Thai Industry Codes With the Biggest Leader Revenues (2026)
In short
Only 36 of 1,228 five-digit industry codes have a leading company above 100 billion baht as of 17 July 2026. The top code, 47732, is led by a firm reporting 5.56 trillion baht. Wholesale and retail trade holds 19 of the 36 giant-led codes. Manufacturing holds 13. The median code leader reports just 1.24 billion baht.
Which industry codes hold Thailand's biggest companies?
A very small corner of the registry. Of 1,228 five-digit industry codes, 36 are led by a company with more than 100 billion baht in revenue (DBD, 2026). That is 2.9 percent of codes. The biggest sits in code 47732, where the leader reports 5.56 trillion baht. Code 46621 follows at 3.47 trillion baht, then PTT Public Company Limited in code 19201 at 1.56 trillion baht. The first two leaders are gold dealers, so the top of this list is a story about trading turnover as much as production.
Leader revenue in the 12 largest codes
- 47732 Hua Seng Heng Commoditas5,557
- 46621 MTS Gold3,469
- 19201 PTT1,562
- 46492 Y L G Bullion International1,090
- 46612 PTT Oil and Retail Business616
- 47113 CP ALL500
- 46900 CP Axtra455
- 45302 Toyota Motor Asia Thailand Co., Ltd.448
- 29102 Toyota Motor Thailand423
- 26209 Western Digital Storage Technologies Thail288
- 26201 QMB Co., Ltd.255
- 47112 CP Axtra251
Figures in billion baht.
Each bar is the revenue of the single largest company in a 5-digit code. The first two bars dwarf everything after them.
The 15 codes with the largest leader revenue
| Rank | TSIC code | Section | Leading company | Companies in code | Leader revenue, billion baht |
|---|---|---|---|---|---|
| 1 | 47732 | Wholesale and retail trade | Hua Seng Heng Commoditas Company Limited | 15,036 | 5,556.70 |
| 2 | 46621 | Wholesale and retail trade | MTS Gold Company Limited | 2,070 | 3,469.12 |
| 3 | 19201 | Manufacturing | PTT Public Company Limited | 309 | 1,562.34 |
| 4 | 46492 | Wholesale and retail trade | Y L G Bullion International Company Limited | 8,561 | 1,090.12 |
| 5 | 46612 | Wholesale and retail trade | PTT Oil and Retail Business Public Company Limited | 3,949 | 616.15 |
| 6 | 47113 | Wholesale and retail trade | CP ALL Public Company Limited | 2,011 | 500.18 |
| 7 | 46900 | Wholesale and retail trade | CP Axtra Public Company Limited | 17,775 | 454.74 |
| 8 | 45302 | Wholesale and retail trade | Toyota Motor Asia Thailand Co., Ltd. | 14,629 | 448.07 |
| 9 | 29102 | Manufacturing | Toyota Motor Thailand Company Limited | 328 | 423.05 |
| 10 | 26209 | Manufacturing | Western Digital Storage Technologies Thailand Ltd. | 139 | 287.69 |
| 11 | 26201 | Manufacturing | QMB Co., Ltd. | 763 | 254.95 |
| 12 | 47112 | Wholesale and retail trade | CP Axtra Public Company Limited | 417 | 250.82 |
| 13 | 19209 | Manufacturing | Star Petroleum Refining Public Company Limited | 458 | 221.55 |
| 14 | 64191 | Financial and insurance | Bangkok Bank Public Company Limited | 19 | 202.55 |
| 15 | 61201 | Information and communication | Advanced Wireless Network Co., Ltd. | 386 | 198.39 |
Largest single company in each 5-digit TSIC code, as of 17 Jul 2026. Revenue in billion baht.
