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Key Financials Snapshot

TTM · Standalone · ₹ in Cr
Market Cap
₹16635 Cr.
Stock P/E
140.1
P/B
11.7
Current Price
₹5351.9
Book Value
₹ 455.6
Face Value
10
52W High
₹5649
52W Low
₹ 1750
Dividend Yield
0.34%

Thangamayil Jeweller Overview

Business

Thangamayil Jewellery Ltd. is an Indian jewellery retailer primarily engaged in the design, manufacture, and sale of gold, silver, and diamond jewellery. The company's core business model revolves around operating a chain of retail showrooms, predominantly in the southern state of Tamil Nadu. It offers a wide range of jewellery products catering to various customer segments and occasions. The company makes money through the sale of these jewellery items, often adding making charges (or wastage charges) to the base metal price, and by offering value-added services.

Revenue Mix

While specific proportions can fluctuate, the primary revenue segment for Thangamayil Jewellery Ltd., consistent with most Indian jewellery retailers, is Gold Jewellery. This includes a variety of traditional and contemporary designs, coins, and bars. Other significant, though smaller, segments include Silver Articles (jewellery, utensils, gift items) and Diamond Jewellery. The contribution from diamond and other precious stone jewellery is generally smaller compared to gold.

Industry

The Indian Diamond & Jewellery industry is characterized by its significant size, cultural importance, and high fragmentation. It comprises a large unorganized sector (local jewellers) and a growing organized sector (national and regional chains). Thangamayil Jewellery operates in the organized retail segment, predominantly as a regional player with a strong presence in Tamil Nadu. It competes with national players like Tanishq, Malabar Gold & Diamonds, Joyalukkas, as well as other regional chains and numerous local jewellers. Its positioning is built on catering to regional preferences and building trust within its operating geographies.

MOAT

Thangamayil Jewellery's primary competitive advantages are:

Regional Brand Recognition & Trust: Having established a brand name and customer trust over years of operation in Tamil Nadu, fostering repeat purchases.

Customer Loyalty: Developing a loyal customer base through traditional designs, quality assurance (e.g., hallmarking), and customer service.

Distribution Network: A well-established network of showrooms within its core operating regions provides accessibility and visibility.

However, the jewellery retail business has relatively low switching costs, and competitive intensity from both organized and unorganized players limits the strength of these advantages.

Growth Drivers

Growing Disposable Incomes: Increasing affluence among Indian consumers drives demand for discretionary items like jewellery.

Cultural Significance: Jewellery, especially gold, holds deep cultural and traditional value, ensuring sustained demand.

Shift from Unorganized to Organized Retail: Consumers are increasingly preferring organized players due to trust in quality (hallmarking), transparency, and wider design choices.

Retail Network Expansion: Opening new showrooms in untapped or underserved Tier 2/Tier 3 cities can drive market share growth.

Diversification: Expanding offerings in diamond, platinum, and lightweight jewellery segments to cater to evolving consumer preferences.

Risks

Gold Price Volatility: Significant fluctuations in gold prices can impact sales volumes (due to consumer deferment) and inventory valuation.

Economic Slowdown: Jewellery is a discretionary purchase, making demand vulnerable to economic downturns or reduced consumer spending.

Regulatory Changes: Changes in import duties on gold, Goods and Services Tax (GST), hallmarking regulations, or anti-money laundering (PMLA) provisions can impact operations and profitability.

Intense Competition: The highly competitive nature of the industry puts pressure on margins and market share.

Inventory Management: Holding large value inventory creates capital blocking and security risks.

Changing Consumer Preferences: A failure to adapt to evolving design trends or a shift in preference away from traditional gold jewellery could impact sales.

Management & Ownership

Thangamayil Jewellery Ltd. is primarily a promoter-driven company, characteristic of many Indian businesses. The promoter family holds a significant stake, indicating aligned interests with the company's long-term success. The management team focuses on expanding the retail footprint and enhancing operational efficiencies within the organized jewellery retail space. As a publicly listed company, it adheres to SEBI's corporate governance norms, with oversight from a board of directors that includes independent members.

Outlook

Thangamayil Jewellery operates in an industry with secular tailwinds, driven by India's growing economy, cultural affinity for gold, and the ongoing formalization of the retail sector. The company's established regional brand and expanding showroom network position it to capture a portion of this growth. However, the business remains susceptible to macroeconomic factors, particularly gold price volatility and overall consumer sentiment. Intense competition from both large national players and agile local jewellers necessitates continuous innovation in designs, aggressive marketing, and efficient inventory management. The ability to effectively navigate these industry dynamics while strategically expanding its presence will be crucial for its sustained performance.

