Geographical Expansion
Expected: FY26HIGH confidence
What: Store Count: 66 outlets
Impact: 17% revenue share from Chennai
Thangamayil Jewellery Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +26.3%Average12w StreakAccelerating
In , Thangamayil Jewellery Ltd (Diamond, Gems & Jewellery) is outperforming Nifty 500 with +26.3% relative strength. Fundamentals: Average. On a 12-week streak.
Thangamayil Jewellery Ltd Key Facts
- PE Ratio
- 54.5x
- Price/Book
- 9.05x
- Market Cap
- ₹13,200 Cr
- PAT Growth YoY
- +119%
- Revenue Growth YoY
- +113%
- OPM
- 7.0%
- RS vs Nifty 500
- +26.3%
PE: At PeakEmerging Opportunity
What's Happening
⏳Steady earner with flat PE — waiting for re-rate catalyst
📊Debt increased 41% YoY — leverage rising
🏛️DII accumulation — stake up 2.5%
💰Trading 37% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Geographical Expansion
FY26HIGH
2. Value Added Product Mix Shift
Q3 FY26MEDIUM
3. Revenue guidance raised
HIGH
Key Risks
1. Madras High Court dismissed a writ petition against a INR 70
HIGH2. Gold price volatility impacts demand forecasting and margins
MEDIUMSector-Specific Signals
Same Store Sales Growth39%Not Given
Total Retail Outlets66+10
Gold Volume Growth32%32%
Non-Gold Revenue Growth65%65%
Key Numbers
PAT Growth YoY
+119%
Stable
Revenue YoY
+113%
Stable
Operating Margin
7.0%
0 bps YoY
PE Ratio
54.5
PEG Ratio
1.94
EV/EBITDA
25.5
Current Price
₹4,247
Dividend Yield
0.29%
Fundamental Score
47/100
Average
3Y PAT CAGR
+45%
Market Cap
13.2K Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Thangamayil Jewellery Ltd's Earnings Accelerating?
Based on Q3 FY26 (web) earnings • Updated Apr 18, 2026
Value Added Product Mix Shift
Expected: Q3 FY26MEDIUM confidence
What: Diamond Sales Growth: 46% YoY
Impact: Non-gold revenue increasing 65% YoY
Revenue guidance raised
HIGH confidence
What: INR 7,000 Cr → INR 7,500 Cr
What Are the Key Risks for Thangamayil Jewellery Ltd?
Earnings deceleration risks from management commentary
Madras High Court dismissed a writ petition against a INR 70
HIGHTrigger: Madras High Court dismissed a writ petition against a INR 70.18 Cr tax demand for AY 2022-23.
Impact: PAT impact: INR 70.18 Cr
Management view: Not Given
Monitor: litigation
Gold price volatility impacts demand forecasting and margins
MEDIUMTrigger: Gold price volatility impacts demand forecasting and margins; company maintains 95% hedging.
Management view: Maintaining 95% hedging on gold inventory.
Monitor: commodity
What Did Thangamayil Jewellery Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
INR 2,406 Cr
YoY +112%QoQ +41.1%
Revenue growth was driven by strong festive demand and a 112% YoY surge in retail sales.
EBITDA
INR 172.2 Cr
YoY +106.7%Margin 7.2%
EBITDA margins remained stable at 7.2% despite massive volume increases, indicating efficient cost control.
PAT
INR 105 Cr
YoY +119%QoQ +79.5%
Net profit more than doubled YoY, supported by higher realizations and strong retail momentum.
Other Highlights
• Nine-month PAT grew 140% to ₹209 crore.
• October 2025 revenue hit a record ₹1,032 crore.
• Retail business growth reached 49% in Q3.
What Sector Metrics Matter for Thangamayil Jewellery Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Same Store Sales Growth
39%
YoY Not GivenQoQ Not Given
Why: Driven by robust festive demand and higher customer throughput.
Total Retail Outlets
66
YoY +10QoQ Not Given
Why: Aggressive expansion in and around Chennai with 7 new stores opened in 9M FY26.
Gold Volume Growth
32%
YoY 32%QoQ Not Given
Why: Strong festive and wedding demand despite elevated gold prices.
Non-Gold Revenue Growth
65%
YoY 65%QoQ Not Given
Why: Predominantly due to scaling up of Chennai showrooms and increased diamond sales.
Gold Inventory Hedging
95%
YoY Not GivenQoQ Not Given
Why: Strict adherence to a derisking model to protect against price volatility.
