Thangamayil Jewellery share price hit the 20% upper circuit limit in Monday’s session, November 3, reaching a fresh all-time high of ₹2,603. The rally in shares came soon after the company released its September quarter results today, turning profitable during the quarter.
Today’s surge marked the third consecutive day of gains, resulting in a cumulative rise of 27%.
Turned Profitable
The company reported a net profit of ₹58.15 crore in the September quarter, a sharp turnaround from a net loss of ₹17.45 crore in the same period last year, which had been impacted by an inventory hit due to the customs duty reduction.
Total sales grew 45% year-on-year to ₹1,705 crore in Q2 from ₹1,178 crore a year ago. Wholesale sales rose 47% to ₹69 crore, while retail sales increased 45% to ₹1,636 crore from ₹1,131 crore.
The gold jewellery segment saw a 44% rise in revenue to ₹1,501 crore, and the non-gold segment (including silver, diamonds, and other products) posted a 52% increase to ₹135 crore.
Non-gold sales now account for 8.25% of total retail sales, up 38 basis points from 7.87% last year.
At the operating level, EBITDA stood at ₹106 crore compared to a loss of ₹7 crore in the previous year, marking a 1,614% increase, while the EBITDA margin improved by 710 basis points to 6.48%.
For H1 FY26, the company reported a 167% jump in net profit to ₹104 crore, while revenue from operations increased 36% to ₹3,260 crore.
Thangamayil also provided an update on its expansion plans in Chennai, stating that the first phase of expansion has been completed and is performing well in with their expectations.
The company expects the Chennai operations to contribute around 20% of its total annual revenue once fully operational. During the quarter, the company opened seven new stores, taking its total retail outlets to 66.
In a separate filing, the company announced that it achieved a record revenue of ₹1,032 crore in October, crossing the ₹1,000 crore mark for the first time in its history, compared to ₹371 crore in the corresponding month last year, a 178% year-on-year increase.
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