Buy Thangamayil; target of Rs 625: HDFC Securities

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

Choose Stock Exchange: BSE LIVE NSE LIVE

26 Aug, 2025 12:21

Volume

Todays L/H

More

×

HDFC Securities' research report on Thangamayil

Gold jewellery/Silver  product  volumes  declined 9/2% YoY respectively. Despite the  top-line  disappointment, TJL managed to more than salvage margins led by  better  product  mix.  Gross/EBITDA  margins  expanded  110bp  each  to 9.7/5.7%. EBITDA/APAT grew by 11/8% (in-line).

Outlook

We revise our DCF-based  TP  to Rs 625/sh (earlier Rs 650/sh; implied P/E - 23xFY20E EPS) on moderating expectations of growth. Reiterate BUY.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Read More