RBZ Jewellers Limited (RBZJEWEL)
₹199.41 +5.00% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, RBZ Jewellers' revenue was ₹121 Cr (+58.9% year on year, +20.5% on the previous quarter), and net profit ₹9.1 Cr (+29.9% year on year); the operating margin was 14.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹121 | +58.9% | +20.5% |
| Operating profit | ₹17.9 | +37.8% | +57.7% |
| Net profit | ₹9.1 | +29.9% | +61.7% |
| EPS (₹) | 2.27 | +27.5% | +328.3% |
| Operating margin | 14.8% | — | — |
RBZJEWEL exchange data
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📢 Recent Corporate Announcements
RBZ Jewellers has inaugurated a new 10,000 sq. ft. flagship retail showroom at Parle Point, Surat, on September 24, 2026, under its retail brand Harit Zaveri Jewellers. This launch executes on the company's stated strategy to expand beyond its single retail showroom in Ahmedabad into key Gujarat markets. Expanding retail capacity is expected to support the company's 30-40% revenue growth target and increase high-margin B2C retail contribution relative to its wholesale base (FY26 revenue was Rs 301.91 Cr). The showroom was inaugurated by actor Vicky Kaushal.
- Launched a 10,000 sq. ft. flagship showroom at Parle Point, Surat on September 24, 2026
- Expands retail presence beyond the single historical showroom in Ahmedabad
- Showroom targets high-value bridal and occasion wear under the Harit Zaveri Jewellers brand
- Inaugurated by Bollywood actor Vicky Kaushal to boost brand visibility
RBZ Jewellers has officially opened a new retail jewellery showroom under its brand 'Harit Zaveri Jewellers' at Gokul Tower, Surat, on September 24, 2026. This launch aligns with company strategy to diversify retail presence beyond its single flagship store in Ahmedabad. The expansion targets higher-margin B2C wedding and occasion jewellery sales to support projected 30-40% revenue growth over TTM revenue of ₹302 Cr. Specific capex and store area metrics were not disclosed in the filing.
- New showroom opened under the 'Harit Zaveri Jewellers' brand at Gokul Tower, Surat
- Store officially launched on September 24, 2026, at approximately 06:45 PM
- Marks geographical diversification beyond the single Ahmedabad retail outlet to capture high-margin B2C demand
- Capex, retail area, and targeted revenue addition were not disclosed
RBZ Jewellers announced a media interaction on September 22, 2026, ahead of the launch of its new retail showroom in Surat under the 'Harit Zaveri Jewellers' brand. The new showroom is scheduled for formal inauguration on September 24, 2026. This marks the company's first retail expansion beyond its single flagship showroom in Ahmedabad, directly supporting its target of 30-40% revenue growth. The company reported TTM revenue of Rs 302 Cr with retail expansion aimed at increasing high-margin B2C sales.
- Media interaction held on September 22, 2026, ahead of the Surat store launch
- New retail showroom scheduled to be inaugurated on September 24, 2026
- Marks expansion of the flagship retail brand 'Harit Zaveri Jewellers' into Surat
- Company currently holds 1 retail showroom in Ahmedabad, making Surat its second retail outlet
RBZ Jewellers announced the voting results of its 18th Annual General Meeting held on September 10, 2026. Shareholders approved all 6 resolutions with nearly 100% of polled votes in favour, representing 75.38% total voting participation (30,151,261 shares polled). Key approvals included adoption of FY26 financial statements, reappointment of Director Rajendrakumar Kantilal Zaveri, revision of executive remuneration, and expansion of borrowing powers under Section 180(1)(c) along with creation of charges under Section 180(1)(a). Institutional participation stood at 26.65% (62,048 votes), while non-institutional public turnout was low at 0.92% (89,513 votes).
- All 6 resolutions approved with over 99.99% of polled votes cast in favour.
- Total voter turnout represented 75.38% of total outstanding equity (30,151,261 shares voted out of 40,000,000 shares).
- Promoters contributed 29,999,700 votes (99.999% of promoter holding), heavily dominating the outcome.
- Shareholders passed special resolutions enabling higher borrowing limits under Section 180(1)(c) and mortgage/charge creation under Section 180(1)(a).
Shareholders of RBZ Jewellers Limited approved the re-appointment of Mr. Rajiv Nitin Mehta as Non-Executive Independent Director for a second 5-year term at the 18th AGM held on September 10, 2026. The new term is scheduled to run from June 30, 2027, through June 29, 2032. Mr. Mehta possesses over 20 years of experience across consumer brands and retail, including leadership roles as MD of Puma South Asia and CEO of Stove Kraft Ltd. The re-appointment ensures governance continuity as the company executes its retail expansion.
