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THANGAMAYL - Thangamayil Jew.

📊 NSE: THANGAMAYL 🏢 Diamond Cutting / Jewellery 📅 Last Updated: 12/14/2025 14:18

📢 Recent Corporate Announcements

Thangamayil Jewellery Appoints K. Narayanan as Company Secretary and Compliance Officer

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 02 Feb 2026, 12:28 PM

Thangamayil Jewellery Limited has appointed Mr. K. Narayanan as the new Company Secretary and Compliance Officer, effective February 2, 2026. The appointment was approved by the Board of Directors in a meeting held on the same day and designates him as a Key Managerial Personnel (KMP). Mr. Narayanan is a qualified professional with membership number ACS 13779 from the Institute of Company Secretaries of India. This move ensures the company maintains its regulatory compliance framework under SEBI (LODR) Regulations.

Appointment of Mr. K. Narayanan as Company Secretary and Compliance Officer effective February 2, 2026.
Designated as a Key Managerial Personnel (KMP) under SEBI Listing Regulations.
Mr. Narayanan holds membership number ACS 13779 from the Institute of Company Secretaries of India.
The Board meeting for the appointment was conducted via video conferencing and lasted 15 minutes.

💡 This is a routine administrative appointment to fulfill regulatory requirements and has no direct impact on the company's financial performance. No immediate action is required from investors.

Thangamayil Jewellery Appoints CS K. Narayanan as Company Secretary & Compliance Officer

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 02 Feb 2026, 12:27 PM

Thangamayil Jewellery Limited has appointed CS K. Narayanan (Membership No: ACS 13779) as the Company Secretary and Compliance Officer, effective February 2, 2026. This appointment, approved during a board meeting on the same day, designates him as a Key Managerial Personnel (KMP). Mr. Narayanan brings professional expertise in corporate secretarial, compliance, and regulatory matters. The transition ensures the company remains compliant with SEBI Listing Regulations and statutory requirements.

Appointment of CS K. Narayanan (ACS 13779) as Company Secretary and Compliance Officer effective February 2, 2026
Designated as Key Managerial Personnel (KMP) under SEBI Listing Regulations
The Board Meeting for approval was conducted via video conferencing and lasted 15 minutes
Mr. Narayanan possesses relevant experience in corporate secretarial and regulatory compliance

💡 This is a routine administrative appointment to fill a mandatory regulatory role and has no direct impact on the company's financial performance. No immediate action is required from investors.

Thangamayil Jewellery Q3 PAT Surges 119% to ₹105 Cr; Revenue Up 112% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 22 Jan 2026, 05:59 PM

Thangamayil Jewellery reported a stellar Q3 FY26 performance with revenue doubling to ₹2,401 crore and PAT jumping 119% YoY to ₹105 crore. The company achieved record 9-month revenue of ₹5,661 crore, a 60% increase, supported by strong volume growth in gold (9%) and silver (24%). A significant positive development is the stay on a ₹70.18 crore tax demand, which was labeled 'high pitched' by the CBDT review committee. Despite gold price volatility, the company maintains a strong liquidity position of ₹311 crore and a robust hedging strategy.

Q3 Revenue grew 112% YoY to ₹2,401 crore, while 9-month PAT surged 140% to ₹209 crore
Volume growth for the 9-month period stood at 9% for gold, 24% for silver, and 28% for diamonds
Customer advance base, including Digi Gold, increased by 108% to 13.32 lakhs in the first nine months
EBITDA margin for the 9-month period improved to 6.39% from 4.73% in the previous year
Income tax demand of ₹70.18 crore for FY 22-23 has been kept in abeyance following a favorable review committee report

💡 Investors should take note of the strong volume growth and significant margin expansion despite rising gold prices. The favorable stance by the tax review committee reduces a major contingent liability risk, making the stock's outlook positive.

Thangamayil Jewellery Q3 PAT Surges 119% YoY to ₹105 Cr; Revenue Up 112%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 02:11 PM

Thangamayil Jewellery reported a stellar Q3 FY26 with revenue doubling to ₹2,401 crore, driven by both price appreciation and strong volume growth in gold (+32%) and silver (+41%). Net profit for the quarter jumped 119% YoY to ₹105 crore, while the 9-month PAT reached ₹209 crore, marking a 140% increase. Despite a slight contraction in EBITDA margins to 7.08% due to festival offers, the company maintained a strong liquidity position of ₹311 crore. Management has temporarily deferred the next phase of metro expansion by one quarter to navigate current gold price volatility.

Q3 FY26 Revenue grew 112% YoY to ₹2,401 crore, with 9-month revenue hitting an all-time high of ₹5,661 crore.
Profit After Tax (PAT) for the quarter surged 119% to ₹105 crore from ₹48 crore in the previous year.
Volume growth was robust across segments in Q3: Gold (+32%), Silver (+41%), and Diamonds (+46%).
Customer advance base, including Digi Gold schemes, increased 108% YoY to 13.32 lakh customers.
Recognized a one-time exceptional expense of ₹2.38 crore related to provisions for the New Labour Codes.

