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Equity Bottom-Up

Thanga Mayil Jewellery / Equity Bottom-Up

<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><p><em>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.</em></p>

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 - 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...

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