Thangamayil Jewellery Ltd

THANGAMAYL

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Market Cap

₹ 9,936 Cr

P/E

54.05

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

HIGH RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Thangamayil Jewellery Limited is a prominent jewellery retailer based in Madurai, Tamil Nadu, specializing in gold, diamond, and platinum jewels. It has a strong local presence and offers a variety of ornaments tailored to customer preferences.

The company pioneered the hallmarking practice in Madurai, ensuring high-quality gold ornaments, and implemented technological advancements like laser-based gold assaying.

It has significantly expanded its retail footprint over the years, boasting numerous branches across Tamil Nadu and deploying modern retail formats and exclusive outlets.

Strategically, it focuses on enhancing its manufacturing capabilities, increasing daily production capacity to cater to a larger volume of gold ornament demand.

Thangamayil's constant innovation and expansion reflect a robust growth trajectory, aiming to capture substantial market share in the regional jewellery industry.

Sector

Diamond, Gems and Jewellery

Industry

Diamond Cutting / Jewellery - Medium / Small

Market Cap

9,936 Cr

Volatility

Moderate Risk

P/E Ratio

54.1

Industry P/E

22.8

PEG Ratio

2.1

P/B Ratio

8.5

52W High

3,460.05

52W Low

1,526.45

Sales CAGR

28.32%

30.83%

23.75%

10Y

16.19%

Profit CAGR

-3.68%

45.49%

21.06%

10Y

30.88%

ROE

TTM

15.75%

16.21%

17.14%

10Y

16.40%

ROCE

TTM

13.20%

22.88%

23.92%

10Y

24.49%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
IGIL	320.65	13,918 Cr	27.25	11.25	0.76	39.64	48.74	32.91
THANGAMAYL	3195.00	9,936 Cr	54.05	8.51	0.39	15.75	13.20	5.66
BLUESTONE	510.45	7,724 Cr	—	4.63	0.00	-9.84	1.45	-3.69
PCJEWELLER	10.46	7,666 Cr	12.45	1.05	0.00	8.49	8.38	6.89
SKYGOLD	328.55	5,069 Cr	27.34	4.89	0.00	17.87	16.40	9.55
GOLDIAM	373.00	4,206 Cr	30.51	4.12	0.76	13.50	18.96	11.63
VAIBHAVGBL	240.95	4,039 Cr	22.06	2.79	0.62	12.66	14.59	8.55

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	960	993	896	983	1,222	1,181	1,132	1,381	1,558	1,711
Expenses	868	969	845	933	1,130	1,188	1,049	1,323	1,471	1,605
Operating Profit	92	24	51	50	92	-7.44	83	57	87	106
OPM %	9.63	2.46	5.69	5.08	7.49	-0.63	7.34	4.16	5.58	6.18
Other Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest	9.99	8.51	9.23	8.61	8.99	11	10	11	15	16
Depreciation	3.43	3.67	4.03	5.23	5.40	5.51	5.36	7.42	6.82	11
Profit Before Tax	79	12	38	36	77	-24	67	39	65	78
Tax %	25.83	31.57	25.83	21.66	26.73	25.94	28.55	19.13	29.82	25.36
Net Profit	59	8.39	28	28	57	-17	48	31	46	59
EPS in Rs	18.86	2.70	9.01	9.08	18.19	-5.61	15.50	10.18	14.71	18.82

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,299	1,379	1,443	1,692	1,819	2,193	3,153	3,827	4,911	5,252
Expenses	1,251	1,320	1,373	1,594	1,672	2,107	3,000	3,614	4,692	5,032
Operating Profit	48	59	71	98	147	86	153	212	219	220
OPM %	3.73	4.30	4.89	5.78	8.08	3.93	4.85	5.55	4.46	4.19
Other Income	1.13	1.55	2.87	3.03	2.32	1.67	3.35	5.41	5.72	NaN
Interest	21	19	20	21	23	26	35	36	41	47
Depreciation	9.43	8.17	7.59	10	9.47	9.65	13	16	24	25
Profit Before Tax	19	34	46	69	117	52	108	165	160	148
Tax %	27.60	32.60	33.56	34.23	25.98	25.91	26.13	25.35	25.77	27.05
Net Profit	14	23	30	46	87	39	80	123	119	108
EPS in Rs	4.49	7.31	9.73	14.68	27.84	12.40	25.65	39.66	38.26	59.21
Dividend Payout %	19.63	20.99	22.68	15.02	15.85	35.59	41.29	22.27	29.76	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	14	14	14	14	14	14	14	27	31
Reserves	124	136	155	179	206	284	311	375	466	1,071
Borrowings	128	94	190	154	248	280	417	571	532	797
Other Liabilities	136	193	252	305	247	197	163	287	456	660
Total Liabilities	402	437	611	652	715	775	905	1,247	1,481	2,559
Fixed Assets	78	72	74	71	81	79	84	120	154	201
CWIP	1.22	0.73	0.87	1.19	2.02	2.28	6.84	1.60	2.36	11
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	323	364	536	580	633	694	814	1,125	1,325	2,347
Total Assets	402	437	611	652	715	775	905	1,247	1,481	2,559

