NSE: THANGAMAYL · BSE: 533158
THANGAMAYIL JEWELLERY LTD
Operates a chain of 66 jewellery showrooms concentrated in Tamil Nadu, selling primarily gold ornaments (about 89.8% of revenue) along with other jewellery. The retail footprint is being expanded, with two new Chennai outlets opened recently, four more planned in the city, and nine new showrooms targeted in FY27, with a stated goal of reaching 100 stores by 2030. Chennai now contributes around 20% of turnover and the urban share of business has grown from 31% to 42%. FY26 revenue stood at Rs 8,499.33 cr and Q1 FY27 revenue at Rs 2,662 cr, with same-store sales growth of 44.4% year-on-year in Q1 FY27 and active customers reaching 45 lakh. Costs are dominated by raw materials (gold) at Rs 8,507.44 cr in FY26, roughly equal to revenue, with employee cost, other opex and depreciation together adding only a few percentage points. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Gold jewellery (90%), Other jewellery (diamonds, etc.). Regional, single-state jewellery retail chain with heavy gold inventory
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,193 | 3,153 | 3,827 | 4,911 | 8,499 |
| EBITDA (ex other income) | 86 | 153 | 212 | 219 | 562 |
| margin % | 3.9 | 4.9 | 5.5 | 4.5 | 6.6 |
| Owners' profit | 39 | 80 | 123 | 119 | 352 |
| EPS, as reported (₹) | 28.09 | 58.13 | 44.91 | 42.00 | 113.14 |
| ROE % · ROCE % | 11.9 · 17.8 | 20.5 · 26.4 | 25.0 · 31.9 | 10.8 · 16.6 | 24.8 · 34.7 |
| Debt / equity (x) | 1.11 | 1.41 | 1.01 | 0.68 | 0.58 |
| Cash from operations | (79) | 10 | 330 | (424) | 322 |
| Capex | (16) | (0) | 0 | (58) | (74) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,178 | 1,132 | 1,381 | 1,555 | 1,705 | 2,401 | 2,838 | 2,662 |
| Profit before tax | (24) | 67 | 39 | 65 | 78 | 143 | 182 | 115 |
| Net profit | (17) | 48 | 31 | 46 | 59 | 105 | 143 | 85 |
| EPS (₹) | (6.36) | 17.56 | 10.18 | 14.71 | 18.82 | 33.71 | 45.89 | 27.38 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,249 | 67.5 | 24.66 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 52,825 | 36.8 | 8.37 | 20.0 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 15,284 | 15.9 | 1.87 | 18.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD ◆ | 14,531 | 37.2 | 10.26 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 13,784 | 41.0 | 11.43 | 31.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD | 11,095 | 218.6 | 6.15 | 26.7 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,763 | 17.4 | 3.95 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,569 | 62.5 | 3.95 | 25.5 | 5.8 | 7.0 | — | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 37.2 | 23.8 | 19 of 29 | 36% |
| P/B | 10.3 | 2.7 | 24 of 28 | 15% |
| ROCE | 30.3 | 16.7 | 3 of 28 | 93% |
| ROE | 24.8 | 14.6 | 3 of 28 | 93% |
| Debt / Equity | 0.6 | 0.3 | 21 of 28 | 26% |
| EBITDA margin | 5.4 | 10.7 | 25 of 30 | 17% |
| Revenue growth | 71.2 | 45.7 | 5 of 25 | 83% |
| Profit growth | 86.2 | 49.8 | 7 of 25 | 75% |
| Market cap | 14531 | 2932 | 4 of 30 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve Q2 and half-year results on November 4, 2026 | results | low | — | — |
| 12 Oct 2026 · Routine quarterly demat compliance certificate filed with exchanges | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed for Q2 FY26-27 results | compliance | minimal | — | — |
| 2 Sept 2026 · Promoter Narayanan Kumar buys 925 shares of Thangamayil Jewellery | ownership changes | low | — | — |
| 24 Aug 2026 · Thangamayil Jewellery opens two new stores in Chennai | business updates | medium | — | — |
| 11 Aug 2026 · Promoter group entity buys 4250 shares of Thangamayil Jewellery via open market | ownership changes | low | — | — |
| 11 Aug 2026 · Promoter group entity buys 1330 shares of Thangamayil Jewellery in open market | ownership changes | low | — | — |
| 10 Aug 2026 · Promoter group buys 1,080 shares of Thangamayil Jewellery on NSE | ownership changes | low | — | — |
| 7 Aug 2026 · Promoter group buys 3,600 shares in open market | ownership changes | low | — | — |
| 5 Aug 2026 · Thangamayil Jewellery to open two new branches in Chennai on 23 August 2026 | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.