Tribhovandas Bhimji Zaveri Limited (TBZ)
₹759.15 +5.00% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Tribhovandas Bhimji's revenue was ₹841 Cr (+34.8% year on year, +1.3% on the previous quarter), and net profit ₹33.9 Cr (+50.8% year on year); the operating margin was 8.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹841 | +34.8% | +1.3% |
| Operating profit | ₹72.3 | +36.0% | -35.4% |
| Net profit | ₹33.9 | +50.8% | -50.1% |
| EPS (₹) | 5.08 | +50.7% | -49.9% |
| Operating margin | 8.6% | — | — |
TBZ exchange data
NSE end-of-day data for
It closed at its upper price band (circuit) on 16 Oct, one of 16 band closes in about the last 20 sessions.
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Tribhovandas Bhimji Zaveri Limited (TBZ) announced that GRT Jewellers (India) Private Limited has received approval from the Competition Commission of India (CCI) for its proposed acquisition of a majority stake in TBZ. This approval advances the transaction initially disclosed on August 31, 2026. TBZ currently has a market capitalization of Rs 4,391 Cr, with promoter holding standing at 74.12% as of September 2026. The clearance marks a pivotal step toward a complete change in control and ownership structure of the 160-year-old jewellery brand.
- CCI grants formal approval for GRT Jewellers to acquire a majority stake in TBZ
- Follows initial corporate transaction disclosures dated August 31, 2026
- TBZ current market cap stands at Rs 4,391 Cr with existing promoter holding at 74.12%
- Approval paves the way for execution of the open offer and formal transfer of control
TBZ has received a Draft Letter of Offer (DLOF) regarding an open offer by GRT Jewellers (India) Private Limited to acquire up to 1,72,70,845 equity shares (25.88% of voting share capital) at ₹249.61 per share. The offer represents a total consideration of approximately ₹431.10 crore. Notably, the offer price of ₹249.61 sits at a massive 52.4% discount to TBZ's prevailing market price of ₹524.50. This mandatory open offer follows earlier disclosures initiated on August 31, 2026, under SEBI SAST Regulations.
- Open offer price set at ₹249.61 per share, well below market price of ₹524.50
- Offer to acquire up to 1,72,70,845 shares representing 25.88% of total voting capital
- Total open offer value amounts to approximately ₹431.10 crore
- Manager to the Offer is Axis Capital Limited; KFin Technologies acts as Registrar
ICRA has placed TBZ's Rs 915 crore bank facilities on Rating Watch with Positive Implications following a Share Purchase Agreement entered on August 31, 2026. Under the agreement, GRT Jewellers (India) Private Limited proposes to acquire 4,94,59,775 equity shares (74.12% stake) from existing promoters at up to Rs 209 per share, totaling ~Rs 1,034 crore. Following the acquisition, TBZ will become a subsidiary of GRT Group, triggering a mandatory open offer. The rating watch reflects anticipated operational and financial backing from the larger GRT retail group.
- ICRA placed ratings for Rs 915.00 crore total debt facilities ([ICRA]A- / [ICRA]A2+) on Rating Watch with Positive Implications
- GRT Jewellers to acquire 74.12% promoter stake (4,94,59,775 shares) for up to Rs 209 per share, totaling ~Rs 1,034 crore
- The acquisition triggers a mandatory open offer under SEBI Takeover Regulations
- Deal consideration of ~Rs 1,034 crore represents ~30.9% of TBZ's current market cap of Rs 3,350 crore
Tribhovandas Bhimji Zaveri Limited (TBZ) submitted the voting results and Scrutinizer's Report for its 19th AGM held on September 9, 2026. All four ordinary resolutions, including the adoption of FY26 financial statements and declaration of a Rs 2.50 per share dividend (nominal value Rs 10), were approved with over 99.99% votes in favour. Out of total outstanding equity of 6,67,30,620 shares, 4,95,71,498 votes were polled, representing a 74.29% voter turnout. Resolutions to reappoint director Raashi Zaveri and approve commission to non-executive directors also passed successfully.