- Shareholder approval granted at the 18th AGM on September 10, 2026
- Second term of 5 consecutive years effective June 30, 2027, to June 29, 2032
- Appointee brings over 20 years of experience, previously expanding Puma South Asia to 320+ stores
- No inter-se relationship with any existing directors
RBZ Jewellers held its 18th Annual General Meeting on September 10, 2026, with 67 members attending via video conference. Key special resolutions presented to shareholders included increasing borrowing limits under Section 180(1)(c) and creating charges/mortgages on company properties under Section 180(1)(a). Shareholders also voted on revising executive directors' remuneration and re-appointing independent director Rajiv Nitin Mehta for a second term. The official voting results and scrutinizer report will be submitted within 48 hours.
- 18th AGM held on September 10, 2026, with 67 members present
- Special resolutions tabled to increase borrowing limits and create charges under Section 180 of the Companies Act
- Resolutions placed for executive director remuneration revision and re-appointment of Independent Director Rajiv Nitin Mehta
- Voting results along with scrutinizer's report to be filed within 48 hours
RBZ Jewellers has issued the notice for its 18th Annual General Meeting scheduled for September 10, 2026. The company is seeking shareholder approval to enhance borrowing and mortgage limits under Section 180 to ₹750 crore (compared to current debt of ₹170 crore and net worth of ₹300 crore). Additionally, the notice proposes raising the fixed monthly salary ceiling for Executive Directors from ₹7 lakh to ₹10 lakh and increasing profit-linked commission from 1.00% to 1.15%. Other routine agenda items include the adoption of FY26 financial statements and director re-appointments.
- 18th AGM scheduled for September 10, 2026, with remote e-voting from September 7 to September 9, 2026 (cut-off: September 4, 2026).
- Special resolution to enhance borrowing and asset charge limits under Section 180 to ₹750 crore.
- Proposed revision in Executive Directors' monthly salary ceiling from ₹7,00,000 to ₹10,00,000.
- Executive commission proposed to increase from up to 1.00% to up to 1.15% of net profits under Section 198.
RBZ Jewellers reported strong Q1 FY27 performance with revenue from operations rising 60% YoY to ₹121 crore, driven by robust festive and wedding demand. EBITDA grew 39% YoY to ₹18 crore with margins of 14.9%, while Profit After Tax (PAT) increased 28% YoY to ₹9 crore. Retail revenue grew 70% YoY to ₹78 crore, while wholesale reached ₹42 crore. The company outlined store expansion plans with large format stores in Surat and Rajkot launching ahead of festive season in Q3, targeting showroom breakeven within one year.
- Revenue from operations grew 60% YoY to ₹121 crore for Q1 FY27
- EBITDA increased 39% YoY to ₹18 crore with an EBITDA margin of 14.9%
- PAT rose 28% YoY to ₹9 crore, delivering a 7.5% net profit margin
- Retail segment revenue surged 70% YoY to ₹78 crore, while wholesale grew 47% YoY
- Surat and Rajkot large-format showrooms scheduled to open ahead of Navratri/Diwali in Q3
RBZ Jewellers has published the audio recording of its earnings conference call held on August 12, 2026, regarding the financial performance for the quarter ended June 30, 2026. The company, which has a market capitalization of ₹565 Cr, is currently focused on a 30-40% growth target driven by retail expansion. Investors can access the recording via the company's website to hear management's detailed commentary on quarterly operations and the progress of the upcoming Surat showroom. This filing is a standard regulatory requirement following the quarterly results.
- Earnings call conducted on August 12, 2026, at 16:00 hrs for the June 2026 quarter
- Company maintains a projected revenue growth rate of 30-40% for the fiscal year
- Retail expansion strategy includes a new Surat showroom planned for Q3 FY26
- Current TTM revenue stands at ₹302 Cr with an operating profit margin of 14.1%
RBZ Jewellers reported a strong start to FY27 with Q1 revenue reaching ₹120.9 Cr. EBITDA margins improved to 14.9% in Q1FY27, up from 14.44% in FY26, reflecting better operational efficiency. The retail segment remains the dominant contributor, generating ₹77.5 Cr (64% of Q1 revenue) from its flagship Ahmedabad store. The company maintains a robust return profile with an FY26 ROCE of 29.1% and a manageable Net Debt/Equity of 0.46x.
- Q1FY27 Revenue stood at ₹120.9 Cr with an improved EBITDA margin of 14.90%
- Retail segment (Harit Zaveri) contributed ₹77.5 Cr in Q1FY27, representing 64% of total revenue
- Wholesale business generated ₹42.1 Cr in Q1FY27, serving 190+ clients across 72 cities
- FY26 PAT increased to ₹54.8 Cr, a 41% growth compared to ₹38.8 Cr in FY25
- Manufacturing capacity remains at 2+ tons annually from a 23,966 sq. ft. facility
RBZ Jewellers reported a strong year-on-year performance for Q1 FY27 (ended June 30, 2026), with revenue from operations growing 59.8% to ₹120.80 crore compared to ₹75.58 crore in Q1 FY26. Net profit increased by 27.7% YoY to ₹9.09 crore, although it saw a sequential decline from the ₹11.68 crore reported in Q4 FY26 due to seasonal factors. Finance costs rose significantly to ₹4.23 crore from ₹2.58 crore YoY, indicating higher working capital utilization for inventory. The company maintained a steady EPS of ₹2.27 for the quarter, up from ₹1.78 in the previous year's corresponding period.
