Thangamayil Jewellery Q1 profit jumps 86% as revenue rises 71%

For Q1FY27, Thangamayil reported net profit of Rs 85.1 crore and revenue of Rs 2,666 crore. Same-store sales grew 44.4%, while EBITDA margin narrowed 20 bps to 5.4%. The jeweller operates 66 stores across Tamil Nadu.

— Source publishedWed, 29 Jul, 2026, 11:32 IST·First seen Wed, 29 Jul, 2026, 12:10 IST·Source NDTV Profit

What happened

Thangamayil Jewellery reported strong Q1FY27 growth, with net profit up 86.2% to Rs 85.1 crore and revenue rising 71.2% to Rs 2,666 crore. EBITDA increased

Key facts

  • Q1FY27 consolidated net profit: Rs 85.1 crore, up 86.2% YoY from Rs 45.7 crore
  • Revenue from operations: Rs 2,666 crore, up 71.2% YoY from Rs 1,558 crore
  • EBITDA: Rs 145 crore, up 66.8% YoY from Rs 86.7 crore
  • EBITDA margin: 5.4%, down 20 bps from 5.6%
  • Same-store sales growth: 44.40% for three months ended June 30, 2026
  • 66 retail outlets across Tamil Nadu
  • Turnover: Rs 8,500 crore

Why this matters

With 66 Tamil Nadu stores delivering outsized same-store growth, Thangamayil has a strong platform to evaluate disciplined regional expansion while protecting unit economics.

What to watch

  • Same-store sales growth trend after the exceptional 44.4% Q1 reading.
  • EBITDA margin movement versus 5.4%, including making-charge realisation and discounting levels.
  • Gold-price direction, inventory days, borrowings and finance-cost growth.
  • Store-opening pace, maturity of recently opened stores and revenue contribution from new outlets.
  • Demand during the upcoming festive and wedding seasons, particularly volume growth versus ticket-size-led growth.
  • Share of studded and non-gold jewellery, which can determine margin resilience.
  • Accelerate measured store additions within Tamil Nadu and deepen presence in underpenetrated tier-2 and tier-3 markets.
  • Build inventory and gold-metal financing capacity to support higher sales volumes without disproportionate interest-cost growth.
  • Prioritise studded, lightweight and higher-making-charge jewellery to protect gross margin as gold prices fluctuate.
  • Use the strong quarter to sharpen festive and wedding-season marketing, while avoiding promotions that further dilute EBITDA margin.
  • Competitors may increase regional expansion and promotional intensity in Tamil Nadu, raising customer-acquisition costs across the jewellery market.