- Shareholders approved an ordinary resolution declaring a dividend of Rs. 2.50/- per equity share of Rs. 10/- each
- Overall voter turnout was 74.2860%, with 4,95,71,498 votes polled out of 6,67,30,620 total shares
- Dividend resolution passed with 4,95,71,497 votes (100.0000%) in favour and 1 vote against
- Approval granted for the payment of commission to Non-Executive Directors with 99.9942% votes in favour (4,95,68,638 shares)
Tribhovandas Bhimji Zaveri Limited (TBZ) completed its 19th Annual General Meeting on September 9, 2026. Ordinary business included the adoption of FY26 financial statements and approval of a dividend of Rs 2.50 per equity share. The company reiterated that its promoter group has signed a share purchase agreement to sell their entire 74.12% stake to Chennai-based GRT Jewellers, followed by an open offer under Takeover Regulations. Voting results will be submitted separately within two working days.
- 19th AGM held on September 9, 2026 via video conferencing, concluding at 12:36 p.m.
- Shareholders deliberated on declaring a dividend of Rs 2.50 per equity share of Rs 10 each
- Promoters confirmed execution of share purchase agreement to sell entire stake to GRT Jewellers (promoter holding stands at 74.12%)
- Open offer to public shareholders by GRT Jewellers remains underway following initial disclosures on August 31, 2026
- E-voting concluded with results to be filed within two working days under Regulation 44
Tribhovandas Bhimji Zaveri Limited (TBZ) submitted the proceedings of its 19th Annual General Meeting held on September 9, 2026. The meeting reiterated that the promoter group entered into a Share Purchase Agreement with GRT Jewellers to sell their entire stake (promoters held 74.12% as of March 2026), triggering an open offer under Takeover Regulations. Key resolutions put to vote included the adoption of FY26 financial statements and the declaration of a dividend of Rs 2.50 per equity share. Voting results will be submitted separately within two working days.
- 19th Annual General Meeting concluded on September 9, 2026, via Video Conferencing
- Promoter group selling entire stake to Chennai-based GRT Jewellers, triggering an open offer
- Ordinary resolution transacted to approve a dividend of Rs. 2.50 per equity share of Rs. 10 each
- Scrutinizer appointed to verify e-voting results, with submission due within two working days
GRT Jewellers (India) Private Limited has issued a Detailed Public Statement for an open offer to acquire up to 1,72,70,845 equity shares of Tribhovandas Bhimji Zaveri Limited (TBZ). This open offer represents 25.88% of the voting share capital of the company pursuant to SEBI SAST Regulations. The public announcement was initially made on August 31, 2026, and the detailed statement was published on September 7, 2026, managed by Axis Capital Limited. With promoter holding currently at 74.12%, this acquisition could mark a major change in control or strategic ownership.
- Open offer to acquire up to 1,72,70,845 fully paid-up equity shares of TBZ
- Offer represents 25.88% of the Voting Share Capital of the company
- Acquisition initiated by GRT Jewellers (India) Private Limited
- Detailed Public Statement dated September 4, 2026, published on September 7, 2026
- Triggered under Regulations 3(1) and 4 of SEBI (SAST) Regulations, 2011
GRT Jewellers (India) Private Limited has issued a Detailed Public Statement for an open offer to acquire up to 1,72,70,845 equity shares (25.88% of voting share capital) of Tribhovandas Bhimji Zaveri Limited (TBZ). This open offer follows a Share Purchase Agreement dated August 31, 2026, where GRT agreed to acquire 4,94,59,775 shares (74.12% stake) from existing promoters at up to Rs 209.00 per share, totaling up to Rs 1,033.71 Cr. Notably, the offer price cap of Rs 209.00 represents a steep discount to TBZ's current market price of Rs 528.9. The transaction involves a complete change of control and is subject to approvals from the Competition Commission of India (CCI) and identified lenders.
