Thangamayil Jewellery Ltd logo

Thangamayil Jewellery Ltd

THANGAMAYL NSE

Key Fundamentals

SmallcapJewellery & WatchesConsumer Goods
Market Cap
₹16,691 Cr
Volatility
Moderate
P/E Ratio
43.57
EBITDA
₹579 Cr
Return on Equity
24.83%
Debt to Equity
0.64
Book Value
₹455.57
EPS
₹44.17
52W High
₹7,430
52W Low
₹1,939.5

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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29 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

4
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 32.5% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 23.6%
  • Company's median sales growth is 18.9% of last 10 years

Weaknesses

3
  • Stock is trading at 11.7 times its book value
  • Company might be capitalizing the interest cost
  • Promoter holding has decreased over last 3 years: -5.55%

Growth Rate

Revenue Growth
73.17% ↗
Net Income Growth
196.21% ↗
Cash Flow Change
176.03% ↗
ROE
130.55% ↗
ROCE
109.10% ↗
EBITDA Margin (Avg.)
48.80% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Thangamayil Jewellery Ltd is a Tamil Nadu-based jewellery retailer with a market cap of ₹16,362 Cr, trading at a PE of 41.9x and PB of 11.56x. The company has delivered TTM sales growth of 83% and TTM profit growth of 264%, with a consistent 5-year ROE averaging 23%, though the stock's valuation multiples have expanded significantly alongside a 171% one-year stock CAGR.

Bull Case 8
  • TTM revenue growth of 83% signals strong demand momentum and likely market share gains in the regional jewellery segment
  • TTM profit growth of 264% demonstrates significant operating leverage as the business scales
  • 5-year compounded profit CAGR of 32% reflects sustained earnings expansion, not a one-off spike
  • Last year ROE of 28% — up from a 5-year average of 23% — indicates improving capital efficiency
  • 10-year sales CAGR of 21% with a median sales growth of 18.9% shows long-term structural demand tailwinds
  • 3-year stock CAGR of 67% and 5-year CAGR of 68% reflect consistent re-rating alongside earnings delivery
  • Healthy dividend payout ratio of 23.6% maintained even during a high-growth phase signals capital discipline
  • Company is expected to deliver a good upcoming quarter, suggesting near-term earnings momentum remains intact
Bear Case 8
  • PE of 41.9x is significantly above the typical jewellery retail peer range of 25-35x, leaving limited margin of safety
  • Price-to-book of 11.56x means investors are paying a steep premium over net asset value, increasing downside risk if growth slows
  • Promoter holding has decreased by 5.55% over the last 3 years, raising questions about insider confidence at elevated valuations
  • 171% one-year stock price appreciation may have front-loaded future returns, creating mean-reversion risk
  • Potential capitalisation of interest costs could overstate reported profitability and asset values
  • Dividend yield of only 0.34% offers minimal income cushion relative to the valuation premium being paid
  • Regional concentration in Tamil Nadu exposes the business to state-level economic or regulatory shocks without geographic diversification
  • Jewellery retail is inherently working-capital intensive and dependent on gold price cycles, which can compress margins during volatile periods

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 20h ago
Headwinds 1
  • Gross margin contraction Jul 29

    Q1FY27 gross margins contracted due to import duty increases and currency fluctuations, despite strong top-line growth.

Positives 4
  • Q1FY27 profit surges 86% YoY Jul 29

    Net profit rose 86% to ₹851 Cr on revenue of ₹26,624 Cr (up 71% YoY), driven by exchange gold schemes constituting 53% of revenue.

  • Two new Chennai branches Aug 5

    Thangamayil inaugurates two new retail outlets in Mogaippair West and Puraisaiwakkam, Chennai on August 23, 2026, expanding urban footprint.

  • ₹18 dividend approved at AGM Jul 31

    Shareholders approved ₹18 per share dividend and FY26 financials at the 26th AGM. Executive remuneration revisions also passed.

  • Promoter group open market buying Aug 10

    Promoter entities acquired 4,680 shares via open market purchases between Aug 4-6, 2026, signalling confidence at ~₹4,810 levels.

Neutral 2
  • AGM held in Madurai Jul 29

    26th AGM held on July 29, 2026 in Madurai with poll ordered for all resolutions under SEBI regulations.

  • No new promoter encumbrances Jul 20

    Promoters confirmed no new share encumbrances in FY26, disclosed under SEBI SAST Regulations on April 7, 2026.

