Thangamayil JewelleryNSE:THANGAMAYL
Current view Q4 2026
Tamil Nadu gold-jewellery retailer opening new Chennai stores; FY26 sales up 73% and profit nearly tripled - but much of that jump is soaring gold prices, and the stock trades at a steep 57 times earnings.
Latest exchange filings last 5 · 5 after Q4 2026
- 2 Sep ’26Promoter NB. Kumar bought 925 shares on 31 Aug 2026, raising holding to 17.5570%. ↗
- 24 Aug ’26Thangamayil Jewellery opened 2 Chennai stores on 23 Aug 2026, expanding to 66+ stores across Tamil Nadu. ↗
- 11 Aug ’26Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 11 Aug ↗
- 11 Aug ’26Promoter group bought 1,330 shares on 7 Aug 2026, raising holding to 1.7636%. ↗
- 10 Aug ’26Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 10 Aug ↗
Exchange filings, with the company's own one-line summary, read off the same page as the figures. Screener publishes only the most recent few, so this is the last 5 — not everything filed since your note, and a quiet-looking list is not proof of a quiet quarter. A filing is marked new when it is dated after the end of the quarter your note covers. Not scored, and not a judgement — a routine repayment notice and a takeover sit in the same list.
AI concall report · Q4 2026
The full earnings-call read behind this view — what management promised, what they delivered, and the earning trigger.
Growth Q4 2026
| Metric | This year vs lastYoY · vs Q4 2025 | vs the quarter beforeQoQ, sequential · vs Q3 2026 | 3-year yearly average3Y CAGR · compounded | 5-year yearly average5Y CAGR · compounded |
|---|---|---|---|---|
| Sales | ▲ +105.6% | +18.0% | +39.2% | +36.1% |
| Operating profit | ▲ +275.4% | +24.4% | +54.6% | +31.1% |
| EPS | ▲ +354.5% | +36.2% | +63.9% | +32.3% |
| PAT | ▲ +361.3% | +36.2% | — | — |
Tinted rows drive the Tier. Tier = the weaker of YoY Sales and YoY PAT growth. Here the weaker is Sales at +105.6%, which is ≥ 20% → Tier 1.
QoQ is sequential, not a trend. For most Indian companies the March quarter is seasonally the largest, so a June-quarter fall against it is a calendar effect. Only the YoY column feeds the Tier.
Multibagger potential
Average64/100
Growing fast — and the market has noticed. Profit per share grew 60% a year, and buyers now pay more for each rupee of it than they did a year ago. Some of the re-pricing has already happened.
₹5,012 → ₹10,023 needs the P/E at 22× — it is 44× today, and has ranged 19× to 67× over the last 5 years. The rest would come from earnings growing as they have.
What you pay for its profitlog scale · 5-year range
Tripling needs 32× — inside its 5-year range, under the 39× median.
At ₹4,345 the price-tag on its earnings reaches the 38× it is being projected toward — the point where being cheap against that yardstick is used up.
Re-rated already, on growth that doesn't fully back it.
How this is calculated
This is arithmetic, not a forecast — Return = ΔEPS × ΔMultiple. It says what would have to be true, not how likely it is, and "earnings keep growing at this rate for three more years" is the assumption doing the most work. This is a mid-cap at ₹15,372 cr, so the odds of a re-rate are not fighting its own size.
Growth rate used: 60.0% — the weakest of EPS / Sales / Op-profit from 3-year EPS CAGR, capped at 60%. Latest quarter reads 60%.
How it compares with its rivals Jewellery · 6 of 56 listed
It earns 25% on its capital, second of 6, and it is the fourth most expensive of the 6 shown.
| Company | Price | P/E | Size | ROCE | Profitlast qtr | Saleslast qtr |
|---|---|---|---|---|---|---|
| Thangamayil Jew. | ₹4,998 | 39.5× | ₹15,535 Cr | 25.5% | +86.2% | +71.2% |
| Titan Company | ₹4,797 | 72.9× | ₹4.26 L Cr | 20.5% | +62.9% | +29.3% |
| Kalyan Jewellers | ₹585 | 41.2× | ₹60,369 Cr | 21.1% | +32.0% | +45.7% |
| Lalithaa Jewel | ₹305 | 17.9× | ₹17,060 Cr | 38.0% | −21.1% | +26.2% |
| Bluestone Jewel | ₹834 | 226.2× | ₹12,742 Cr | 6.8% | +120.2% | +49.6% |
| PC Jeweller | ₹13 | 15.8× | ₹12,258 Cr | 9.6% | +37.0% | +21.0% |
Screener's own peer group, from the request already made for the industry P/E. It serves the industry's largest names by market cap, not companies of a similar size, so treat this as context rather than a like-for-like table; this company is always shown. On a phone the price, size and sales columns are dropped rather than pushed off the edge. Not part of the score.
Business quality to Jun 2026
| Are the margins widening? | no — margins have been squeezed | operating margin 10% → 5% over 3 years |
|---|---|---|
| Did the profit turn into cash? | very little of it arrived as cash | 76% last year, 27% over three · free cash flow ₹249 cr, positive in 2 of 5 years |
| Is the growth borrowed? | borrowed about as much as it owns | ₹913 cr — 0.64× its own equity (was 0.72×) |
| Is it being collected? | collection is steady | 1 days to collect, down 0 in a year · cash cycle 144 days |
| Who has been buying? | the promoters have held steady | promoters 61.6% (+0.1 in a year), 67.2% → 61.6% over 2.8 years · FIIs 5.5% (+1.1) · DIIs 16.4% (+1.6) · shareholders 29,604 → 51,026 |
| What does it earn on its capital? | earns a high return on the capital it employs | ROCE 25.5% · ROE 28.1% |
Fetched from the filings, not typed — and deliberately not part of the score. These are the questions the score cannot ask: it reads growth, price and trend, so a company can score well while its profit never becomes cash. Weigh these beside the note, not against the number.
Screener's own checklist not mine, not the score
In its favour
- Company is expected to give good quarter
- Company has delivered good profit growth of 32.5% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 23.6%
- Company's median sales growth is 18.9% of last 10 years
Against it
- Stock is trading at 11.0 times its book value
- Company might be capitalizing the interest cost
- Promoter holding has decreased over last 3 years: -5.55%
Generated by screener.in from a fixed checklist — not written by me and not an input to the score. It is here as a second machine opinion to weigh against the note; where it disagrees with the view above, the note is the considered one.