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	73	69	-53	85	-39	55	-79	10	330	-424
Cash from Investing Activity	-4.82	-6.30	-27	-17	7.93	18	-21	-86	-30	-138
Cash from Financing Activity	-64	-56	74	-62	24	-64	94	78	-293	637
Net Cash Flow	3.66	7.40	-5.75	5.27	-6.96	8.31	-6.65	2.01	7.91	75

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	66.66%	67.16%	67.16%	67.16%	67.31%	67.32%	67.32%	61.27%	61.27%	61.49%	61.53%	61.56%
FIIs	0.16%	0.15%	0.20%	0.25%	0.75%	0.98%	1.08%	4.52%	4.06%	4.41%	4.49%	4.61%
DIIs	11.47%	11.48%	11.47%	11.39%	11.40%	11.52%	12.08%	12.77%	13.57%	14.81%	14.84%	15.25%
Public	21.71%	21.21%	21.18%	21.20%	20.54%	20.18%	19.51%	21.43%	21.10%	19.29%	19.15%	18.58%
Total Shareholders	14,890	14,896	20,917	29,604	32,954	33,847	33,135	40,908	44,479	44,669	48,996	46,389

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Sep 05, 2024	Chandramogan r g	Bulk	Buy	2,140.00	75.62 Cr	3,53,353	1.13
Sep 04, 2024	Custody bank of japan ltd re ...	Bulk	Buy	2,090.00	142.39 Cr	6,81,314	2.19
Sep 04, 2024	F3 advisors private limited	Bulk	Buy	2,121.56	47.14 Cr	2,22,172	0.71
Sep 04, 2024	Mansi share and stock advisor...	Bulk	Buy	2,100.66	44.23 Cr	2,10,553	0.67
Sep 04, 2024	Mansi share and stock advisor...	Bulk	Sell	2,141.99	42.34 Cr	1,97,655	0.63
Sep 04, 2024	Narayanan balusamy kumar	Bulk	Sell	2,091.20	90.62 Cr	4,33,333	1.39
Sep 04, 2024	Balusamy ramesh	Bulk	Sell	2,123.40	92.01 Cr	4,33,333	1.39
Sep 04, 2024	Das balarama govinda	Bulk	Sell	2,090.32	90.58 Cr	4,33,334	1.39
Sep 04, 2024	F3 advisors private limited	Bulk	Sell	2,159.30	55.75 Cr	2,58,204	0.83

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

3 hours ago

Demise of Company Secretary

The company announced the unfortunate demise of Mr. V.Vijayaraghavan, Company Secretary and Compliance Officer, on December 16, 2025.

Documents

Presentations

Concalls

Reports

Presentations

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	960	993	896	983	1,222	1,181	1,132	1,381	1,558	1,711
Expenses	868	969	845	933	1,130	1,188	1,049	1,323	1,471	1,605
Operating Profit	92	24	51	50	92	-7.44	83	57	87	106
OPM %	9.63	2.46	5.69	5.08	7.49	-0.63	7.34	4.16	5.58	6.18
Other Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest	9.99	8.51	9.23	8.61	8.99	11	10	11	15	16
Depreciation	3.43	3.67	4.03	5.23	5.40	5.51	5.36	7.42	6.82	11
Profit Before Tax	79	12	38	36	77	-24	67	39	65	78
Tax %	25.83	31.57	25.83	21.66	26.73	25.94	28.55	19.13	29.82	25.36
Net Profit	59	8.39	28	28	57	-17	48	31	46	59
EPS in Rs	18.86	2.70	9.01	9.08	18.19	-5.61	15.50	10.18	14.71	18.82

