₹2,401 Cr Revenue Growth: Stock jumps 8% after announcing its Q3 results

Synopsis: The shares of Thangamayil Jewellery Ltd gained 7.6 percent after they reported the highest-ever revenue and strong quarterly earnings in the third quarter.

The shares of this company, which primarily deals with four product lines, i.e., Gold, Silver, Diamonds, and Platinum; the sale of gold being a predominant source of its income, are in focus after string Q3 results.

With a market capitalization of Rs 11,586 crore, Thangamayil Jewellery Ltd’s shares on Wednesday made a day low of Rs 191 per share, down by 11.1 percent from its previous day’s close price of Rs 214.9 per share. The stock has given a negative return of 43.55 percent since its listing.

QoQ highlight

The revenue from operations grew by 40 percent to Rs 2,401 crore in Q3 FY26, corresponding to the last quarter in the same financial year. Accompanied by a net profit growth of 79 percent to Rs 104.78 crore in Q3 FY26, resulting in an EPS growth of 79 percent QoQ to Rs 33.71 per share.

YoY highlight

The revenue from operations grew by 112 percent to Rs 2,401 crore in Q3 FY26, corresponding to the same quarter in the last financial year. Accompanied by Net profit growth of 117 percent to Rs 104.78 crore in Q3 FY26, resulting in an EPS growth of 91 percent to Rs 33.71 per share.

For the quarter ended December 31, 2025, the EBITDA margin moderated slightly to 7.08 percent from 7.35 percent in the corresponding period last year, reflecting a marginal contraction of 4 percent. Meanwhile, the PAT margin improved to 4.37 percent from 4.24 percent, registering a 3 percent increase year-on-year.

In volume terms, gold volumes increased from 1,325 kg in Q3 FY25 to 1,743 kg in Q3 FY26, registering a 32 percent rise, while silver volumes grew from 4,753 kg to 6,691 kg, up 41 percent. Diamond volumes also improved from 3,206 carats to 4,687 carats, reflecting a 46 percent increase.

Amid sharp rises in gold and silver prices, the company continues to de-risk through near-total gold hedging and partial silver hedging while maintaining sufficient liquidity of Rs 311 crore to safeguard net worth and sustain long-term operating profitability.

Thangamayil Jewellery Limited operates a chain of retail jewellery stores across several districts in Tamil Nadu, a state that has the largest share (40 percent) 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.

The company’s shares are valued at a steep P/E multiple of 50x, significantly higher than the industry average. Despite a PEG ratio of 1.43, return metrics remain moderate, with ROCE at 13.7 percent and ROE at 14.9 percent, indicating limited margin for valuation comfort.

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