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Thangamayil Jewellery Q3 PAT Surges 119% to ₹105 Cr; Revenue Up 112% YoY
Thangamayil Jewellery reported a stellar Q3 FY26 performance with revenue doubling to ₹2,401 crore and PAT jumping 119% YoY to ₹105 crore. The company achieved record 9-month revenue of ₹5,661 crore, a 60% increase, supported by strong volume growth in gold (9%) and silver (24%). A significant positive development is the stay on a ₹70.18 crore tax demand, which was labeled 'high pitched' by the CBDT review committee. Despite gold price volatility, the company maintains a strong liquidity position of ₹311 crore and a robust hedging strategy.
Key Highlights
Q3 Revenue grew 112% YoY to ₹2,401 crore, while 9-month PAT surged 140% to ₹209 crore
Volume growth for the 9-month period stood at 9% for gold, 24% for silver, and 28% for diamonds
Customer advance base, including Digi Gold, increased by 108% to 13.32 lakhs in the first nine months
EBITDA margin for the 9-month period improved to 6.39% from 4.73% in the previous year
Income tax demand of ₹70.18 crore for FY 22-23 has been kept in abeyance following a favorable review committee report
💼 Action for Investors
Investors should take note of the strong volume growth and significant margin expansion despite rising gold prices. The favorable stance by the tax review committee reduces a major contingent liability risk, making the stock's outlook positive.
Thangamayil Jewellery Q3 PAT Surges 119% YoY to ₹105 Cr; Revenue Up 112%
Thangamayil Jewellery reported a stellar Q3 FY26 with revenue doubling to ₹2,401 crore, driven by both price appreciation and strong volume growth in gold (+32%) and silver (+41%). Net profit for the quarter jumped 119% YoY to ₹105 crore, while the 9-month PAT reached ₹209 crore, marking a 140% increase. Despite a slight contraction in EBITDA margins to 7.08% due to festival offers, the company maintained a strong liquidity position of ₹311 crore. Management has temporarily deferred the next phase of metro expansion by one quarter to navigate current gold price volatility.
Key Highlights
Q3 FY26 Revenue grew 112% YoY to ₹2,401 crore, with 9-month revenue hitting an all-time high of ₹5,661 crore.
Profit After Tax (PAT) for the quarter surged 119% to ₹105 crore from ₹48 crore in the previous year.
Volume growth was robust across segments in Q3: Gold (+32%), Silver (+41%), and Diamonds (+46%).
Customer advance base, including Digi Gold schemes, increased 108% YoY to 13.32 lakh customers.
Recognized a one-time exceptional expense of ₹2.38 crore related to provisions for the New Labour Codes.
💼 Action for Investors
Investors should view the strong volume growth and doubling of profits as a sign of successful market penetration in Tamil Nadu. While gold price volatility is a watchpoint, the company's disciplined hedging and growing customer advance base provide a solid cushion for future growth.
Thangamayil Jewellery Q3 PAT Jumps 119% to ₹105 Cr; Revenue Doubles to ₹2,401 Cr
Thangamayil Jewellery reported exceptional Q3 FY26 results with revenue growing 112% YoY to ₹2,401 crore and PAT rising 119% to ₹105 crore. The company achieved significant volume growth in Gold (32%), Silver (41%), and Diamonds (46%) despite rising metal prices. 9M FY26 revenue hit an all-time high of ₹5,661 crore, supported by a 108% increase in the customer advance base. Management has temporarily deferred further metro expansions by one quarter to navigate price volatility but remains confident in long-term growth.
Key Highlights
Q3 FY26 Revenue surged 112% YoY to ₹2,401 crore with PAT increasing 119% to ₹105 crore.
Gold volume sales grew 32% YoY to 1,743 Kgs, while Silver and Diamond volumes rose 41% and 46% respectively.
9M FY26 revenue reached an all-time high of ₹5,661 crore, a 60% increase over the previous year.
Customer advance base including Digi Gold schemes grew by 108% to 13.32 lakhs as of December 2025.
Company recognized a one-time exceptional expense of ₹2.38 crore for New Labour Code provisions.
💼 Action for Investors
The company demonstrates strong operational leverage and robust volume growth across all segments. Investors should maintain a positive outlook while monitoring the impact of gold price volatility on future margins and the resumption of metro-based expansion.