- Revenue from operations increased by 59.8% YoY to ₹120.80 crore from ₹75.58 crore.
- Net profit grew 27.7% YoY to ₹9.09 crore, representing a net margin of approximately 7.5%.
- Finance costs surged 63.8% YoY to ₹4.23 crore, reflecting increased borrowing or interest expenses.
- Total expenses rose to ₹108.76 crore, driven largely by cost of materials consumed at ₹56.64 crore.
- Earnings Per Share (EPS) for the quarter stood at ₹2.27, compared to ₹1.78 in Q1 FY26.
RBZ Jewellers reported a strong year-on-year performance for Q1 FY27, with revenue from operations surging 59.8% to ₹120.80 Cr compared to ₹75.58 Cr in Q1 FY26. Net profit for the quarter increased by 27.7% YoY to ₹9.09 Cr, although it saw a seasonal sequential decline from Q4 FY26's ₹11.68 Cr. The company maintained an operating profit margin of approximately 14.9%, despite a 63.9% spike in finance costs to ₹4.23 Cr. The results reflect the company's ongoing retail expansion and focus on high-margin B2C segments.
- Revenue from operations increased 59.8% YoY to ₹120.80 Cr from ₹75.58 Cr.
- Net profit grew 27.7% YoY to ₹9.09 Cr, resulting in a basic EPS of ₹2.27.
- Finance costs rose significantly by 63.9% YoY to ₹4.23 Cr, indicating higher working capital utilization.
- Total expenses for the quarter stood at ₹108.76 Cr, with cost of materials consumed at ₹56.64 Cr.
- Operating profit (EBITDA proxy) reached ₹18.03 Cr, representing a margin of 14.9%.
RBZ Jewellers has scheduled its earnings conference call for Wednesday, August 12, 2026, at 4:00 PM IST to discuss the unaudited financial results for the quarter ended June 30, 2026. The management team, including the Joint Managing Director & CFO, will be present to address investor queries. This follows a fiscal year (FY26) where the company reported a significant revenue increase to ₹301.9 crore from ₹193.8 crore in FY25. Investors will be looking for updates on the company's 30-40% growth guidance and the status of its retail expansion into Surat.
- Earnings conference call scheduled for August 12, 2026, at 04:00 PM IST
- Management representation includes the Joint Managing Director and Chief Financial Officer
- Discussion will cover unaudited financial results for the quarter ended June 30, 2026
- Company reported TTM revenue of ₹302 crore and TTM PAT of ₹25 crore
- FY26 revenue grew by approximately 55.7% compared to FY25
RBZ Jewellers Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2026. The company and its Registrar and Transfer Agent (RTA), Bigshare Services Private Limited, confirmed that no requests for dematerialization or rematerialization were received during this period. This is because the entire shareholding of the company is already held in dematerialized form. This filing is a standard procedural requirement for listed companies in India.
- Compliance certificate issued for the quarter ended June 30, 2026
- 100% of the company's shares are confirmed to be in dematerialized form
- Zero requests for rematerialization or dematerialization were received during the quarter
- Confirmation provided by Registrar and Transfer Agent, Bigshare Services Private Limited
RBZ Jewellers Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI insider trading regulations. This closure is a standard procedure ahead of the declaration of the company's unaudited financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are officially announced. The specific date for the board meeting to approve these results will be communicated at a later date.
- Trading window closure begins on Wednesday, July 1, 2026.
- Closure is related to the unaudited financial results for the quarter ending June 30, 2026.
- The window will reopen 48 hours after the financial results are declared to the exchanges.
- The restriction applies to all designated persons, connected persons, and their immediate relatives.
Financial Performance
Revenue Growth by Segment
Total revenue grew by 61.9% YoY to INR 530.15 Cr in FY25 from INR 327.44 Cr in FY24. The retail segment (B2C) is the primary driver, contributing approximately 60% of total operating income in FY24, while the wholesale and jobwork segments provide volume stability.
Geographic Revenue Split
The company faces high geographic concentration with 100% of retail revenue currently derived from its sole store in Ahmedabad, Gujarat. However, its B2B segment supplies to 72 cities across 19 states, providing a broader national footprint.
