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Last Updated: April 2, 2026, 3:47 am
Author: Getaka|Social: XLinkedIn

Thangamayil Jewellery Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹2,050.91Overvalued by 42.26%vs CMP ₹3,552.00

P/E (45.6) × ROE (14.9%) × BV (₹376.00) × DY (0.35%)

₹1,422.88Overvalued by 59.94%vs CMP ₹3,552.00
MoS: -149.6% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹2,955.7223%Over (-16.8%)
Graham NumberEarnings₹808.8917%Over (-77.2%)
DCFCash Flow₹1,532.5611%Over (-56.9%)
Net Asset ValueAssets₹375.407%Over (-89.4%)
EV/EBITDAEnterprise₹263.789%Over (-92.6%)
Dividend DiscountDividends₹550.009%Over (-84.5%)
Earnings YieldEarnings₹773.407%Over (-78.2%)
ROCE CapitalReturns₹2,333.749%Over (-34.3%)
Revenue MultipleRevenue₹789.896%Over (-77.8%)
Consensus (9 models)₹1,422.88100%Overvalued
Key Drivers: EPS CAGR 44.1% lifts DCF — verify sustainability. | Wide model spread (₹264–₹2,956) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 44.1%

*Investments are subject to market risks

Investment Snapshot

75
Thangamayil Jewellery Ltd scores 75/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health73/100 · Strong
ROCE 13.7% GoodROE 14.9% GoodD/E 0.90 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money75/100 · Strong
FII holding up 0.29% (6mo) Slight increaseDII holding up 1.82% MF buyingPromoter holding at 61.6% Stable
Earnings Quality50/100 · Moderate
OPM stable around 5% Steady
Quarterly Momentum90/100 · Strong
Revenue (4Q): +56% YoY AcceleratingProfit (4Q): +108% YoY Strong
Industry Rank100/100 · Strong
P/E 45.6 vs industry 114.7 Cheaper than peersROCE 13.7% vs industry 6.5% Above peersROE 14.9% vs industry 9.0% Above peers3Y sales CAGR: 31% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:47 am

Market Cap 11,042 Cr.
Current Price 3,552
Intrinsic Value₹1,422.88
High / Low 4,149/1,625
Stock P/E45.6
Book Value 376
Dividend Yield0.35 %
ROCE13.7 %
ROE14.9 %
Face Value 10.0
PEG Ratio1.03

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Thangamayil Jewellery Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Thangamayil Jewellery Ltd 11,042 Cr. 3,552 4,149/1,62545.6 3760.35 %13.7 %14.9 % 10.0
PC Jeweller Ltd 6,904 Cr. 8.25 19.6/7.4510.5 9.880.00 %6.55 %12.7 % 1.00
Rajesh Exports Ltd 2,458 Cr. 83.3 239/80.414.6 5620.00 %1.47 %0.61 % 1.00
Renaissance Global Ltd 1,093 Cr. 102 148/85.011.9 1350.00 %7.39 %6.02 % 2.00
Silgo Retail Ltd 184 Cr. 74.8 85.0/42.033.0 35.30.00 %10.5 %7.96 % 10.0
Industry Average3,640.67 Cr501.03114.74147.340.04%6.50%8.99%6.75

All Competitor Stocks of Thangamayil Jewellery Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 7457729609938969831,2221,1811,1321,3811,5581,7112,406
Expenses 7157138689698459331,1301,1881,0491,3231,4711,6052,234
Operating Profit 30599224515092-7835787106172
OPM % 4%8%10%2%6%5%7%-1%7%4%6%6%7%
Other Income 000000000000-2
Interest 911109999111011151616
Depreciation 263445565771111
Profit before tax 19427912383677-2467396578143
Tax % 26%26%26%32%26%22%27%-26%29%19%30%25%27%
Net Profit 1431598282857-1748314659105
EPS in Rs 4.4410.0118.912.709.009.0818.19-5.6115.5010.1014.7118.8233.71

Last Updated: February 3, 2026, 10:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 3:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,1911,4211,2721,2991,3791,4431,6921,8192,1933,1533,8274,9117,055
Expenses 1,1771,4181,2281,2511,3201,3731,5941,6722,1073,0003,6144,6926,633
Operating Profit 153434859719814786153212219422
OPM % 1%0%3%4%4%5%6%8%4%5%6%4%6%
Other Income 523123322356-2
Interest 35292421192021232635364158
Depreciation 6889881091013162436
Profit before tax -21-33141934466911752108165160325
Tax % -39%-32%26%28%33%34%34%26%26%26%25%26%
Net Profit -13-221114233046873980123119240
EPS in Rs -4.05-7.193.404.517.389.7614.7327.9312.4425.7239.6338.1977.34
Dividend Payout % -11%-6%13%20%21%23%15%16%36%21%22%33%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-69.23%150.00%27.27%64.29%30.43%53.33%89.13%-55.17%105.13%53.75%-3.25%
Change in YoY Net Profit Growth (%)0.00%219.23%-122.73%37.01%-33.85%22.90%35.80%-144.30%160.30%-51.38%-57.00%

