Thangamayil Jew. Q2 FY27 Results (NSE: THANGAMAYL)
Signal: Revenue declined
The read
The trajectory split sharply: H1 revenue rose 55% to ₹504,331 lakh and PAT 38% to ₹14,454 lakh, but Q2 revenue fell 11% to ₹238,764 lakh and EBITDA margin compressed 81bps YoY to 4.95%; the immediate issue is weaker Q2 retail and non-gold mix, while same-store sales remained positive at 35.93%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,387.64 Cr | -11% | -11% |
| Net profit | ₹59.45 Cr | -31% | |
| EPS | ₹19.13 | -30% | |
| EBIT margin | 4.95% |
P&L walk
Standalone Q2 revenue of ₹238,764 lakh fell 11% YoY and 11% QoQ, while EBITDA margin declined to 4.95% from 5.76% YoY and PAT fell 31% to ₹5,945 lakh; H1 remained strong with revenue up 55% and PAT up 38%.
Key positives
- H1 revenue increased 55% to ₹504,331 lakh and H1 PAT increased 38% to ₹14,454 lakh, despite Q2 weakness.
- Same-store sales growth was 35.93% in H1FY27 versus 10.31% in H1FY26, while retail sales per square foot rose to ₹6.44 lakh from ₹4.82 lakh.
- Gold ornament volume increased 4% in H1 to 3,120 kg, and diamond volume increased 25% to 10,293 carats.
- Liquidity was reported at ₹749 crore including eligible undrawn bank facilities, and gold inventory hedging remained high at 94.88%.
Key concerns
- Q2 revenue declined 11% YoY to ₹238,764 lakh and retail sales declined 9% to ₹251,700 lakh, reversing the strong H1 growth rate.
- Q2 EBITDA fell 21% to ₹11,400 lakh and EBITDA margin compressed 81bps to 4.95%; this follows the 165bps YoY margin decline reported in Q1FY27.
- Non-gold sales declined 25% to ₹18,400 lakh and its retail mix fell 170bps to 7.99%, reducing the contribution from higher-value categories.
- Q2 gold ornament volume fell 7% to 1,500 kg and silver volume fell 29% to 4,049 kg, indicating softer physical throughput despite elevated value growth in the broader H1 period.
Research and educational content only. Not investment advice.