Ichitan Group Public Company Limited (SET: ICHI) reported strong financial performance for Q3/2026, with net profit rising 21.2% quarter-on-quarter (QoQ) to THB 374.6 million, up 4.5% year-on-year (YoY). Revenue reached THB 2,201.2 million, increasing 3.1% YoY and 2.5% QoQ despite a competitive market environment. The company achieved its highest quarterly Gross Profit Margin of 2026 to date at 24.6%, reflecting improved cost management and production efficiency.
Looking ahead, ICHI is strengthening its core beverage portfolio while preparing new growth opportunities for 2027, including expanded manufacturing capacity, Ichitan OEM services, product innovation and a new joint venture in the premium fertilizer business.
Ichitan Alkaline Water and Ichitan Indonesia Drive Growth Momentum
Ichitan Alkaline Water (pH Plus 8.5) continues to be a key growth driver, with full-year 2026 revenue projected to reach an all-time high of THB 1.1 billion, exceeding the company’s initial target. Building on growing consumer interest in health-focused beverages, ICHI has expanded its portfolio with innovations such as the sugar-free Vitamin D with Aloe Vera formula. The company is targeting growth of more than 20% for its Ichtan Alkaline Water segment in 2027.
Internationally, Ichitan Indonesia reported Q3 net profit of THB 11.2 million, representing a 211% YoY increase, supported by strategic marketing repositioning and improved operational efficiency.
These results reflect the company’s progress in strengthening both its domestic product portfolio and international operations.
Building the Next Wave of Growth in 2027
ICHI is preparing for its next phase of expansion through three strategic priorities.
- Product Innovation and Portfolio Expansion: The company plans to revitalize its core beverage portfolio, introduce new brands across tea and non-tea categories, and pursue strategic brand collaborations to reach new consumer segments.
- Manufacturing Capacity and OEM Expansion: The new joint-venture production facility with Hon Chuan, located adjacent to the Ichitan Green Factory, has been completed, with operations scheduled to begin in November 2026. The additional capacity will support domestic demand, OEM contract manufacturing and export opportunities, strengthening ICHI’s ability to serve a broader customer base.
- Diversification into Premium Agricultural Products: As part of its long-term growth strategy, ICHI is expanding into the agricultural sector through Tan Fertilizer, a joint venture with Ekyongwong Group, which brings more than 30 years of industry experience. The venture will market premium fertilizer products under the Rampatecbrand, with commercial operations expected to begin in May 2027. This initiative represents a new business opportunity beyond ICHI’s established beverage operations, supported by the expertise of an experienced industry partner.
Staying Focused on Q4 Performance
For the final quarter of 2026, ICHI will introduce targeted promotional campaigns during the year-end festive season while maintaining disciplined cost management. The company will continue monitoring supply chain costs and weather-related factors, including potential El Niño impacts on beverage consumption, while remaining focused on achieving its full-year profit targets.
Responsible Growth Beyond Business Performance
Alongside its business expansion, ICHI continues to invest in initiatives that create value for society. Through its Ichitan Dinsow AI Robot initiative, the company has committed to providing 480 AI-powered assistant robots to 30 public hospitals across Thailand, helping healthcare professionals reduce repetitive workloads and dedicate more time to patient care. The initiative is also supported by incentives from the Thailand Board of Investment (BOI).
ICHI’s commitment to business excellence and responsible operations has also earned recognition through the Outstanding Company Performance Award at the SET Awards 2026 and recognition as an Outstanding Model Organization for Human Rights in 2026.
Looking Ahead
ICHI remains focused on strengthening its core operations, expanding into new markets and developing future business opportunities through innovation and strategic partnerships. By combining operational discipline with a diversified growth strategy, the company aims to build long-term competitiveness and create sustainable value for shareholders, consumers and society.
“Strong performance gives us the confidence to grow, but past success alone cannot secure our future. We will continue strengthening our beverage business while exploring new opportunities where the right partnerships and expertise can create long-term value.” Mr. Tan Passakornnatee CEO, Ichitan Group Public Company Limited.