💡 Investors should view the strong volume growth and doubling of profits as a sign of successful market penetration in Tamil Nadu. While gold price volatility is a watchpoint, the company's disciplined hedging and growing customer advance base provide a solid cushion for future growth.

Thangamayil Jewellery Q3 PAT Jumps 119% to ₹105 Cr; Revenue Doubles to ₹2,401 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 Jan 2026, 02:10 PM

Thangamayil Jewellery reported exceptional Q3 FY26 results with revenue growing 112% YoY to ₹2,401 crore and PAT rising 119% to ₹105 crore. The company achieved significant volume growth in Gold (32%), Silver (41%), and Diamonds (46%) despite rising metal prices. 9M FY26 revenue hit an all-time high of ₹5,661 crore, supported by a 108% increase in the customer advance base. Management has temporarily deferred further metro expansions by one quarter to navigate price volatility but remains confident in long-term growth.

Q3 FY26 Revenue surged 112% YoY to ₹2,401 crore with PAT increasing 119% to ₹105 crore.
Gold volume sales grew 32% YoY to 1,743 Kgs, while Silver and Diamond volumes rose 41% and 46% respectively.
9M FY26 revenue reached an all-time high of ₹5,661 crore, a 60% increase over the previous year.
Customer advance base including Digi Gold schemes grew by 108% to 13.32 lakhs as of December 2025.
Company recognized a one-time exceptional expense of ₹2.38 crore for New Labour Code provisions.

💡 The company demonstrates strong operational leverage and robust volume growth across all segments. Investors should maintain a positive outlook while monitoring the impact of gold price volatility on future margins and the resumption of metro-based expansion.

Thangamayil Jewellery to Close Trading Window from Jan 1, 2026, for Q3 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Dec 2025, 04:52 PM

Thangamayil Jewellery Limited has announced the closure of its trading window for designated persons starting January 1, 2026. This is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial results. The window will remain closed until 48 hours after the publication of the un-audited financial results for the quarter ending December 31, 2025. The specific date for the board meeting to approve these results is yet to be announced.

Trading window closure for designated persons starts on January 1, 2026
Closure is in anticipation of Q3 un-audited financial results for the period ending December 31, 2025
Window to remain closed until 48 hours after the official result announcement
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 This is a routine administrative filing and does not impact the company's fundamentals. Investors should monitor for the upcoming board meeting date to review the Q3 financial performance.

Thangamayil Jewellery Reports Demise of Company Secretary V. Vijayaraghavan

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 16 Dec 2025, 04:07 PM

Thangamayil Jewellery Limited has officially informed the stock exchanges of the unfortunate demise of Mr. V. Vijayaraghavan on December 16, 2025. He held the critical positions of Company Secretary and Compliance Officer, which are essential for maintaining regulatory standards. The company noted that his passing was due to medical complications while on ventilator support. While this is a loss of a Key Managerial Personnel, it is not expected to disrupt the core business operations of the jewellery retailer.

Demise of Company Secretary and Compliance Officer Mr. V. Vijayaraghavan on December 16, 2025.
Notification filed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The company expressed deep condolences and cited medical complications as the cause of death.
The company will be required to appoint a successor to the Compliance Officer role to meet SEBI mandates.

💡 This is a routine regulatory disclosure regarding a change in management personnel due to unfortunate circumstances. Investors should monitor for the appointment of a new Compliance Officer to ensure continued regulatory adherence.

Thangamayil Jewellery Opens New Branch in Chengalpattu, Tamil Nadu

🟡 NEUTRAL ⭐ 5/10

EXPANSION 📅 15 Dec 2025, 12:19 PM

Thangamayil Jewellery Limited (TMJL) has announced the opening of a new branch in Chengalpattu, Tamil Nadu on December 14, 2025. This expansion indicates a continued growth strategy for the company. Investors should monitor the performance of this new branch and its contribution to overall revenue in future quarterly reports. This expansion could lead to increased sales and market presence in the region.

New branch opened in Chengalpattu, Tamil Nadu on December 14, 2025
Company is Thangamayil Jewellery Limited
Branch opening announced on December 15, 2025

💡 Investors should monitor the sales performance of the new Chengalpattu branch in upcoming quarterly reports. Keep an eye on the company's overall expansion strategy and its impact on revenue growth.

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💰 Financial Performance

Revenue Growth by Segment

The company reported total revenue of INR 3,259.92 Cr for H1 FY26, representing a 36% YoY growth compared to INR 2,398.43 Cr in H1 FY25. While specific segment percentages aren't fully broken down, non-gold jewellery contribution increased to approximately 10% of total revenue in FY25 from 8% in FY24, supporting overall top-line expansion.

Geographic Revenue Split

Thangamayil derives 100% of its revenue from the state of Tamil Nadu. The company is currently focusing on the Chennai metro region, where it plans to expand its presence to 10 outlets by the end of Q3 or early Q4 FY26 to capture higher market share in the state's capital.