Thangamayil Jeweller Share Price

Live · BSE / NSE · Inception: 2000
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Standalone · annual

Thangamayil Jeweller Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 896 983 1222 1181 1132 1381 1558 1711 2406 2839
Other Income 0 0 0 0 0 0 0 0 0 0
Total Income 896 983 1222 1181 1132 1381 1558 1711 2406 2839
Total Expenditure 845 933 1130 1189 1049 1323 1471 1605 2234 2625
Operating Profit 51 50 92 -7 83 57 87 106 172 214
Interest 9 9 9 11 10 11 15 16 16 20
Depreciation 4 5 5 6 5 7 7 11 11 12
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -2 0
Profit Before Tax 38 36 77 -24 67 39 65 78 143 182
Provision for Tax 10 8 21 -6 19 7 19 20 38 40
Profit After Tax 28 28 57 -17 48 31 46 59 105 143
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 28 28 57 -17 48 31 46 59 105 143
Adjusted Earnings Per Share 9.9 10 20 -6.2 17 10.1 14.7 18.8 33.7 45.9

Thangamayil Jeweller Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 1421 1272 1294 1377 1443 1692 1819 2193 3153 3827 4911 8514
Other Income 2 3 1 2 3 3 8 2 3 5 6 0
Total Income 1423 1274 1295 1379 1446 1695 1827 2195 3156 3832 4916 8514
Total Expenditure 1418 1228 1245 1318 1373 1594 1678 2107 3000 3614 4692 7935
Operating Profit 4 46 50 61 73 101 149 88 156 218 225 579
Interest 29 24 21 19 20 21 23 26 35 36 41 67
Depreciation 8 8 9 8 8 10 9 10 13 16 24 41
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 -2
Profit Before Tax -33 14 19 34 46 69 117 52 108 165 160 468
Provision for Tax -11 4 5 11 15 24 30 13 28 42 41 117
Profit After Tax -22 11 14 23 30 46 87 39 80 123 119 353
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -22 11 14 23 30 46 87 39 80 123 119 353
Adjusted Earnings Per Share -7.9 3.7 4.9 8.1 10.7 16.1 30.6 13.6 28.2 43.5 38.2 113.1

Thangamayil Jeweller Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 129 138 149 169 193 220 298 324 389 493 1102
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 50 58 36 31 38 55 62 106 134 114 72
Other Non-Current Liabilities -17 -13 -5 2 1 8 8 8 16 21 32
Total Current Liabilities 235 206 252 410 420 431 407 465 705 850 1349
Total Liabilities 398 389 431 611 652 715 774 904 1244 1479 2555
Fixed Assets 74 78 72 74 71 81 79 84 120 154 201
Other Non-Current Assets 18 11 12 11 12 12 13 20 14 17 33
Total Current Assets 305 300 347 525 569 622 682 799 1110 1308 2321
Total Assets 398 389 431 611 652 715 774 904 1244 1479 2555

Thangamayil Jeweller Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 17 6 2 9 4 9 2 10 4 6 14
Cash Flow from Operating Activities 82 73 69 -53 85 -39 55 -79 10 330 -424
Cash Flow from Investing Activities -3 -5 -6 -27 -17 8 18 -21 -86 -30 -138
Cash Flow from Financing Activities -90 -64 -56 74 -62 24 -64 94 78 -293 637
Net Cash Inflow / Outflow -11 4 7 -6 5 -7 8 -7 2 8 75
Closing Cash & Cash Equivalent 6 9 9 4 9 2 10 4 6 14 89

