Thangamayil Jewellery Limited (THANGAMAYL)

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Thangamayil Jewellery Limited (THANGAMAYL) · mywealthgrid

About

Thangamayil Jewellery Limited operates gems, jewellery, and watches in India's consumer discretionary sector. Market cap ₹16,877.97 Cr with recent quarterly revenues ₹2.4–₹2.8 Cr, indicating scale-up—revenue more than doubled from Sep 2024 to Jun 2026. Recovered from Sep 2024 loss to consistent profitability; operating margins stabilizing at 5–7.5% range.

Face value: ₹10

Market cap

₹15,118 Cr

P/E

38.7×

P/B

10.7×

Dividend yield

0.4%

ROE

27.9%

ROCE

39.1%

Debt / equity

0.58

OPM

6.6%

EPS (TTM)

₹125.8

Book value

₹455.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

High PE (43.16) implies substantial growth already priced; verify if recent revenue doubling is sustainable or cyclical

Thin, volatile OPM (6.64% avg, ranging 4.14–7.52%) limits profit cushion against cost pressure or demand shifts

Discretionary spending exposure vulnerable to economic downturns; examine performance during prior slowdowns

Jewelry demand is seasonal and event-driven; evaluate quarter-to-quarter consistency and festive-cycle resilience

Generated analysis · source review pending

Growth drivers

Revenue doubled ₹1,178 Cr (Sep 2024) → ₹2,662 Cr (Jun 2026)—verify organic expansion vs. acquisitions or store footprint growth

OPM recovered -0.88% (Sep 2024) → stabilized 5%+ (Dec 2024–Jun 2026)—verify if margin gains are sustainable and from mix or pricing

ROE 27.93% shows efficient capital deployment; examine whether growth self-funds or requires fresh capital raise

Consistent dividends (2024–2026) plus 2023 bonus signal retained earnings and reinvestment capacity—verify capital allocation

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹4,861.0-6.6%1Y

Quick read

rule-based

Pros

+Strong return on equity of 23.6% (3-yr avg)
+High return on capital employed of 31.8%
+Profit CAGR of 32.4% over the last 5 years
+Revenue CAGR of 36.1% over the last 5 years
+High promoter holding of 61.6% with no pledge

Cons

−Thin operating margin of 6.6%
−Trading at 10.7× book value

Research score

Structured signal from quality, growth, valuation and momentum.

