Top 5-Digit TSIC Codes by Revenue per Company in Thailand 2026
In short
TSIC 19201, a manufacturing code with 309 companies, averages 12.07 billion baht in revenue per company as of 17 July 2026, the highest of any 5-digit industry code in Thailand. Its companies generate 3.73 trillion baht combined. Mining code 06100 ranks second at 5.47 billion baht per company, less than half the leader. Financial code 64924 averages 2.73 billion baht per company. Across the 927 industry codes with at least 30 companies, the median averages just 19.95 million baht per company, so the leading code runs at roughly 605 times that median.
Which industry code earns the most per company?
Rank Thailand's five digit TSIC codes by revenue per company and one code clears the field by a wide margin. TSIC 19201, part of the manufacturing section, holds 309 registered companies. Those companies report 3.73 trillion baht in combined revenue, which works out to 12.07 billion baht per company. Its largest filer is PTT Public Company Limited, reporting 1.56 trillion baht on its own. Filtering to codes with at least 30 companies, so one large filer cannot distort a tiny sample, leaves 927 codes in the comparison. The second placed code, mining code 06100, averages 5.47 billion baht per company, less than half the leader. Manufacturing code 26209 follows at 4.79 billion baht, and manufacturing code 29102 at 3.72 billion baht. Financial code 64924, with just 38 companies, still averages 2.73 billion baht each. Six of the top ten codes by this measure sit inside the manufacturing section, even though manufacturing's own margins run thin across the whole section. TSIC 19201 itself keeps only 1.95 percent of every baht as profit, proof that a huge revenue base and a huge margin are two different things.
Revenue per company by leading TSIC code
- TSIC 19201, Manufacturing12
- TSIC 06100, Mining and quarrying5
- TSIC 26209, Manufacturing5
- TSIC 29102, Manufacturing4
- TSIC 64924, Financial and insurance3
- TSIC 26309, Manufacturing2
- TSIC 51101, Transportation and storage2
- TSIC 29101, Manufacturing2
Figures in billion baht per company.
TSIC 19201 clears the second ranked code by more than double. Five of these eight codes sit inside the manufacturing section.
Top 10 five digit TSIC codes by revenue per company
| TSIC code | Section | Companies | Revenue per company (baht) | Net margin | Top filer |
|---|---|---|---|---|---|
| 19201 | Manufacturing | 309 | 12,067,291,655 | 1.95% | PTT Public Company Limited |
| 06100 | Mining and quarrying | 49 | 5,471,064,216 | 18.85% | PTT Exploration and Production Public Company Limited |
| 26209 | Manufacturing | 139 | 4,787,665,848 | 22.52% | Western Digital Storage Technologies (Thailand) Ltd. |
| 29102 | Manufacturing | 328 | 3,723,788,793 | 4.40% | Toyota Motor Thailand Company Limited |
| 64924 | Financial and insurance | 38 | 2,731,665,514 | 18.84% | Krungthai Card Public Company Limited |
| 26309 | Manufacturing | 142 | 2,403,659,653 | 6.85% | Celestica (Thailand) Limited |
| 51101 | Transportation and storage | 136 | 2,284,039,552 | 9.65% | Thai Airways International Public Company Limited |
| 29101 | Manufacturing | 81 | 2,242,549,610 | 4.16% | Siam Toyota Manufacturing Co., Ltd. |
| 26800 | Manufacturing | 70 | 2,131,149,785 | 21.99% | Western Digital (Thailand) Company Limited |
| 46621 | Wholesale and retail trade | 2,070 | 1,712,315,373 | 0.00% | MTS Gold Company Limited |
Codes with at least 30 registered companies, ranked by total revenue divided by entity count, as of 17 Jul 2026. A few net margins round to 0.00 percent at two decimal places.
Why revenue per company is not the same as opportunity
A figure like 12.07 billion baht per company sounds like an invitation, but revenue concentration cuts against that reading here. TSIC 19201 splits its 3.73 trillion baht unevenly, since PTT Public Company Limited alone reports 1.56 trillion baht, about 42 percent of the code's total revenue. The other 308 companies split the remaining 58 percent, so the real entry point for a smaller company sits nowhere near 12 billion baht. Compare that average against the wider economy and the scale still stands out. The median among Thailand's 927 qualifying codes sits at just 19.95 million baht per company, so TSIC 19201 runs at roughly 605 times that typical figure. Against the national average of 40.28 million baht per registered company across all 1,989,709 entities, TSIC 19201 runs nearly 300 times higher. At the opposite extreme, TSIC 92009, an arts and entertainment code with 54 companies, reports just 4,687.5 baht in combined revenue, or about 87 baht each. That single contrast spans more than eight orders of magnitude inside one classification system. Research on Thailand's oil refining sector, another capital heavy manufacturing niche, has found returns that do not always track the scale of investment required (Krungsri Research, 2026). Revenue per company, in other words, measures the size of the pipe, not how much of it reaches any one company standing at the end.