TL;DR: Thangamayil delivered an exceptional Q1FY27 with 86% profit growth and 71% revenue jump, fueled by exchange gold schemes now making up over half of sales. Retail expansion into Chennai and steady promoter buying reinforce the bullish trajectory. The key risk is margin pressure from import duties and forex headwinds. If scheme-led volumes sustain and new stores ramp up, the growth trend looks set to continue despite near-term margin compression.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
960
993
896
983
1,222
1,181
1,132
1,381
1,558
1,711
2,406
2,839
2,666
Expenses
868
969
845
933
1,130
1,188
1,049
1,323
1,471
1,605
2,234
2,625
2,522
Operating Profit
92
24
51
50
92
-7
83
57
87
106
172
214
145
OPM %
10%
2.5%
6%
5%
7%
-0.6%
7%
4.2%
6%
6%
7%
8%
5%
Other Income
0
0
0
0
0
0
0
0
0
0
-2
0
0
Interest
10
9
9
9
9
11
10
11
15
16
16
20
18
Depreciation
3
4
4
5
5
6
5
7
7
11
11
12
11
PBT
79
12
38
36
77
-24
67
39
65
78
143
182
115
Tax %
26%
32%
26%
22%
27%
-26%
29%
19%
30%
25%
27%
22%
26%
Net Profit
59
8
28
28
57
-17
48
31
46
59
105
143
85
EPS in Rs
18.91
2.7
9
9.08
18.19
-5.61
15.5
10.1
14.71
18.82
33.71
45.9
27.38
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,421
1,272
1,299
1,379
1,443
1,692
1,819
2,193
3,153
3,827
4,911
8,499
9,622
Expenses
1,418
1,228
1,251
1,320
1,373
1,594
1,672
2,107
3,000
3,614
4,692
7,935
8,985
Operating Profit
3
43
48
59
71
98
147
86
153
212
219
565
637
OPM %
0.2%
3.4%
3.7%
4.3%
4.9%
6%
8%
3.9%
4.8%
6%
4.5%
7%
7%
Other Income
2
3
1
2
3
3
2
2
3
5
6
12
-2
Interest
29
24
21
19
20
21
23
26
35
36
41
68
70
Depreciation
8
8
9
8
8
10
9
10
13
16
24
40
45
PBT
-33
14
19
34
46
69
117
52
108
165
160
469
519
Tax %
-32%
26%
28%
33%
34%
34%
26%
26%
26%
25%
26%
25%
—
Net Profit
-22
11
14
23
30
46
87
39
80
123
119
352
391
EPS in Rs
-7.19
3.4
4.51
7.38
9.76
14.73
27.93
12.44
25.72
39.63
38.19
113
126
Div. Payout %
-6%
13%
20%
21%
23%
15%
16%
36%
21%
22%
33%
16%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
14
14
14
14
14
14
14
14
14
27
31
31
Reserves
115
124
136
155
179
206
284
311
375
466
1,071
1,385
Borrowings
185
146
119
229
178
260
323
417
571
532
797
913
Other Liabilities
101
118
168
213
282
235
154
163
287
456
660
1,491
Total Liabilities
414
402
437
611
652
715
775
905
1,247
1,481
2,559
3,820
Fixed Assets
74
78
72
74
71
81
79
84
120
154
201
293
CWIP
8
1
1
1
1
2
2
7
2
2
11
7
Investments
0
0
0
0
0
0
0
0
0
0
0
0
Other Assets
332
323
364
536
580
633
694
814
1,125
1,325
2,347
3,520
Total Assets
414
402
437
611
652
715
775
905
1,247
1,481
2,559
3,820
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
82
73
69
-53
85
-39
55
-79
10
330
-424
322
Investing
-3
-5
-6
-27
-17
8
18
-21
-86
-30
-138
-165
Financing
-90
-64
-56
74
-62
24
-64
94
78
-293
637
-122
Net Cash Flow
-11
4
7
-6
5
-7
8
-7
2
8
75
36
Free Cash Flow
79
68
66
-63
80
-48
49
-95
-21
293
-482
249
CFO/OP
2,886
169
156
-78
133
-22
56
-71
24
175
-171
76
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
0
0
0
0
1
0
1
0
0
0
1
1
Inventory Days
77
87
96
140
143
139
149
139
127
127
164
144
Days Payable
9
14
27
17
21
9
3
1
3
2
3
1
Cash Conversion Cycle
68
73
69
123
122
130
146
138
125
125
162
144
Working Capital Days
16
24
21
22
25
34
52
53
38
36
54
36
ROCE %
-1%
13%
15%
16%
17%
21%
25%
11%
17%
20%
14%
25%

