Thangamayil Jewellery devises Rs 400-crore plan for retail expanion in FY 25 

 In the recently concluded fiscal year 2023-24, Thangamayil Jewellery achieved remarkable financial milestones, reporting a record turnover of Rs.3,827 crore 

Madurai: Thangamayil Jewellery Ltd, headquartered in Madurai and known for its extensive presence in the Indian jewellery market, is set to embark on a significant expansion initiative in the fiscal year 2024-25. According to the latest reports, the company has allocated approximately ₹400 crore towards opening nine new stores, including eight mid- and small-size outlets along with a flagship store in Chennai. 

The decision was formalised by the company’s board, which approved the expansion strategy aimed at bolstering its market presence within Tamil Nadu and reinforcing its stature as a dominant regional player. Balarama Govinda Das, Chairman of Thangamayil Jewellery Ltd, highlighted the company’s commitment to leveraging local opportunities for sustained growth over the coming years. 

In the recently concluded fiscal year 2023-24, Thangamayil Jewellery achieved remarkable financial milestones, reporting a record turnover of Rs. 3,827 crore. The company’s EBITDA surged to an all-time high of over ₹218 crore, with a profit after tax reaching 123 crore, significantly up from ₹80 crore in the previous year. This growth was attributed to enhanced cost efficiencies and optimized operational synergies across its business segments. 

Despite an 8% increase in gold prices within the initial weeks of FY25, Thangamayil Jewellery reported no adverse impact on sales. Das noted that the disruptions associated with the General Election did not hinder the company’s operations, underscoring its resilience and operational agility. 

Looking ahead, the company anticipates a promising first quarter for FY25, driven by favourable gold price trends, recent store expansions, traditional sales events like “Akshaya Thrithiyai,” and a robust calendar of weddings. 

The Indian jewellery market, valued at approximately $89.65 billion in 2024, continues to exhibit robust growth prospects, supported by rising disposable incomes and cultural affinity towards gold jewellery. Thangamayil Jewellery remains poised to capitalize on these opportunities, aiming for sustained growth in the evolving market landscape. 

On the financial front, Thangamayil Jewellery’s stock closed at 1,760.70, marking a 1.79% increase on the NSE, reflecting investor confidence in its strategic expansion plans and strong financial performance. 

With its ambitious expansion agenda and solid financial footing, Thangamayil Jewellery Ltd is well-positioned to further consolidate its market position and drive future growth in the dynamic Indian jewellery sector. 

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