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South Indian jewelry retail chain selling gold, diamond and silver jewelry, concentrated in Tamil Nadu.
South Indian jewelry retail chain selling gold, diamond and silver jewelry, concentrated in Tamil Nadu.
Earns by adding a making charge and margin to the day's gold price, so wedding and festival demand sets the year, and swings in the gold price affect both volumes and the value of stock on hand. Most stores are in Tamil Nadu.
In one line: A regional mass-market gold jeweler.
Moat: narrow (brand, distribution). Regional brand trust built over decades in Tamil Nadu's gold-buying culture.
Headquarters: Madurai, India · Founded: 1947 · Employees: 3,450
Size Thangamayil Jewellery (THANGAMAYL.NS) is an India Consumer Discretionary company (Other Consumer Specialties) with a market value of $1.37B, the 496th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹4,148 on 6 Nov 2026.
Performance Over six months the shares gained 0.9%, against -5.8% for the median peer and 0.0% for the India market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue grew 78.1% over the last twelve months (peer median +14.1%); the operating margin is 5.8% (peer median 12.1%).
Valuation It trades at 29.4× forward earnings against a peer median of 19.9× (6th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is +36%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.0 points above its cost of capital (14.1% WACC).
Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹103B | ₹85.0B | ₹49.1B | ₹38.3B | ₹31.5B |
| Revenue growth | — | +73% | +28% | +21% | — |
| Gross profit | ₹8.43B | ₹7.25B | ₹3.07B | ₹2.78B | ₹2.21B |
| EBITDA | ₹6.46B | ₹5.68B | ₹2.22B | ₹2.32B | ₹1.74B |
| Net income | ₹3.92B | ₹3.52B | ₹1.19B | ₹1.23B | ₹797M |
| Free cash flow | n/a | ₹1.20B | -₹5.58B | ₹944M | -₹697M |
| Capital expenditure | n/a | ₹738M | ₹583M | ₹373M | ₹318M |
| Total debt | ₹15.0B | ₹9.11B | ₹7.94B | ₹5.28B | ₹5.68B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Thangamayil Jewellery THANGAMAYL.NS | $1.37B | +1% | +78% | 6% | 29.4× | 28.5% |
| Titan TITAN.NS | $46.9B | +16% | +45% | 9% | 68.6× | n/a |
| Kalyan Jewellers India KALYANKJIL.NS | $6.47B | +44% | +46% | 6% | 37.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | THANGAMAYL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.6% | -0.1% | 2nd lowest of 21 |
| 6-month return | +0.9% | -5.8% | 10th highest of 20 |
| Distance from 52-week high | -44.2% | -24.4% | 6th lowest of 21 |
| Revenue growth (TTM) | +78.1% | +14.1% | 2nd highest of 21 |
| Operating margin | 5.8% | 12.1% | 4th lowest of 21 |
| Forward P/E | 29.4× | 19.9× | 6th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 28.5% | 17.1% | 4th most demanding of 13 |
| Growth delivered (Del g) | +36.1% | +20.0% | 3rd highest of 13 |
| Hurdle (Req g minus delivered) | -7.6 pp | -12.8 pp | 5th most demanding of 13 |
| ROIC minus cost of capital | +3.0 pp | +2.9 pp | 10th highest of 20 |
| EV / EBITDA | 21.8× | 15.8× | 6th most expensive of 15 |
| Net debt / EBITDA | 1.7× | -0.1× | 3rd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Thangamayil Jewellery THANGAMAYL.NS | India | $1.37B | +1% | +78% | 6% | 29.4× | 28.5% | +36.1% |
| Mokingran Jewellery 2585.HK | Hong Kong | $1.37B | +118% | +5% | 4% | 29.7× | n/a | n/a |
| DR Corporation Limited Class A 301177.SZ | China | $1.29B | -26% | -4% | -6% | 124.3× | n/a | n/a |
| Gens Aurea OROX.MI | Italy | $1.27B | n/a | +95% | 11% | n/a | n/a | n/a |
| Savaria SIS.TO | Canada | $1.53B | +3% | +7% | 14% | 19.9× | 9.3% | +20.8% |
| Sky Gold and Diamonds SKYGOLD.NS | India | $1.56B | +92% | +73% | 7% | 31.5× | n/a | n/a |
| Mitsubishi Pencil 7976.T | Japan | $1.16B | +52% | +6% | 13% | 20.6× | n/a | n/a |
| PC Jeweller PCJEWELLER.NS | India | $1.63B | +67% | +29% | 24% | n/a | n/a | n/a |
| Guangdong CHJ Industry 002345.SZ | China | $1.11B | -19% | +14% | 13% | 10.8× | -11.5% | +23.9% |
| China National Gold Group Gold Jewellery 600916.SS | China | $1.80B | -20% | -9% | 0% | 28.6× | 24.2% | +15.6% |
| Beijing Kingee Culture Development 002721.SZ | China | $965M | -21% | +45% | 15% | n/a | 26.5% | -25.9% |
| Wiselink 8932.TWO | Taiwan | $941M | -19% | +24% | 47% | n/a | 10.0% | +23.2% |
| Lao Feng Xiang 600612.SS | China | $2.04B | -17% | -40% | 6% | 17.2× | -16.9% | +0.4% |
| Timex Group India TIMEX.NS | India | $750M | +90% | +42% | 15% | 60.5× | 25.7% | +41.7% |
| Samsonite 1910.HK | Hong Kong | $2.52B | -6% | +1% | 15% | 10.3× | -12.2% | +18.0% |
| Safari Industries (India) SAFARI.NS | India | $651M | -18% | +14% | 9% | 32.9× | 31.3% | +44.2% |
| Zhou Liu Fu Jewellery 6168.HK | Hong Kong | $632M | -42% | +2% | 19% | 5.0× | n/a | n/a |
| Senco Gold SENCO.NS | India | $556M | -7% | +42% | 9% | 13.6× | n/a | n/a |
| KDDL KDDL.NS | India | $518M | +64% | +32% | 9% | 17.8× | 33.2% | +31.5% |
| Goldiam International GOLDIAM.NS | India | $505M | +1% | +27% | 20% | n/a | 35.6% | +19.2% |
| Movado MOV | United States | $495M | +11% | +5% | 7% | 16.1× | -7.2% | +5.5% |