Event Details

Thangamayil Jewellery Limited held its 26th Annual General Meeting (AGM) on Wednesday, July 29, 2026. The meeting commenced at 11:30 AM and concluded at 2:00 PM at Tamilnadu Chamber of Commerce & Industry, No.178 B Kamarjar Salai, Madurai-625009.

Attendance

Directors Present:

  • Shri. Ba. Ramesh - Joint Managing Director
  • Shri. N.B.Kumar - Joint Managing Director
  • Shri.S.M.Chandrasekaran - Independent Director
  • Smt.Rajakumari Jeevagan - Independent Director
  • Shri.N.Jegatheesan - Independent Director
  • Shri. K Thiruppathi Rajan - Independent Director
  • Shri.K, Narayanan - Company Secretary

Members Present:

  • In Person: 86
  • By Proxy: 1

Other Attendees:

  • CA D. Aruchamy, BT& Co. – Statutory Auditor
  • CS. S Muthuraju, Company Secretary – Secretarial Auditor and Scrutinizer

Financial Performance Highlights (FY2025-26)

The Chairman reported the following financial achievements for the year ended March 31, 2026:

  • Revenue increased by 73% to ₹8,499 crore
  • EBITDA grew by 157% to ₹577 crore
  • Profit After Tax rose by 196% to ₹352 crore
  • Active customer base crossed 45 lakh, registering 41% growth
  • Employee strength increased to 3,450
  • Revenue per employee improved to over ₹2.5 crore

Operational Highlights

  • Chennai expansion contributed significantly to growth, now contributing over 20% of annualized turnover
  • Urban share of business increased from 31% to nearly 42%
  • Company maintained excellent liquidity through disciplined fund management, prudent hedging, and effective utilization of customer advances and internal accruals
  • Available working capital, including eligible undrawn bank limits, reached nearly ₹597 crore as of March 31, 2026
  • Balanced funding philosophy maintained with appropriate mix of net worth, customer advances, and external borrowings

Future Plans (FY2026-27)

  • Open nine additional showrooms, primarily in Chennai and surrounding regions
  • Continue expanding Digi Gold customer base
  • Strengthen competitive pricing and product offerings
  • Improve operational efficiencies through technology and data-driven decision making
  • Long-term vision of reaching 100 stores across Tamil Nadu by 2030 remains on track

Market Commentary

  • Recent increase in import duty on gold and silver from 6% to 15% may temporarily influence consumer demand
  • Exchange of old jewellery has emerged as a significant driver of sales, contributing nearly 50-60% of transactions
  • Company will continue to monitor market developments and respond proactively

Dividend Declaration

The Board recommended a dividend of ₹18 per equity share (180% on face value of ₹10 per share). The payment shall be made within statutory timeline after shareholders' approval.

AGM Resolutions

The following items of business were transacted through remote e-voting as per Notice of AGM dated June 29, 2026:

1. Ordinary Resolution 1: Adoption of audited Balance Sheet as at March 31, 2026, Profit & Loss Account, and reports of Directors, Auditors, and Secretarial Auditor

2. Ordinary Resolution 2: Re-appointment of Smt. Yamuna Vasini Deva Dasi who retires by rotation

3. Ordinary Resolution 3: Declaration of dividend of ₹18 per equity share for FY2025-26

4. Special Resolution 4: Revision in remuneration of Mr. B. Rajeshkanna, Chief Financial Officer

5. Ordinary Resolution 5: Revision in remuneration of Mr. N. B. Arun, Vice President – Operations and People Care

6. Ordinary Resolution 7: Revision in remuneration of Mrs. P. Shylaja, General Manager – Diamond and People Care

7. Ordinary Resolution 8: Acceptance and renewal of Fixed Deposits pursuant to Sections 73 and 76 of Companies Act, 2013

Voting Procedure

The Company provided remote e-Voting facility to members from Sunday, July 26, 2026 at 10:00 AM (IST) to Tuesday, July 28, 2026 at 5:00 PM (IST). Voting by ballot was conducted at the AGM for members who had not exercised their vote through e-Voting.

The Chairman authorized CS. S Muthuraju to carry out the voting procedure and accept and countersign the Scrutinizer's Report. The combined results of e-voting and ballot voting would be announced within stipulated time frame and intimated to stock exchanges in terms of SEBI LODR Regulations.