Trade and manufacturing own the giants
Wholesale and retail trade has 19 of the 36 codes led by a firm above 100 billion baht. Manufacturing has 13. Together that is 32 of 36, or 88.9 percent. Information and communication, transportation and storage, administrative and support and financial and insurance each have exactly one. Every other section has none. Trade is the standout. It holds 200 of the 1,228 codes, or 16.3 percent, yet it owns 19 of the 36 giant-led codes. Manufacturing holds 421 codes, or 34.3 percent, and its 13 giants are roughly in line with that share.
Why this matters
A code is a market, and a market led by a 100 billion baht firm behaves differently from one led by a 1 billion baht firm. The typical Thai industry code is led by a firm of about 1.24 billion baht. The leader of code 26209 is about 230 times that size. The top leader is about 4,483 times that size. Buyers, lenders and competitors should read the leader size of a code before they read anything else about it. One caution is needed. The largest figures come from bullion trading, where reported revenue reflects gross turnover of a commodity. That overstates economic weight next to a refiner or a retailer. Treat the ranking as a map of where scale sits, not a ranking of value created.
Definitions
- TSIC code
- Thailand Standard Industrial Classification. A five-digit code that places each company in one narrow line of business.
- Leader revenue
- The reported revenue of the single largest company in a code.
- Section
- One of 21 lettered top-level industry groups that contain the five-digit codes.
- Median
- The middle value when all codes are sorted by leader revenue. Half the codes are above it and half are below.
- Bullion trading
- Buying and selling gold bars and similar metal. Revenue counts the full value of metal traded, so it is large next to profit.
Assumptions
- Leader revenue is as filed, so gross-turnover businesses such as bullion trading look larger than their economic weight.
- Twenty-eight codes have no leader revenue figure and are excluded from the median.
- A company is assigned to one code, so a diversified group may lead a code that understates its full size.
Methodology
Leader revenue is the reported revenue of the single largest company in each 5-digit TSIC code, taken from the Department of Business Development registry aggregates as of 17 July 2026. Of 1,228 codes, 1,200 have a leader revenue figure, and counts of codes above a threshold use all 1,228 codes. A company can lead more than one code and appears once per code. Revenue is as filed and is not adjusted for gross versus net reporting. Industry codes carry no published names in the source, so codes are shown by number and section only.
How we verified this
- 36 of 1,228 codes have leader revenue above 100 billion baht: 36 / 1,228 = 2.93 percent.
- 19 trade codes plus 13 manufacturing codes = 32, and 32 / 36 = 88.9 percent.
- The four remaining sections with one code each add 4, and 32 + 4 = 36, matching the total.
- 222 / 1,228 = 18.1 percent of codes have a leader above 10 billion baht.
- Top leader 5,556.70 billion divided by the median leader 1.2394 billion = about 4,483 times.
- Leader of code 26209 at 287.69 billion divided by 1.2394 billion = about 232, rounded in prose to 230 times.
- The 36 giant-led codes have 35 distinct companies because one firm leads two codes.
- Trade holds 200 of 1,228 codes: 200 / 1,228 = 16.3 percent, against 19 / 36 = 52.8 percent of giant-led codes.
- Manufacturing holds 421 of 1,228 codes: 421 / 1,228 = 34.3 percent, against 13 / 36 = 36.1 percent of giant-led codes.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates by TSIC code. Ministry of Commerce, Thailand. https://www.dbd.go.th/
Frequently asked questions
Which industry code has the biggest company in Thailand?
Code 47732 in wholesale and retail trade, where the leading company reports 5.56 trillion baht in revenue as of 17 July 2026 (DBD, 2026).
How many industry codes have a leader above 100 billion baht?
36 of 1,228 codes, or 2.9 percent. Wholesale and retail has 19 and manufacturing has 13.
Why are gold dealers at the top?
Bullion trading books the full value of metal bought and sold as revenue, so turnover is very large relative to profit. The ranking measures revenue, not value added.
Cite this page
Chatpong L. (2026). Thai Industry Codes With the Biggest Leader Revenues (2026). Max Data Insights. https://maxdatathailand.com/insights/which-thai-industry-codes-have-the-largest-single-company-revenues-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.