Thangamayil Q4 PAT triples to ₹142 cr as gold sales double; flags Modi demand-curb risk
South India jeweller posts Q4 revenue of ₹2,839 cr (+106%) with gold sales up 105% to ₹2,503 cr and non-gold up 141%. FY26 PAT hits ₹352 cr vs ₹118 cr. Store count rises to 66 from 60. Management warns of demand risk after PM's call to curb gold buying and higher import duty; exchange gold now 50-60% of sales vs 25% historic.
What happened
Thangamayil Jewellery's Q4FY26 net profit jumped to ₹142 cr on revenue of ₹2,839 cr, with store count up to 66. Company warned of demand risk following PM
Key facts
- Q4 net profit ₹142 cr vs ₹39 cr
- Q4 revenue ₹2,839 cr vs ₹1,380 cr
- Gold sales +105% to ₹2,503 cr
- Non-gold +141% to ₹227 cr
- FY26 PAT ₹352 cr vs ₹118 cr
- FY26 revenue ₹8,514 cr
- 66 outlets vs 60
- Dividend ₹18/share
- Exchange gold 50-60% of sales vs 25% historic
Why this matters
Thangamayil's scale economics and 10% store expansion runway make it a regional consolidation anchor, while smaller South India jewellers facing the same duty/demand headwinds become more receptive acquisition targets at compressed multiples.