Thangamayil Jewellery Ltd (THANGAMAYL) — share price & stock analysis

Market cap

₹18,480 Cr

P/E

52.3×

ROE

28.1%

vs own 10-yr valuation

90th pctile

Book value / share

₹456

EPS (TTM)

₹77.9

10-yr median P/E

30.1×

Revenue (FY26)

₹8,514 Cr

Profit after tax (FY26)

₹352 Cr

Weinstein stage

Stage 2 (66 weeks)

Data as of

1 July 2026

5 of the 5 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROCE 25% — a high-quality engine; debt moderate (0.64× equity); margins near the top of their band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

Most of this rally is re-rating, not earnings

Since Mar 2016, the stock is up 6,536% while earnings per share grew 2,191%. The difference is re-rating — investors paying more for the same rupee of profit.pricettm_eps

That works until it doesn’t: from here, earnings have to do the lifting, because the multiple has already done its part.

Today’s P/E of 52.3× means the market is paying up — this is the expensive end of its own 10-year history (90th percentile).pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots; between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (30.1×).

Stage 2: the trend is up, and has been for 66 weeks

Price trends have a life cycle: they base (1), advance (2), top out (3) and decline (4). This chart is in Stage 2: advancing — 66 weeks so far, confirmed.stage

The price sits above its rising 200-day average (₹3,676 today) and its strength against the index is still improving — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 41 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Losses, then a rebuild: profits are at an all-time high

Over 12 years, sales went from ₹1,191 Cr to ₹8,514 Cr (about 18% a year), and profit from ₹−13.0 Cr to ₹352 Cr.revenuenet_profit

The books show real losses in FY14 and FY15 (worst: ₹−22.0 Cr). Everything about today’s cheap-looking numbers must be read against that history — the recovery is what you are buying.net_profit

Sales exploded 106% last quarter — growth every single quarter for over 2 years

Mar 26 sales were ₹2,839 Cr, up 106% on the same quarter last year.revenue

That makes 10 quarters of growth in a row — this is a trend, not a blip.revenue

Margins are widening — 4% → 8% in a year

Of every ₹100 of sales, the company keeps ₹7.5 as operating profit (a year ago it kept ₹4.2).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at 3.9% in FY22 and has been rebuilt to 6.8% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin moved the same way (9% → 11%), so this is about input costs and pricing power — the raw-material equation improved.gpm_pctopm_pct

Profit exploded 361% — mostly from keeping more of each sale

Mar 26 profit after tax was ₹143 Cr, up 361% year on year.net_profit

Profits on paper, cash lagging behind

Over the last 5 profitable years, the business reported ₹713 Cr of profit and collected ₹159 Cr of operating cash — about 22% conversion.operating_cash_flownet_profit

The cash cycle is tightening — money comes home faster

One rupee now takes about 142 days to go out the door as materials and come back as collected cash — down from 162 days the year before.cash_conversion_cycle

The biggest mover: inventory moving faster off the shelf (164 → 142 days).inventory_days

The asset base keeps compounding — this company builds

The productive asset base has gone from ₹82.0 Cr (FY14) to ₹293 Cr, with another ₹7.0 Cr of capacity under construction right now.fixed_assetscwip

The build is bigger than the cash engine: investing outflows (₹333 Cr) exceeded operating cash (₹228 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow

Debt is present but comfortable

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹64 — total borrowings have grown from ₹236 Cr to ₹913 Cr over the window.borrowings

Every ₹100 kept in the business now earns ₹25 — and the number is rising

Return on capital employed is 25.0% (a year ago: 14.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct

Promoter holding dropped in one step — an event, not a slow exit

Promoters hold 61.6% (down 5.7 points over 8 quarters). Foreign funds own 4.4%, domestic funds 17.4%.promoters_pctfiis_pctdiis_pct

The promoter move came in a single step (Sep 24) — promoters rarely buy on-market, so a jump like this is almost always an allotment, infusion or restructuring: a capital event, not a slow accumulation of conviction. Worth knowing which, before reading it as a signal.promoters_pct

Strong on the data — worth the deeper look if the story keeps its promises

The numbers lean positive, and the price already assumes the good news continues.

Best thing in the data: profit rising (₹31.0 Cr → ₹143 Cr).net_profit

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data