Silver Inventory Hedging
35%
YoY Not GivenQoQ Not Given
Why: Management plans to increase this level in the coming months.
What Is Thangamayil Jewellery Ltd's Management Guidance?
Forward-looking targets from management for FY26
OPM Guidance
6%
Revenue Outlook
INR 7,500 Cr
Margin Outlook
REAFFIRMED
Capex Plan
INR 5.1 billion
Rights issue to fund next round of store expansion
Management Tone: BULLISH
Guidance Changes
RAISED
Revenue: INR 7,000 Cr → INR 7,500 Cr
Q3 momentum continuing into Q4
How Fast Is Thangamayil Jewellery Ltd Growing?
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 Apr 18, 2026.
Other Top Diamond, Gems & Jewellery Stocks Beating Nifty 500
Frequently Asked Questions: Thangamayil Jewellery Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Thangamayil Jewellery Ltd's latest quarterly results?
Thangamayil Jewellery Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +118.8% (stable)
- Revenue Growth YoY: +112.5%
- Operating Margin: 7.0% (volatile)
Is Thangamayil Jewellery Ltd's profit growing or declining?
Thangamayil Jewellery Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +118.8% (latest quarter)
- PAT Growth QoQ: +78.0% (sequential)
- 3-Year PAT CAGR: +45.0%
- Trend: Stable — consistent growth pattern
What is Thangamayil Jewellery Ltd's revenue growth trend?
Thangamayil Jewellery Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +112.5%
- Revenue Growth QoQ: +40.6% (sequential)
- 3-Year Revenue CAGR: +30.8%
How is Thangamayil Jewellery Ltd's operating margin trending?
Thangamayil Jewellery Ltd's operating margin is volatile.
- Current OPM: 7.0%
- OPM Change YoY: 0.0% basis points
- OPM Change QoQ: +1.0% basis points
What is Thangamayil Jewellery Ltd's 3-year profit and revenue CAGR?
Thangamayil Jewellery Ltd's long-term compounding rates
- 3-Year Profit CAGR: +45.0%
- 3-Year Revenue CAGR: +30.8%
Is Thangamayil Jewellery Ltd's growth accelerating or decelerating?
Thangamayil Jewellery Ltd's earnings growth is stable with positive momentum on a sequential basis.
- YoY Acceleration: 0.0% bps
- Sequential Acceleration: +21.7% bps
What is Thangamayil Jewellery Ltd's trailing twelve month (TTM) performance?
Thangamayil Jewellery Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹241 Cr
- TTM PAT Growth: +100.0% YoY
- TTM Revenue: ₹7,000 Cr
- TTM Revenue Growth: +56.2% YoY
- TTM Operating Margin: 6.0%
Is Thangamayil Jewellery Ltd overvalued or undervalued?
Thangamayil Jewellery Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 54.5x
- Price-to-Book: 11.3x
What is Thangamayil Jewellery Ltd's current PE ratio?
Thangamayil Jewellery Ltd's current PE ratio is 54.5x.
- Current PE: 54.5x
- Market Cap: 13.2K Cr
- Dividend Yield: 0.29%
How does Thangamayil Jewellery Ltd's valuation compare to its history?
Thangamayil Jewellery Ltd's current PE is 54.5x.
- Current PE: 54.5x
- Valuation Assessment: Significantly Overvalued
What is Thangamayil Jewellery Ltd's price-to-book ratio?
Thangamayil Jewellery Ltd's price-to-book ratio is 11.3x.
- Price-to-Book (P/B): 11.3x
- Book Value per Share: ₹376
- Current Price: ₹4247
Is Thangamayil Jewellery Ltd a fundamentally strong company?
Thangamayil Jewellery Ltd is rated Average with a fundamental score of 47/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +112.5% (10% weight)
- PAT Growth YoY: +118.8% (10% weight)
- PAT Growth QoQ: +78.0% (10% weight)
- Margins stable (10% weight)
- PEG Ratio: 1.9x vs sector median (15% weight)
- EV/EBITDA: 25.5x vs sector median (15% weight)
Is Thangamayil Jewellery Ltd debt free?
Thangamayil Jewellery Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹1,000 Cr
What is Thangamayil Jewellery Ltd's return on equity (ROE) and ROCE?
Thangamayil Jewellery Ltd's return ratios over recent years
- FY2023: ROCE 17.0%
- FY2024: ROCE 20.0%
- FY2025: ROCE 14.0%
Is Thangamayil Jewellery Ltd's cash flow positive?