- Open offer for up to 1,72,70,845 equity shares representing 25.88% voting share capital of TBZ
- Underlying SPA to acquire 4,94,59,775 equity shares (74.12% stake) from promoter sellers
- Maximum price per SPA sale share agreed at INR 209.00 (aggregate consideration up to INR 10,337,092,975.00)
- Identified lenders whose approval is mandatory include SBI, Union Bank, Central Bank, Kotak Mahindra, IndusInd, and Federal Bank
- Transaction subject to CCI approval and a long-stop date of 6 months from August 31, 2026
GRT Jewellers (India) Private Limited has executed a Share Purchase Agreement (SPA) to acquire 4,94,59,775 equity shares (74.12% stake) from TBZ's promoter group at ₹209.00 per share, aggregating ₹1,033.71 crore. Following the change of control agreement, GRT has triggered a mandatory open offer to acquire up to 1,72,70,845 shares (25.88% voting capital) from public shareholders at ₹249.61 per share, representing a total consideration of up to ₹431.10 crore. The offer price of ₹249.61 is at a ~15.8% discount to the current market price of ₹296.60. Consummation of the acquisition is subject to Competition Commission of India (CCI) approval and consents from identified consortium lenders.
- GRT Jewellers acquiring 74.12% promoter stake (4,94,59,775 shares) at ₹209.00 per share for ₹1,033.71 crore.
- Open offer launched for the remaining 25.88% public stake (1,72,70,845 shares) at ₹249.61 per share, totaling up to ₹431.10 crore.
- Offer price of ₹249.61 trades at a ~15.8% discount relative to the current market price of ₹296.60.
- Subject to statutory conditions including CCI approval and consents from 6 identified lending banks.
- Existing promoters will be declassified, and the acquirer has stated no intention to delist the company.
GRT Jewellers (India) Private Limited has executed a Share Purchase Agreement to acquire 4,94,59,775 equity shares (74.12% stake) from existing promoters of TBZ at ₹209.00 per share, totaling ₹1,033.71 cr. In accordance with SEBI SAST regulations, GRT Jewellers has announced an open offer to acquire up to 1,72,70,845 shares (25.88% of voting capital) from public shareholders at ₹249.61 per share, amounting to ₹431.10 cr. Upon completion, the existing promoters will declassify and GRT Jewellers will assume management control. The transaction remains subject to Competition Commission of India (CCI) clearance and consent from six identified lender banks.
- Acquisition of 74.12% promoter stake (4,94,59,775 shares) via SPA at ₹209.00 per share for ₹1,033.71 cr
- Open offer for remaining 25.88% public stake (1,72,70,845 shares) at ₹249.61 per share for ₹431.10 cr
- Acquirer intends to take full control and does not intend to delist the company
- Transaction conditional on CCI approval and consents from 6 identified lender banks
GRT Jewellers India Private Limited has entered into a Share Purchase Agreement (SPA) to acquire the entire 74.12% promoter stake in Tribhovandas Bhimji Zaveri Limited (TBZ) for an aggregate value of up to Rs 1,033.71 Crores. The transaction triggers a mandatory open offer for an additional ~26% public stake under SEBI Takeover Regulations. The acquisition combines GRT's network of 68 domestic stores with TBZ's 37-store retail footprint and 162-year brand legacy, subject to customary closing conditions and regulatory approvals.
- GRT Jewellers to acquire 74.12% promoter stake for an aggregate value of up to Rs 1,033.71 Crores
- Open offer to be launched for up to ~26% public shareholding as per SEBI regulations
- Expands retail reach by combining TBZ's 37 showrooms with GRT's 68 domestic stores and 1 overseas store
- GRT operates ~6,50,000 sq.ft of retail space with a customer base exceeding 15 million
Promoters of Tribhovandas Bhimji Zaveri (TBZ) have signed a Share Purchase Agreement to sell their entire 74.12% equity stake (4,94,59,775 shares) to GRT Jewellers (India) Private Limited at a price not exceeding Rs 209 per share (~Rs 1,033.7 Cr aggregate value). Upon completion, GRT Jewellers will assume sole control of TBZ, the promoter directors will resign, and the sellers will be declassified. The acquisition triggers a mandatory open offer to public shareholders under SEBI Takeover Regulations. Notably, the transaction price cap of Rs 209 represents a ~29.5% discount to the last traded price of Rs 296.60.
- Promoter group selling entire 74.12% equity holding (4,94,59,775 shares) to GRT Jewellers (India) Pvt Ltd.
- Agreed sale price capped at not more than Rs 209 per share, subject to downward audit adjustments and no upward revisions.
- Acquirer to gain sole control, triggering a mandatory open offer under SEBI (SAST) Regulations.
