Thangamayil Jewellery Ltd. (THANGAMAYL) AI Stock Analysis

• Market Cap: ₹119.02B
• Dividend Yield: 0.37%
• Average Volume (3M): 1.68K
• Price to Earnings (P/E): 63.1
• Beta (1Y): 0.54
• Revenue Growth: 35.04%
• EPS Growth: 80.12%
• Country: IN
• Employees: 2,112
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Luxury Goods
• EPS (TTM): 19.00
• Shares Outstanding: 31,082,022
• 10 Day Avg. Volume: 2,272
• 30 Day Avg. Volume: 1,684
• PEG Ratio: -7.41
• Price to Book (P/B): 5.17
• Price to Sales (P/S): 1.16
• P/FCF Ratio: -11.82
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ₹3,892.00 ▲(20.49% Upside)

The score is supported by strong technical momentum and solid income-statement performance, but is held back by weak cash flow (negative free cash flow and poorer cash conversion) and a demanding valuation (high P/E and low dividend yield).

Positive Factors

Strong Revenue Growth

Sustained ~35% top-line growth signals expanding market penetration and product demand, supporting scalable retail economics. Over a 2–6 month horizon this momentum indicates the company can leverage existing showroom footprint and product mix to convert demand into recurring sales and higher operating leverage.

Stable Margins & Operational Efficiency

Consistent gross and operating margins imply durable cost controls and pricing power across jewellery assortments. Margin stability supports long-term cash generation potential and cushions profitability against gold price volatility, enabling reinvestment in stores and customer experience without eroding core returns.

Strengthening Equity Base and ROE

An improving equity ratio combined with satisfactory ROE indicates the company is building a stronger capital base while still delivering acceptable returns to shareholders. This structural improvement enhances solvency and provides a buffer to support expansion or absorb shocks over the medium term.

Negative Factors

Negative Free Cash Flow

Persistent negative free cash flow and deteriorating operating-cash-to-net-income ratios raise concerns about the company's ability to convert profit into liquidity. Over months, this can constrain capex, store rollouts, or debt service without ongoing external financing, risking sustainable growth plans.

Moderate Leverage / High Debt Levels

Elevated leverage reduces financial flexibility and increases vulnerability to interest-rate or demand shocks. In a cyclical retail segment, sustained high debt amplifies downside risk and could force deleveraging measures that limit marketing, inventory investment, or expansion over the coming quarters.

Regional Concentration & Retail Reliance

Concentration in the southern Indian market and dependence on physical showrooms expose the firm to regional economic cycles and shifts in consumer footfall or preferences. Limited geographic diversification and retail-centric model may hamper resilience versus pan-India competitors and omnichannel trends.

Thangamayil Jewellery Ltd. Business Overview & Revenue Model

Company Description

Thangamayil Jewellery Limited operates a chain of retail jewelry stores in India. The company offers gold, diamond, silver, and platinum jewelries, as well as silver articles and gold coins. It is also involved in the manufacture and sale of jewelry, and other accessories and products. As of March 31, 2022, the company operated 52 retail outlets and a manufacturing and assembly facility in Tamil Nadu. It also provides its products through online. Thangamayil Jewellery Limited was founded in 1947 and is headquartered in Madurai, India.

How the Company Makes Money

Thangamayil Jewellery Ltd. generates revenue primarily through the sale of gold and diamond jewellery. The company operates a retail model that includes physical showrooms in key locations, where customers can browse and purchase jewellery directly. In addition to jewellery sales, THANGAMAYL may also earn income through gold loan services and the sale of related accessories. Key revenue streams include retail sales from both walk-in customers and online orders, as well as potential partnerships with financial institutions for gold loans. Seasonal events and festivals also drive significant sales, contributing to its overall earnings.

Thangamayil Jewellery Ltd. Financial Statement Overview

Summary

Thangamayil Jewellery Ltd. shows strong revenue growth and profitability with stable margins. However, high leverage and negative free cash flow pose potential risks, necessitating a focus on debt reduction and improved cash flow conversion.