63/100

Business quality: 64
Growth: 100

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET NIFTY CONSUMER DURABLES

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Kalyan Jewellers India LimitedKALYANKJILKALYANKJIL	₹54,578 Cr	₹55,102 Cr	₹39,063 Cr	₹2,616 Cr	7%	₹1,435 Cr	3.8%	31.5%	24.3%	136
Lalithaa Jewellery Mart LimitedLALITHAALALITHAA	₹21,708 Cr	₹23,312 Cr	₹25,024 Cr	₹1,674 Cr	6.7%	₹1,010 Cr	4%	54.3%	41.6%	—
Thangamayil Jewellery LimitedTHANGAMAYLTHANGAMAYL	₹15,118 Cr	₹15,943 Cr	₹9,606 Cr	₹621 Cr	6.6%	₹391 Cr	4.1%	39.1%	27.9%	142
Sky Gold And Diamonds LimitedSKYGOLDSKYGOLD	₹12,557 Cr	₹13,426 Cr	₹7,176 Cr	₹520 Cr	6.9%	₹343 Cr	4.5%	45.9%	29.3%	77
Pc Jeweller LimitedPCJEWELLERPCJEWELLER	₹12,449 Cr	₹13,522 Cr	₹3,505 Cr	₹785 Cr	20%	₹775 Cr	21.3%	11.7%	9.9%	1,082
Bluestone Jewellery And Lifestyle LimitedBLUESTONEBLUESTONE	₹12,008 Cr	₹12,753 Cr	₹2,681 Cr	₹442 Cr	16%	₹56 Cr	0.5%	9.8%	1.1%	659
P N Gadgil Jewellers LimitedPNGJLPNGJL	₹7,897 Cr	₹9,477 Cr	₹11,438 Cr	₹669 Cr	5.7%	₹446 Cr	3.8%	34.3%	23.3%	121
Timex Group India LimitedTIMEXTIMEX	₹7,368 Cr	₹7,370 Cr	₹419 Cr	₹32 Cr	7.7%	₹21 Cr	5%	32.7%	29.4%	—
Ethos LimitedETHOSLTDETHOSLTD	₹6,785 Cr	₹6,786 Cr	₹1,728 Cr	₹223 Cr	12.9%	₹106 Cr	6%	10.4%	7.7%	180
Senco Gold LimitedSENCOSENCO	₹5,199 Cr	₹6,769 Cr	₹9,660 Cr	₹999 Cr	11.5%	₹571 Cr	6.8%	38%	25.6%	259
Kddl LimitedKDDLKDDL	₹4,811 Cr	₹4,967 Cr	₹2,322 Cr	₹335 Cr	14.3%	₹97 Cr	6.3%	11.9%	8.8%	192
D. P. Abhushan LimitedDPABHUSHANDPABHUSHAN	₹4,273 Cr	₹4,433 Cr	₹2,340 Cr	₹100 Cr	4.3%	₹62 Cr	2.6%	40.8%	29.4%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,275	1,295	1,379	1,443	1,692	1,819	2,193	3,153	3,827	4,911	8,499
COGS	-12	-535	-787	1,290	1,481	1,611	1,995	2,855	3,458	4,480	7,580
Gross profit	—	—	—	153	211	207	198	297	369	430	919
	1,241	1,785	2,116	82	113	60	112	144	156	211	354
	46	45	50	71	98	147	86	153	212	219	565
OPM %	3.6%	3.5%	3.7%	4.9%	5.8%	8.1%	3.9%	4.9%	5.6%	4.5%	6.6%
Depreciation	8	9	8	8	10	9	10	13	16	24	40
Interest	24	—	—	20	21	23	26	35	36	41	68
	—	—	2	3	3	2	2	3	5	6	12
Profit before tax	14	19	34	46	69	117	52	108	165	160	469
Tax	4	5	11	15	24	30	13	28	42	41	117
Tax %	25.8%	27.6%	32.6%	33.6%	34.2%	26%	25.9%	26.1%	25.3%	25.8%	25%
	11	14	23	30	46	87	39	80	123	119	352
PAT margin %	0.8%	1.1%	1.7%	2.1%	2.7%	4.8%	1.8%	2.5%	3.2%	2.4%	4.1%
EPS (₹)	7.7	—	16.6	22.1	33	63.1	28.1	58.1	44.9	42	113.1
EPS adjusted (₹)	—	—	8.3	11	16.6	31.6	14.1	29.1	44.9	38.2	113.1
	13%	—	21.1%	22.7%	15.1%	15.8%	35.6%	20.6%	22.3%	29.8%	15.9%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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	27	31	31
Reserves	—	179	206	284	311	375	466	1,071	1,385
	—	154	236	269	360	548	501	751	826
	—	305	259	208	221	310	487	706	1,579
Total equity & liabilities	—	652	715	775	905	1,247	1,481	2,559	3,820
	74	71	81	79	84	100	123	154	207
CWIP	—	1	2	2	7	2	2	11	7
Investments	—	0	0	0	0	0	0	0	0
	—	580	633	694	814	1,145	1,356	2,394	3,607
Total assets	—	652	715	775	905	1,247	1,481	2,559	3,820