Thangamayil Jewellery Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:13%
5 Years:24%
3 Years:31%
TTM:28%
Compounded Profit Growth
10 Years:22%
5 Years:21%
3 Years:45%
TTM:-11%
Stock Price CAGR
10 Years:39%
5 Years:65%
3 Years:59%
1 Year:6%
Return on Equity
10 Years:19%
5 Years:21%
3 Years:20%
Last Year:15%

Last Updated: September 5, 2025, 1:41 pm

Balance Sheet

Last Updated: December 4, 2025, 2:05 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 14141414141414141414273131
Reserves 1401151241361551792062843113754661,0711,136
Borrowings 2361851461192291782603234175715327971,124
Other Liabilities 89101118168213282235154163287456660956
Total Liabilities 4794144024376116527157759051,2471,4812,5593,248
Fixed Assets 827478727471817984120154201250
CWIP 78111122722117
Investments 0000000000000
Other Assets 3903323233645365806336948141,1251,3252,3472,991
Total Assets 4794144024376116527157759051,2471,4812,5593,248

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 49827369-5385-3955-7910330-424
Cash from Investing Activity + -17-3-5-6-27-17818-21-86-30-138
Cash from Financing Activity + -45-90-64-5674-6224-649478-293637
Net Cash Flow -12-1147-65-78-72875
Free Cash Flow 33796866-6380-4849-95-21293-482
CFO/OP 349%2,886%169%156%-78%133%-22%56%-71%24%175%-171%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-221.00-182.00-103.00-71.00-170.00-107.00-162.00-176.00-331.00-418.00-320.00-578.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 000001010001
Inventory Days 113778796140143139149139127127164
Days Payable 2914271721931323
Cash Conversion Cycle 111687369123122130146138125125162
Working Capital Days 201624212225345253383654
ROCE %4%-1%13%15%16%17%21%25%11%17%20%14%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 67.16%67.16%67.16%67.32%67.33%67.33%61.28%61.28%61.49%61.53%61.56%61.56%
FIIs 0.16%0.20%0.25%0.74%0.98%1.08%4.52%4.05%4.41%4.49%4.61%4.70%
DIIs 11.46%11.46%11.39%11.40%11.51%12.08%12.77%13.56%14.80%14.83%15.25%16.62%
Public 21.21%21.17%21.20%20.52%20.17%19.50%21.42%21.10%19.29%19.15%18.58%17.13%
No. of Shareholders 14,89620,91729,60432,95433,84733,13540,90844,47944,66748,99646,38944,849

