Thangamayil Jewellery, a Tamil Nadu-based jewellery retailer with 66+ stores, reports Q2 FY 2026-2027 results into a quarter that opened with management flagging 'no visible improvement in sales witnessed in the first 28 days'. The print will speak to whether the Aadi Perukku festival surge of Rs. 344.16 Cr (+119.55% YoY) offset July's demand paralysis, and how gross margin holds up against the ~Rs. 60 Cr duty-hike inventory gain and a 129 bps YoY Q1 decline.
| Results date | November 04, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 2,662 Cr (+71% YoY, (6)% QoQ) |
| Previous quarter PAT | Rs. 85 Cr (+85% YoY, (41)% QoQ) |
| Previous quarter EBITDA margin | ~5.45% on net sales (company-defined EBITDA/Total Sales); gross margin 9.81% of retail sales |
| Market cap | Rs. 13,847.04 Cr |
| CMP | Rs. 4,455 |
The Board of Directors will meet on Wednesday, November 4, 2026, to approve the un-audited financial results for the quarter and half year ended September 30, 2026, under Regulation 29(1)(a) of SEBI LODR.
The central question for this quarter is whether Thangamayil recovered from the July demand freeze management flagged — 'no visible improvement in sales witnessed in the first 28 days of Q2 FY2027' — with the Aadi Perukku print of Rs. 344.16 Cr over August 1-3, 2026 (+119.55% YoY) pointing to a rebound.
Gold prices swung violently through the quarter, rising roughly 5% over the July-September window with a mid-quarter round-trip past Rs. 1,60,000/10g before settling near Rs. 1,48,115 by late September, and the slide has continued post-quarter to below Rs. 1.43 lakh — the level customers were waiting for ahead of the guided H2 FY27 demand recovery.
On margins, Q1 FY27 gross margin fell 129 bps YoY to 9.81% of retail sales versus FY26's 10.81%, and the company has guided around Rs. 60 Cr of inventory gains from the import-duty hike from 6% to 15%, so how much of that lands in Q2 and how it is characterised will shape the reported margin.
Funding cost is a watch item: Q1 finance cost of Rs. 17.69 Cr annualises above the FY26 run-rate of Rs. 67.66 Cr as the ~Rs. 600 Cr Chennai rollout is funded, against the guided blended external funding cost of 5.5% to 5.75% per annum for FY 26-27. The call is also expected to cover rollout progress — 2 Chennai showrooms opened June 2026, 2 on 23/08/2026 and 2 targeted 13/09/2026 against the 9-showroom FY 2026-27 target and the 31/12/2026 Phase II completion deadline.
Q2 sales trajectory vs the 28-day weakness flag: Management explicitly flagged no visible sales improvement in the first 28 days of Q2 FY2027.
Gross margin and the ~Rs. 60 Cr duty-hike inventory gain
Performance vs Guidance Tracking
Silver hedging and hedge book
Balance sheet guardrails and rollout funding
Management stated there was 'no visible improvement in sales witnessed in the first 28 days of Q2 FY2027', citing war-front uncertainty and customer expectations of falling gold prices. Aadi Perukku festival sales of Rs. 344.16 Cr (+119.55% YoY) and management's expectation that postponed demand returns in H2 FY27 are the key offsets to watch.
Q1 FY27 standalone net sales were Rs. 2,662 Cr, up 71% YoY but down 6% QoQ, with PAT of Rs. 85 Cr, up 85% YoY but down 41% QoQ. Same-store sales growth was 44.40% and gold volume rose 9% YoY to 1,620 kg.
The company plans 9 additional showrooms in FY 2026-27, primarily in the Chennai region, at an outlay of around Rs. 600 Crores, with the Chennai Phase II expansion to be completed by 31/12/2026. Two showrooms opened in June 2026, two on 23/08/2026 (Mogappair West and Purasaiwakkam), and two were targeted for 13/09/2026, with a vision of 100 outlets by 2030.
Management has stated: 'No intention to acquire any jewellery business as we believe organically there are enough scope for expansion.' Growth is organic and cluster-based, concentrated in existing territories.
Revenue rose 71% YoY to Rs. 2,662 Cr in Q1 FY27, following FY26 sales of Rs. 8,499.33 Cr, up 73% YoY. Management attributed the FY26 growth to gold and silver price escalation plus timely Chennai Metro penetration, with same-store sales growth of 38.18% in FY26.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.