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	10.6%	12.4%	11.4%	9%	9.4%	9.6%	8.8%	10.8%
EBITDA margin %	4.9%	5.8%	8.1%	3.9%	4.9%	5.6%	4.5%	6.6%
EBIT margin %	4.4%	5.2%	7.6%	3.5%	4.4%	5.1%	4%	6.2%
PAT margin %	2.1%	2.7%	4.8%	1.8%	2.5%	3.2%	2.4%	4.1%
Working capital
Receivable days	1	0	1	0	0	0	1	1
Inventory days	143	139	147	137	126	126	161	142
Payable days	21	9	4	2	3	2	3	1
NWC days	122	130	144	136	123	124	159	142
Leverage
Current ratio	1.36	1.45	1.68	1.72	1.58	1.54	1.72	1.54
Debt to EBITDA	2.18	2.41	1.83	4.18	3.59	2.36	3.43	1.46
Debt to equity	0.8	1.07	0.9	1.11	1.41	1.01	0.68	0.58
Interest coverage	3.2	4.3	6.1	3	4.1	5.5	4.9	8
Asset turnover	2.21	2.37	2.35	2.42	2.53	2.58	1.92	2.22
Return ratios
Return on assets %	4.6%	6.4%	11.2%	4.3%	6.4%	8.3%	4.6%	9.2%
Return on capital employed %	28.3%	34.9%	42.7%	19.4%	29.1%	34.3%	21.8%	39.1%
Return on equity %	15.7%	20.7%	29.1%	11.9%	20.5%	25%	10.8%	24.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.16%	67.31%	67.32%	67.32%	61.27%	61.27%	61.49%	61.53%	61.56%	61.56%	61.61%	61.61%
	0.25%	0.75%	0.98%	1.08%	4.52%	4.06%	4.41%	4.49%	4.61%	4.7%	4.37%	5.54%
	11.39%	11.4%	11.52%	12.08%	12.77%	13.57%	14.81%	14.84%	15.25%	16.62%	17.41%	16.43%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	21.2%	20.54%	20.18%	19.52%	21.44%	21.1%	19.29%	19.14%	18.58%	17.12%	16.61%	16.42%
No. of shareholders	—	—	—	—	—	—	—	—	46,389	44,849	48,097	51,026

Promoter holding down 5.55 percentage points since Sep 2023.

19 deals · 22 Nov 2021 – 5 Sept 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
5 Sept 2024	CHANDRAMOGAN R G	Bulk	NSE	Buy	3,53,353	₹2,140.00	₹75.62 Cr
4 Sept 2024	CUSTODY BANK OF JAPAN LTD RE RB AMUNDI INDIA SMALL CAP EQUITY MOTHER FUND	Bulk	NSE	Buy	6,81,314	₹2,090.00	₹142.39 Cr
4 Sept 2024	DAS BALARAMA GOVINDA	Bulk	NSE	Sell	4,33,334	₹2,090.32	₹90.58 Cr
4 Sept 2024	BALUSAMY RAMESH	Bulk	NSE	Sell	4,33,333	₹2,123.40	₹92.01 Cr
4 Sept 2024	NARAYANAN BALUSAMY KUMAR	Bulk	NSE	Sell	4,33,333	₹2,091.20	₹90.62 Cr
4 Sept 2024	F3 ADVISORS PRIVATE LIMITED	Bulk	NSE	Sell	2,58,204	₹2,159.30	₹55.75 Cr
4 Sept 2024	F3 ADVISORS PRIVATE LIMITED	Bulk	NSE	Buy	2,22,172	₹2,121.56	₹47.14 Cr
4 Sept 2024	MANSI SHARE AND STOCK ADVISORS PVT LTD	Bulk	NSE	Buy	2,10,553	₹2,100.66	₹44.23 Cr
4 Sept 2024	MANSI SHARE AND STOCK ADVISORS PVT LTD	Bulk	NSE	Sell	1,97,655	₹2,141.99	₹42.34 Cr
25 Jul 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,73,675	₹1,089.10	₹18.91 Cr

1–10 of 19

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Mr. BALARAMA GOVINDA DASExecutive Director-Chairperson-MD
Mr. BA RAMESHExecutive Director
B Rajesh KannaChief Financial Officer
Mr. N B KUMARExecutive Director
Mrs. YAMUNA VASINI DEVA DASINon-Executive - Non Independent Director
Mr. S.M. CHANDRASEKARANNon-Executive - Independent Director
Mrs. RAJAKUMARI JEEVAGANNon-Executive - Independent Director
Mr. N JEGATHEESANNon-Executive - Independent Director
Mr. K THIRUPATHI RAJANNon-Executive - Independent Director
Mr. K. NarayananCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 6 fund houses

