Thangamayil Jewellery (THANGAMAYL) Q2 26/27 earnings summary

Executive summary

• H1 FY27 revenue rose 55% YoY to ₹5,043 Cr; PAT increased 38% to ₹144.55 Cr and EPS rose to ₹46.51 from ₹33.53.

• Q2 revenue was ₹2,381 Cr, up 40% YoY but down 11% QoQ; QoQ EPS declined 30% to ₹19.13 from ₹27.38.

Financial highlights

• H1 gross profit was ₹468 Cr, up 33% YoY; reported EBITDA reached ₹259 Cr, up 34%, and PBT was ₹194 Cr, up 35%.

• H1 gross profit margin was 9.71% of retail sales, down 146 bps YoY; EBITDA margin was 5.37%, down 77 bps.

• Q2 gross profit was ₹221 Cr, up 20% YoY; EBITDA was ₹114 Cr, up 8%, PBT ₹80 Cr, up 3%, and PAT ₹59 Cr, broadly flat.

• H1 net cash from operating activities was negative ₹542.04 Cr, versus negative ₹108.84 Cr in the prior-year half, with inventory increasing by ₹744.12 Cr.

Outlook and guidance

• Pent-up demand may return in H2 FY27, subject to easing of other headwinds and constraints.

• Four Chennai outlets opened in H1; a further four are expected to open by March 2027.

• Liquidity was ₹749 Cr as of November 3, 2026, including eligible undrawn facilities from member banks.