Profitability Margins

Gross Profit Margin improved significantly to 11.11% in H1 FY26 compared to 7.96% in H1 FY25, a rise of 315 bps due to better revenue realization. Net Profit Margin (NPM) was 2.4% in FY25, moderated from 3.2% in FY24 due to a one-time inventory loss of INR 15.47 Cr from customs duty reductions and front-loaded expansion costs.

EBITDA Margin

EBITDA for H1 FY26 stood at INR 192.62 Cr, a 129% increase from INR 84.14 Cr in H1 FY25. This growth was driven by higher sales volumes and improved gross margins, despite a rise in operating expenses from INR 120.68 Cr to INR 216.22 Cr (up 79%) due to the opening of 9 new retail outlets.

Capital Expenditure

The company raised INR 510 Cr through a rights issue in March 2025 to strengthen its net worth and fund store expansions. Significant capital is being deployed into opening new retail outlets (9 added recently to reach a total of 66) and building inventory for these locations.

Credit Rating & Borrowing

ICRA upgraded the long-term rating to [ICRA]A+ (Stable). The average cost of borrowings stands at 6.08%, which is a slight increase from 5.47% in the previous period. The capital structure improved post-rights issue with a gearing of 0.7 times as of March 31, 2025.

⚙️ Operational Drivers

Raw Materials

Gold constitutes the primary raw material, accounting for approximately 90% of total revenue. Other materials include Silver, Platinum, and Diamonds, which make up the remaining 10% of the product mix.

Import Sources

Not specifically disclosed in the available documents, though the company is highly sensitive to Indian Union Budget changes regarding gold import duties.

Capacity Expansion

The company currently operates 66 retail outlets. It recently added 9 new stores and plans to increase its Chennai region presence to 10 outlets by late FY26. This expansion is intended to leverage brand equity and increase volume sales.

Raw Material Costs

Cost of raw materials is highly volatile based on global gold prices. In FY25, the company took a one-time inventory hit of INR 15.47 Cr due to a reduction in gold import duties. Procurement strategies include hedging 95.05% of inventory to mitigate price volatility.

Manufacturing Efficiency

Average stock turnaround time was 2.84 times in the recent period compared to 3.65 times previously. The decline is attributed to the front-loading of inventory for 9 newly opened stores that are yet to reach peak sales velocity.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

Growth will be achieved through aggressive retail footprint expansion, specifically targeting the Chennai metro area. The company is also shifting its product mix toward non-gold items (diamonds/platinum) which offer higher margins of 29% to 40%. The recent INR 510 Cr equity infusion provides the capital base to support this 25% projected revenue growth.

Products & Services

The company sells gold jewellery, silver ornaments, platinum jewellery, and diamond-studded jewellery to retail consumers.

Brand Portfolio

Thangamayil

New Products/Services

Increased focus on non-gold jewellery (Diamond and Platinum) which currently contributes ~10% to revenue but is expected to grow due to higher consumer demand and better margins.

Market Expansion

Targeting the Chennai metro region with a goal of 10 outlets by Q3/Q4 FY26, expanding from its traditional base in Madurai and Southern Tamil Nadu.

Market Share & Ranking

Not disclosed in available documents, but noted as a leading organized player in Tamil Nadu.

🌍 External Factors

Industry Trends

The industry is seeing an accelerated shift from unorganized to organized players. Thangamayil is positioning itself to capture this by expanding its branded retail network and increasing transparency in pricing.

Competitive Landscape

Faces intense competition from large national players (like Titan/Tanishq) and regional unorganized jewellers. Competition is particularly aggressive in the Chennai market.

Competitive Moat

The company's moat is built on strong brand recall in Tamil Nadu and a deep 66-store retail network. This is sustainable because the high capital requirement for inventory and established trust in gold purity act as significant barriers to entry for new competitors.

Macro Economic Sensitivity

Highly sensitive to inflation and rural income levels in Tamil Nadu, as jewellery is both a consumption and investment good. Gold price trends directly dictate the 25% projected revenue growth.

Consumer Behavior

Shift toward lightweight jewellery and non-gold precious metals (Platinum/Diamond) among younger consumers, prompting the company to increase non-gold stock to 10% of revenue.

Geopolitical Risks

Global geopolitical tensions affecting gold prices are a primary risk, as they influence the base cost of 90% of the company's inventory.

⚖️ Regulatory & Governance

Industry Regulations

Operations are affected by Hallmarking mandates, PMLA (Prevention of Money Laundering Act) compliance for high-value transactions, and changes in gold import duties by the Central Government.

Environmental Compliance

Environmental risk is rated as low for the jewellery retail industry.

Taxation Policy Impact

The company is subject to standard corporate tax rates. It recently managed a transition in customs duty which resulted in a one-time inventory valuation hit.

Legal Contingencies

The company has a pending appeal before the High Pitch order review committee regarding a mandatory 25% collection stay. Status quo currently prevails on this matter.

⚠️ Risk Analysis

Key Uncertainties

Volatility in gold prices remains the single largest uncertainty, with the potential to cause significant inventory gains or losses. Regulatory shifts in import duties also present unpredictable margin risks.