Thailand's Biggest Industry Code Revenue Collapse: TSIC 61209 (2026)
In short
TSIC code 61209 lost 98.4 percent of its revenue between 2015 and 2025, the steepest drop of any Thai industry code with a meaningful base. Revenue fell from 65.31 billion baht to 1.01 billion baht in a decade. Three more codes lost more than 95 percent of their revenue over the same years. Section J, the code's parent industry, still grew 11.8 percent overall. Strip this one code out and the rest of section J grew 20.9 percent instead. A handful of shrinking codes can drag down an entire sector's growth rate even while the whole economy keeps expanding.
Which Thai industry code lost the most revenue?
TSIC code 61209 answers the question outright. Its aggregate revenue fell from 65.31 billion baht in 2015 to 1.01 billion baht in 2025, a drop of 98.4 percent, the steepest of any five digit industry code with a meaningful starting base (DBD, 2026). The number of companies filing under the code actually rose over the same period, from 37 in 2015 to 53 in 2025, so this was not a mass exit of firms. The code sits inside section J, information and communication, home to telecommunications, broadcasting and data services. Its largest filer on record is DTAC Trinet Company Limited, a mobile network operator whose parent company amalgamated into True Corporation Public Company Limited in March 2023. Three more codes lost more than 95 percent of their revenue across the same decade, sitting in sections C, H and J. Section J's total revenue still grew 11.8 percent over the decade, from 850.05 billion baht to 949.96 billion baht. Remove code 61209 from that total and the rest of section J grew 20.9 percent instead. One collapsing code cut roughly nine percentage points off its own sector's growth rate.
Ten steepest industry code revenue declines, 2015 to 2025
- 61209 (J)-98
- 26402 (C)-97
- 53100 (H)-97
- 61301 (J)-95
- 25209 (C)-88
- 65120 (K)-84
- 65110 (K)-78
- 58132 (J)-77
- 46432 (G)-75
- 47112 (G)-72
Figures in percent revenue change.
All ten codes held at least 1 billion baht of revenue and 20 filing companies in 2015, so none of these drops trace to a tiny starting base.
Ten industry codes with the steepest revenue decline, 2015 to 2025
| TSIC code | Section | Revenue 2015, billion baht | Revenue 2025, billion baht | Percent change |
|---|---|---|---|---|
| 61209 | J, information and communication | 65 | 1 | -98.4% |
| 26402 | C, manufacturing | 14 | 0 | -97.2% |
| 53100 | H, transportation and storage | 23 | 1 | -97.1% |
| 61301 | J, information and communication | 1 | 0 | -95.1% |
| 25209 | C, manufacturing | 17 | 2 | -88.3% |
| 65120 | K, financial and insurance | 162 | 25 | -84.4% |
| 65110 | K, financial and insurance | 477 | 103 | -78.3% |
| 58132 | J, information and communication | 1 | 0 | -77.1% |
| 46432 | G, wholesale and retail trade | 2 | 1 | -75.5% |
| 47112 | G, wholesale and retail trade | 513 | 142 | -72.3% |
Codes with at least 1 billion baht of revenue and 20 companies in 2015, ranked by percent revenue decline to 2025, as of 17 Jul 2026.
Why a shrinking code does not always mean a shrinking business
Revenue collapsing inside a five digit code rarely means the underlying business vanished. It often means the business moved. DTAC Trinet's revenue is the clearest case among the codes tracked here. Its most recently filed statement reports 73.93 billion baht against the code's total of 75.67 billion baht, a 97.7 percent share, so this single code was really one company's number for most of the decade. When that company's parent amalgamated into True Corporation, its mobile revenue did not leave the Thai economy. It simply stopped showing up under this code, which is consistent with company counts climbing even as reported revenue fell off a cliff. Section K, financial and insurance, tells a messier version of the same pattern. A general insurance code and a life insurance code both sit among the ten steepest decliners, together shedding more than 510 billion baht of reported revenue in a single decade. Large insurers file complex, sometimes delayed statements, so part of that drop could reflect filing timing rather than a permanent loss of business. Out of 670 industry codes that held at least 1 billion baht of revenue and 20 filing companies in 2015, 129 shrank at all, 18 fell by half or more, and only 4 fell by more than 95 percent. Thailand's total reported revenue grew 65.6 percent over the same ten years. A few codes losing almost everything they once reported, while the whole economy expands around them, is the clearest sign that revenue tied to an industry code tracks how companies are organized on paper, not just how much business the country is actually doing.
Definitions
- TSIC code
- Thailand Standard Industrial Classification code, a five digit number that identifies a company's specific line of business within one of 21 broader lettered industry sections.
- Industry section
- One of 21 lettered top level categories, such as J for information and communication, that groups related five digit TSIC codes.
