Thangamayil Jewellery is entering a golden era & is a high-conviction buy

Thangamayil Jewellery is entering a golden era & is a high-conviction buy. It is the D-Mart of the jewellery retail sector. ROE will improve to 32% substantially surpassing that of Titan. Valuation discount of >60% compared to Titan not justified. Significant rerating is expected

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