Thangamayil sees H2 gold-demand recovery after Q1 retail revenue rises 67%
High gold prices and West Asia uncertainty are expected to temper Q2 demand, but Thangamayil Jewellery is banking on festive and wedding-led recovery in H2 FY27. Diamond and non-gold sales are also gaining share, supporting its 6% FY27 EBITDA margin target.
Thangamayil Jewellery expects deferred gold purchases to revive in H2 FY27 after a moderate Q2 start caused by high prices and West Asia uncertainty. It reported strong Q1 sales growth, while diamond and non-gold traction is expected to support profitability.
Why this matters
The outlook follows recent signals of 71% Q1 revenue growth and Q1 FY27 profit nearly doubling to ₹85 crore, while Thangamayil also warned that a duty shock could weaken Q2 jewellery demand.
Retail-company signals are accelerating, up 311025% QoQ.