Thailand's Steadiest Industry Codes by Revenue Growth 2025
In short
TSIC 10293, a manufacturing code, is Thailand's steadiest growing industry code, its 2015 to 2025 revenue fitting a straight line at an r squared of 0.99. Revenue rose from 6.80 billion baht to 12.19 billion baht without a single reversal, a decade of compounding at roughly 6 percent a year. Among the 932 five digit codes with a complete decade of history, 767 grew overall and just 105 hit an r squared of 0.90 or higher. The typical growing code carries nearly 32 times as much unexplained wobble around its own trend as TSIC 10293 does.
Which industry code grew the most smoothly?
TSIC 10293, inside the manufacturing section, is the steadiest growing 5 digit industry code in Thailand's company registry (DBD, 2026). Fit a straight line through its 11 years of revenue and the line explains 0.99 of the variation, the highest of any growing code among the 932 with a complete decade of history. Revenue climbed every single year from 6.80 billion baht in 2015 to 12.19 billion baht in 2025, a compound growth rate near 6 percent, without one down year to break the pattern. The number of companies filing under the code rose too, from 60 in 2015 to a peak of 139 in 2023 before easing back to 130 by 2025, so part of the climb reflects more filers reporting, not a fixed set of firms each growing in lockstep. That still leaves an industry code that a lender or planner could have forecast with unusual confidence a decade ago.
Smoothness score by industry code, top 10
- 102931
- 478961
- 783001
- 649131
- 210011
- 466941
- 812931
- 620121
- 532001
- 477211
Figures in r squared of a linear trend fit to annual revenue, 2015 to 2025.
An r squared near 1.0 means revenue tracked a straight line almost exactly. Wholesale and retail trade, the section that dominates the most volatile ranking, also supplies three of these ten steadiest codes.
The ten steadiest Thai industry codes by revenue growth
| Rank | TSIC code | Section | Smoothness score | Revenue 2015, billion baht | Revenue 2025, billion baht | Growth multiple |
|---|---|---|---|---|---|---|
| 1 | 10293 | C Manufacturing | 1 | 7 | 12 | 1.79x |
| 2 | 47896 | G Wholesale and retail trade | 1 | 0 | 3 | 9.01x |
| 3 | 78300 | N Administrative and support | 1 | 19 | 47 | 2.42x |
| 4 | 64913 | K Financial and insurance | 1 | 19 | 47 | 2.55x |
| 5 | 21001 | C Manufacturing | 1 | 49 | 93 | 1.88x |
| 6 | 46694 | G Wholesale and retail trade | 1 | 23 | 47 | 2.00x |
| 7 | 81293 | N Administrative and support | 1 | 2 | 5 | 2.04x |
| 8 | 62012 | J Information and communication | 1 | 17 | 53 | 3.09x |
| 9 | 53200 | H Transportation and storage | 1 | 7 | 119 | 17.82x |
| 10 | 47721 | G Wholesale and retail trade | 1 | 113 | 215 | 1.90x |
Smoothness score is the r squared of a linear trend fit to each code's annual revenue across statement years 2015 to 2025. Growth multiple is 2025 revenue divided by 2015 revenue. As of 14 Aug 2026.
A high smoothness score is not the same as slow growth
TSIC 53200, in transportation and storage, sits ninth on this list with a score of 0.973, yet its revenue grew almost 18 times over the decade, from 6.66 billion baht to 118.63 billion baht. The r squared measure rewards a consistent direction, not a small total change. What it rules out is reversal. A code can score high while accelerating hard, as long as it never gives back ground the way Thailand's most volatile codes do, several of which swing more than 30 times between their best and worst year (Max Data Insights, 2026). Read the smoothness score and the growth multiple side by side, because either one alone tells only half the story.
Why steady revenue growth matters
A bank underwriting a five year loan against one company's trailing revenue in TSIC 10293 is underwriting against an industry code that has not had a single down year since 2015. That is a different credit profile from a code where revenue can swing dozens of times between its worst and best year, and stability itself becomes something a rating model or a covenant can lean on. Thai bank supervisors have flagged predictable cash flow as a factor that eases credit risk assessment even as overall loan growth to smaller borrowers slows (Bank of Thailand, 2025). For a planner, a franchise buyer or a supplier choosing which industry to depend on, a code with a decade of straight line growth carries a kind of insurance that a flashier, spikier sector cannot offer, even when that sector's average growth rate looks similar on paper.
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.
- R squared, or smoothness score
- A number from 0 to 1 that measures how well a straight line fits a series of data points. A score of 1.0 means the data sits exactly on a line. A score near 0 means a line explains almost none of the year to year movement.
- Linear trend fit
- A straight line drawn through a series of yearly values using ordinary least squares, chosen so that it minimizes the total squared distance between the line and the actual values.
