Thangamayil Jewellery Limited operates a chain of retail jewellery stores across several districts in Tamil Nadu, a state that have the largest share (40%) of India's total gold consumption.The company primarily deals with four product lines, i.e., Gold, Silver, Diamonds and Platinum; the sale of gold being a predominant source of its income.TMJL has also established four manufacturing units that employ in-house goldsmiths to craft designer jewellery, which are in vogue with the current trends in the marketplace.[1]
Product MixTheir product mix includes all items made in Gold, Silver & Diamond apart from certain gift category MRP items,[1]with 75% of its revenue from gold jewelry.[2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Titan Company | 4273.20 | 91.89 | 379433.37 | 0.26 | 1120.00 | 59.09 | 18725.00 | 28.84 | 19.14 | 67904.00 | 10.18 | 4129.00 | 1120.00 | 29.63 | 9.24 | 0.97 |
| 2. | Kalyan Jewellers | 520.75 | 57.71 | 53727.56 | 0.29 | 260.51 | 99.46 | 7856.03 | 29.52 | 15.03 | 28584.13 | 6.42 | 931.02 | 260.51 | 10.07 | 5.13 | 1.00 |
| 3. | Thangamayil Jew. | 3835.70 | 64.96 | 11940.11 | 0.33 | 58.51 | 435.30 | 1710.90 | 44.86 | 13.74 | 5781.95 | 5.76 | 183.81 | 58.51 | 10.21 | 5.88 | 0.96 |
| 4. | P N Gadgil Jewe. | 639.85 | 29.29 | 8689.71 | 0.00 | 79.31 | 127.12 | 2177.62 | 8.81 | 19.41 | 7916.15 | 5.48 | 296.68 | 79.31 | 5.10 | 9.50 | 0.76 |
| 5. | Ethos | 3001.70 | 84.57 | 8038.11 | 0.00 | 23.79 | 11.95 | 383.39 | 29.03 | 13.75 | 1410.96 | 13.87 | 95.05 | 23.79 | 5.60 | 7.49 | 0.22 |
| 6. | PC Jeweller | 10.87 | 12.98 | 7973.86 | 0.00 | 209.54 | 17.14 | 825.25 | 63.43 | 6.55 | 2888.63 | 19.47 | 614.21 | 209.54 | 1.09 | 7.38 | 0.22 |
| 7. | Bluestone Jewel | 496.05 | – | 7496.09 | 0.00 | -49.11 | 41.86 | 513.09 | 37.43 | -0.57 | 1770.00 | 4.43 | -221.19 | -49.11 | 4.47 | -7.39 | 1.12 |
| – | Median: 42 Co. | 240.66 | 26.37 | 1281.82 | 0.0 | 22.14 | 77.0 | 452.75 | 35.09 | 15.79 | 1258.68 | 7.46 | 55.99 | 20.41 | 3.1 | 8.78 | 0.33 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 745 | 896 | 1,132 | 960 | 1,222 | 1,558 | 772 | 983 | 1,381 | 813 | 993 | 1,181 | 1,711 |
Expenses | 715 | 845 | 1,049 | 868 | 1,130 | 1,471 | 713 | 933 | 1,323 | 782 | 969 | 1,188 | 1,605 |
Operating Profit | 30 | 51 | 83 | 92 | 92 | 87 | 59 | 50 | 57 | 32 | 24 | -7 | 106 |
Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Profit before tax | 19 | 38 | 67 | 79 | 77 | 65 | 42 | 36 | 39 | 21 | 12 | -24 | 78 |
Tax % | 26% | 26% | 29% | 26% | 27% | 30% | 26% | 22% | 19% | 25% | 32% | -26% | 25% |
Net Profit | 14 | 28 | 48 | 59 | 57 | 46 | 31 | 28 | 31 | 16 | 8 | -17 | 59 |
EPS in Rs | 4.44 | 9.00 | 15.50 | 18.91 | 18.19 | 14.71 | 10.01 | 9.08 | 10.10 | 5.15 | 2.70 | -5.61 | 18.82 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,191 | 1,421 | 1,272 | 1,299 | 1,379 | 1,443 | 1,692 | 1,819 | 2,193 | 3,153 | 3,827 | 4,911 | 5,782 |
Expenses | 1,177 | 1,418 | 1,228 | 1,251 | 1,320 | 1,373 | 1,594 | 1,672 | 2,107 | 3,000 | 3,614 | 4,692 | 5,449 |
Operating Profit | 15 | 3 | 43 | 48 | 59 | 71 | 98 | 147 | 86 | 153 | 212 | 219 | 333 |
Other Income | 5 | 2 | 3 | 1 | 2 | 3 | 3 | 2 | 2 | 3 | 5 | 6 | 0 |
Interest | 35 | 29 | 24 | 21 | 19 | 20 | 21 | 23 | 26 | 35 | 36 | 41 | 53 |
