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Thangamayil Jewellery

THANGAMAYL NSE
₹4,285.90 −247.00 (−5.45%)
P/E
34.07
View as Markdown
MCP
Close 4 Nov 2026 ₹4,285.90 +1,204.70 +39.1% 1Y
Start ₹3,081.20

Key Fundamentals

SmallcapConsumer DurablesConsumer Discretionary

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
25.50%
Debt to Equity
0.64
EPS (TTM)
₹125.81
Book Value
₹455.57
Market Cap
—
P/E (TTM)
34.07
P/B
9.41
ROE
28.10%
Dividend Yield
0.40%
EBITDA
₹579 Cr
52W High
₹7,430.00
52W Low
₹2,837.70
Day Range
₹4,215.70 – ₹4,690.00
Volume
3,31,911

Peer Comparison

Consumer Discretionary › Consumer Goods › Jewellery & Watches › Gems, Jewellery And Watches

Thangamayil Jewellery peer comparison
Titan
₹4,754.4073.27₹4,08,204 Cr26.880.33%37.70%20.50%₹92,417 Cr₹5,760 Cr
Kalyan Jewellers
₹529.0538.06₹52,836 Cr8.660.49%24.80%21.20%₹39,063 Cr₹1,436 Cr
Lalithaa Jewellery Mart
₹366.0519.89₹20,211 Cr4.960.00%40.20%38.00%₹21,635 Cr₹922 Cr
PC Jeweller
₹15.8216.48₹14,560 Cr1.670.00%9.96%9.60%₹3,505 Cr₹775 Cr
Thangamayil Jewellery (this company)
₹4,285.9034.07₹14,306 Cr9.410.40%28.10%25.50%₹9,622 Cr₹392 Cr
Sky Gold & Diamonds
₹927.2042.85₹13,567 Cr10.220.23%28.90%26.90%₹7,176 Cr₹344 Cr
BlueStone Jewellery & Lifestyle
₹690.6599.80₹10,225 Cr5.750.00%1.11%6.78%₹2,912 Cr₹102 Cr
Median 7 companies₹690.6538.06₹14,560 Cr8.660.23%28.10%21.20%₹9,622 Cr₹775 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

57 Good

Data confidence 100/100

Category scores

Quality
54
Average
Returns, margins, earnings quality 22% weight
Valuation
42
Weak
Cheap vs sector & own history 24% weight
Growth
99
Strong
Sales & profit trajectory 9% weight
Financial Health
57
Good
Solvency, leverage, coverage 9% weight
Momentum
32
Poor
Trend strength, vol-adjusted 12% weight
Ownership
65
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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: -5.51%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1243
OscillatorsBullish243
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
32.05
Neutral
MACD (12,26,9)
−158.79
Bearish
SMA (50)
4,998.04
Bearish
SMA (200)
4,644.51
Bearish

As of

Analyst Rating

Based on 3 analysts
BUY67%

2 of 3 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
2
67%
HOLD
1
33%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+20.92%
5Y+36.12%
3Y+39.17%
1Y+73.06%
TTM+83.21%

Net profit

Net profit growth by window
10Y+41.42%
5Y+32.25%
3Y+63.86%
1Y+195.80%
TTM+262.96%

Operating cash flow

Operating cash flow growth by window
10Y+16.00%
5Y+42.40%
3Y+218.14%
1YTurned positive
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+3.27 pp
5Y−1.43 pp
3Y+1.80 pp
1Y+2.19 pp
TTM+2.43 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,299 Cr
Mar 2018₹1,379 Cr
Mar 2019₹1,443 Cr
Mar 2020₹1,692 Cr
Mar 2021₹1,819 Cr
Mar 2022₹2,193 Cr
Mar 2023₹3,153 Cr
Mar 2024₹3,827 Cr
Mar 2025₹4,911 Cr
Mar 2026₹8,499 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹14.00 Cr
Mar 2018₹23.00 Cr
Mar 2019₹30.00 Cr
Mar 2020₹46.00 Cr
Mar 2021₹87.00 Cr
Mar 2022₹39.00 Cr
Mar 2023₹80.00 Cr
Mar 2024₹123 Cr
Mar 2025₹119 Cr
Mar 2026₹352 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹136 Cr −6.0% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

Thangamayil Jewellery Ltd trades at ₹4,285.9 as of 2026-11-04 with a market cap of ₹14,306 crore, a P/E of 34.07x and ROE of 24.83%. The company has demonstrated strong compounded sales growth of 21% over 10 years and profit growth of 32% CAGR over 5 years, though the stock trades at 9.41x book value and sits roughly 42% below its 52-week high of ₹7,430.