Shareholding Pattern Chart

No. of Shareholders

Thangamayil Jewellery Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
DSP Small Cap Fund 1,677,908 3.93 664.321,337,3842025-11-03 19:13:1325.46%
SBI Small Cap Fund 1,292,000 1.46 511.531,140,0002025-11-03 19:13:1313.33%
SBI Childrens Fund - Investment Plan 741,783 5.49 293.69N/AN/AN/A
HSBC Value Fund 322,327 0.87 127.62289,0332026-02-23 05:48:2211.52%
Canara Robeco Small Cap Fund 255,707 0.79 101.24255,2872026-03-12 01:51:190.16%
SBI Childrens Fund - Savings Plan 269 2.03 777,7002026-03-30 07:57:21-96.51%
HSBC ELSS Tax saver Fund 175,147 1.72 69.34N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 42.0044.9158.1328.0963.11
Diluted EPS (Rs.) 42.0044.9158.1328.0963.11
Cash EPS (Rs.) 45.8250.8767.8835.1370.01
Book Value[Excl.RevalReserv]/Share (Rs.) 354.68179.73283.38236.35217.15
Book Value[Incl.RevalReserv]/Share (Rs.) 354.68179.73283.38236.35217.15
Dividend / Share (Rs.) 12.5010.0012.0010.0010.00
Revenue From Operations / Share (Rs.) 1579.981394.602297.841598.491325.56
PBDIT / Share (Rs.) 72.2979.36113.8964.04108.86
PBIT / Share (Rs.) 64.6773.40104.1357.01101.95
PBT / Share (Rs.) 51.4560.1678.6737.9285.26
Net Profit / Share (Rs.) 38.1944.9158.1228.0963.11
PBDIT Margin (%) 4.575.694.954.008.21
PBIT Margin (%) 4.095.264.533.567.69
PBT Margin (%) 3.254.313.422.376.43
Net Profit Margin (%) 2.413.222.521.754.76
Return on Networth / Equity (%) 10.7624.9820.5011.8829.06
Return on Capital Employeed (%) 16.6031.9226.3617.7838.00
Return On Assets (%) 4.638.326.394.2511.17
Long Term Debt / Equity (X) 0.060.230.340.320.20
Total Debt / Equity (X) 0.681.011.411.110.90
Asset Turnover Ratio (%) 2.432.812.932.612.44
Current Ratio (X) 1.721.541.581.721.68
Quick Ratio (X) 0.250.130.180.100.08
Inventory Turnover Ratio (X) 3.103.163.152.792.69
Dividend Payout Ratio (NP) (%) 13.8615.5818.9232.039.50
Dividend Payout Ratio (CP) (%) 11.5513.7616.2025.618.56
Earning Retention Ratio (%) 86.1484.4281.0867.9790.50
Cash Earning Retention Ratio (%) 88.4586.2483.8074.3991.44
Interest Coverage Ratio (X) 5.475.994.473.366.52
Interest Coverage Ratio (Post Tax) (X) 3.894.393.282.474.78
Enterprise Value (Cr.) 6747.793954.631848.211832.921057.20
EV / Net Operating Revenue (X) 1.371.030.580.830.58
EV / EBITDA (X) 30.0318.1611.8320.867.08
MarketCap / Net Operating Revenue (X) 1.270.920.430.670.44
Retention Ratios (%) 86.1384.4181.0767.9690.49
Price / BV (X) 5.667.173.544.592.70
Price / Net Operating Revenue (X) 1.270.920.430.670.44
EarningsYield 0.010.030.050.020.10

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Thangamayil Jewellery Ltd. is a Public Limited Listed company incorporated on 24/03/2000 and has its registered office in the State of Tamil Nadu, India. Company's Corporate Identification Number(CIN) is L36911TN2000PLC044514 and registration number is 044514. Currently Company is involved in the business activities of Manufacture of jewellery of gold, silver and other precious or base metal metal clad with precious metals or precious or semi-precious stones, or of combinations of precious metal and precious or semi-precious stones or of other materials. Company's Total Operating Revenue is Rs. 4910.58 Cr. and Equity Capital is Rs. 31.08 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Gems, Jewellery & Precious MetalsNo.124, Nethaji Road, Madurai Tamil Nadu 625001Contact not found
Management
NamePosition Held
Mr. Balarama Govinda DasChairman & Managing Director
Mr. N B KumarJoint Managing Director
Mr. Ba RameshJoint Managing Director
Ms. Yamuna Vasini Deva DasiNon Executive Director
Mr. S M ChandrasekaranIndependent Director
Mrs. Jeevagan RajakumariIndependent Director
Dr. N JegatheesanIndependent Director
Mr. K Thiruppathi RajanIndependent Director

FAQ

What is the intrinsic value of Thangamayil Jewellery Ltd and is it undervalued?

As of 14 April 2026, Thangamayil Jewellery Ltd's intrinsic value is ₹1422.88, which is 59.94% lower than the current market price of ₹3,552.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (14.9 %), book value (₹376), dividend yield (0.35 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Thangamayil Jewellery Ltd?

Thangamayil Jewellery Ltd is trading at ₹3,552.00 as of 14 April 2026, with a FY2026-2027 high of ₹4,149 and low of ₹1,625. The stock is currently near its 52-week high. Market cap stands at ₹11,042 Cr..

How does Thangamayil Jewellery Ltd's P/E ratio compare to its industry?

Thangamayil Jewellery Ltd has a P/E ratio of 45.6, which is below the industry average of 114.74. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Thangamayil Jewellery Ltd financially healthy?

Key indicators for Thangamayil Jewellery Ltd: ROCE of 13.7 % is moderate. Dividend yield is 0.35 %.

Is Thangamayil Jewellery Ltd profitable and how is the profit trend?

Thangamayil Jewellery Ltd reported a net profit of ₹119 Cr in Mar 2025 on revenue of ₹4,911 Cr. Compared to ₹39 Cr in Mar 2022, the net profit shows an improving trend.

Does Thangamayil Jewellery Ltd pay dividends?

Thangamayil Jewellery Ltd has a dividend yield of 0.35 % at the current price of ₹3,552.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Thangamayil Jewellery Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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