Thangamayil Jewellery Ltd

₹ 3,653 2.99%

19 May - close price

thangamayil.com BSE: 533158 NSE: THANGAMAYL

About

Thangamayil Jewellery Limited operates a chain of retail jewellery stores across several districts in Tamil Nadu, a state that have the largest share (40%) of India's total gold consumption.

The company primarily deals with four product lines, i.e., Gold, Silver, Diamonds and Platinum; the sale of gold being a predominant source of its income.

TMJL has also established four manufacturing units that employ in-house goldsmiths to craft designer jewellery, which are in vogue with the current trends in the marketplace. ^[1]

Key Points

Product Mix
Their product mix includes all items made in Gold, Silver & Diamond apart from certain gift category MRP items,^[1] with 75% of its revenue from gold jewelry.^[2]

Website BSE NSE

Market Cap ₹ 11,379 Cr.
Current Price ₹ 3,653
High / Low ₹ 4,389 / 1,750
Stock P/E 32.2
Book Value ₹ 456
Dividend Yield 0.34 %
ROCE 25.5 %
ROE 28.1 %
Face Value ₹ 10.0

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Pros

Company is expected to give good quarter
Company has delivered good profit growth of 32.5% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 23.6%
Company's median sales growth is 18.9% of last 10 years

Cons

Stock is trading at 8.02 times its book value
Company might be capitalizing the interest cost
Promoter holding has decreased over last 3 years: -5.55%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Consumer Durables Consumer Durables Gems, Jewellery And Watches

Part of BSE Consumer Discretionary Nifty Microcap 250 Nifty Total Market BSE 1000 Nifty Smallcap 500

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	772	960	993	896	983	1,222	1,181	1,132	1,381	1,558	1,711	2,406	2,839
	713	868	969	845	933	1,130	1,188	1,049	1,323	1,471	1,605	2,234	2,625
Operating Profit	59	92	24	51	50	92	-7	83	57	87	106	172	214
OPM %	8%	10%	2%	6%	5%	7%	-1%	7%	4%	6%	6%	7%	8%
	0	0	0	0	0	0	0	0	0	0	0	-2	0
Interest	11	10	9	9	9	9	11	10	11	15	16	16	20
Depreciation	6	3	4	4	5	5	6	5	7	7	11	11	12
Profit before tax	42	79	12	38	36	77	-24	67	39	65	78	143	182
Tax %	26%	26%	32%	26%	22%	27%	-26%	29%	19%	30%	25%	27%	22%
	31	59	8	28	28	57	-17	48	31	46	59	105	143
EPS in Rs	10.01	18.91	2.70	9.00	9.08	18.19	-5.61	15.50	10.10	14.71	18.82	33.71	45.90
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Profit & Loss

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,421	1,272	1,299	1,379	1,443	1,692	1,819	2,193	3,153	3,827	4,911	8,514
	1,418	1,228	1,251	1,320	1,373	1,594	1,672	2,107	3,000	3,614	4,692	7,935
Operating Profit	3	43	48	59	71	98	147	86	153	212	219	579
OPM %	0%	3%	4%	4%	5%	6%	8%	4%	5%	6%	4%	7%
	2	3	1	2	3	3	2	2	3	5	6	-2
Interest	29	24	21	19	20	21	23	26	35	36	41	68
Depreciation	8	8	9	8	8	10	9	10	13	16	24	40
Profit before tax	-33	14	19	34	46	69	117	52	108	165	160	469
Tax %	-32%	26%	28%	33%	34%	34%	26%	26%	26%	25%	26%	25%
	-22	11	14	23	30	46	87	39	80	123	119	352
EPS in Rs	-7.19	3.40	4.51	7.38	9.76	14.73	27.93	12.44	25.72	39.63	38.19	113.14
Dividend Payout %	-6%	13%	20%	21%	23%	15%	16%	36%	21%	22%	33%	16%

