incomplete. Margins are aggregates, not averages of company margins, so large filers weigh more.
How we verified this
- Of 1,006 codes in the yearly table, 986 have all four years 2022 to 2025. Of those, 534 have at least 100 filers in every year.
- 48 of 534 codes show margin rising in all three steps. 48 / 534 = 8.99 percent, shown as 9.0 percent.
- Of the 48, 19 began 2022 below zero. 12 of the 19 ended 2025 above zero. 12 / 19 = 63.2 percent. The other 7 remain negative. 12 + 7 = 19.
- Sections sum to 48: wholesale and retail 14, manufacturing 13, accommodation and food 3, administrative 3, and 2 each for agriculture, arts, information, finance, education and other services, plus 1 each for mining, professional services and health. 14+13+3+3+12+3 = 48.
- Gain for code 01289 recomputed: -33.36 minus -132.80 = 99.44 points. Code 09100: 28.74 minus -13.46 = 42.20 points.
- Code 47113 gain: 4.95 minus 2.95 = 2.00 points. Revenue 552,670,748,493 baht is about 552.7 billion baht.
- Filers in 2025 summed across the 48 codes equal 64,932.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by TSIC code and year. Ministry of Commerce, Thailand. https://www.dbd.go.th/
Frequently asked questions
How many Thai industry codes raised net margin three years in a row to 2025?
48 codes with at least 100 filers in every year, out of 534 that qualify, as of 14 August 2026.
Does a rising margin mean the industry is profitable?
Not always. Seven of the 48 codes still report a negative margin in 2025, and they are only losing less than before.
Why use a 100 filer minimum?
Small codes swing wildly because one company can move the whole ratio. A floor of 100 filers keeps each margin stable enough to compare across years.
Which sections have the most climbing codes?
Wholesale and retail trade with 14 codes and manufacturing with 13 lead the list.
Cite this page
Chatpong L. (2026). Thai Industry Codes With 3 Straight Years of Rising Margin (2026). Max Data Insights. https://maxdatathailand.com/insights/thai-industry-codes-with-three-straight-years-of-rising-net-margin-2022-2025
Data & corrections
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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.