THANGAMAYL
Thangamayil Jewellery share price & financials
- Price
- ₹6,436
- Market cap
- ₹16.0k Cr
- Sector
- Consumer Durables
What Thangamayil Jewellery Limited does
Thangamayil Jewellery Limited is a Tamil Nadu-based retail jewellery chain that sells gold, diamond and silver jewellery, along with a Digi Gold digital-savings scheme for small savers, through its own network of showrooms. Revenue is earned through the sale and exchange of gold, diamond and silver jewellery to retail customers, largely across urban and rural Tamil Nadu, with a growing presence in Chennai. The company is also expanding beyond its traditional base into the Chennai metropolitan market as part of its outlet expansion.
- Retail showrooms/branches
- 66
- Store ownership mix
- 58 leased outlets, 8 company-owned outlets
- Employees (TMJL family members)
- 3,450
- Live customer base
- 45 lakh (4.5 million)
- Geographic footprint
- Tamil Nadu-focused retail chain, expanding into Chennai metro
Quarterly results
Q1 FY27: revenue up 71.1%, net profit up 84.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,181 | 1,132 | 1,381 | 1,558 | 1,711 +45% | 2,406 +113% | 2,839 +106% | 2,666 +71% |
| EBITDA | -7 | 83 | 57 | 87 | 106 +1614% | 172 +107% | 214 +275% | 145 +67% |
| Net profit | -17 | 48 | 31 | 46 | 59 +447% | 105 +119% | 143 +361% | 85 +85% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +133.9% 1Y
1Y: ₹2,191.7 on 10 Sept 2025 → ₹5,126. High ₹7,309.5 (27 Jul 2026), low ₹1,950.7 (23 Oct 2025).
Financials, as filed
Revenue grew 39.2% a year over 3 years, FY23 to FY26. Operating margin widened to 6.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.2k Cr | ₹3.8k Cr | ₹4.9k Cr | ₹8.5k Cr |
| Operating profit | ₹157 Cr | ₹217 Cr | ₹225 Cr | ₹579 Cr |
| Operating margin | 5.0% | 5.7% | 4.6% | 6.8% |
| Interest | ₹36 Cr | ₹37 Cr | ₹41 Cr | ₹67 Cr |
| Depreciation | ₹13 Cr | ₹16 Cr | ₹23 Cr | ₹41 Cr |
| Net profit | ₹80 Cr | ₹123 Cr | ₹119 Cr | ₹353 Cr |
| Net margin | 2.5% | 3.2% | 2.4% | 4.1% |
| Cash from operations | ₹10 Cr | ₹330 Cr | ₹-424 Cr | ₹322 Cr |
| Free cash flow | ₹-21 Cr | ₹293 Cr | ₹-482 Cr | ₹249 Cr |
| ROCE | 17.0% | 20.0% | 14.0% | 25.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹27 Cr | ₹31 Cr | ₹31 Cr |
| Reserves | ₹284 Cr | ₹311 Cr | ₹375 Cr | ₹466 Cr | ₹1.1k Cr | ₹1.4k Cr |
| Borrowings | ₹323 Cr | ₹417 Cr | ₹571 Cr | ₹532 Cr | ₹1.1k Cr | ₹913 Cr |
| Other liabilities | ₹154 Cr | ₹163 Cr | ₹287 Cr | ₹456 Cr | ₹956 Cr | ₹1.5k Cr |
| Total liabilities | ₹775 Cr | ₹905 Cr | ₹1.2k Cr | ₹1.5k Cr | ₹3.2k Cr | ₹3.8k Cr |
| Fixed assets | ₹79 Cr | ₹84 Cr | ₹120 Cr | ₹154 Cr | ₹250 Cr | ₹293 Cr |
| Capital work in progress | ₹2 Cr | ₹7 Cr | ₹2 Cr | ₹2 Cr | ₹7 Cr | ₹7 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹694 Cr | ₹814 Cr | ₹1.1k Cr | ₹1.3k Cr | ₹3.0k Cr | ₹3.5k Cr |
| Total assets | ₹775 Cr | ₹905 Cr | ₹1.2k Cr | ₹1.5k Cr | ₹3.2k Cr | ₹3.8k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −2.72 pp while DIIs added +1.60 pp. The shareholder count grew 4% to 51,026.
