Thailand's Most Volatile Industry Codes by Revenue 2026
In short
TSIC code 47524, in wholesale and retail trade, is Thailand's most volatile industry code by revenue, moving 67.9 times from its lowest year to its highest. Its revenue jumped 37 times over in a single year, from 330 billion baht to 12.33 trillion baht, then fell 97.5 percent the very next year. Company counts barely moved across that swing, ruling out a wave of new filers as the driver. Across the 368 codes with enough history and scale to compare fairly, the typical code carries a volatility score of just 0.33, nine times calmer than the leader.
Which industry code swings the hardest?
TSIC code 47524, inside the wholesale and retail trade section, is the most volatile 5 digit industry in Thailand's company registry (DBD, 2026). Its revenue carries a volatility score of 2.90, the highest coefficient of variation among the 368 codes with enough history and scale to compare fairly. In 2016 the code's total revenue jumped 37 times over, from 330 billion baht to 12.33 trillion baht, then fell 97.5 percent the following year back to 313 billion baht. The number of companies filing under that code barely moved across the swing, from 8,419 to 8,224 to 8,535, so a wave of new entrants does not explain the jump. The typical code among the 368 we tested carries a volatility score of just 0.33, meaning the leader swings nearly nine times harder than the median.
Volatility score by industry code, top 10
- 475243
- 692002
- 461041
- 466211
- 477321
- 532001
- 262011
- 461011
- 479121
- 869091
Figures in coefficient of variation of annual revenue, 2007 to 2025.
Volatility is the standard deviation of a code's yearly revenue divided by its average revenue. Six of the ten hardest swingers sit in wholesale and retail trade.
The ten most volatile Thai industry codes by revenue
| Rank | TSIC code | Section | Volatility score | Peak to trough ratio | Companies today |
|---|---|---|---|---|---|
| 1 | 47524 | G Wholesale and retail trade | 3 | 67.9x | 19,645 |
| 2 | 69200 | M Professional, scientific and technical | 2 | 34.9x | 16,872 |
| 3 | 46104 | G Wholesale and retail trade | 1 | 44.2x | 2,272 |
| 4 | 46621 | G Wholesale and retail trade | 1 | 268.9x | 2,070 |
| 5 | 47732 | G Wholesale and retail trade | 1 | 161.7x | 15,036 |
| 6 | 53200 | H Transportation and storage | 1 | 35.3x | 2,341 |
| 7 | 26201 | C Manufacturing | 1 | 45.7x | 763 |
| 8 | 46101 | G Wholesale and retail trade | 1 | 13.3x | 2,705 |
| 9 | 47912 | G Wholesale and retail trade | 1 | 99.9x | 13,980 |
| 10 | 86909 | Q Human health and social work | 1 | 16.1x | 2,432 |
Volatility score is the coefficient of variation of annual revenue across 2007 to 2025, excluding the 2018 registry expansion year. Peak to trough is the highest year divided by the lowest year. As of 7 Jul 2026.
Why concentrated swings matter
Six of the ten most volatile codes sit inside wholesale and retail trade, even though that section makes up only 34.5 percent of the 368 codes we tested. The same section also carries the thinnest net margin among Thailand's six largest sectors by company count, so it pairs the least room for error with the widest revenue swings. A lender underwriting a loan against one company's trailing revenue inside a code like 47524 is underwriting against a number that has moved 67.9 times between its worst year and its best. A single large contract, asset sale or customer win inside a thin population of large filers can rewrite an entire code's yearly total. That is a different risk profile from a sector that grows in a straight line, and it argues for reading a multi year revenue range rather than one filed year before drawing conclusions about any single industry code.
Definitions
- TSIC code
- Thailand's 5 digit industry classification code, the finest level of detail the DBD registry publishes for a company's line of business.
- Coefficient of variation
- A volatility score equal to the standard deviation of a series divided by its mean. A score near zero means a series barely moves. A score above 1 means the year to year swings are as large as, or larger than, the series' own average level.
- Peak to trough ratio
- The highest value in a series divided by the lowest value in the same series, a simple way to express how far revenue traveled between its best and worst year.
- Statement year
- The fiscal year a company's filed financial statement covers, recorded in the Thai Buddhist calendar in the source data and converted to the Gregorian year in this analysis.