- Statement year
- The fiscal year a company's financial statement covers. The source system records it in the Buddhist calendar, which runs 543 years ahead of the Gregorian calendar, so year 2568 equals 2025.
- Percent revenue decline
- The 2025 revenue figure minus the 2015 revenue figure, divided by the 2015 figure. A decline of 98.4 percent means 2025 revenue was 1.6 percent of the 2015 level.
- Amalgamation
- The legal combination of two companies into one surviving entity, distinct from an acquisition where one company simply buys and continues to operate another.
Assumptions
- Only companies that filed a financial statement for a given year contribute to that year's revenue total, so the underlying filer population changes from year to year.
- The ranking is limited to codes with at least 1 billion baht of revenue and 20 filing companies in 2015, to avoid a percentage driven by a tiny starting base.
- One code, 41000, was excluded because it stopped reporting any revenue or companies after 2018, a discontinued classification rather than a shrinking business.
- Large or complex filers such as insurers can report late, so part of the decline in some codes may reflect filing timing rather than a permanent loss of business.
- The registry does not carry a business description field for five digit codes, so the specific activity behind most codes beyond their top filer cannot be confirmed from this data.
Methodology
Revenue change is measured as the shift in aggregate reported revenue for each five digit TSIC industry code between statement year 2015 and statement year 2025, drawn from the DBD registry's per code, per year aggregates as of 17 July 2026. The ranking is limited to codes with at least 1 billion baht of revenue and at least 20 filing companies in 2015, so an extreme percentage is not the product of a tiny starting base. One code, 41000, was dropped from the ranking because it stopped reporting any revenue or companies after 2018, a discontinued classification rather than a shrinking business. Statement years in the source system are recorded in the Buddhist calendar and were converted to the equivalent Gregorian year before comparison. Figures are aggregate totals across all companies in a code, not the average of individual company changes, and section totals are the sum of every five digit code carrying that section letter.
How we verified this
- TSIC 61209 revenue fell from 65,310,241,995.00 baht in 2015 to 1,012,781,134.02 baht in 2025, a decline of 98.4 percent and a loss of 64,297,460,860.98 baht.
- DTAC Trinet Company Limited reported 73,930,644,646 baht against code 61209's most recent total of 75,666,590,052.60 baht, a concentration of 97.7 percent.
- Section J total revenue rose from 850,048,879,909.71 baht to 949,958,360,434.93 baht, a gain of 11.8 percent.
- Removing code 61209 from section J leaves 784,738,637,914.71 baht in 2015 and 948,945,579,300.91 baht in 2025, a gain of 20.9 percent, roughly nine points higher than the section's actual growth.
- National reported revenue rose from 41,037,398,747,671.09 baht in 2015 to 67,949,733,020,120.65 baht in 2025, a gain of 65.6 percent.
- Among 670 industry codes with at least 1 billion baht of revenue and 20 filing companies in 2015, 4 codes lost more than 95 percent of their revenue, 18 lost more than half, and 129 declined at all, which are 0.6 percent, 2.7 percent and 19.3 percent of the 670 respectively.
- Company count in TSIC 61209 rose from 37 filers in 2015 to 53 in 2025, confirming the revenue loss was not a mass exit of firms from the code.
- The two section K codes among the top ten decliners, 65110 and 65120, together lost 373,731,097,019.64 baht plus 137,053,998,102.95 baht, which sums to 510,785,095,122.59 baht, more than 510 billion baht.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- True Corporation Public Company Limited. (2023). Amalgamation of dtac and True. True Corporation Investor Relations. https://investor.true.th/en/about-true/amalgamation-of-dtac-and-true
Frequently asked questions
Which Thai industry code lost the most revenue between 2015 and 2025?
TSIC code 61209, inside the information and communication section, lost 98.4 percent of its revenue, falling from 65.31 billion baht in 2015 to 1.01 billion baht in 2025.
Did the companies filing under code 61209 go out of business?
No. The number of filing companies under the code rose from 37 to 53 over the decade. The revenue moved with the code's largest filer, DTAC Trinet, after its parent company amalgamated into True Corporation in March 2023.
How many Thai industry codes lost more than 95 percent of their revenue?
Four, out of 670 codes that held at least 1 billion baht of revenue and 20 filing companies in 2015.
Is Thailand's overall economy shrinking?
No. Total reported revenue across all registered companies grew 65.6 percent over the same decade, so these steep declines sit inside specific codes, not the whole economy.
Cite this page
Chatpong L. (2026). Thailand's Biggest Industry Code Revenue Collapse: TSIC 61209 (2026). Max Data Insights. https://maxdatathailand.com/insights/which-thai-industry-codes-lost-the-most-revenue-2015-2025
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.