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 are warmed up; just need more gold to melt.
NUMBERS DECODED
| Revenue – The Hero | EBITDA – The Sidekick | Margins – The Drama Queen |
|---|---|---|
| ₹756 Mn (-8% YoY, -45% QoQ) | ₹130 Mn (-7.8% YoY) | 17.2% (+9 bps YoY, +664 bps QoQ) |
- Revenue:Calendar gods stole Q1 sales.
- EBITDA:Flat, proving cost discipline works even when volumes drop.
- Margins:Glow-up thanks to better mix and job work efficiency.
ANALYST QUESTIONS
Q:“Why such a big QoQ drop?”A:“Akshaya Tritiya came early in April.”– Translation: Blame the calendar, not us.
Q:“What’s demand like now?”A:“Strong advance bookings for festive season.”– Translation: Vaults are about to get noisy.
Q:“Any expansion plans?”A:“Four Gujarat showrooms in 2 years.”– Translation: More window cleaning contracts incoming.
GUIDANCE &