- Eligible universe
- The 368 TSIC codes that passed the minimum history, company count and revenue scale filters used to build this ranking, out of 1,228 5 digit codes in total.
Assumptions
- Only codes with at least 15 of the 18 usable statement years, at least 100 companies filing revenue in every one of those years, and average annual revenue of at least 100 million baht were ranked, to keep thin, noisy codes out of the leaderboard.
- The 2018 statement year was excluded from every code because registry coverage expanded sharply that year, distorting economy wide totals.
- The 2026 statement year was excluded because filing for that year is still incomplete.
- A volatility score built from 18 years can still be dominated by one extreme year, so the ranking measures how far revenue traveled, not how smoothly it trended.
- The registry does not identify which company or companies drove any single year's revenue inside a code, so no cause is claimed beyond what company counts can rule out.
Methodology
Volatility is measured as the coefficient of variation, standard deviation divided by mean, of a 5 digit TSIC code's total reported revenue across statement years 2007 through 2025, drawn from the DBD registry as of 7 July 2026. The 2018 statement year is excluded because registry coverage expanded sharply that year, and 2026 is excluded because filing is still incomplete. Codes are included only if they have at least 15 of the 18 usable years, at least 100 companies filing revenue in every one of those years, and average annual revenue of at least 100 million baht, so the ranking reflects genuine industry swings rather than noise from a handful of small filers. Peak to trough ratio divides each code's highest annual revenue by its lowest.
How we verified this
- TSIC 47524 volatility score recomputed as standard deviation 2,834,958,792,759.30 divided by mean revenue 976,077,036,122.80 across 18 usable years, giving 2.90, matching the reported top score.
- TSIC 47524 peak to trough ratio recomputed as max revenue 12,331,684,065,589.82 divided by min revenue 181,487,539,490.46, giving 67.9, matching the reported ratio.
- TSIC 47524 single year jump recomputed as 2016 revenue 12,331,684,065,589.82 divided by 2015 revenue 330,002,749,325.61, giving 37.4.
- TSIC 47524 next year decline recomputed as 1 minus 313,407,338,085.97 divided by 12,331,684,065,589.82, giving a 97.5 percent fall.
- Median code multiple recomputed as top score 2.90 divided by the median score across 368 codes, 0.33, giving 8.8, rounded down to nearly nine in the prose.
- Wholesale and retail trade share of the eligible set recomputed as 127 divided by 368, giving 34.5 percent, against 6 of the top 10 codes, giving 60 percent.
- Net margin by section was pulled for the six sections with more than 100,000 companies each, G at 1.27 percent, F at 2.31 percent, C at 4.37 percent, L at 7.70 percent, M at 13.64 percent and N at 4.32 percent, confirming G has the thinnest margin of that group.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- National Economic and Social Development Council. (2025). Thai economic performance in Q3 of 2025 and the outlook for 2025 to 2026. Office of the Prime Minister, Thailand. https://www.nesdc.go.th/wordpress/wp-content/uploads/2025/11/05-PRESSENG-Q3-2568-Final-1.pdf
Frequently asked questions
Which Thai industry code is the most volatile by revenue?
TSIC 47524, in the wholesale and retail trade section, with a volatility score of 2.90 and a peak to trough revenue ratio of 67.9 times, the highest of any code with enough history and scale to compare fairly.
What caused the 2016 revenue spike in TSIC 47524?
The registry does not identify individual filers, but company counts barely changed across the swing, from 8,419 to 8,224 to 8,535, so the jump traces to the size of filings within a fairly small population of large companies rather than new entrants.
How is revenue volatility measured in this ranking?
As the coefficient of variation, the standard deviation of a code's annual revenue divided by its average, across statement years 2007 through 2025, with 2018 and 2026 excluded and a minimum scale and history filter applied.
Is a high volatility score a bad sign for an industry code?
Not by itself. It means revenue moved a lot from year to year, which can reflect real growth, a one time transaction, or both, so it is best read alongside margin and company count rather than on its own.
Cite this page
Chatpong L. (2026). Thailand's Most Volatile Industry Codes by Revenue 2026. Max Data Insights. https://maxdatathailand.com/insights/thailands-most-volatile-industry-codes-by-revenue-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.