Even as the broader market remained subdued, gained momentum, with the stock extending its winning streak to the sixth straight trading session on Friday, November 7, surging another 8% to hit a fresh all-time high of ₹3,319.80 apiece.
The stock has been on a one-way rally since October 24, delivering an impressive 70% return when measured against today’s record high. With the current uptrend in place, Thangamayil Jewellery has jumped nearly 50% so far this week, marking its biggest weekly gain since July 2023.
What’s behind Thangamayil Jewellery’s meteoric rise?
Though technical factors supported the stock’s rebound from recent lows, it was further strengthened after the release of the company’s September quarter results, which came in above Street estimates.
The company reported a net profit of ₹58.15 crore in the September quarter, a sharp turnaround from a net loss of ₹17.45 crore in the same period last year, which had been impacted by an inventory hit due to the customs duty reduction.
. Wholesale sales rose 47% to ₹69 crore, while retail sales increased 45% to ₹1,636 crore from ₹1,131 crore.
At the operating level, EBITDA stood at ₹106 crore compared to a loss of ₹7 crore in the previous year, marking a 1,614% increase, while the EBITDA margin improved by 710 basis points to 6.48%.
For H1 FY26, the company reported a 167% jump in net profit to ₹104 crore, while revenue from operations increased 36% to ₹3,260 crore.
Thangamayil also provided an update on its expansion plans in Chennai, stating that the first phase of expansion has been completed and is performing well in line with their expectations.
The company expects the Chennai operations to contribute around 20% of its total annual revenue once fully operational. During the quarter, the company opened seven new stores, taking its total retail outlets to 66.
In a separate filing, the company announced that it achieved a record revenue of ₹1,032 crore in October, crossing the ₹1,000 crore mark for the first time in its history, compared to ₹371 crore in the corresponding month last year, a 178% year-on-year increase.
Thangamayil Jewellery shares are on track to record their third annual gain
The recent run-up in Thangamayil Jewellery shares has lifted their year-to-date returns to 70%, and if the stock maintains this momentum through the end of the year, it will mark its third consecutive annual gain.
Over the last six years, including 2025, the stock has closed higher in five of them, with 2023 recording the biggest yearly gain of 173%, followed by 2021 with a surge of 130%. On a consolidated basis, the stock has gained 557% over the past three years and 1,417% over the last five years.
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