Profitability Margins
PAT margin was 6.59% in FY24 (INR 21.57 Cr) and improved to 8.60% in H1FY25. The margin expansion is driven by a strategic shift toward the higher-margin retail segment compared to the lower-margin jobwork and wholesale businesses.
EBITDA Margin
PBILDT margin was 11.75% in FY24 and improved to 14.29% in H1FY25. Management expects to sustain margins in the 13.00%-14.00% range as the retail contribution increases.
Capital Expenditure
The company raised INR 100 Cr through an IPO in December 2023, which was primarily utilized to fund incremental capital requirements and inventory for its retail expansion, including two new showrooms.
Credit Rating & Borrowing
Maintains a 'Stable' outlook from CRISIL and CARE. Interest coverage was healthy at 4.89 times in FY24. Bank limit utilization was high at 85% on average for the 12 months through June 2025.
Operational Drivers
Raw Materials
Gold is the primary raw material, with cost of raw materials consumed reaching INR 226.26 Cr in FY25 (42.7% of revenue). Traded goods purchases accounted for INR 212.37 Cr.
Import Sources
Raw materials are primarily sourced domestically within India, with significant manufacturing operations based in Ahmedabad, Gujarat.
Capacity Expansion
Currently operates one retail showroom in Ahmedabad and one manufacturing unit. Planned expansion includes opening a new showroom in Surat, Gujarat, by Q3 FY26, and a second additional showroom to follow.
Raw Material Costs
Raw material costs and traded goods together represent over 80% of total revenue. Procurement strategies involve utilizing IPO proceeds to secure sizeable inventory to hedge against price fluctuations.
Manufacturing Efficiency
Average revenue per square foot in the B2C segment improved to INR 1.6 lakh in FY24 from INR 1.3 lakh in FY23, reflecting higher asset productivity.
Logistics & Distribution
Distribution spans 72 cities across 19 states through a mix of jobwork and B2B routes to reach national retailers.
Strategic Growth
Expected Growth Rate
30-40%
Growth Strategy
Growth will be achieved by expanding the retail footprint with new showrooms in Surat and other regions, increasing the share of high-margin B2C sales, and leveraging the established 'Harit Zaveri' brand for wedding and occasion wear.
Products & Services
Gold jewellery, including antique, bridal, and occasion wear; jobwork services for national retailers; and wholesale gold jewellery.
Brand Portfolio
Harit Zaveri
New Products/Services
Expansion into new retail markets (Surat) is expected to contribute significantly to the projected 30-40% revenue growth in FY26.
Market Expansion
Targeting expansion in Gujarat with a new Surat showroom in Q3 FY26, followed by further retail presence to reduce reliance on the single Ahmedabad outlet.
Market Share & Ranking
Approximately 1% market share in its operating segment as per management commentary.
Strategic Alliances
Maintains established relationships with national jewellery retailers for whom it performs jobwork and wholesale supply.
External Factors
Industry Trends
The industry is shifting toward organized retail and hallmarked jewellery. RBZ is positioning itself by expanding its branded retail presence ('Harit Zaveri') to capture this trend.
Competitive Landscape
Faces intense competition from large organized retailers (e.g., Titan, Kalyan Jewellers) and local unorganized players who compete on making charges and localized designs.
Competitive Moat
Moat is built on the 30+ years of promoter experience and an integrated manufacturing-to-retail model. This provides a cost advantage and design exclusivity that is sustainable but challenged by larger national chains.
Macro Economic Sensitivity
Highly sensitive to gold price volatility and consumer spending power, which is influenced by inflation and the wedding season cycle.
Consumer Behavior
Increasing consumer traction for 'occasion wear' and branded bridal jewellery, particularly during the wedding season, is driving higher volume growth.
Geopolitical Risks
Global precious metal price volatility driven by geopolitical tensions directly impacts input costs and consumer demand trends.
Regulatory & Governance
Industry Regulations
Subject to Bureau of Indian Standards (BIS) hallmarking regulations and gold import/export policies which can impact raw material availability and costs.
Taxation Policy Impact
The company follows standard Indian corporate tax rates; deferred tax assets and liabilities are recognized based on temporary differences.
Legal Contingencies
The company reported compliance with sections 177 and 188 of the Companies Act regarding related party transactions; no major pending litigation values were disclosed.
Risk Analysis
Key Uncertainties
Volatility in gold prices and regulatory changes in gold import duties are key risks that could impact operating margins by 2-3%.
Geographic Concentration Risk
100% of retail revenue is generated from a single store in Ahmedabad, creating a high risk if the local market faces a downturn.
Third Party Dependencies
Moderate dependency on bank financing for working capital, with average utilization at 85%.
Technology Obsolescence Risk
Risk is low, but the company is expanding its online presence to keep pace with digital transformation in the jewellery retail sector.
Credit & Counterparty Risk
B2B operations involve credit risk; however, the company maintains established relationships with clients to mitigate receivables risk.