- Growth multiple
- The final year's value divided by the first year's value, a simple way to express how far a figure traveled across the whole period.
- Compound annual growth rate
- The steady yearly growth rate that would turn a starting value into an ending value over a given number of years, if growth were exactly even every 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 932 TSIC codes that reported positive revenue and at least one filing company in every one of the 11 years from 2015 to 2025, out of more than 1,200 5 digit codes in total.
Assumptions
- Only codes with positive revenue and at least one filing company in every one of the 11 years from 2015 to 2025 were included, so newer or intermittently filed codes are excluded by design.
- Codes were further restricted to a positive overall slope, so this ranking measures the steadiest growth, not the steadiest decline or the steadiest flat line.
- A smoothness score built from 11 yearly points can still be high for a code whose growth accelerates or decelerates, as long as it never reverses direction, so the score should be read alongside the growth multiple.
- Rising filer counts inside a code, as seen in the leader, mean some of the smooth growth reflects more companies reporting rather than existing companies each growing at the same steady pace.
- The registry does not identify which specific companies drove any code's growth, so no company level cause is claimed beyond what filer counts can show.
Methodology
For each 5 digit TSIC industry code, annual total revenue was pulled from the DBD registry for statement years 2015 through 2025, the most recent complete year available, as of 14 August 2026. A code was included only if it reported positive revenue and at least one filing company in every one of the 11 years, giving 932 eligible codes out of more than 1,200 in the registry. For each eligible code, an ordinary least squares line was fit to revenue against the year index, and the r squared of that fit, the share of year to year variation the straight line explains, was used as the smoothness score. Codes were then restricted to those with a positive overall slope, meaning revenue was higher at the end of the decade than the start, and ranked by smoothness score descending. Growth multiple is 2025 revenue divided by 2015 revenue for the same code.
How we verified this
- TSIC 10293's slope was recomputed by hand from the 11 raw revenue values: mean revenue 9,485,669,806.30 baht, sum of cross products between centered year index and centered revenue 58,374,910,423.84, sum of squared centered year index 110, giving a slope of 530,681,003.85 baht per year, matching the database's own linear fit exactly.
- TSIC 10293's growth multiple was recomputed as 2025 revenue 12,186,656,316.07 divided by 2015 revenue 6,798,824,797.60, giving 1.7925, rounded to 1.79x in the table, and the compound annual growth rate from that multiple over 10 years works out to 1.7925 to the power of one tenth minus one, about 6.0 percent.
- The share of eligible codes that grew was recomputed as 767 divided by 932, giving 82.3 percent, matching the reported figure.
- The count of codes scoring 0.90 or higher was recomputed directly from the fitted values, 105 codes, which is 11.3 percent of the 932 eligible codes.
- The unexplained wobble comparison was recomputed as one minus r squared for both series: TSIC 10293 leaves 0.0103 of its variation unexplained, the median growing code leaves 0.3276 unexplained, and 0.3276 divided by 0.0103 gives 31.8, rounded to nearly 32 in the prose.
- TSIC 10293's filer count over the decade was checked against the same year by year table used for the revenue fit. It shows 60 companies filing in 2015, a peak of 139 companies in 2023, and 130 companies in 2025, confirming the caveat about growing filer counts and showing the count did not rise every year the way revenue did.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Bank of Thailand. (2025). Financial stability review 2025. https://www.bot.or.th/content/dam/bot/documents/en/research-and-publications/reports/financial-stability-report/FS_Review_2025e.pdf
Frequently asked questions
Which Thai industry code had the smoothest revenue growth from 2015 to 2025?
TSIC 10293, in the manufacturing section, with a straight line fit of 0.99 r squared across all 11 years and revenue that rose every single year from 6.80 billion baht to 12.19 billion baht.
How many Thai industry codes have a full decade of revenue history to compare?
932 five digit TSIC codes reported positive revenue and at least one filing company in every year from 2015 through 2025, out of more than 1,200 codes in the registry.
Does a high smoothness score mean an industry grew slowly?
No. TSIC 53200 scored 0.973 while its revenue grew almost 18 times over, because the score measures consistency of direction, not the size of the change, so a fast growing code can still score high as long as it never reverses.
How is revenue smoothness measured in this ranking?
As the r squared of an ordinary least squares line fit to a code's annual revenue across statement years 2015 to 2025, restricted to codes with a positive overall slope, so the ranking only includes codes that grew.
Cite this page
Chatpong L. (2026). Thailand's Steadiest Industry Codes by Revenue Growth 2025. Max Data Insights. https://maxdatathailand.com/insights/thailands-steadiest-industry-codes-by-revenue-growth-2015-2025
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.