Thangamayil Jewellery Ltd. (THANGAMAYL) AI Stock Analysis

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Thangamayil Jewellery Ltd.

(NSE:THANGAMAYL)

Select Model

Rating:56Neutral

Price Target:INR 4,590.00▲(6.73% Upside)

Action:reiterated

Date:11/01/26

The score is driven primarily by improved financial performance in 2026 (strong revenue and margin rebound plus better leverage), but it is held back by weak technicals (broad downtrend with negative MACD and sub-DMA pricing) and an expensive valuation (P/E ~35 with a very low dividend yield).

Positive Factors

Revenue and profit reboundThe sharp 2026 improvement in revenue and operating profitability indicates stronger sales execution and earnings leverage. If sustained, higher margins can support reinvestment, improve resilience, and provide a stronger foundation for growth across the company’s jewellery retail network.

Negative Factors

Thin gross marginA relatively thin gross margin leaves less room to absorb changes in jewellery costs, pricing, or operating expenses. Even with stronger sales, limited gross profitability can constrain reinvestment and make sustainable earnings dependent on maintaining volume and disciplined cost control.

Thangamayil Jewellery Ltd. (THANGAMAYL) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 131.58B
Dividend Yield: 0.42%
Average Volume (3M): 5,884
Price to Earnings (P/E): 34.1
Beta (1Y): 0.14
Revenue Growth: 78.12%
EPS Growth: 107.94%
Country: India
Employees: 3,450
Sector: General
Sector Strength: 55
Industry: Luxury Goods

Thangamayil Jewellery Ltd. Business Overview & Revenue Model

Company Description

Operating a chain of jewelry retail establishments across India, Thangamayil Jewellery Limited specializes in a broad array of precious items. Their collection features exquisite pieces crafted from gold, diamonds, silver, and platinum, alongside var...

Thangamayil Jewellery Ltd. Financial Statement Overview

Summary

Strong rebound in 2026 profitability and growth (revenue up 47.1%, net margin ~4.1%, EBIT margin ~6.3%) and improved leverage (debt-to-equity ~0.64) support the score. This is tempered by thin gross margin (~8.8%) and notably volatile cash generation historically, including negative operating/free cash flow in 2025.

Income Statement

78Positive

Balance Sheet

74Positive

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	96.13B	84.99B	49.11B	38.27B	31.53B	21.93B
Gross Profit	9.59B	9.19B	4.30B	3.53B	2.97B	1.98B
EBITDA	6.34B	5.77B	2.19B	2.12B	1.51B	841.24M
Net Income	3.91B	3.52B	1.19B	1.23B	797.40M	385.50M
Balance Sheet
Total Assets	0	38.20B	25.59B	14.81B	12.47B	9.05B
Cash, Cash Equivalents and Short-Term Investments	1.24B	4.51B	885.60M	135.70M	771.70M	36.50M
Total Debt	0	9.13B	7.97B	5.32B	5.71B	4.20B
Total Liabilities	-14.16B	24.04B	14.57B	9.88B	8.58B	5.81B
Stockholders Equity	14.16B	14.16B	11.02B	4.93B	3.89B	3.24B
Cash Flow
Free Cash Flow	-1.53B	2.48B	-4.82B	2.93B	-213.60M	-950.98M
Operating Cash Flow	-1.09B	3.22B	-4.24B	3.30B	104.40M	-790.71M
Investing Cash Flow	-933.60M	-1.65B	-1.38B	-296.50M	-864.20M	-211.22M
Financing Cash Flow	1.25B	-1.22B	6.37B	-2.93B	779.90M	935.44M

Thangamayil Jewellery Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price4300.60

Price Trends

50DMA4900.13Negative

100DMA5388.13Negative

200DMA4648.86Negative

Market Momentum

MACD-194.50Positive

RSI36.86Neutral

STOCH15.16Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:THANGAMAYL, the sentiment is Negative. The current price of 4300.60 is below the 20-day moving average (MA) of 4625.30, below the 50-day MA of 4900.13, and below the 200-day MA of 4648.86, indicating a bearish trend. The MACD of -194.50 indicates Positive momentum. The RSI at 36.86 is Neutral, neither overbought nor oversold. The STOCH value of 15.16 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:THANGAMAYL.

Thangamayil Jewellery Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:THANGAMAYL against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:PCJEWELLER	75Outperform	INR 148.23B	15.32	―	―	29.27%	3.00%
IN:TITAN	73Outperform	INR 4.44T	62.63	―	0.30%	38.88%	70.34%
IN:KALYANKJIL	66Neutral	INR 631.01B	42.77	―	0.38%	45.25%	71.87%
IN:SENCO	63Neutral	INR 52.75B	9.52	―	0.30%	41.91%	165.71%
IN:THANGAMAYL	56Neutral	INR 131.53B	34.10	―	0.42%	78.12%	107.94%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:PNGJL	53Neutral	INR 90.04B	17.64	―	―	50.66%	63.28%

* General Sector Average

Performance Comparison

IN:THANGAMAYL and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:THANGAMAYL	Thangamayil Jewellery Ltd.	4300.60	986.92	29.78%
IN:KALYANKJIL	Kalyan Jewellers India Ltd.	662.55	166.72	33.62%
IN:PCJEWELLER	PC Jeweller Ltd.	15.79	3.89	32.69%
IN:PNGJL	P N Gadgil Jewellers Limited	629.30	-32.35	-4.89%
IN:SENCO	Senco Gold Limited	331.55	3.20	0.97%
IN:TITAN	Titan Company Limited	4965.05	1140.30	29.81%

Thangamayil Jewellery Ltd. Corporate Events

Thangamayil Jewellery Shuts Trading Window Ahead of September-Quarter Results

Sep 26, 2026

Thangamayil Jewellery Ltd., a listed Indian jewellery retailer dealing primarily in gold, silver and diamond products, serves a broad consumer market and is traded on both BSE and NSE under the symbol THANGAMAYL. Its public listing subjects the compa...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 01, 2026

Thangamayil Jewellery Ltd. AI Stock Analysis