Thangamayil Jewellery share price continued its bullish momentum for the fourth consecutive session on Thursday, January 8, surging another 8.2% to a fresh all-time high of ₹4,149, even as the broader Indian stock market faced significant losses.
However, the rally lost steam, with the stock trading flat at ₹3,837 as of 12:15 PM amid a sharp decline in the broader Indian market. Considering today’s record high, the stock has delivered a cumulative gain of 28.5% in four days, reflecting robust investor interest and sentiment towards jewellery stocks.
Sentiment was further bolstered by Q3FY26 business updates from key jewellery companies, raising expectations of a strong performance from Thangamayil.
“The recent sharp appreciation in Thangamayil Jewellery appears to be driven by a convergence of sector-wide momentum and rising expectations around a strong Q3 performance, rather than a standalone price-led move,” said Harshal Dasani, Business Head at INVAsset PMS.
The December quarter is structurally the strongest period for organised jewellery retailers, aided by festive demand, peak wedding season purchases, and higher store footfalls. This year, the demand environment has been particularly supportive.
“Markets are also factoring in the benefits of operating leverage. Higher festive volumes typically improve inventory rotation and support margin stability, even in an elevated gold price environment. For retailers with disciplined working-capital management and strong local brand equity, this phase often results in outsized earnings visibility,” Dasani added.
Jeweller companies’ updates set stage for strong Q3 show
Senco Gold reported strong festive-led growth, with revenues rising 51% YoY. The company, in its regulatory filing, said that the TTM revenue has already reached ₹8000 crore, reflecting consistent YoY growth, a loyal customer base, and brand positioning, while guiding for 25%+ growth in FY26.
Titan, too, witnessed 41% growth in its jewellery portfolio, buoyed by festive demand. Revenue growth was driven by substantial average selling price (ASP) increases, offsetting flattish buyer growth, the company said in its regulatory filing.
Kalyan Jewellers, in its exchange filing, said Q3 was “very encouraging” as the company recorded consolidated revenue growth of 42% YoY, driven by festive demand. The company stated that demand during the period following Diwali also remained robust, despite volatility in gold prices.
The same-store sales growth was nearly 27%, it said in the filing, adding that the international revenue was higher by 36% YoY, according to the company.
Thangamayil Q2 2025 performance
Meanwhile, Thangamayil reported a ₹58.15 crore in the September quarter”>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.
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 Jewellery share price history
Thangamayil Jewellery share price delivered bumper returns to its shareholders in 2025, surging 69% and extending its annual winning run to the third straight year.
Over the last six years, the stock has closed higher in five of them, with 2023 recording the biggest yearly gain of 173%, followed by 2021 with a surge of 130%. On a consolidated basis, the stock has gained 638% over the past three years and 1,181% over the last five years.
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