- Promoter directors Mr. Shrikant Zaveri, Mrs. Binaisha Zaveri, and Mrs. Raashi Zaveri to resign from the Board post-closing.
Tribhovandas Bhimji Zaveri Limited (TBZ) has sent a communication to shareholders outlining the Tax Deducted at Source (TDS) guidelines on its recommended final dividend of ₹2.50 per equity share (25% on face value of ₹10) for FY26. The dividend is subject to approval at the 19th Annual General Meeting scheduled for September 9, 2026. The record date for dividend entitlement has been fixed as September 2, 2026. Eligible shareholders seeking nil or lower TDS rates must submit relevant tax forms and declarations by August 31, 2026.
- Recommended final dividend of ₹2.50 per share (25% on face value of ₹10) for the financial year ended March 31, 2026.
- Record date for determining shareholder entitlement established as Wednesday, September 2, 2026.
- 19th Annual General Meeting to approve the dividend scheduled for Wednesday, September 9, 2026.
- Cut-off date for submitting tax exemption forms (Form 121 / 15G / 15H / TRC) set as Monday, August 31, 2026.
- Standard TDS rate applicable at 10% for resident shareholders with valid PAN, with an exemption threshold of up to ₹10,000 per year for resident individuals.
Tribhovandas Bhimji Zaveri Limited (TBZ) has released newspaper advertisements regarding its upcoming 19th Annual General Meeting (AGM). The AGM is scheduled to take place on Wednesday, September 9, 2026, at 11:30 a.m. IST via Video Conferencing/OAVM. The advertisements also notify shareholders regarding remote e-voting procedures and eligibility for the final dividend for FY26.
- 19th Annual General Meeting convened for September 9, 2026, at 11:30 a.m. IST
- Meeting to be conducted virtually through Video Conferencing/Other Audio Visual Means
- Notice published in Free Press Journal and Nav Shakti editions dated August 15, 2026
- Includes details regarding e-voting and record date for final dividend for FY ended March 31, 2026
Tribhovandas Bhimji Zaveri (TBZ) has announced its 19th Annual General Meeting (AGM) for September 9, 2026, to be held via video conferencing. The company has fixed September 2, 2026, as the cut-off date to determine shareholder eligibility for e-voting and dividend payments. This follows a fiscal year (FY26) where the company reported a significant revenue of ₹3,203 Cr and a PAT of ₹204 Cr. The filing is a procedural requirement to ensure all shareholders, including those with unregistered emails, can access the Annual Report.
- 19th Annual General Meeting scheduled for September 9, 2026, at 11:30 a.m. IST.
- Cut-off date for dividend and e-voting eligibility is September 2, 2026.
- Remote e-voting period runs from September 6 (9:00 a.m.) to September 8, 2026 (5:00 p.m.).
- FY26 Annual Report made available via web link and QR code for shareholders without registered emails.
Financial Performance
Revenue Growth by Segment
Revenue from operations grew 21.30% YoY in Q2 FY26 to INR 687.83 Cr and 12.77% YoY in H1 FY26 to INR 1,311.84 Cr. FY2025 operating income grew 14% YoY to INR 2,620.7 Cr, driven by buoyant gold prices despite a reduction in low-margin corporate sales of bars and coins.
Geographic Revenue Split
TBZ operates 33 retail showrooms in 25 cities across 12 states, with a significant historical presence in Maharashtra and Gujarat. Specific percentage split per region is not disclosed.
Profitability Margins
Gross margin expanded by 318 bps to 16.87% in Q2 FY26 and by 247 bps to 16.53% in H1 FY26. Operating profit margin (OPM) improved to 6.6% in FY2025 from 6.1% in FY2024 and 4.9% in FY2023 due to cost optimization and a shift away from thin-margin corporate sales.
EBITDA Margin
EBITDA margin improved to 9.18% in Q2 FY26 (up 279 bps YoY) and 8.73% in H1 FY26 (up 195 bps YoY). EBITDA rose 74.15% YoY in Q2 FY26 to INR 63.13 Cr and 45.27% YoY in H1 FY26 to INR 114.54 Cr.
