Thangamayil Jewellery (THANGAMAYL) Q1 26/27 earnings summary

Executive summary

• Revenue for Q1 FY 26-27 reached ₹2,662 Cr, up 71% year-over-year, with EPS at ₹27.38, an 86% YoY increase.

• Retail sales grew 67% YoY to ₹2,517 Cr, while non-gold sales rose 88% YoY, improving product mix.

• Despite international gold price softness and higher import duties, topline remained stable sequentially, though EPS dropped 40% QoQ due to margin compression.

Financial highlights

• Gross profit for Q1 was ₹247 Cr, up 48% YoY, but down 21% sequentially; gross margin at 9.81% (down 158 bps QoQ).

• EBITDA stood at ₹145 Cr, up 67% YoY, but down 32% QoQ; EBITDA margin at 5.76%.

• PAT for the quarter was ₹85 Cr, up 85% YoY, but down 41% QoQ.

• Same Store Sales growth was 44.4% YoY, but slowed from 72.3% in the previous quarter.

• Inventory turnover improved to 3.20x annualized, up 10% YoY.

Outlook and guidance

• No visible sales improvement in the first 28 days of Q2 due to ongoing geopolitical uncertainty and customer expectations of lower gold prices.

• Management expects postponed demand to return in the second half of FY 27 as conditions stabilize.

• Expansion continues with two new outlets opened in June and four more planned in Chennai.