Thangamayil Jewellery Ltd

NSE: THANGAMAYL BSE: 533158Retail

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.

₹3,527

52W: ₹1750 — ₹4389

PE 31 · Book ₹456 · +673% vs book

Market Cap₹10,963 Cr

Stock P/E31Price to Earnings

ROCE25.5%Return on Capital

ROE28.1%Return on Equity

Div. Yield0.34%Face Value ₹10

Strengths

+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

Weaknesses

−Stock is trading at 7.87 times its book value
−Company might be capitalizing the interest cost
−Promoter holding has decreased over last 3 years: -5.55%

Shareholding Pattern

Promoters61.61%

FIIs4.37%

DIIs17.41%

Public16.61%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	67.33%	61.28%▼6.0	61.28%	61.49%▲0.2	61.53%▲0.0	61.56%▲0.0	61.56%	61.61%▲0.0
FIIs	1.08%	4.52%▲3.4	4.05%▼0.5	4.41%▲0.4	4.49%▲0.1	4.61%▲0.1	4.7%▲0.1	4.37%▼0.3
DIIs	12.08%	12.77%▲0.7	13.56%▲0.8	14.8%▲1.2	14.83%▲0.0	15.25%▲0.4	16.62%▲1.4	17.41%▲0.8
Public	19.5%	21.42%▲1.9	21.1%▼0.3	19.29%▼1.8	19.15%▼0.1	18.58%▼0.6	17.13%▼1.4	16.61%▼0.5

Financial Statements

Metric	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	896	983	1,222	1,181	1,132	1,381	1,558	1,711	2,406	2,839
Expenses	845	933	1,130	1,188	1,049	1,323	1,471	1,605	2,234	2,625
Operating Profit	51	50	92	-7	83	57	87	106	172	214
OPM %	6%	5%	7%	-1%	7%	4%	6%	6%	7%	8%
Net Profit	28	28	57	-17	48	31	46	59	105	143
EPS ₹	9	9.08	18.19	-5.61	15.5	10.1	14.71	18.82	33.71	45.9

AI Insights

Revenue Trend

Mar 2026 revenue at ₹8,514Cr, up 73.4% YoY. OPM at 7%.

Debt Position

Borrowings at ₹913Cr. Debt-to-equity ratio: 0.66x. Moderate leverage.

Capex Cycle

CWIP at ₹7Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 17.41% (+5.95pp change). FIIs: 4.37% (+4.17pp change). Promoters hold 61.61%.

Margin & Efficiency

ROCE improving from -1% (Mar 2015) to 25% (Mar 2026). Working capital days: 36.

Valuation

PE 31x with 25.5% ROCE. Price is 673% above book value of ₹456. Dividend yield: 0.34%.