Bull Case 8
  • TTM revenue growth of 83% signals a sharp acceleration in top-line momentum compared to the 5-year compounded sales CAGR of 36%
  • TTM profit growth of 264% indicates exceptional bottom-line expansion, far outpacing the 10-year compounded profit CAGR of 42%
  • ROE of 24.83% as of 2026-11-04 is well above average for the consumer goods sector, with a consistent 10-year average ROE of 22%
  • ROCE of 34.71% demonstrates efficient capital allocation and strong returns on total capital employed
  • 5-year stock CAGR of 50% and 10-year stock CAGR of 45% reflect sustained long-term wealth creation for shareholders
  • Debt-to-equity ratio of 0.64 remains manageable, suggesting the balance sheet is not overly leveraged for a jewellery retailer carrying significant inventory
  • Median sales growth of 18.9% over the last 10 years indicates a durable, consistent growth trajectory beyond cyclical spikes
  • Healthy dividend payout ratio of 23.6% shows the company returns profits to shareholders while retaining capital for growth
Bear Case 6
  • P/E of 34.07x demands continued high earnings growth to justify the valuation; any quarterly miss could trigger a sharp de-rating
  • The stock has fallen roughly 42% from its 52-week high of ₹7,430, indicating significant recent selling pressure or deteriorating sentiment
  • Promoter holding has decreased by 5.51% over the last three years, which may signal reduced insider confidence or dilution
  • Potential capitalisation of interest costs could overstate reported profitability and asset values, distorting true earnings quality
  • Dividend yield of just 0.4% offers minimal income cushion for investors during periods of price decline
  • TTM profit growth of 264% is likely unsustainable at this rate, creating a high base effect that may lead to optically weak year-over-year comparisons ahead

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

AI News Digest

12h ago

TL;DR: Thangamayil Jewellery is delivering headline revenue growth driven by elevated gold prices, but underlying volume trends are soft with gold ornament sales declining 1%. Margin compression from 5.83% to 4.5% EBITDA is a concern, as profit growth is failing to keep pace with top-line expansion. The key risk is continued cost pressure eroding profitability if gold prices stabilize and volume recovery does not materialize.

Headwinds 2
  • EBITDA margin contracts sharply Nov 04

    EBITDA margin fell to 4.5% in Q2FY27 from 5.83% a year ago, reflecting rising cost pressures that are squeezing profitability despite top-line growth.

  • Gold ornament volumes decline Nov 04

    Gold ornament volumes dropped 1% YoY in Q2FY27 even as revenue surged 41%, indicating growth is price-driven rather than demand-driven.

Positives 1
  • Revenue surges 41% YoY Nov 04

    Q2FY27 revenue jumped 41% YoY to ₹2,400 crore, benefiting from elevated gold prices translating into higher billing value.

Neutral 1
  • Net profit flat YoY Nov 04

    Q2FY27 net profit stayed flat at ₹59.5 crore YoY, with strong revenue growth offset by margin compression from cost pressures.

Quarterly Results

₹ Cr
THANGAMAYL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
960
992
896
983
1,222
1,181
1,132
1,381
1,558
1,711
2,406
2,838
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
1.23
1.33
1.27
1.58
0
0
0.82
0
0
0
−2
0.96
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 (₹)
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

Profit & Loss

₹ Cr
THANGAMAYL profit and loss, annual, ₹ crore
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 (₹)
−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 %
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
13%
20%
21%
23%
15%
16%
36%
21%
22%
33%
16%
—

Balance Sheet

₹ Cr
THANGAMAYL balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
THANGAMAYL cash flow, annual, ₹ crore
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/EBITDA
2,886
169
156
−78
133
−22
56
−71
24
175
−171
76

Ratios

THANGAMAYL financial ratios, annual
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

Log in to view Thangamayil Jewellery insights

62 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 61.65%
  • DIIs 17.03%
  • Public 13.56%
  • FIIs 5.79%
  • Others 1.97%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
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 PE ratio of Thangamayil Jewellery Ltd?
Thangamayil Jewellery Ltd trades at a PE ratio of 34.07 as of 4 Nov 2026, on earnings per share of ₹125.81, 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 ₹2,837.7 and ₹7,430 as of 4 Nov 2026.
Does Thangamayil Jewellery Ltd pay dividends?
Thangamayil Jewellery Ltd has a dividend yield of 0.40%.
What is the Return on Equity (ROE) of Thangamayil Jewellery Ltd?
Thangamayil Jewellery Ltd reported a return on equity of 28.10%. 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.

Website thangamayil.com
CEO Mr. Balarama Govinda Das
Employees 3,086
Listed 19 Feb 2010
Face Value ₹10

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