Held by these funds

12.06%

of the company's equity

All mutual funds

15.51%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

16 schemes · 6 fund houses

		Shares
Small Cap Fund	DSP Mutual Fund	14.3 L	773.89	3.57%	4.598%	-0
Smallcap Fund	SBI Mutual Fund	12.92 L	699.23	1.64%	4.154%	-0
Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP)	SBI Mutual Fund	7 L	378.84	4.88%	2.251%	-0
MultiCap FundNEW	SBI Mutual Fund	1.84 L	99.46	0.41%	0.591%	—
Small Cap Fund	Bajaj Finserv Mutual Fund	31,959	17.3	0.65%	0.103%	+15,000
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	31,124	16.84	0.68%	0.1%	-791
Consumption Fund	Bajaj Finserv Mutual Fund	23,868	12.92	2.11%	0.077%	+6,500
ACTIVE MOMENTUM FUND	Samco Mutual Fund	23,210	12.56	1.67%	0.075%	-3,368

1–8 of 16

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

15 announcementsExport CSV

29 Jul 2026, 6:51 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	10.6%	12.4%	11.4%	9%	9.4%	9.6%	8.8%	10.8%
EBITDA margin %	4.9%	5.8%	8.1%	3.9%	4.9%	5.6%	4.5%	6.6%
EBIT margin %	4.4%	5.2%	7.6%	3.5%	4.4%	5.1%	4%	6.2%
PAT margin %	2.1%	2.7%	4.8%	1.8%	2.5%	3.2%	2.4%	4.1%
Working capital
Receivable days	1	0	1	0	0	0	1	1
Inventory days	143	139	147	137	126	126	161	142
Payable days	21	9	4	2	3	2	3	1
NWC days	122	130	144	136	123	124	159	142
Leverage
Current ratio	1.36	1.45	1.68	1.72	1.58	1.54	1.72	1.54
Debt to EBITDA	2.18	2.41	1.83	4.18	3.59	2.36	3.43	1.46
Debt to equity	0.8	1.07	0.9	1.11	1.41	1.01	0.68	0.58
Interest coverage	3.2	4.3	6.1	3	4.1	5.5	4.9	8
Asset turnover	2.21	2.37	2.35	2.42	2.53	2.58	1.92	2.22
Return ratios
Return on assets %	4.6%	6.4%	11.2%	4.3%	6.4%	8.3%	4.6%	9.2%
Return on capital employed %	28.3%	34.9%	42.7%	19.4%	29.1%	34.3%	21.8%	39.1%
Return on equity %	15.7%	20.7%	29.1%	11.9%	20.5%	25%	10.8%	24.8%

Date	Category	Subject	Filing
29 Jul 2026, 6:51 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
29 Jul 2026, 3:08 pm	AGM/EGM AGM	26Th Annual General Meeting Held Today	PDF
29 Jul 2026, 11:16 am	Result Financial Results	UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2026	PDF
29 Jul 2026, 11:09 am	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for Un-Audited Financial Results For Quarter Ended 30.06.2026	PDF
21 Jul 2026, 3:20 pm	Board Meeting	Board Meeting Intimation for To Approve And Take On Record The Un-Audited Financial Results Of The Company For The Quarter Ended 30Th June, 2026	PDF
3 Jul 2026, 12:28 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
3 Jul 2026, 12:22 pm	Company Update Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	PDF

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	85	-56	55	-79	10	330	-424	322
	-17	8	18	-21	-86	-30	-138	-165
	-62	41	-64	94	78	-293	637	-122
Net cash flow	5	-7	8	-7	2	8	75	36
Free cash flow	80	-65	49	-95	10	330	-482	249
CFO / Operating profit %	120%	-57.6%	37.5%	-91.8%	6.8%	155.6%	-193.6%	57.1%

Thangamayil Jewellery Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

23

1

1

Compounded sales growth

Compounded profit growth

Return on equity

Thangamayil Jewellery Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Dividends23

Board meetings1

Bonus issues1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

23

1

1