Thangamayil Jewellery Reports Flat Net Profit of ₹59 Crore in Q2 FY27 Amid Rising Revenues

Madurai-based Thangamayil Jewellery posted a net profit of ₹59 crore for the second quarter ended September 2026, remaining nearly flat compared to the previous year. While quarterly revenue rose 40 per cent to ₹2,388 crore, external factors such as West Asia geopolitical tensions and fluctuating commodity prices impacted business operations.

Madurai-based Thangamayil Jewellery has announced its financial results for the second quarter ended September 2026, reporting a net profit of ₹59 crore. The figure remains nearly flat compared to the ₹58 crore recorded during the same period in the previous fiscal year.

Despite the flat net profit, the company experienced significant top-line growth. Revenue for the quarter went up by 40 per cent, reaching ₹2,388 crore compared to ₹1,711 crore in the corresponding quarter of the previous year.

A sectoral breakdown of the sales shows that gold jewellery sales rose 41 per cent to ₹2,119 crore during Q2 FY27. Meanwhile, non-gold sales, which include silver, diamonds, and other products, registered a 36 per cent increase, touching ₹184 crore.

During the quarter, the company highlighted external challenges impacting its business. Uncertainty stemming from the West Asia war drove wide fluctuations in gold and silver prices. Additionally, the conflict caused a drop in expat remittances in Tamil Nadu, which further affected business operations.

Looking ahead, Thangamayil Jewellery indicated that if the recent fall in gold prices continues through the second half of the year, pent-up demand may return, provided other macroeconomic headwinds ease. As of September 2026, the total number of retail outlets operated by the jeweller stood at 70.

On the market front, the company's shares closed at ₹4,242.30 on the National Stock Exchange (NSE) on Wednesday, registering a decline of 6.41 per cent.

"Thangamayil Jewellery's Q2 results highlight a classic business scenario where strong revenue growth does not automatically translate into a higher bottom line due to external cost pressures and macroeconomic volatility. The 40 per cent jump in revenue demonstrates solid consumer demand for gold and non-gold products, yet geopolitical tensions in West Asia and fluctuating commodity prices have created headwinds that compress profit margins. For retail businesses heavily reliant on regional remittances and commodity pricing, maintaining operational efficiency while navigating global uncertainties is critical for sustainable growth." — Dr. Shishir Gupta, Founder & CEO, StartupLanes