Compounded Sales Growth
10 Years:	21%
5 Years:	36%
3 Years:	39%
TTM:	73%

Compounded Profit Growth
10 Years:	42%
5 Years:	32%
3 Years:	64%
TTM:	198%

Stock Price CAGR
10 Years:	44%
5 Years:	64%
3 Years:	88%
1 Year:	89%

Return on Equity
10 Years:	22%
5 Years:	23%
3 Years:	24%
Last Year:	28%

Balance Sheet

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	14	14	14	14	14	14	14	14	14	27	31	31
Reserves	115	124	136	155	179	206	284	311	375	466	1,071	1,385
	185	146	119	229	178	260	323	417	571	532	797	913
	101	118	168	213	282	235	154	163	287	456	660	1,491
Total Liabilities	414	402	437	611	652	715	775	905	1,247	1,481	2,559	3,820
	74	78	72	74	71	81	79	84	120	154	201	293
CWIP	8	1	1	1	1	2	2	7	2	2	11	7
Investments	0	0	0	0	0	0	0	0	0	0	0	0
	332	323	364	536	580	633	694	814	1,125	1,325	2,347	3,520
Total Assets	414	402	437	611	652	715	775	905	1,247	1,481	2,559	3,820

Cash Flows

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	82	73	69	-53	85	-39	55	-79	10	330	-424	322
	-3	-5	-6	-27	-17	8	18	-21	-86	-30	-138	-165
	-90	-64	-56	74	-62	24	-64	94	78	-293	637	-122
Net Cash Flow	-11	4	7	-6	5	-7	8	-7	2	8	75	36
Free Cash Flow	79	68	66	-63	80	-48	49	-95	-21	293	-482	249
CFO/OP	2,886%	169%	156%	-78%	133%	-22%	56%	-71%	24%	175%	-171%	74%

Ratios

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	0	0	0	0	1	0	1	0	0	0	1	1
Inventory Days	77	87	96	140	143	139	149	139	127	127	164	142
Days Payable	9	14	27	17	21	9	3	1	3	2	3	1
Cash Conversion Cycle	68	73	69	123	122	130	146	138	125	125	162	142
Working Capital Days	16	24	21	22	25	34	52	53	38	36	54	36
ROCE %	-1%	13%	15%	16%	17%	21%	25%	11%	17%	20%	14%	25%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Gold Sales Volume
Grams

x,xxx,xxx	x,xxx,xxx	x,xxx,xxx	x,xxx,xxx	x,xxx,xxx	x,xxx,xxx	x,xxx,xxx	x,xxx,xxx	x,xxx,xxx	x,xxx,xxx	x,xxx,xxx	x,xxx,xxx
xx	xx	xx	xx	xx	xx	xx	xx	xx	xx	xx	xx
xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx	xx,xxx,xxx
		xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xxx,xxx
							x.xx	x.xx	x.xx	x.xx	x.xx
								xx.xx	xx.xx	xx.xx	xx.xx

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Number of Showrooms
Count

Silver Sales Volume
Grams

Total Retail Space
Sq Ft

Average Revenue per Sq Ft
Rs Lakhs

Same Store Sales Growth (SSSG)
Percentage

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

4 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	67.16%	67.16%	67.32%	67.33%	67.33%	61.28%	61.28%	61.49%	61.53%	61.56%	61.56%	61.61%
	0.20%	0.25%	0.74%	0.98%	1.08%	4.52%	4.05%	4.41%	4.49%	4.61%	4.70%	4.37%
	11.46%	11.39%	11.40%	11.51%	12.08%	12.77%	13.56%	14.80%	14.83%	15.25%	16.62%	17.41%
	21.17%	21.20%	20.52%	20.17%	19.50%	21.42%	21.10%	19.29%	19.15%	18.58%	17.13%	16.61%
No. of Shareholders	20,917	29,604	32,954	33,847	33,135	40,908	44,479	44,667	48,996	46,389	44,849	48,097

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	70.35%	66.44%	66.46%	67.44%	70.07%	66.66%	67.16%	67.33%	61.49%	61.61%
	0.00%	0.00%	0.00%	2.13%	1.88%	1.19%	0.16%	0.98%	4.41%	4.37%
	6.94%	6.84%	6.40%	6.33%	5.74%	11.51%	11.46%	11.51%	14.80%	17.41%
	22.71%	26.72%	27.15%	24.10%	22.31%	20.64%	21.21%	20.17%	19.29%	16.61%
No. of Shareholders	2,893	4,970	4,619	4,395	8,776	12,296	14,896	33,847	44,667	48,097

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Thangamayil Jewellery Ltd

Thangamayil Jewellery Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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