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Thangamayil Jewellery: HDFC Securities Maintains A High-Conviction 'Buy' On The Stock — Here's Why
HDFC Securities continues to maintain a high-conviction Buy on Thangamayil and a target price of Rs 2,400 (25x FY27 EPS, representing a 25% premium to its five-year one-year forward average PE).
25 Feb 2025, 10:55 AM IST 
Thangamayil Jewellery Ltd., a leading jewellery player in Tamil Nadu, is set to achieve 28%, 34%, and 40% revenue, Ebitda, and PAT CAGR, respectively, over FY24-27, believes the brokerage.
(Photo Source: Thangamayil Jewellery website)
The brokerage views Thangamayil Jewellery as the DMart 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.