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,299	1,379	1,443	1,692	1,819	2,193	3,153	3,827	4,911	5,252
Expenses	1,251	1,320	1,373	1,594	1,672	2,107	3,000	3,614	4,692	5,032
Operating Profit	48	59	71	98	147	86	153	212	219	220
OPM %	3.73	4.30	4.89	5.78	8.08	3.93	4.85	5.55	4.46	4.19
Other Income	1.13	1.55	2.87	3.03	2.32	1.67	3.35	5.41	5.72	NaN
Interest	21	19	20	21	23	26	35	36	41	47
Depreciation	9.43	8.17	7.59	10	9.47	9.65	13	16	24	25
Profit Before Tax	19	34	46	69	117	52	108	165	160	148
Tax %	27.60	32.60	33.56	34.23	25.98	25.91	26.13	25.35	25.77	27.05
Net Profit	14	23	30	46	87	39	80	123	119	108
EPS in Rs	4.49	7.31	9.73	14.68	27.84	12.40	25.65	39.66	38.26	59.21
Dividend Payout %	19.63	20.99	22.68	15.02	15.85	35.59	41.29	22.27	29.76	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	14	14	14	14	14	14	14	14	27	31
Reserves	124	136	155	179	206	284	311	375	466	1,071
Borrowings	128	94	190	154	248	280	417	571	532	797
Other Liabilities	136	193	252	305	247	197	163	287	456	660
Total Liabilities	402	437	611	652	715	775	905	1,247	1,481	2,559
Fixed Assets	78	72	74	71	81	79	84	120	154	201
CWIP	1.22	0.73	0.87	1.19	2.02	2.28	6.84	1.60	2.36	11
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	323	364	536	580	633	694	814	1,125	1,325	2,347
Total Assets	402	437	611	652	715	775	905	1,247	1,481	2,559

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	73	69	-53	85	-39	55	-79	10	330	-424
Cash from Investing Activity	-4.82	-6.30	-27	-17	7.93	18	-21	-86	-30	-138
Cash from Financing Activity	-64	-56	74	-62	24	-64	94	78	-293	637
Net Cash Flow	3.66	7.40	-5.75	5.27	-6.96	8.31	-6.65	2.01	7.91	75

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
IGIL	320.65	13,918 Cr	27.25	11.25	0.76	39.64	48.74	32.91
THANGAMAYL	3195.00	9,936 Cr	54.05	8.51	0.39	15.75	13.20	5.66
BLUESTONE	510.45	7,724 Cr	—	4.63	0.00	-9.84	1.45	-3.69
PCJEWELLER	10.46	7,666 Cr	12.45	1.05	0.00	8.49	8.38	6.89
SKYGOLD	328.55	5,069 Cr	27.34	4.89	0.00	17.87	16.40	9.55
GOLDIAM	373.00	4,206 Cr	30.51	4.12	0.76	13.50	18.96	11.63
VAIBHAVGBL	240.95	4,039 Cr	22.06	2.79	0.62	12.66	14.59	8.55

Overview

Detailed Summary

The company pioneered the hallmarking practice in Madurai, ensuring high-quality gold ornaments, and implemented technological advancements like laser-based gold assaying.

It has significantly expanded its retail footprint over the years, boasting numerous branches across Tamil Nadu and deploying modern retail formats and exclusive outlets.

Strategically, it focuses on enhancing its manufacturing capabilities, increasing daily production capacity to cater to a larger volume of gold ornament demand.

Thangamayil's constant innovation and expansion reflect a robust growth trajectory, aiming to capture substantial market share in the regional jewellery industry.

Sector

Diamond, Gems and Jewellery

Industry

Diamond Cutting / Jewellery - Medium / Small

Market Cap

9,936 Cr

Volatility

Moderate Risk

P/E Ratio

54.1

Industry P/E

22.8

PEG Ratio

2.1

P/B Ratio

8.5

52W High

3,460.05

52W Low

1,526.45

Sales CAGR

28.32%

30.83%

23.75%

10Y

16.19%

Profit CAGR

-3.68%

45.49%

21.06%

10Y

30.88%

ROE

TTM

15.75%

16.21%

17.14%

10Y

16.40%

ROCE

TTM

13.20%

22.88%

23.92%

10Y

24.49%