NSE: THANGAMAYL · BSE: 533158 · ISIN INE085J01014
Thangamayil Jewellery Limited stock analysis
Thangamayil Jewellery Limited ranks #343 in the TickerSutra evidence-ranked universe with a score of 66/100 and 95% data confidence. The latest captured fundamentals show ROCE of 25.5%, quarterly sales growth of 71.2% and quarterly profit growth of 86.2%.Watchlist candidate
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- ROCE is 25.5%
- 39.2% three-year sales CAGR
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Debt/equity is above 0.5×
- CFO/EBITDA is below 0.6×
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹2,193cr | ₹86cr | ₹39cr | 3.9% |
| 2023 | ₹3,153cr | ₹153cr | ₹80cr | 4.8% |
| 2024 | ₹3,827cr | ₹212cr | ₹123cr | 6.0% |
| 2025 | ₹4,911cr | ₹219cr | ₹119cr | 4.5% |
| 2026 | ₹8,499cr | ₹565cr | ₹352cr | 7.0% |
| TTM | ₹9,622cr | ₹637cr | ₹391cr | 7.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
All the financial indicators are improving including risk weighted Return on Equity. However, all our retails outlets expansion plan is going forward smoothly. Our learning out of first wave has helped us to rearrange resources and improve our operating efficiencies.
Domestic gold prices reached INR 1,69,403 per 10 grams as of January 2026 — the highest annual price increase for gold globally since 1979. India's gold jewellery demand by volume declined approximately 26% year-on-year in H1 FY 2025-26, while investment demand for bars and coins rose approximately 15%. For full calendar year 2025, jewellery demand by volume fell 24% year-on-year to 430.5 tonnes, while the value of I
This structural transformation based on affordability also resulted in improved offtake of limit worth jewellery. In contrast, certain competitors either overemphasized premium offerings or struggled with inventory misalignment, leading to suboptimal sales conversion and margin pressure. TMJL’s calibrated strategy, by comparison, ensured optimal inventory turnover and customer satisfaction, even in a volatile environ
The steep rise in import duty by 150% (from 6% to 15%) in gold and silver on actual realization basis may result in “inventory gains” to the company around Rs.60 Crs at current market prices prevailing for gold & silver products. Except for unforeseen circumstances, the management is confident of bettering the performance in the short to medium of term on the areas prioritized. 8) DEFERRED TAX ASSETS The company as p
Pricing is done in a calibrated manner to deliver moderate profits. Within India, organized jewellery players faced a dual challenge: maintaining competitive pricing in an environment of heightened price sensitivity, while simultaneously absorbing rising costs in procurement, logistics, and finance. This resulted in sectorwide margin compression, particularly among players lacking scale efficiencies or cost disciplin
• Improved liquidity via inventory turnover and customer advances. • Stronger compliance reducing regulatory risks. • Employee empowerment through digital HR systems.
Gold Price Dynamics and Their Impact on Demand Gold prices experienced a historic rally in FY 2025-26, with international prices gaining approximately 50%+ year-to-date and domestic prices rising approximately 73%, aided by a 5.6% depreciation in the INR. Domestic gold prices reached INR 1,69,403 per 10 grams as of January 2026 — the highest annual price increase for gold globally since 1979. India's gold jewellery d
Customers are increasingly committing to structured savings plans, thereby embedding themselves into TMJL’s ecosystem. The following table illustrates the progression of risk indicators across five years, situating FY26 within a continuum of rising pressures: Risk Indicator FY22 FY23 FY24 FY25 FY26 Bullion Volatility Moderate Moderate High Very High Extreme Liquidity Sensitivity Moderate Moderate High High Very High
Table of Policies P1 Anti-corruption or anti-bribery policy, Ethical Policy P2 Supplier Code of conduct P3 Health and Safety Policy PA Stakeholder Management Policy PS Human Rights Policy P6 Environmental Policy P7 Policy on Responsible Advocacy P8 Corporate Social Responsibility Policy P9 Cyber Security and Data Privacy policy PsNo | viscosure Questions fer | ra | es | ora | rs | ro | ov | re | po Policy and managem
of Countries) 0 b) Contribution of exports: What is the contribution of exports as a percentage of the total turnover of the entity? Considering that our company does not engage in any international market operations, this specific section is not applicable. 26th Annual Report 2025-2626th Annual Report 2025-26 c) Type of Customers A brief on types of customers: End Customers (B2C) i.
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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