Thangamayil Jewellery’s Q1 FY27 profit nearly doubles to ₹85 crore
Revenue rose 71% year-on-year to ₹2,666 crore, supported by 44% same-store sales growth across 66 outlets. Sequentially, revenue fell 6% and profit declined 41% as higher import duty, rupee depreciation and deferred gold purchases weighed on demand.
What happened
Thangamayil Jewellery nearly doubled Q1FY27 profit to ₹85 crore as revenue rose 71% to ₹2,666 crore. Despite strong YoY growth and 44% same-store sales growth,
Key facts
- Q1FY27 net profit: ₹85 crore, up from ₹46 crore YoY
- Revenue: ₹2,666 crore, up 71% YoY from ₹1,558 crore
- Gold jewellery sales: ₹2,273 crore, up 65% YoY
- Non-gold sales: ₹244 crore, up 88% YoY
- Revenue down 6% QoQ from ₹2,838 crore
- PAT down 41% QoQ from ₹121 crore
- Gold jewellery sales down 9% QoQ from ₹2,503 crore
- Retail outlets: 66 as of June 2026
- Same-store sales growth: 44% in June 2026
- NSE share price: ₹6,478.50, down 9.66%
Why this matters
The 66-store network’s outsized same-store growth strengthens Thangamayil’s strategic value as a regional jewellery platform, while recent demand and margin volatility warrants disciplined valuation and expansion assumptions.
What to watch
- Gold price and rupee movement through the wedding and festive season.
- Any change in import duty or other gold-policy measures in the Union Budget or subsequent notifications.
- Same-store sales growth after the 44% Q1 comparison and whether growth is volume-led or price-led.
- Gross-margin trend, inventory days, interest costs and operating cash-flow conversion.
- Store additions, performance of newer outlets and evidence of market-share gains versus regional chains and unorganised jewellers.
- Festival and wedding booking trends, exchange volumes and demand for lightweight versus higher-value jewellery.
- Increase festival-season inventory selectively while tightening hedging and gold-procurement controls to protect gross margin.
- Use exchange, instalment and lower-ticket bridal collections to unlock deferred purchases without relying solely on discounting.
- Prioritise new outlets in high-density Tamil Nadu catchments, but calibrate expansion to inventory turns and store-level payback.
- Communicate quarterly volume growth, average selling price, studded-jewellery mix and margin guidance more explicitly, as headline revenue will be increasingly gold-price driven.