Tribhovandas Bhimji Zaveri: ₹2,648 Cr Sales, 17.5x P/E – Old Gold, New Struggles

1. At a Glance

TBZ is that family jeweller your nani still swears by, but your millennial cousin only knows because Sara Ali Khan popped up on Instagram reels wearing their bridal sets. Revenue is up, profit doubled in 3 years, but debt also ballooned to ₹792 Cr. Stock trades at 17.5x earnings, cheaper than Titan (86x) but still not exactly “bargain-bin.” Basically, TBZ is the seasoned uncle at a shaadi — respected, wearing gold, but dancing carefully because of bad knees (aka high leverage).

2. Introduction

Welcome to Indian jewellery retail: half tradition, half Instagram filter. TBZ claims to have pioneered lightweight jewellery, lifetime buybacks, and BIS hallmarked gold. Translation: “We sell gold, but with marketing lines fancy enough to make you forget the making charges.”

In FY24, TBZ opened new stores (Vapi, Gujarat), partnered with SBI Card for festive discounts, launched bridal collections, and ran digital campaigns clocking 16.8 million video views. Which is cute, but Titan clocks that many sales in one karwa chauth weekend.

They now operate 33 stores across 25 cities. Good presence, but when compared to Kalyan (250+), Senco, or Malabar (pan-India dominance), TBZ still feels like a boutique chain trying to act national.

👉 Question for you: Do you think jewellery branding today is more about Instagram presence or trust built over decades?

3. Business Model (WTF Do They Even Do?)

TBZ makes money the old-fashioned way:

99% retail jewellery sales → gold, diamonds, platinum, jadau, bridal.
1% non-retail → basically nothing to brag about.
Store formats: large (>2,000 sq ft, 29 stores) + small (≤2,000 sq ft, 4 stores).

They finance this empire with… leverage. Debt is ₹792 Cr, Debt/Equity ~1.2x. So while Titan expands with cheap cost of capital, TBZ is running EMI ka model.

Franchisee model planned for FY25 expansion. Because, why risk capital when you can risk someone else’s?

4. Financials Overview

Quarterly Snapshot (Q1 FY26 vs YoY & QoQ):

Source table

Metric	Latest Qtr (Jun’25)	YoY Qtr (Jun’24)	Prev Qtr (Mar’25)	YoY %	QoQ %
Revenue	₹624 Cr	₹596 Cr	₹529 Cr	4.7%	18.0%
EBITDA	₹53 Cr	₹41 Cr	₹36 Cr	29.3%	47.2%
PAT	₹22.5 Cr	₹17 Cr	₹9 Cr	32.0%	150.0%
EPS (₹)	3.37	2.56	1.42	31.6%	137.3%

Commentary: Q-o-Q bounce like gold price chart. PAT doubled vs last year. Annualised EPS ~₹13.5 → At CMP ₹193, P/E ~14x (forward).

5. Valuation (Fair Value RANGE only)

a) P/E Method
Industry average ~29x.

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