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    Thangamayil Jewellery: Set to glitter more

    Thangamayil Jewellers is trading at significant discount to Kalyan Jewellers IPO valuation despite better performance and strong balance sheet, leaving possibility of stock rating

    Bharat Gianani
    March 19, 2021 / 07:29 PM IST
    Thangamayil Jewellery: Set to glitter more

    Picture for representation (Image: Reuters)

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Recently, South India-focussed Kalyan Jewellers raised money from the primary market at a rather demanding valuation of 34x FY23e earnings. We have identified Thangamayil Jewellers Limited (TMJL; CMP: Rs 602; Market Cap: Rs 826 crore), a smaller Tamil Nadu-based player with relatively better profitability, balance sheet strength, lower working capital requirement and significantly better return ratios as compared to Kalyan. The valuation discount to Kalyan Jewellers is substantial, leaving the possibility of a stock rerating. Strong player in Tamil Nadu...

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