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Equity Bottom-Up

Thanga Mayil Jewellery / Equity Bottom-Up

<ul><li>Historically, the jewellery business has been low-margin and highly capital-intensive, thereby making it difficult for jewellery companies to fund a significant part of store expansion</li><li>As a result, some of the large national players have opted for the franchisee route for store expansion</li><li>Banks/financial institutions are willing to fund store capex only to a certain extent, given the historical track record of jewellery retailers.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Historically, the jewellery business has been low-margin and highly capital-intensive, thereby making it difficult for jewellery companies to fund a significant part of store expansionAs a result, some of the large national players have opted for the franchisee route for store expansionBanks/financial institutions are willing to fund store capex only to a certain extent, given the historical track record of jewellery retailers.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thangamayil Jewellery: DigiGold - A Panacea for High Capital Needs. Maintain BUY

Thangamayil Jewellery - DigiGold: A Panacea for High Capital Needs

<ul><li>TJL’s 2QFY25 performance was a mixed bag—although the company disappointed on revenue front, margins were significantly better despite limited operating leverage</li><li>TJL retail revenue grew only 18% vs large peers such as Titan (26% YoY) and Kalyan (39% YoY), which saw much better run rate despite their higher base</li><li>Management attributed this to lower store addition (added only two stores in 1HFY25) vs competitors who are on blitzkrieg and are expanding aggressively through a capital light franchisee route</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TJL’s 2QFY25 performance was a mixed bag—although the company disappointed on revenue front, margins were significantly better despite limited operating leverageTJL retail revenue grew only 18% vs large peers such as Titan (26% YoY) and Kalyan (39% YoY), which saw much better run rate despite their higher baseManagement attributed this to lower store addition (added only two stores in 1HFY25) vs competitors who are on blitzkrieg and are expanding aggressively through a capital light franchisee routeContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thangamayil Jewellery (2QFY25): Mixed Bag—sales Disappoint, Margin Surprises

<ul><li>Entering a golden era initiating coverage with a high-conviction BUY: We believe Thangamayil Jewellery, a leading jewellery player in Tamil Nadu, is set to achieve 26%, 33%, and 41% revenue, EBITDA, and PAT CAGR, respectively, over FY24-27</li><li>This growth will be driven by the benefits of formalisation, accelerated store expansion, its value-for-money offerings, and the easy availability of capital at competitive interest rates</li><li>We view TJL as the D-Mart of Tamil Nadu's jewellery retail sector, applying principles of "high inventory turns and reasonable margins," in contrast to other listed jewellery players who focus on "high operating margins and low inventory turns" to generate respectable return ratios.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Entering a golden era initiating coverage with a high-conviction BUY: We believe Thangamayil Jewellery, a leading jewellery player in Tamil Nadu, is set to achieve 26%, 33%, and 41% revenue, EBITDA, and PAT CAGR, respectively, over FY24-27This growth will be driven by the benefits of formalisation, accelerated store expansion, its value-for-money offerings, and the easy availability of capital at competitive interest ratesWe view TJL as the D-Mart of Tamil Nadu's jewellery retail sector, applying principles of "high inventory turns and reasonable margins," in contrast to other listed jewellery players who focus on "high operating margins and low inventory turns" to generate respectable return ratios.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thangamayil Jewellery - Entering a Golden Era

India

Thanga Mayil Jewellery Ltd. designs and manufactures jewels. The Company distributes and sells gold and silver necklaces, bangles, earrings, rings, chains, and anklets, as well as vessels, sculptures, tumblers, and other gifts. Thanga Mayil Jewellery serves customers worldwide.

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Thanga Mayil Jewellery (TJL IN)

Thangamayil Jewellery: DigiGold - A Panacea for High Capital Needs. Maintain BUY

Historically, the jewellery business has been low-margin and highly capital-intensive, thereby making it difficult for jewellery companies to fund...

HDFC Securities

Thangamayil Jewellery - DigiGold: A Panacea for High Capital Needs

Historically, the jewellery business has been low-margin and highly capital-intensive, thereby making it difficult for jewellery companies to fund...

HDFC Securities

Thangamayil Jewellery (2QFY25): Mixed Bag—sales Disappoint, Margin Surprises

TJL’s 2QFY25 performance was a mixed bag—although the company disappointed on revenue front, margins were significantly better despite limited...

HDFC Securities

Thangamayil Jewellery - Entering a Golden Era

We anticipate significant rerating, as TJL's ROE improves from 18% in FY23 to 32% in FY27, substantially surpassing that of Titan, the market...

HDFC Securities

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