Thangamayil Jewellery Limited has informed the Exchange regarding Outcome of Board Meeting held on May 15, 2025.
THANGAMAYL · price
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On the reaction day the stock moved 0.7 pts less than Nifty Microcap 250 and 0.5 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 total revenue of Rs. 4,916 crore, up 28% from Rs. 3,832 crore in FY24, driven by strong 38% YoY retail sales growth to Rs. 4,720 crore in the standalone jewellery business. However, profitability was under pressure — PAT dipped 4% to Rs. 119 crore from Rs. 123 crore, and PBT fell 3% to Rs. 160 crore, as EBITDA margin compressed to 4.58% from 5.69%. The company attributed this to a Rs. 15.47 crore customs duty hit, higher brand-building and advertising spend, expansion-related depreciation, and increased inventory hedging. A concerning Rs. 424 crore negative operating cash flow emerged versus Rs. 330 crore positive last year, largely due to a sharp Rs. 789 crore inventory build-up. The Board recommended a Rs. 12.50/share (125%) final dividend, and the statutory auditor issued an unmodified (clean) opinion.
Strong top-line growth is encouraging, but the sharp drop in operating cash flow, margin compression, and flat-to-declining profit despite record sales signal near-term pressure on earnings quality. Shareholders get a healthy 125% dividend, but watch inventory levels and margin recovery closely — the stock may react cautiously given the mixed earnings story.