Thangamayil Jewellery Ltd's operating cash flow is negative (FY2025).
- Cash from Operations (CFO): ₹-424 Cr
- Free Cash Flow (FCF): ₹-562 Cr
- CFO/PAT Ratio: -356% (weak cash conversion)
What is Thangamayil Jewellery Ltd's dividend yield?
Thangamayil Jewellery Ltd's current dividend yield is 0.29%.
- Dividend Yield: 0.29%
- Current Price: ₹4247
Who holds Thangamayil Jewellery Ltd shares — promoters, FII, DII?
Thangamayil Jewellery Ltd's shareholding pattern (Mar 2026)
- Promoters: 61.6%
- FII (Foreign): 4.4%
- DII (Domestic): 17.4%
- Public: 16.6%
Is promoter holding increasing or decreasing in Thangamayil Jewellery Ltd?
Thangamayil Jewellery Ltd's promoter holding has increased recently.
- Current Promoter Holding: 61.6% (Mar 2026)
- Previous Quarter: 61.6% (Dec 2025)
- Change: +0.05% (increasing — positive signal)
How long has Thangamayil Jewellery Ltd been outperforming Nifty 500?
Thangamayil Jewellery Ltd has been outperforming Nifty 500 for 12 consecutive weeks, indicating strong sustained outperformance.
Is Thangamayil Jewellery Ltd a new momentum entry or an established outperformer?
Thangamayil Jewellery Ltd is an established outperformer with 12 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Thangamayil Jewellery Ltd?
Thangamayil Jewellery Ltd has 3 key growth catalysts identified from recent earnings analysis
- Geographical Expansion — New stores in Chennai are scaling rapidly and contributing significantly to top-line growth.
- Value Added Product Mix Shift — Higher growth in high-margin diamond and silver segments aids overall profitability.
- Revenue guidance raised — Q3 momentum continuing into Q4
What are the key risks in Thangamayil Jewellery Ltd?
Thangamayil Jewellery Ltd has 2 key risks worth monitoring
- [HIGH] Madras High Court dismissed a writ petition against a INR 70 — Madras High Court dismissed a writ petition against a INR 70.18 Cr tax demand for AY 2022-23.
- [MEDIUM] Gold price volatility impacts demand forecasting and margins — Gold price volatility impacts demand forecasting and margins; company maintains 95% hedging.
What is Thangamayil Jewellery Ltd's management guidance for growth?
Thangamayil Jewellery Ltd's management has provided the following forward guidance for FY26
- Revenue outlook: INR 7,500 Cr
- OPM guidance: 6%
- Capex plan: INR 5.1 billion for Rights issue to fund next round of store expansion
- Management tone: bullish
- Milestone: [RAISED] Revenue: INR 7,000 Cr → INR 7,500 Cr
What sector-specific metrics matter most for Thangamayil Jewellery Ltd?
Thangamayil Jewellery Ltd's most important sub-sector-specific KPIs from the latest concall
- Same Store Sales Growth: 39% (YoY Not Given) (QoQ Not Given) — Driven by robust festive demand and higher customer throughput.
- Total Retail Outlets: 66 (YoY +10) (QoQ Not Given) — Aggressive expansion in and around Chennai with 7 new stores opened in 9M FY26.
- Gold Volume Growth: 32% (YoY 32%) (QoQ Not Given) — Strong festive and wedding demand despite elevated gold prices.
- Non-Gold Revenue Growth: 65% (YoY 65%) (QoQ Not Given) — Predominantly due to scaling up of Chennai showrooms and increased diamond sales.
- Gold Inventory Hedging: 95% (YoY Not Given) (QoQ Not Given) — Strict adherence to a derisking model to protect against price volatility.
- Silver Inventory Hedging: 35% (YoY Not Given) (QoQ Not Given) — Management plans to increase this level in the coming months.
Is Thangamayil Jewellery Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Thangamayil Jewellery Ltd may be worth studying
- Earnings growing at +118.8% YoY
What is the investment thesis for Thangamayil Jewellery Ltd?
Thangamayil Jewellery Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +112.5% YoY
- Growth catalyst: Geographical Expansion
Risk Factors (Bear Case)
- Appears significantly overvalued
- Key risk: Madras High Court dismissed a writ petition against a INR 70
What is the future outlook for Thangamayil Jewellery Ltd?
Thangamayil Jewellery Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Significantly Overvalued
- Key Catalyst: Geographical Expansion
- Key Risk: Madras High Court dismissed a writ petition against a INR 70
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.