Thangamayil Jewellery Limited (THANGAMAYL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-609.3%

-₹23,126.15

vs ₹4,541.00 price

Levered DCF

-₹2,992.90

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	31.4×	48.02×	28.89×	17.29×	38.8×	8.98×	6.9×	14.39×
P/B	7.8×	5.17×	7.06×	3.44×	4.47×	2.61×	1.43×	2.25×
P/S	1.3×	1.16×	0.91×	0.42×	0.66×	0.43×	0.19×	0.3×
EV / EBITDA	20.36×	29.21×	18.83×	12.57×	22.18×	7.46×	5.93×	8.65×
Gross margin	10.8%	8.8%	9.2%	9.4%	9.0%	11.4%	17.8%	14.1%
Operating margin	6.3%	4.0%	5.2%	5.1%	4.2%	7.3%	6.3%	4.4%
Net margin	4.1%	2.4%	3.2%	2.5%	1.8%	4.8%	2.7%	2.1%
Current ratio	1.54×	1.72×	1.54×	1.58×	1.72×	1.68×	1.44×	1.36×
Debt / equity	0.64×	0.72×	1.08×	1.47×	1.29×	1.09×	1.18×	0.92×
Interest coverage	7.96×	4.8×	5.45×	4.57×	3.55×	5.83×	5.05×	3.12×
Dividend yield	0.4%	0.3%	0.6%	1.1%	0.9%	1.1%	5.2%	1.3%
Payout ratio	11.0%	13.9%	15.6%	18.9%	32.0%	9.5%	36.2%	19.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	24.8%	10.8%	25.0%	20.5%	11.9%	29.1%	20.7%	15.7%
Return on invested capital	17.4%	7.7%	14.4%	12.3%	9.3%	15.9%	14.6%	11.3%
Return on assets	9.2%	4.6%	8.3%	6.4%	4.3%	11.2%	6.4%	4.6%
Free cash flow yield	2.3%	-8.5%	8.4%	-1.6%	-6.6%	6.3%	-20.6%	18.3%
Earnings yield	3.2%	2.1%	3.5%	6.0%	2.7%	11.1%	14.5%	7.0%
Enterprise value	₹117.4B	₹64.1B	₹40B	₹19B	₹18.7B	₹10.9B	₹5.7B	₹6B
Net debt / EBITDA	1.22×	3.23×	2.44×	3.74×	4.95×	2.14×	2.67×	2.42×
Cash conversion cycle (days)	142	159	124	123	136	145	138	127