Thangamayil Jewellery shares crash 19% in 2 days on weak Q2 outlook. What did the company say?

Shares of Thangamayil Jewellery tumbled 10% to hit a lower circuit of Rs 5,815 on Thursday to slump 19% in two sessions after the company guided for a weak second quarter of financial year 2027.

Thangamayil Jewellery said that it saw no visible improvement in sales during the first 28 days of the second quarter of FY27. The company attributed this to continued uncertainty around the war and customer expectations of a moderate decline in international gold prices, which led to further postponement of purchases.

The company expects this deferred demand to return once the war and gold price situation improves. It remains hopeful of seeing a recovery in demand in the second half of FY27.


Thangamayil Jewellery reported same-store sales (SSS) growth of 44.4% for the three months ended June 30, 2026, compared with 72.3% growth on a quarter-on-quarter basis. The company said gold volumes were relatively lower during the quarter despite international gold prices being more benign compared with the previous quarter, when prices had remained elevated.

According to the company, the slowdown was primarily due to a steep increase in import duty from 6% to 15% from May 13, 2026, along with significant depreciation in the Indian rupee. These factors led customers to postpone purchases in anticipation of a future decline in gold prices in U.S. dollar terms.

The uncertainty caused by the West Asia war also weighed on demand. The company said the resulting slowdown in gold purchases by expatriates, driven by lower inward remittances in the areas where it operates, further contributed to the sluggish offtake on a quarter-on-quarter basis.

Thangamyil Jewellery Q1 results

The company reported a net profit of Rs 85 crore for the first quarter of FY27, marking an 86% growth from Rs 45.7 crore posted in the same period last year.

The company’s revenue from operations jumped 71.2% in the June quarter to Rs 2,666.4 crore from Rs 1,558 crore posted in the corresponding quarter of the previous financial year.

Further, EBITDA (earnings before interest, tax, depreciation and amortization) rose 66.2% to Rs 144.6 crore from Rs 87 crore. Margins for the quarter under review stood at 5.4%, compared with 5.6% in the corresponding period last year.

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