Thangamayil Jeweller Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -7.87 3.72 4.93 8.08 10.68 16.12 30.57 13.61 28.16 43.51 38.2
CEPS(Rs) -4.95 6.6 8.27 10.96 13.36 19.72 33.92 17.02 32.89 49.29 45.82
DPS(Rs) 0.49 0.49 0.97 1.7 2.43 2.43 4.85 4.85 5.83 9.71 12.5
Book NAV/Share(Rs) 45.43 48.57 52.73 59.58 68.21 77.73 105.19 114.5 137.28 174.14 354.68
Core EBITDA Margin(%) 0.2 3.4 3.73 4.3 4.89 5.78 7.75 3.93 4.85 5.55 4.46
EBIT Margin(%) -0.27 2.97 3.09 3.82 4.56 5.35 7.69 3.57 4.53 5.26 4.09
Pre Tax Margin(%) -2.32 1.12 1.49 2.46 3.16 4.1 6.43 2.37 3.42 4.31 3.26
PAT Margin (%) -1.57 0.83 1.08 1.66 2.1 2.7 4.76 1.76 2.53 3.22 2.42
Cash Profit Margin (%) -0.99 1.47 1.8 2.25 2.62 3.3 5.28 2.2 2.95 3.65 2.9
ROA(%) -5.12 2.68 3.41 4.39 4.79 6.68 11.63 4.59 7.42 9.05 5.89
ROE(%) -15.79 7.91 9.74 14.38 16.72 22.09 33.43 12.39 22.37 27.95 14.88
ROCE(%) -1.11 13.07 15.32 17.01 18.37 22.45 27.11 12.21 17.55 21.42 14.43
Receivable days 0.07 0.08 0.16 0.28 0.44 0.25 0.27 0.43 0.34 0.35 0.48
Inventory Days 81.03 81.73 83.27 104.25 123.91 115.19 121.74 116.44 100.29 103.56 117.73
Payable days 5.4 12.28 20.45 21.55 18.83 13.76 5.71 1.87 1.77 1.99 2.09
PER(x) 0 24.75 23.26 29.09 15.41 7.24 9.3 38.65 17.26 28.69 52.56
Price/Book(x) 2.08 1.9 2.18 3.94 2.41 1.5 2.7 4.59 3.54 7.17 5.66
Dividend Yield(%) 0.51 0.53 0.84 0.72 1.47 2.07 1.7 0.92 1.2 0.78 0.62
EV/Net Sales(x) 0.31 0.3 0.31 0.61 0.39 0.32 0.59 0.85 0.58 1.02 1.37
EV/Core EBITDA(x) 99.53 8.4 8.21 13.69 7.75 5.34 7.13 21.13 11.72 18.01 29.91
Net Sales Growth(%) 19.3 -10.52 1.72 6.48 4.78 17.22 7.49 20.59 43.75 21.39 28.32
EBIT Growth(%) -127.57 1084.87 6.08 31.36 24.93 37.48 54.45 -44.09 82.66 40.99 -0.21
PAT Growth(%) -77.27 147.27 32.7 63.67 32.28 50.9 89.64 -55.49 106.93 54.53 -3.68
EPS Growth(%) -77.27 147.27 32.7 63.67 32.28 50.9 89.64 -55.49 106.93 54.53 -12.22
Debt/Equity(x) 1.38 0.98 0.68 1.18 0.8 1.08 0.93 1.18 1.37 0.95 0.66
Current Ratio(x) 1.3 1.45 1.38 1.28 1.36 1.44 1.68 1.72 1.58 1.54 1.72
Quick Ratio(x) 0.07 0.09 0.14 0.12 0.16 0.13 0.08 0.11 0.18 0.14 0.25
Interest Cover(x) -0.13 1.6 1.93 2.81 3.24 4.28 6.11 2.99 4.09 5.54 4.89
Total Debt/Mcap(x) 0.66 0.52 0.31 0.3 0.33 0.72 0.34 0.26 0.39 0.13 0.12

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +28% +31% +24% +13%
Operating Profit CAGR +3% +37% +17% +50%
PAT CAGR -3% +45% +21%
Share Price CAGR +181% +94% +67% +47%
ROE Average +15% +22% +22% +15%
ROCE Average +14% +18% +19% +16%

Thangamayil Jeweller Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 61.61 %
FII 4.37 %
DII (MF + Insurance) 17.11 %
Public (retail) 38.39 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 67.3167.3267.3261.2761.2761.4961.5361.5661.5661.61
FII 0.750.981.084.524.064.414.494.614.74.37
DII 11.411.5112.0812.7713.5614.8114.8414.9316.317.11
Public 32.6932.6832.6838.7338.7338.5138.4738.4438.4438.39
Others 0000000000
Total 100100100100100100100100100100

Thangamayil Jeweller Peer Comparison

Diamond & Jewellery Edit Columns

Thangamayil Jeweller Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Thangamayil Jeweller Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 22%
  • Company has reduced debt.

Cons

  • Debtor days have increased from 1.99 to 2.09days.
  • Stock is trading at 11.7 times its book value.
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