Shareholders of thangamayil jewellery have approved a dividend of ₹18 per equity share and adopted the audited financial statements for the fiscal year ended March 31, 2026, at its 26th Annual General Meeting held on July 29, 2026. The resolutions passed with overwhelming support from promoter and public non-institutional shareholders, confirming continued confidence in the company’s governance and capital allocation strategy despite notable institutional dissent on executive remuneration and fixed deposit renewals.

The AGM was conducted in compliance with Section 108 of the Companies Act, 2013, and Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. S. Muthuraju, Practicing Company Secretary (CP No: 4181), served as the scrutinizer for the poll. The e-voting window remained open from July 26 to July 28, 2026, with a cutoff date of July 22, 2026, for determining voting eligibility. A total of 87 shareholders participated in person or through proxy at the physical meeting held at the Tamilnadu Chamber of Commerce in Madurai.

Voting Outcomes on Key Resolutions

The most significant shareholder approval was for the declaration of a final dividend of ₹18 per equity share of face value ₹10 each, representing a payout ratio of 180%. This resolution received 99.9999% affirmative votes on the total votes polled, with zero votes against from the promoter group and public institutions. The adoption of the audited financial statements for FY26 also passed with near-unanimous support, securing 99.9999% affirmative votes.

Director Yamuna Vasini Deva Dasi, who retired by rotation, was reappointed by the shareholders. While the promoter group voted unanimously in favor, public institutions cast 120,576 votes against the reappointment, resulting in a total support rate of 99.5498%. Public non-institutional shareholders showed strong backing, with only 44 votes cast against.

Executive Remuneration Revisions

The company sought approval for remuneration revisions for four senior executives. All proposals passed due to unanimous support from the promoter group, which holds a controlling stake. However, public institutional investors expressed significant dissent on these resolutions, particularly regarding the General Manager – Diamond and People Care.

The company sought approval to revise the remuneration of the following executives:

• B. Rajeshkanna, Chief Financial Officer — 91.5896% overall support; 28.7199% institutional dissent
• N. B. Arun, Vice President – Operations and People Care — 91.4103% overall support; 29.3777% institutional dissent
• R. Gokul, Vice President - IT, Finance and Secretarial — 91.4154% overall support; 29.3777% institutional dissent
• P. Shylaja, General Manager - Diamond and People Care — 89.6348% overall support; 35.3635% institutional dissent

The highest level of institutional opposition was recorded for Mrs. P. Shylaja’s remuneration revision, where public institutions voted 35.3635% against the proposal. Despite this, the promoter group’s unanimous support ensured all remuneration resolutions were passed.

Fixed Deposit Renewal Approval

Shareholders also approved the acceptance and renewal of fixed deposits pursuant to Sections 73 and 76 of the Companies Act, 2013. This resolution received 93.8726% support overall. While promoters and public non-institutional shareholders voted almost entirely in favor, public institutions cast 1,641,532 votes against the renewal, representing 26.4773% of their polled votes. This indicates a segment of institutional investors may be cautious about the company’s reliance on or terms associated with fixed deposit funding.

Thangamayil Jewellery Limited concluded its 26th Annual General Meeting (AGM) on July 29, 2026, in Madurai, revealing robust financial performance for the fiscal year ended March 31, 2026. The company reported a 73% increase in revenue from operations to ₹8,499 crore, while profit after tax (PAT) surged by 196% to ₹352 crore. EBITDA grew by 157% to ₹577 crore, reflecting improved operational efficiency and productivity across its retail network.

The strong financial outcome was underpinned by significant expansion in Chennai, which now contributes over 20% of the annualized turnover. The urban share of the business increased from 31% to nearly 42%, validating the company’s strategy of balancing urban and rural presence in Tamil Nadu. Despite volatility in gold and silver prices, the company maintained liquidity through disciplined hedging and prudent fund management, with available working capital reaching a historic high of nearly ₹597 crore as of March 31, 2026.

Financial Performance Highlights

Chairman and Managing Director Balarama Govinda Das attributed the growth to enhanced customer engagement and employee productivity. The active customer base crossed 45 lakh, registering a 41% growth, while the employee strength increased to 3,450. Revenue per employee improved to over ₹2.5 crore, indicating higher efficiency per headcount. The exchange of old jewellery emerged as a key sales driver, contributing nearly 50–60% of transactions, mitigating the impact of recent import duty hikes on gold and silver from 6% to 15%.

Dividend Declaration and Strategic Outlook

In recognition of the strong performance, the Board recommended a dividend of ₹18 per equity share, representing 180% on the face value of ₹10 per share. The payment is subject to shareholder approval and will be made within the statutory timeline. Looking ahead, the company plans to open nine additional showrooms primarily in Chennai and surrounding regions during FY27. It aims to strengthen its Digi Gold customer base and improve operational efficiencies through technology-driven decision-making. The long-term vision of reaching 100 stores across Tamil Nadu by 2030 remains on track.

AGM Proceedings and Resolutions

The AGM, held at the Tamilnadu Chamber of Commerce & Industry, commenced at 11:30 a.m. and concluded at 2:00 p.m. A poll was conducted for all resolutions to ensure proportionate voting rights for shareholders who had not voted via remote e-voting. The resolutions included the adoption of audited financial statements, re-appointment of director Yamuna Vasini Deva Dasi, and approval of remuneration revisions for Chief Financial Officer B. Rajeshkanna, Vice President N. B. Arun, and General Manager P. Shylaja. The voting process complied with SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, and SEBI Circular No. HO/49/14/14(7)2025CFD-POD2/I/3762/2026 dated January 30, 2026.