Brokerage firm BoB Capital Markets has upgraded the jewellery stock Thangamayil Jewellery from ‘hold’ to ‘buy’ with a target price of ₹6,355 per share, seeing an upside potential up to 28%.
“We believe the current valuation offers an attractive risk-reward opportunity and hence upgrade the stock to BUY (from HOLD) and value it at 35x Sep’28 EPS, implying a revised target price of ₹6,355,” the brokerage firm said in a report.
The brokerage firm further added that with a strong balance sheet, disciplined working capital management, and improving return ratios, the company is well positioned to deliver consistent earnings growth.
According to the firm, the management of the jewellery company remains confident of delivering 25% rev growth while sustaining 6% EBITDA margins, supported by ongoing store expansion in Tamil Nadu, strong inventory rotation, and a capital-efficient business model.
“With many purchases deferred rather than cancelled, management expects pent-up demand to drive a recovery in H2’27, particularly during the festive and wedding season in Q3 and Q4, including Diwali,” it added.
Thangamayil Jewellery Q1 results 2026
Thangamayil Jewellery posted a net profit of ₹85 crore for the quarter ended June 2026, marking an 86% year-on-year increase from ₹45.7 crore recorded in the same quarter last year.
Revenue from operations surged 71.2% year-on-year to ₹2,666.4 crore during the quarter, compared with ₹1,558 crore in the corresponding period of the previous financial year.
The company also reported robust operating performance, with EBITDA rising 66.2% to ₹144.6 crore from ₹87 crore a year earlier. However, the EBITDA margin moderated slightly to 5.4% from 5.6% in the year-ago quarter.
Thangamayil Jewellery share price performance
Thangamayil Jewellery share price has delivered a mixed performance in the near term, gaining 3.15% over the past week. However, the stock has declined 7.67% over the one-month period.
On a year-to-date basis, Thangamayil Jewellery shares have risen 55.43%, reflecting a strong performance so far in 2026. The stock has also gained 140.56% over the past year.
The stock’s longer-term returns have been particularly strong. Thangamayil Jewellery shares have delivered multibagger returns by surging 338.75% over three years and an impressive 879.96% over five years.
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