- Promoters
- 61.6%
- FIIs
- 5.5%
- DIIs
- 16.4%
- Public
- 16.4%
Since Jun 2025
- Public −2.72 pp
- DIIs +1.60 pp
- FIIs +1.05 pp
How it drifted, 12 quarters
Over this window promoters fell from 67.2% to 61.6% — −5.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 67.2%, FIIs 0.3%, DIIs 11.4%, Public 21.2%.Dec '23: Promoters 67.3%, FIIs 0.7%, DIIs 11.4%, Public 20.5%.Mar '24: Promoters 67.3%, FIIs 1.0%, DIIs 11.5%, Public 20.2%.Jun '24: Promoters 67.3%, FIIs 1.1%, DIIs 12.1%, Public 19.5%.Sep '24: Promoters 61.3%, FIIs 4.5%, DIIs 12.8%, Public 21.4%.Dec '24: Promoters 61.3%, FIIs 4.0%, DIIs 13.6%, Public 21.1%.Mar '25: Promoters 61.5%, FIIs 4.4%, DIIs 14.8%, Public 19.3%.Jun '25: Promoters 61.5%, FIIs 4.5%, DIIs 14.8%, Public 19.1%.Sep '25: Promoters 61.6%, FIIs 4.6%, DIIs 15.3%, Public 18.6%.Dec '25: Promoters 61.6%, FIIs 4.7%, DIIs 16.6%, Public 17.1%.Mar '26: Promoters 61.6%, FIIs 4.4%, DIIs 17.4%, Public 16.6%.Jun '26: Promoters 61.6%, FIIs 5.5%, DIIs 16.4%, Public 16.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Chandramogan R G +0.44 pp 1.99% held
- Canara Robeco Mutual fund A/c Canara Robeco Small Cap Funf Mutual fund +0.08 pp 1.20% held
The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Thangamayil Jewellery Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ramesh.Ba | 17.78% | unchanged |
| Balarama Govinda Das | 17.70% | unchanged |
| Kumar.N.B | 17.55% | unchanged |
| SBI Small Cap Fund Mutual fund | 6.42% | −0.15 pp |
| Thangamayil Gold And Diamond Private Limited | 5.46% | unchanged |
| DSP Small Cap Fund Mutual fund | 4.75% | −0.65 pp |
| HSBC mutual fund- HSBC value fund Mutual fund | 2.26% | −0.07 pp |
| Chandramogan R G | 1.99% | +0.44 pp |
| Balusamy Silvears Jewellery Private Limited | 1.76% | unchanged |
| Canara Robeco Mutual fund A/c Canara Robeco Small Cap Funf Mutual fund | 1.20% | +0.08 pp |
| K Thamarai Selvi | 0.31% | unchanged |
| Yadeenthranathan Darmini | 0.30% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in THANGAMAYL
Filings to Aug 2026
1 new, 0 added, 0 trimmed, 0 sold out — net +1.84 L shares (+9.2%).
- Held by funds
- ₹1.2k Cr
- 4 schemes
- Biggest holder
- SBI Smallcap Fund
- ₹699 Cr · 1.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Smallcap Fund SBI Mutual Fund | ₹699 Cr | held | Aug '21 |
| SBI Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP) SBI Mutual Fund | ₹379 Cr | held | Aug '21 |
| SBI MultiCap Fund SBI Mutual Fund | ₹99 Cr | new | Aug '26 |
| SBI Children's Fund - Savings Plan (Erstwhile known as SBI Magnum Children's Benefit Fund-Svg P) SBI Mutual Fund | ₹2 Cr | held | Dec '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net +1.84 L shares (+9.2%)
- Funds are sitting on
- +271%
- vs est. average cost
- Held by funds
- ₹1.2k Cr
- 4 schemes · ≈ 8.8% of the company
- Biggest holder
- SBI Smallcap Fund
- ₹699 Cr · 1.6% of that fund
Shares held by these funds +13%
Aug '23 19.95 L shares Jul '26
What the price assumes
AttractiveTo justify its price of ₹5126, this stock must grow earnings at 26% every year for 7 years. Our analysis caps realistic growth at ~64%. At that growth it is worth ₹28982 — upside of 465%.
- Growth the price implies
- 25.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 64.0% a year
- net profit, FY23–FY26 · EPS 63.9%
- The gap
- -0.4 pp
- 465% downside if it only repeats history
Learn to analyse Thangamayil Jewellery Limited
Guides on how to read this kind of business and the numbers that matter.