Definitions
- Revenue per company
- Total revenue reported by all companies in a TSIC code divided by the number of registered companies in that code, whether or not each one has filed a financial statement.
- TSIC code
- Thailand's five digit industry classification, based on the international ISIC standard, used by the Department of Business Development to tag every registered company.
- Entity count floor
- A minimum of 30 registered companies per code, applied so a single large filer cannot masquerade as a whole industry's average.
- Net margin
- Net profit as a share of revenue for a code as a whole, not the average of each individual company's own margin.
- Median
- The middle value in a sorted list of figures, less sensitive to extreme outliers than a simple average.
Assumptions
- Revenue per company divides total code revenue by every registered company in the code, including firms that have not filed a financial statement, so it likely understates what a filing company alone would show.
- The Max Data registry refreshed between this routine's earlier documented snapshot and this analysis, so figures here are drawn live as of 17 July 2026 rather than 7 July 2026.
- Description fields for five digit TSIC codes are not populated in the registry, so codes are identified by number, section and largest filer rather than by a named sub industry.
- A code average can be pulled up by one very large filer, as PTT Public Company Limited demonstrates inside TSIC 19201.
Methodology
Revenue per company is total reported revenue for a five digit TSIC code divided by the count of all registered companies in that code, drawn from the Department of Business Development registry as of 17 July 2026. Codes with fewer than 30 registered companies were excluded so a single filer cannot stand in for an industry average. Net margin figures are aggregate net profit divided by aggregate revenue for the same code, not an average of individual company margins. This uses only the largest publicly reported filer already named per code and no other individual company record.
How we verified this
- 12,067,291,655 baht recomputed as 3,728,793,121,424.59 total revenue divided by 309 registered companies for TSIC 19201, the ranked maximum among codes with at least 30 companies.
- PTT Public Company Limited's share of TSIC 19201 recomputed as 1,562,341,446,477 divided by 3,728,793,121,424.59, equal to about 41.9 percent, so the remaining 308 companies hold about 58.1 percent.
- The multiple over the median recomputed as 12,067,291,655 divided by 19,945,054, equal to about 605 times.
- The multiple over the national average recomputed as 12,067,291,655 divided by 40,280,513, where 40,280,513 equals 80,146,498,562,463.62 total national revenue divided by 1,989,709 registered companies, giving about 300 times.
- The gap over the second ranked code recomputed as 12,067,291,655 divided by 5,471,064,216 for TSIC 06100, equal to about 2.2 times.
- The low end contrast recomputed as 12,067,291,655 divided by 86.81 baht per company for TSIC 92009, equal to roughly 139 million times.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- Krungsri Research. (2026). Industry outlook 2026 to 2028: Refinery. Bank of Ayudhya. https://www.krungsri.com/en/research/industry/industry-outlook/energy-utilities/refinery/io/refinery-2026-2028
Frequently asked questions
Which five digit TSIC code has the highest revenue per company in Thailand?
TSIC 19201, inside the manufacturing section, averages 12.07 billion baht in revenue per company across its 309 registered companies, the highest of any code with at least 30 companies.
Does a high revenue per company mean a profitable industry?
Not necessarily. TSIC 19201 keeps a net margin of just 1.95 percent, well under the national average of 4.11 percent, so a large revenue base does not guarantee a large profit.
Why does this ranking only include codes with at least 30 companies?
A code with only a handful of firms can be skewed by one giant filer, so codes under 30 companies are dropped to keep the average meaningful for a group rather than reflecting a single business.
What does TSIC 19201 actually make?
The registry does not publish a description for five digit codes, so this page identifies the code by number, section and largest filer only, without naming a specific sub industry.
Cite this page
Chatpong L. (2026). Top 5-Digit TSIC Codes by Revenue per Company in Thailand 2026. Max Data Insights. https://maxdatathailand.com/insights/top-5-digit-tsic-codes-by-revenue-per-company-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.
Related insights
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.