Remember when gold prices were supposed to keep jewellers swimming in cash? Well, RBZ just proved even glitter has an off-season. Q1 FY26 saw an 8% YoY revenue dip as India’s wedding calendar hit snooze, and a 45% QoQ collapse because Akshaya Tritiya crashed the Q4 party in April. The twist? Margins strutted up to 17.2% — apparently, artisans and CFOs both know how to polish a quarter when sales sulk.
Why it matters? This slowdown isn’t a sign of structural weakness — the advance festive order book says Q2 could be the comeback runway.
Stick around—things get spicier two scrolls down.
AT A GLANCE
• Revenue down 8% YoY – No weddings, no gold rush.
• EBITDA margin 17.2% – Flexing even while sales nap.
• PAT down 22% – Fewer brides, fewer blessings.
• Stock at ₹141.45 – Market in “call me after Diwali” mode.
MANAGEMENT’S KEY COMMENTARY
Rajendrakumar Zaveri (CMD): “Q1 was impacted by seasonal demand shifts.”
– Translation: No one gets married in May unless they must.
Harit Zaveri (JMD & CFO): “Our B2B segment saw strong advance orders at IIJS.”
– Translation: Wholesalers swiped right for Q2 deliveries.
Management: “Focus on inventory optimisation and festive collections.”
– Translation: Clear the old bling before dropping the new line.
Management: “Two new Gujarat showrooms planned by FY27.”
– Translation: Expanding the empire, one bridal necklace at a time.
Management: “Manufacturing capacity ready for scale-up.”
– Translation: Machines