Shareholding Pattern

As of Jun 2026
Promoters 61.61%
DIIs 16.43%
Public 14.05%
FIIs 5.54%
Others 2.37%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
70.07%
70.29%
70.31%
66.66%
66.66%
66.66%
66.66%
66.66%
67.16%
67.16%
67.16%
67.31%
67.32%
67.32%
61.27%
61.27%
61.49%
61.53%
61.56%
61.56%
61.61%
61.61%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.25%
0.75%
0.98%
1.08%
4.52%
4.06%
4.41%
4.49%
4.61%
4.70%
4.37%
5.54%
DIIs
5.56%
6.89%
6.98%
10.19%
11.21%
11.46%
11.46%
11.47%
11.47%
11.47%
11.39%
11.40%
11.52%
12.08%
12.77%
13.57%
14.81%
14.84%
15.25%
16.62%
17.41%
16.43%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
16.94%
16.13%
16.20%
16.60%
16.20%
16.82%
16.75%
17.15%
16.83%
16.91%
17.28%
17.13%
16.88%
16.23%
17.52%
17.05%
15.72%
15.72%
15.17%
14.36%
14.11%
14.05%
Others
7.43%
6.69%
6.52%
6.55%
5.93%
5.05%
5.13%
4.73%
4.54%
4.47%
3.92%
3.41%
3.30%
3.28%
3.91%
4.05%
3.57%
3.43%
3.41%
2.76%
2.51%
2.37%
No. of Shareholders
8,776
10,405
9,447
11,044
12,296
11,446
12,618
14,890
14,896
20,917
29,604
32,954
33,847
33,135
40,908
44,479
44,667
48,996
46,389
44,849
48,097
51,026

Documents

Frequently Asked Questions about Thangamayil Jewellery Ltd

What does Thangamayil Jewellery Ltd do?
Thangamayil Jewellery Limited operates a chain of retail jewellery stores across several districts in Tamil Nadu, a state that have the largest share (40%) of India's total gold consumption. The company primarily deals with four product lines, i.e., Gold, Silver, Diamonds and Platinum; the sale o...
Where is Thangamayil Jewellery Ltd (THANGAMAYL) listed?
Thangamayil Jewellery Ltd is listed on the Indian stock exchanges. It is listed on NSE: THANGAMAYL and BSE: 533158. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Thangamayil Jewellery Ltd belong to?
Thangamayil Jewellery Ltd operates in the Consumer Discretionary sector within the Consumer Durables industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Thangamayil Jewellery Ltd?
Thangamayil Jewellery Ltd has a market capitalisation of approximately ₹16691.05 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Thangamayil Jewellery Ltd?
The Price-to-Earnings (PE) ratio of Thangamayil Jewellery Ltd is 43.57. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Thangamayil Jewellery Ltd?
Over the past 52 weeks, Thangamayil Jewellery Ltd has traded between a low of ₹1,939.5 and a high of ₹7,430. This range helps investors understand the stock's price volatility and recent trading levels.
Does Thangamayil Jewellery Ltd pay dividends?
Yes, Thangamayil Jewellery Ltd has a dividend yield of 0.34%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Thangamayil Jewellery Ltd?
Thangamayil Jewellery Ltd has a Return on Equity (ROE) of 24.83%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Thangamayil Jewellery Ltd on Tapetide?
On Tapetide, you can view Thangamayil Jewellery Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Thangamayil Jewellery Limited operates a chain of retail jewellery stores across several districts in Tamil Nadu, a state that have the largest share (40%) of India's total gold consumption. The company primarily deals with four product lines, i.e., Gold, Silver, Diamonds and Platinum; the sale of gold being a predominant source of its income. TMJL has also established four manufacturing units that employ in-house goldsmiths to craft designer jewellery, which are in vogue with the current trends in the marketplace. [1]

Website thangamayil.com
CEO Mr. Balarama Govinda Das
Employees 3,086
Listed 2010-02-19
Face Value ₹ 10
Issued Size 3,10,82,021

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