Depreciation | 6 | 8 | 8 | 9 | 8 | 8 | 10 | 9 | 10 | 13 | 16 | 24 | 31 |
Profit before tax | -21 | -33 | 14 | 19 | 34 | 46 | 69 | 117 | 52 | 108 | 165 | 160 | 250 |
Net Profit | -13 | -22 | 11 | 14 | 23 | 30 | 46 | 87 | 39 | 80 | 123 | 119 | 184 |
EPS in Rs | -4.05 | -7.19 | 3.40 | 4.51 | 7.38 | 9.76 | 14.73 | 27.93 | 12.44 | 25.72 | 39.63 | 38.19 | 59.13 |
Dividend Payout % | -11% | -6% | 13% | 20% | 21% | 23% | 15% | 16% | 36% | 21% | 22% | 33% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 27 | 31 | 31 |
Reserves | 140 | 115 | 124 | 136 | 155 | 179 | 206 | 284 | 311 | 375 | 466 | 1,071 | 1,136 |
Borrowings | 236 | 185 | 146 | 119 | 229 | 178 | 260 | 323 | 417 | 571 | 532 | 797 | 1,124 |
Other Liabilities | 89 | 101 | 118 | 168 | 213 | 282 | 235 | 154 | 163 | 287 | 456 | 660 | 956 |
Total Liabilities | 479 | 414 | 402 | 437 | 611 | 652 | 715 | 775 | 905 | 1,247 | 1,481 | 2,559 | 3,248 |
Fixed Assets | 82 | 74 | 78 | 72 | 74 | 71 | 81 | 79 | 84 | 120 | 154 | 201 | 250 |
Gross Block | 97.45 | 99.88 | 110.88 | 114.55 | 123.81 | 126.65 | 143.51 | 147.50 | 159.97 | 205.62 | 250.92 | 315.61 | – |
Accumulated Depreciation | 15.85 | 25.50 | 33.26 | 42.22 | 49.61 | 55.71 | 62.80 | 68.71 | 75.53 | 85.49 | 97.39 | 115.00 | – |
CWIP | 7 | 8 | 1 | 1 | 1 | 1 | 2 | 2 | 7 | 2 | 2 | 11 | 7 |
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Assets | 390 | 332 | 323 | 364 | 536 | 580 | 633 | 694 | 814 | 1,125 | 1,325 | 2,347 | 2,991 |
Total Assets | 479 | 414 | 402 | 437 | 611 | 652 | 715 | 775 | 905 | 1,247 | 1,481 | 2,559 | 3,248 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 49 | 82 | 73 | 69 | -53 | 85 | -39 | 55 | -79 | 10 | 330 | -424 |
Cash from Investing Activity | -17 | -3 | -5 | -6 | -27 | -17 | 8 | 18 | -21 | -86 | -30 | -138 |
Cash from Financing Activity | -45 | -90 | -64 | -56 | 74 | -62 | 24 | -64 | 94 | 78 | -293 | 637 |
Net Cash Flow | -12 | -11 | 4 | 7 | -6 | 5 | -7 | 8 | -7 | 2 | 8 | 75 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 1 |
Inventory Days | 113 | 77 | 87 | 96 | 140 | 143 | 139 | 149 | 139 | 127 | 127 | 164 |
Days Payable | 2 | 9 | 14 | 27 | 17 | 21 | 9 | 3 | 1 | 3 | 2 | 3 |
Cash Conversion Cycle | 111 | 68 | 73 | 69 | 123 | 122 | 130 | 146 | 138 | 125 | 125 | 162 |
Working Capital Days | 20 | 16 | 24 | 21 | 22 | 25 | 34 | 52 | 53 | 38 | 36 | 54 |
ROCE % | 4% | -1% | 13% | 15% | 16% | 17% | 21% | 25% | 11% | 17% | 20% | 14% |
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Stock Analysis
Thangamayil Jewellery Limited operates a chain of retail jewellery stores across Tamil Nadu, with gold jewellery forming the majority of its revenue. The company also has manufacturing units to produce designer pieces.
Strategic expansion of its retail network through new branch openings, progress on its Chennai Metro expansion plans, and efficient utilization of funds from its rights issue for capital expenditure and inventory build-up are key drivers for future growth.
Currently no data available for Order Book.
The stock is trading at a premium, indicated by a price-to-book value of 10.2. Promoter holding has decreased by 5.10% over the last three years.
Corporate Announcements
