Thangamayil Jewellery (THANGAMAYL) Q4 24/25 earnings summary

Executive summary

• Retail sales grew 28% year-over-year to ₹4,720 Cr for FY25, with total sales at ₹4,911 Cr, driven by gold jewellery sales up 29% and non-gold sales up 18%.

• Profit before tax (PBT) was ₹159.92 Cr, down 3% year-over-year, impacted by higher promotional expenses, increased hedging, capex, and a one-time customs duty hit.

• Net profit after tax (PAT) stood at ₹119 Cr, slightly lower than last year due to exceptional items and increased costs.

• Rights issue of ₹510 Cr completed, boosting net worth and liquidity.

• Board recommended a final dividend of ₹12.50 per share (125%), totaling ₹3,885 lakhs, up from ₹2,744 lakhs last year.

Financial highlights

• Q4 FY25 retail sales grew 38% YoY to ₹1,316 Cr; gross profit margin at 9.15% (vs 9.10% YoY); EBITDA margin at 4.16% (vs 5.08% YoY).

• FY25 EBITDA was ₹225 Cr (up 3% YoY); EBITDA margin at 4.76% (down 115 bps YoY).

• EPS for FY25 was ₹42.00 (vs ₹43.93 YoY); book value per share rose to ₹355 (vs ₹180 YoY).

• Inventory turnover annualized at 3.25x (vs 3.52x YoY); interest cover at 5.47x (vs 5.99x YoY).

• Liquid funds including undrawn facilities and rights issue balance at ₹310 Cr (vs ₹252 Cr YoY).

Outlook and guidance

• Management expects improved performance in FY26 as most exceptional expenses are not expected to recur.

• Expansion in Chennai region underway, with new flagship and additional outlets opened.

• Cautious optimism for volume growth, though sustained high gold/silver prices may moderate offtake.