Thangamayil Jewellery Ltd. (THANGAMAYL) AI Stock Analysis

• Market Cap: ₹108.61B
• Dividend Yield: 0.37%
• Average Volume (3M): 1.68K
• Price to Earnings (P/E): 23.9
• Beta (1Y): 0.56
• Revenue Growth: 35.04%
• EPS Growth: 80.12%
• Country: IN
• Employees: 2,112
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Luxury Goods
• EPS (TTM): 33.80
• 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): 75.22
• Revenue Forecast (FY): ₹70.30B

• Rating: 66 Neutral
• Price Target: ₹3,428.00 ▲(6.13% Upside)
• Action: Reiterated Date: 01/10/26
• Date: Action: Reiterated 01/10/26

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

Revenue Growth

A 56% revenue increase reflects strong demand and expanding market penetration for core jewellery sales. Over the next 2-6 months this scale supports better buying terms, higher showroom throughput and the ability to invest in product assortment and customer service, improving durable top-line resilience.

Stable Margins & Profitability

Stable gross margins and healthy net and operating margins indicate consistent cost and production control in both manufacturing and retailing. This operational efficiency supports sustainable cash generation from core operations and resilience to near-term price swings in input costs over the medium term.

Integrated Retail + Manufacturing Model

Owning design, manufacturing and a showroom network provides control of product mix, quality and margins. Vertical integration reinforces brand trust, shortens supply chains and creates repeat-purchase advantages in wedding/festival segments, a structural strength for durable market share gains.

Negative Factors

Negative Free Cash Flow

Negative free cash flow and weaker conversion of earnings to cash reduce internal funding for capex, inventory or store growth. Over months, this can force reliance on external financing, constrain strategic investments, and elevate risk if operating cash generation doesn’t stabilize.

Moderate Leverage

Moderate but elevated leverage reduces financial flexibility and increases interest and refinancing risk. In a sector sensitive to discretionary demand and gold-price volatility, higher debt burdens can limit the firm’s ability to withstand demand shocks or fund expansion without raising additional capital.

Working-capital Sensitivity to Gold Prices

Heavy exposure to gold-linked inventory makes working capital and margins sensitive to price swings and hoarding costs. Structurally, this raises funding needs around volatile metal cycles and can compress margins if the firm must mark inventory or offer discounts to maintain showroom turnover.

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

Strong revenue growth and generally stable profitability, but the balance sheet shows moderate leverage and cash flow is weaker with negative free cash flow and deteriorating cash 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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	57.78B	49.11B	38.27B	31.53B	21.93B	18.19B
Gross Profit	5.72B	4.30B	3.69B	2.97B	1.98B	2.07B
EBITDA	3.31B	2.19B	2.12B	1.56B	878.63M	1.49B
Net Income	1.84B	1.19B	1.23B	797.40M	385.50M	865.84M
Balance Sheet
Total Assets	32.48B	25.59B	14.81B	12.47B	9.05B	7.75B
Cash, Cash Equivalents and Short-Term Investments	2.22B	885.60M	135.70M	771.70M	36.50M	137.29M
Total Debt	11.24B	7.97B	5.32B	5.71B	4.20B	3.23B
Total Liabilities	20.80B	14.57B	9.88B	8.58B	5.81B	4.77B
Stockholders Equity	11.67B	11.02B	4.93B	3.89B	3.24B	2.98B
Cash Flow
Free Cash Flow	-1.53B	-4.82B	2.93B	-213.60M	-950.98M	492.89M
Operating Cash Flow	-1.09B	-4.24B	3.30B	104.40M	-790.71M	551.54M
Investing Cash Flow	-933.60M	-1.38B	-296.50M	-864.20M	-211.22M	176.31M
Financing Cash Flow	1.25B	6.37B	-2.93B	779.90M	935.44M	-644.74M

Thangamayil Jewellery Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 3230.10
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• 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 Neutral. The current price of 3230.1 is below the 20-day moving average (MA) of 3650.59, below the 50-day MA of 3600.44, and above the 200-day MA of 2653.24, indicating a neutral trend. The MACD of -16.38 indicates Positive momentum. The RSI at 45.74 is Neutral, neither overbought nor oversold. The STOCH value of 24.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:THANGAMAYL.

Thangamayil Jewellery Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KALAMANDIR	68 Neutral	₹15.06B	14.42	―	1.31%	23.15%	47.46%
MAZDA	68 Neutral	₹3.54B	12.72	―	1.64%	―	―
THANGAMAYL	66 Neutral	₹108.61B	23.90	―	0.37%	35.04%	80.12%
SENCO	66 Neutral	₹48.35B	4.93	―	0.31%	20.18%	16.17%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
RAJESHEXPO	51 Neutral	₹30.28B	18.97	―	―	112.02%	244.77%
GOENKA	41 Neutral	₹266.28M	-23.75	―	―	―	―

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.