This jewellery stock appeared in 4 of June’s top 10 PMS portfolios, one bet was as high as 22.6%

One Tamil Nadu jeweller emerged as the closest thing to a consensus trade among India’s best-performing PMS fund managers, who handle investments of crorepatis, in June. Thangamayil Jewellery featured among the five largest holdings of four of the top 10 equity portfolio management service strategies that disclosed their portfolios.

Equirus Wealth’s Long Horizon Fund made the most aggressive wager, allocating 22.56% of its portfolio to the stock, according to data pulled from the records of PMS Bazaar. The conviction coincided with performance. The small-cap strategy topped the June rankings with a return of 14.49%, well ahead of the 10.5% return delivered by the tenth-ranked portfolio.

Thangamayil shares have already doubled so far in the calendar year 2026.



The stock was also the largest holding of Clockvine Capital Advisors’ Growth Fund, with a 12.4% weight. The strategy returned 11.41% in June, placing it fourth.

East Green Advisors’ Agile Strategy, ranked fifth with an 11.35% return, held 5.5% in the jeweller. SBI Funds Management’s Aeon Alpha PMS had a 6.15% allocation and ranked tenth with a 10.5% return.

The convergence is striking because the managers otherwise agreed on very little. The 50 top-five holding slots across the 10 strategies contained 46 distinct stocks. Apart from Thangamayil, which appeared four times, Bajaj Consumer Care was the only stock repeated across portfolios, featuring in two.

The holdings data indicates portfolio conviction, although it does not establish how much individual stocks contributed to the strategies’ June returns.

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For Equirus Wealth, Thangamayil was more than just the largest position. Its 22.56% allocation exceeded the combined 18.35% weight of the fund’s next four biggest holdings—Rane Holdings and United Foodbrands at 4.68% each, Uniparts India at 4.53% and Blue Star at 4.46%.

Clockvine paired its Thangamayil position with Radico Khaitan at 7.38%, SJS Enterprises at 7.15%, Rashi Peripherals at 5.49% and Neuland Laboratories at 4.83%.

Thangamayil was East Green’s second-largest holding, just behind Garware Hi-Tech Films at 5.7%. Bajaj Consumer Care, Aster DM Healthcare and Jammu & Kashmir Bank completed its five biggest positions.

In the SBI strategy, the jeweller ranked fifth behind Aequs, Kernex Microsystems, Aether Industries and Stylam Industries. The five positions carried relatively similar weights ranging from 6.15% to 6.9%.

The remaining top PMS performers followed sharply different playbooks.

Second-ranked Amaltas Asset Management’s Strategic Opportunities Series 1, which returned 11.92%, had 31.69% in Muthoot Microfin. Piramal Finance, ESAF Small Finance Bank, Utkarsh Small Finance Bank and Spandana Sphoorty Financial were its other top holdings. Together, the five financial-sector positions accounted for 99.06% of the portfolio.

White Whale Partners’ Rising Star portfolio, ranked third with an 11.86% return, had CarTrade Tech as its biggest holding at 14.06%. One97 Communications, Beta Drugs, Eris Lifesciences and Yatra Online were its other leading bets.

Elsewhere, Grindwell Norton was the biggest disclosed position in Tradeswift Broking’s Sparkling Gems strategy, GNG Electronics led Accelt Asset Management’s Long Term Equity Fund and Xpro India topped Electrum Portfolio Managers’ Laureate Portfolio. SP Apparels was the largest disclosed holding of Equitree Capital Advisors’ Emerging Opportunities strategy, although its portfolio weights were not provided.

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Why Thangamayil attracted attention

The portfolio interest comes after a sharp expansion in Thangamayil’s operating footprint and financial performance.

Equirus Securities titled its analysis of the company’s FY26 annual report “A Golden Year,” highlighting the jeweller’s entry into Chennai and its strategy of filling gaps across the Tamil Nadu market.

Thangamayil’s FY26 revenue jumped 73% to Rs 8,500 crore, even as volume grew 12%. Gold, silver and diamond sales increased 72%, 100% and 37%, respectively. Its EBITDA rose to Rs 570 crore from Rs 220 crore, while the margin expanded to 6.6% from 4.5%. Profit before tax increased to Rs 470 crore from Rs 160 crore.

Retail revenue per square foot climbed 36% to Rs 616,249, while same-store sales growth accelerated to 38.2% from 18.1% in FY25. The customer base expanded 41% to 450 crore.

The company opened 10 outlets during FY26 with an outlay of Rs 780 crore, funded through equity infusion, customer advances and bank borrowings. New stores contributed about 15% of sales, compared with 9.8% in the preceding year.

Chennai generated revenue of Rs 1,490 crore and crossed 20% of aggregate turnover on an annualised basis, according to the report. The company plans to open another nine outlets in and around the city at an estimated cost of Rs 600 crore, with the expansion scheduled for completion by December 2026.

Chennai is expected to contribute 25% of sales by FY28. Thangamayil’s longer-term plan is to operate at least 100 outlets across Tamil Nadu by 2030, remaining focused on a state that accounts for about a quarter of India’s jewellery market.

The expansion has increased the demands on Thangamayil’s balance sheet. Inventory rose to Rs 2950 crore in FY26 from Rs 1980 crore, although inventory days declined to 127 from 147. Customer advances more than doubled to Rs 1420 crore from Rs 610 crore, providing an important source of expansion capital.

High gold prices have also altered purchasing behaviour. Gold exchanged for new jewellery now accounts for 50% to 60% of sales, compared with a historical average of about 25%. Thangamayil has responded by expanding its lightweight range, adopting more competitive pricing and automating inventory replenishment using data analytics.

At constant gold and silver prices, the company is targeting an 18% revenue compound annual growth rate, 20% bottom-line growth and return on equity above 24%.

Its stated ambition is to become a dominant Tamil Nadu player “not only by size but also by shape.” For the four PMS managers that converged on the stock in June, execution of the Chennai expansion will be central to that proposition.

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