Thangamayil Jewellery logo

Thangamayil Jewellery

THANGAMAYL NSE

Key Fundamentals

SmallcapJewellery & WatchesConsumer Goods
Market Cap
₹15,456 Cr
Volatility
Moderate
P/E Ratio
38.64
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

Tapetide Score

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

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 10.7 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% higher than 3Y
Net Income Growth
196% higher than 3Y
Cash Flow Change
176% higher than 3Y
ROE
131% higher than 3Y
ROCE
109% higher than 3Y
EBITDA Margin (Avg.)
48.8% higher than 3Y

AI Analysis — Bull vs Bear

2d ago
AI opinion · based on fundamentals
Risk high

Thangamayil Jewellery is a Tamil Nadu-focused gold jewellery retailer with a market capitalisation of about Rs 16,113 crore. TTM sales grew 83% and TTM profit grew 264%, and ROE was 28% last year against a 10-year average of 22%. The stock trades at 41.2x earnings and 11.39x book value after a 158% gain over the past year, and promoter holding has fallen 5.55 percentage points over three years.

Bull Case 7
  • Sales are growing faster over time: TTM revenue growth of 83% is well above the 3-year CAGR of 39%, the 5-year CAGR of 36% and the 10-year CAGR of 21%.
  • Profit growth is fast: TTM profit grew 264% and the 3-year profit CAGR is 64%, which suggests operating leverage as the store network grows.
  • Returns on capital are improving: ROE was 28% last year, up from 24% over 3 years, 23% over 5 years and 22% over 10 years.
  • Growth has lasted a long time: median sales growth is 18.9% over 10 years and the 10-year profit CAGR is 42%, so the expansion is not just a recent spike.
  • Profit has compounded at 32.5% a year over 5 years, which points to sustained execution rather than a one-off gain.
  • The company pays out 23.6% of profit as dividends while still funding store expansion, which shows some capital discipline.
  • The stock has compounded at 46% a year over 10 years and 57% over 5 years, so the market has rewarded its fundamental growth over long periods.
Bear Case 8
  • The stock trades at 11.39x book value, far above typical levels for jewellery retail, a capital-heavy business built on inventory. That leaves little room for any slowdown.
  • The P/E of 41.2 assumes growth will continue at a high rate, but part of the 264% TTM profit jump may come from inventory gains as gold prices rose, and those may not repeat.
  • After a 158% gain in one year, the share price has risen far faster than the 3-year sales CAGR of 39%. Much of the recent return has come from the valuation multiple expanding.
  • Promoter holding has fallen 5.55 percentage points over 3 years, which could raise questions about how aligned insiders are with the company's future.
  • The company may be capitalising interest cost. That would lift reported profit and hide the true cost of debt-funded expansion. Leverage data (debt-to-equity) was not in the dataset provided.
  • The 5-year profit CAGR of 32.5% is well below the 3-year CAGR of 64%, which shows how uneven profits can be in a business tied to gold prices.
  • The dividend yield is just 0.35%, which gives shareholders little income support if the valuation falls from 41.2x earnings.
  • The business is concentrated in one region and exposed to gold prices, import duties and hallmarking rules. An 83% TTM sales rise driven by gold prices can reverse sharply if bullion prices fall.

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

AI News Digest

1d ago
Headwinds 3
  • EBITDA margin dips slightly Sep 22

    Q1 FY27 (June 2026 quarter) EBITDA margin slipped to 5.4% from 5.6% a year earlier, even though EBITDA grew 66.2% to ₹144.6 crore. That leaves it below management's 6% margin target.

  • Demand deferral in H1 Sep 22

    Management said many customers put off purchases rather than cancelling them. Growth now depends on that pent-up demand coming through in the H2'27 festive and wedding season, including Diwali.

  • Stock down 7.67% in month Sep 22

    The share price fell 7.67% over one month despite gaining 3.15% in the past week. Some investors may be taking profits after a 140.56% rally over one year.

Positives 4
  • Q1 profit jumps 86% YoY Sep 22

    Net profit for the June 2026 quarter rose 86% YoY to ₹85 crore from ₹45.7 crore. Revenue grew 71.2% to ₹2,666.4 crore from ₹1,558 crore.

  • BoB Capital upgrades to Buy Sep 22

    BoB Capital Markets upgraded the stock from Hold to Buy with a ₹6,355 target, implying 28% upside, valuing it at 35x Sep'28 EPS. The brokerage cited a strong balance sheet, disciplined working capital and improving return ratios.

  • 25% growth, 6% margin guidance Sep 22

    Management expects 25% revenue growth with 6% EBITDA margins. It points to Tamil Nadu store expansion, strong inventory rotation and a capital-efficient model as the drivers.

  • Strong multi-year returns Sep 22

    The stock is up 55.43% YTD in 2026 and 140.56% over one year. It has returned 338.75% over three years and 879.96% over five years.

Neutral 1
  • Promoter buys 925 shares Sep 2

    Promoter Narayanan Balusamy Kumar bought 925 shares on the open market on August 31, 2026 at ₹5,359.03 each, raising his stake to 17.56%. It signals confidence, but the purchase is too small to matter much.

TL;DR: Thangamayil is growing fast: Q1 FY27 profit rose 86% and revenue rose 71%. A BoB Capital upgrade with a ₹6,355 target and management's 25% growth guidance support the outlook. The main risks are a slight drop in EBITDA margin to 5.4%, a rich valuation of 35x forward earnings, and a 7.67% fall in the share price over the past month after a big rally. The trend looks positive, and the next test is whether deferred demand turns into strong H2'27 festive and wedding-season sales.

Quarterly Results

Particulars 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

Particulars 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

Particulars 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

Particulars 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

Particulars 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%

Insights

Beta

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

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62 extracted metrics + investor summaries across FY10–FY27.

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Shareholding Pattern

Others2.37%Promot.61.61%FIIs5.54%Public14.05%DIIs16.43%As ofJun 2026

Documents

Frequently Asked Questions about Thangamayil Jewellery

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 trades as THANGAMAYL on the NSE and under code 533158 on the BSE.
Which sector does Thangamayil Jewellery Ltd belong to?
Thangamayil Jewellery Ltd is classified under the Consumer Goods sector, in the Jewellery & Watches industry.
What is the market capitalisation of Thangamayil Jewellery Ltd?
Thangamayil Jewellery Ltd has a market capitalisation of ₹15,456 Cr, which places it in the Mid Cap band.
What is the PE ratio of Thangamayil Jewellery Ltd?
Thangamayil Jewellery Ltd trades at a PE ratio of 38.64, on earnings per share of ₹44.17, against a book value of ₹455.57 per share.
What is the 52-week high and low of Thangamayil Jewellery Ltd?
Over the last 52 weeks Thangamayil Jewellery Ltd has traded between ₹1,939.5 and ₹7,430.
Does Thangamayil Jewellery Ltd pay dividends?
Thangamayil Jewellery Ltd has a dividend yield of 0.36%.
What is the Return on Equity (ROE) of Thangamayil Jewellery Ltd?
Thangamayil Jewellery Ltd reported a return on equity of 24.83%. Its debt-to-equity ratio is 0.64.

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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