Thangamayil Jewellery (THANGAMAYL) Q2 25/26 earnings summary

Executive summary

• Achieved record half-year sales of Rs. 3,260 Cr, up 36% year-over-year, with PAT at Rs. 104 Cr, a 167% increase from Rs. 39 Cr.

• Opened nine new outlets in H1 FY26, bringing total to 66; Chennai Metro expansion phase one completed and performing as expected.

• Customer advance base, including Digi gold schemes, rose 76% to 11.29 lakhs in H1 FY26.

Financial highlights

• Q2 FY26 total sales at Rs. 1,705 Cr, up 45% year-over-year and 10% sequentially; retail sales at Rs. 1,636 Cr.

• Gross profit for Q2 FY26 at Rs. 184 Cr (360% YoY growth), gross margin at 11.25% (up 771 bps YoY).

• EBITDA for Q2 FY26 at Rs. 106 Cr, up from a loss YoY; EBITDA margin at 6.48%.

• PAT for Q2 FY26 at Rs. 59 Cr, up from a loss of Rs. 17 Cr YoY; H1 FY26 PAT at Rs. 104 Cr.

• EPS for H1 FY26 at Rs. 33.53, up from Rs. 14.26 YoY.

Outlook and guidance

• Second phase of Chennai Metro expansion underway, targeting ten new outlets in 15 months with Rs. 700 Cr outlay.

• Net serviceable debt expected to be around 2x EBITDA by FY28 post-expansion.

• October 2025 saw record monthly revenue of Rs. 1,032 Cr, up 178% YoY.

• Volume offtake maintained despite high gold prices; 8.6% volume growth in first seven months of FY26.