Income Statement

Thangamayil Jewellery Ltd. has shown robust revenue growth over the past years, with a remarkable increase from 2024 to 2025. Gross profit margin has been stable, indicating efficient cost management. The net profit margin is healthy, though it has slightly decreased from the previous year. EBIT and EBITDA margins are consistent, reflecting operational efficiency. Overall, the company is demonstrating strong financial health in its income statement.

Balance Sheet

The company's debt-to-equity ratio suggests a moderate level of leverage, which may pose a risk in volatile markets. However, the return on equity is satisfactory, indicating effective use of shareholders' funds. The equity ratio has been improving, showing a solid foundation of assets funded by equity. While debt levels are high, the strengthening equity base provides a buffer.

Cash Flow

The cash flow statement reveals some challenges, with negative free cash flow in the most recent period, indicating potential liquidity concerns. The operating cash flow to net income ratio has deteriorated, suggesting issues in converting profits to cash. Despite these challenges, the company had a positive financing cash flow, which could support its liquidity needs temporarily.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	52.49B	49.11B	38.27B	31.53B	21.93B	18.19B
Gross Profit	4.51B	4.30B	3.69B	2.97B	1.98B	2.07B
EBITDA	2.18B	2.19B	2.12B	1.56B	878.63M	1.49B
Net Income	1.08B	1.19B	1.23B	797.40M	385.50M	865.84M
Balance Sheet
Total Assets	0.00	25.59B	14.81B	12.47B	9.05B	7.75B
Cash, Cash Equivalents and Short-Term Investments	885.60M	885.60M	135.70M	771.70M	36.50M	137.29M
Total Debt	0.00	7.97B	5.32B	5.71B	4.20B	3.23B
Total Liabilities	-11.02B	14.57B	9.88B	8.58B	5.81B	4.77B
Stockholders Equity	11.02B	11.02B	4.93B	3.89B	3.24B	2.98B
Cash Flow
Free Cash Flow	0.00	-4.82B	2.93B	-213.60M	-950.98M	492.89M
Operating Cash Flow	0.00	-4.24B	3.30B	104.40M	-790.71M	551.54M
Investing Cash Flow	0.00	-1.38B	-296.50M	-864.20M	-211.22M	176.31M
Financing Cash Flow	0.00	6.37B	-2.93B	779.90M	935.44M	-644.74M

Thangamayil Jewellery Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3230.10
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:THANGAMAYL, the sentiment is Positive. The current price of 3230.1 is below the 20-day moving average (MA) of 3438.58, below the 50-day MA of 3308.86, and above the 200-day MA of 2322.51, indicating a bullish trend. The MACD of 160.28 indicates Negative momentum. The RSI at 67.53 is Neutral, neither overbought nor oversold. The STOCH value of 59.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:THANGAMAYL.

Thangamayil Jewellery Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MAZDA	68 Neutral	₹4.18B	16.42	―	1.64%	―	―
THANGAMAYL	66 Neutral	₹119.02B	63.14	―	0.37%	35.04%	80.12%
KALAMANDIR	66 Neutral	₹18.63B	13.81	―	1.31%	23.15%	47.46%
SENCO	66 Neutral	₹54.50B	21.73	―	0.31%	20.18%	16.17%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
RAJESHEXPO	60 Neutral	₹48.72B	36.92	―	―	112.02%	244.77%
GOENKA	41 Neutral	₹266.28M	-16.34	―	―	―	―

Thangamayil Jewellery Ltd. Corporate Events

Thangamayil Jewellery to Close Trading Window Ahead of Q3 FY2026 Results

Thangamayil Jewellery Ltd. has announced that it will close its trading window for designated persons from 1 January 2026 until 48 hours after the release of its unaudited financial results for the quarter ended 31 December 2025, in line with SEBI’s Prohibition of Insider Trading Regulations and the company’s internal code. The move is a routine compliance measure aimed at preventing insider trading around the time of financial disclosures, signaling the upcoming results cycle to investors while reinforcing the company’s adherence to regulatory governance standards.