Thangamayil Jewellery Limited has informed the Exchange regarding Board meeting held on May 15, 2025.
THANGAMAYL · price
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On the reaction day the stock moved 5.9 pts less than Nifty Microcap 250 and 5.8 pts less than its Gems Jewellery And Watches peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Thangamayil Jewellery reported FY25 revenue of Rs. 4,911 Crs, up 28% YoY from Rs. 3,827 Crs, driven by 28% growth in retail sales and gold jewellery volumes. However, profit after tax dipped 3.7% to Rs. 119 Crs (from Rs. 123 Crs), and PBT fell to Rs. 160 Crs from Rs. 165 Crs, as EBITDA margin compressed to 4.58% from 5.69%. Management attributed the profit decline to one-time costs: a Rs. 15.5 Cr customs duty hit, Rs. 25 Cr extra brand-building spend, Rs. 7.3 Cr higher depreciation from expansion, and Rs. 2.5 Cr in new staffing for upcoming Chennai outlets. The board recommended a final dividend of Rs. 12.50/share (125%), up from Rs. 10/share last year. The company also completed a Rs. 510 Cr rights issue in March 2025, funded new stores, and expanded to 60 outlets with plans for further Chennai-area expansion. Statutory auditors issued an unmodified opinion.
Strong top-line growth and a higher dividend are positives, but shrinking margins, a profit dip, and a sharp swing to negative operating cash flow (Rs. -424 Crs vs Rs. 330 Crs last year) due to heavy inventory build-up may weigh on the stock. Expansion-led spending and the Rs. 70 Cr tax demand under appeal are near-term overhangs to monitor.