Ratch Group
Ratch Group (SET: RATCH, formerly Ratchaburi Electricity Generating Holding) is the listed independent power producer originally spun off from EGAT β FY2024 revenue approximately THB 42B. EGAT created RATCH to hold the Ratchaburi gas-fired power plants it divested; the company has since diversified across Thailand, Australia (Macquarie Bay wind farms, solar), Indonesia (coal, renewables), and Vietnam. RATCH carries the largest legacy thermal portfolio in the listed Thai IPP stack; the renewables pivot is underway but moderate-pace relative to GULF, GPSC, BGRIM.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 42B
FY2024
Geographies
Thailand, Australia, Indonesia, Vietnam
FY2024
Original parent
EGAT (spin-off)
Since 2000
Listing
SET: RATCH
2000
What this company actually does
Ratch Group operates a diversified-geography IPP portfolio with the largest share of legacy thermal (gas-fired) capacity among Thai listed peers. Thailand hosts the core Ratchaburi gas-fired plants, selected renewable additions. Australia contributes Macquarie Bay wind farms, solar via Pacific Partners operator (Ratch's Australian platform). Indonesia is a coal, renewables mix from legacy acquisitions. Vietnam is early-stage.[]
The strategic position is value-legacy with slower transition. RATCH's thermal base generates stable cashflow that funds modest renewable capex, but the pace trails faster-pivoting peers like GULF, GPSC, and BGRIM. For investors, RATCH is a lower-valuation play on existing thermal cashflow with optionality on accelerated transition; the 2026-2028 window is where operator strategy is tested.[]
Business segments
Thailand core
Ratchaburi gas-fired power
Ratchaburi gas-fired power plants β the original EGAT-spun assets. Long-term EGAT PPAs with capacity payments. Stable cashflow; plants are ageing but PPA terms provide revenue certainty through existing contract periods.
International
Australia β wind and solar
Pacific Partners renewable platform in Australia including Macquarie Bay wind farms, solar projects. Australian dollar-denominated earnings diversify THB-concentrated income. Growing renewables contribution from Pacific Partners pipeline.
International
Indonesia, Vietnam β coal and gas
Indonesia coal, renewables mix from legacy acquisitions. Vietnam early-stage; gas and renewable development pipeline. International diversification reduces single-country EGAT-tariff-policy risk.
Watchpoints for the next annual report
Renewable capex acceleration
Pace of RE addition vs peers; PDP 2024 alignment.
Australia, Indonesia contribution
Cross-border revenue mix trajectory.
Coal phase-out exposure
Indonesian, Thai coal asset retirement, PPA renewal.
Dividend policy
Cash-flow-heavy thermal base supports payout; watch for policy shifts.
Thai listed IPP β peer comparison
Listing
SET: GULF
FY2024 revenue
~ $3.48B
Equity capacity
~8 GW equity
Transition pace
Fastest-pivoting; Gulf MTP data centre
BGRIM Power
Listing
SET: RATCH
FY2024 revenue
~ $1.22B
Equity capacity
~4 GW equity
Transition pace
Legacy thermal anchor; slower RE pivot pace
| Company | Listing | FY2024 revenue | Equity capacity | Transition pace |
|---|---|---|---|---|
| Gulf Energy | SET: GULF | ~ $3.48B | ~8 GW equity | Fastest-pivoting; Gulf MTP data centre |
| GPSC (PTT Group) | SET: GPSC | ~ $2.32B | ~5 GW equity | PTT-group captive; strong renewables pipeline |
| BGRIM Power | SET: BGRIM | ~ $1.16B | ~3 GW equity | EEC industrial-estate focus; renewables expanding |
| Ratch Group | SET: RATCH | ~ $1.22B | ~4 GW equity | Legacy thermal anchor; slower RE pivot pace |
Related Market profiles
Peers, parents, partners, agencies, and other Renewable Energy actors.
Competitor
Gulf Energy Development
Larger, more diversified listed IPP peer.
Open Market profile β
Competitor
Global Power Synergy
PTT Group listed power peer.
Open Market profile β
Sector peer
BCPG Public Company Limited
Bangchak-linked listed renewable power developer and operator.
Open Market profile β
Sector peer
B.Grimm renewable-power platform
SET-listed Thai SPP / IPP; SET:BGRIM; gas-fired cogeneration, renewable portfolio; B.Grimm family-controlled.
Open Market profile β
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Ratch Group (SET: RATCH) FY2024 56-1
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Ratch Group (SET: RATCH) FY2024 56-1 | Ratch Group PCL | Primary | 2025-03-31 |
Reports featuring this profile
Gulf Energy: Power Portfolio and the Data-Centre Build
Ex-EGAT listed IPP; FY2024 revenue ~THB 42B; legacy Ratchaburi gas-fired thermal anchor; Australia, Indonesia, Vietnam international exposure; slower renewables pivot than peers.
Open report β
Sits alongside 3 other Atlas profilesEGCO: IPP Portfolio and the Overseas-Yield Mix
Ex-EGAT listed IPP; FY2024 revenue ~THB 42B; legacy thermal anchor, Australia, Indonesia, Vietnam; moderate renewables pivot pace vs GULF, GPSC.
Open report β
Sits alongside 3 other Atlas profilesThailand Renewable Energy Market Intelligence
Ex-EGAT listed IPP; FY2024 ~THB 42B; Thailand, Australia, Indonesia, Vietnam.
Open report β
Sits alongside 6 other Atlas profilesThailand Power & Utilities Market Intelligence
EGAT 1990s spin-off listed IPP; thermal anchor, international, renewables; FY2024 revenue ~THB 45B.
Open report β
Sits alongside 6 other Atlas profilesThailand Toll Roads & Highway Infrastructure Market Intelligence
Ratch Group (RATCH) infrastructure fund holdings include expressway-adjacent assets.
Open report β
Sits alongside 3 other Atlas profilesThailand Renewable PPA Economics Deep Dive
Ratch Group legacy EGAT-linked IPP with renewable portfolio.
Open report β
Sits alongside 4 other Atlas profilesThailand Electricity Tariff EGAT MEA PEA Deep Dive
RATCH Group Ratchaburi, IPP, renewable, global.
Open report β
Sits alongside 4 other Atlas profilesThailand Coal Power Transition, BANPU, Mae Moh Deep Dive
RATCH IPP β coal exposure declining; Australia, Vietnam gas, renewables pivot
Open report β
Sits alongside 3 other Atlas profiles