Capital Expenditure
The company has no major capex plans in the medium term as store expansion is being pivoted toward the franchisee route to maintain a light balance sheet. Long-term debt repayment obligations are nominal at INR 1-3 Cr per annum till FY2028.
Credit Rating & Borrowing
ICRA reaffirmed [ICRA]A- (Stable) in October 2024. CRISIL Ratings reaffirmed [CRISIL]A- (Stable). Interest coverage ratio improved to 3.1 times in FY2025 from 2.8 times in FY2024.
Operational Drivers
Raw Materials
Gold, Diamonds, and Precious Gemstones. Gold inventory typically represents 4-5 months of sales, while diamonds represent approximately 1 year of inventory.
Import Sources
Sourced through bullion imports and metal loan funding. Specific countries of origin are not disclosed in available documents.
Capacity Expansion
Current network consists of 33 retail showrooms. Future expansion is planned primarily through the franchisee route to leverage brand value without heavy capital investment.
Raw Material Costs
Raw material costs are highly sensitive to gold price volatility. A sharp rise in gold prices in FY2025 led to inventory gains on unhedged stock but increased working capital requirements.
Manufacturing Efficiency
Operating efficiency is improving through cost optimization and the closure of non-performing stores, leading to a sequential rise in OPM from 4.9% to 6.6% over three years.
Strategic Growth
Expected Growth Rate
13%
Growth Strategy
Growth will be achieved through 'early teens' revenue expansion driven by a design-led product mix (bridal, festive, everyday fine jewellery), calibrated retail footprint expansion via the franchisee route, and digital innovation including shop-from-home and video call services.
Products & Services
Gold jewellery, diamond-studded ornaments, and precious gemstone jewellery catering to bridal, festive, and everyday wear segments.
Brand Portfolio
TBZ - The Original
New Products/Services
Focus on design-led high-margin products and everyday fine jewellery to attract younger consumers and increase purchase frequency.
Market Expansion
Judicious expansion of retail footprint across key locations in India, primarily through franchisee-owned stores to increase market share while maintaining profitability.
Strategic Alliances
Expansion through franchisee partners; Tribhovandas Bhimji Zaveri (Bombay) Limited acts as a wholly-owned subsidiary for diamond ornament manufacturing.
External Factors
Industry Trends
The industry is seeing accelerated formalization, benefiting organized retailers like TBZ. Consumers are evolving toward design-led and everyday fine jewellery, growing at a steady double-digit rate.
Competitive Landscape
Intense competition from organized national players and a highly fragmented unorganized sector which limits pricing flexibility.
Competitive Moat
Moat is built on a 160-year brand legacy, trust, and craftsmanship. This sustainable advantage allows TBZ to maintain a premium position in the bridal and festive segments despite intense competition.
Macro Economic Sensitivity
Highly sensitive to gold price volatility and consumer discretionary spending trends. Buoyant gold prices led to a 14% revenue growth in FY2025 but impacted volumetric demand.
Consumer Behavior
Evolving consumer trends toward digital engagement (video calls) and a preference for branded, authentic jewellery for both festive and daily use.
Geopolitical Risks
Geopolitical tensions affecting gold imports or international bullion prices directly impact input costs and inventory valuation.
Regulatory & Governance
Industry Regulations
Subject to mandatory PAN disclosure on high-value transactions, bullion import restrictions, and metal loan limitations which can impact liquidity and sales volumes.
Environmental Compliance
Environmental risk is considered low, though stores are exposed to physical risks like flooding or excessive rainfall in operating regions.
Risk Analysis
Key Uncertainties
Volatility in gold prices (potential 5-10% impact on margins), regulatory changes in bullion sourcing, and intense competition in a fragmented market.
Geographic Concentration Risk
Concentrated in 12 states with a heavy reliance on the Western Indian market (Maharashtra and Gujarat).
Third Party Dependencies
Dependency on banks for working capital limits (INR 625 Cr) and metal loan facilities.
Technology Obsolescence Risk
Low risk of product obsolescence, but failure to adapt to digital retail trends could result in market share loss to more tech-savvy competitors.
Credit & Counterparty Risk
Low credit risk as most sales are retail/cash-and-carry; however, advances from customers (INR 111.4 Cr in FY2025) represent a key working capital source.
