In Week of Mar 28, 2026, Thangamayil Jewellery Ltd (Diamond, Gems & Jewellery) is outperforming Nifty 500 with +18.6% relative strength. Fundamentals: Average. On a 12-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Feb 22, 2026
What: Gold ornaments up 32%, silver up 41%, diamond products up 46% in Q3
Impact: +₹1000 Cr revenue
“Volume sales also saw substantial growth, with gold ornaments up 32% to 1,743 kgs, silver products up 41% to 6,697 kgs, and diamond products up 46% to 4,687 carats.”
What: Diamond sales increasing by 20% supporting margin stability
Impact: +₹300 Cr revenue
“He also pointed out a favorable shift in product mix, with diamond sales increasing by 20% and silver volumes growing by 16%.”
What: 95% of gold and 34% of silver inventories hedged protecting margins
“The company highlighted its objective of derisking the business model through hedging on gold and silver inventories, with 95% of gold and 34% of silver inventories hedged as of December 31, 2025.”
Earnings deceleration risks from management commentary
Trigger: Gold prices remain elevated
Impact: -150 bps margin impact
Management view: Due to the steep increase in gold and silver prices, the company has temporarily deferred the opening of planned additional metro-based retail outlets by a quarter, though civil and interior work continues.
Monitor: Gold price volatility
Trigger: Implementation of New Labour Codes
Impact: -100 bps margin impact
Management view: An exceptional item was recognized in the current quarter related to the one-time impact of the New Labour Codes, resulting in an estimated increase in provision for employee benefits of ₹238 lakhs.
Monitor: Labour cost trends
Key quotes from recent conference calls
“Due to the steep increase in gold and silver prices, the company has temporarily deferred the opening of planned additional metro-based retail outlets by a quarter, though civil and interior work continues. — Management”
“Despite the massive increase in sales volume, the company maintained stable operating margins, which came in at 7.2%, only slightly lower than the 7.4% recorded in the same quarter last year. — Management”
“For the nine months ending December 31st, revenue sitting at 5,661 crores. That's an all-time high for them for this period. A 60% jump over the previous year. — Management”
“Reflecting its confidence in the sustained demand, Thangamayil's management had earlier revised its full-year revenue guidance for FY26. In November 2025, the company raised its revenue target to ₹7,000 crore from the earlier estimate of ₹6,000 crore. — Management”
Forward-looking targets from management for FY26
Revenue Growth Target
16.7%
Key Milestones
• ₹7,000 crore revenue target for FY26
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +113% | +31% | Stable |
| PAT (Net Profit) | +119% | +45% | Stable |
| OPM | 7.0% | 0 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Feb 22, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Thangamayil Jewellery Ltd's latest quarterly results (Dec 2025) show
Thangamayil Jewellery Ltd's profit is growing with an stable trend.
Thangamayil Jewellery Ltd's revenue growth trend is stable.
Thangamayil Jewellery Ltd's operating margin is volatile.
Thangamayil Jewellery Ltd's long-term compounding rates
Thangamayil Jewellery Ltd's earnings growth is stable with positive momentum on a sequential basis.
Thangamayil Jewellery Ltd's trailing twelve month (TTM) performance
Thangamayil Jewellery Ltd appears overvalued based on our fair value analysis.
Thangamayil Jewellery Ltd's current PE ratio is 44.0x.
Thangamayil Jewellery Ltd's current PE is 44.0x.
Thangamayil Jewellery Ltd's price-to-book ratio is 9.1x.
Thangamayil Jewellery Ltd is rated Average with a fundamental score of 49/100. This score is calculated from objective financial metrics
Thangamayil Jewellery Ltd has a debt-to-equity ratio of N/A.
Thangamayil Jewellery Ltd's return ratios over recent years
Thangamayil Jewellery Ltd's operating cash flow is negative (FY2025).
Thangamayil Jewellery Ltd's current dividend yield is 0.36%.
Thangamayil Jewellery Ltd's shareholding pattern (Dec 2025)
Thangamayil Jewellery Ltd's promoter holding has remained stable recently.
Thangamayil Jewellery Ltd has been outperforming Nifty 500 for 12 consecutive weeks, indicating strong sustained outperformance.
Thangamayil Jewellery Ltd is an established outperformer with 12 weeks of consecutive Nifty 500 outperformance.
Thangamayil Jewellery Ltd has 3 key growth catalysts identified from recent earnings analysis
Thangamayil Jewellery Ltd has 2 key risks worth monitoring
In Q3 FY26, Thangamayil Jewellery Ltd's management highlighted
Thangamayil Jewellery Ltd's management has provided the following forward guidance for FY26
Based on quantitative research signals, here is why Thangamayil Jewellery Ltd may be worth studying
Thangamayil Jewellery Ltd investment thesis summary:
Thangamayil Jewellery Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
