1. Opening Hook
Gold touched lifetime highs, analysts panicked, and jewellers were supposed to slow down.
RBZ Jewellers clearly didn’t get that memo.
While the market worried about ₹1.25 lakh gold killing demand, RBZ quietly pushed volumes higher, margins fatter, and analysts into spreadsheet gymnastics. Job work suddenly became the star of the show, retail flexed its confidence, and management calmly explained why revenue optics can lie.
This was not a “gold price rally” story. It was a “manufacturing muscle + timing + confidence” story.
And just when you think it’s only about one good quarter, management casually drops plans for massive Gujarat retail expansion, hints at long-term GML shifts, and refuses to upgrade guidance despite already crossing it on TTM.
Read on. It only gets shinier from here.
2. At a Glance
- Revenue ₹145 Cr (+24% YoY): Gold at ATH, growth still intact—no excuses used.
- QoQ Revenue +92%: Season arrived early, RBZ arrived earlier.
- EBITDA ₹28 Cr (+105% YoY): Job work quietly doing heavyweight lifting.
- EBITDA Margin 19.5%: Manufacturing efficiency flexing, peers sweating.
- PAT ₹19 Cr (+130% YoY): Not inventory luck, just volume discipline.
- Volumes 380 kg (+20% YoY): When gold rises 50% and volumes still rise—pay attention.
3. Management’s Key Commentary
“Despite gold prices touching lifetime highs, we remained aligned with our revenue guidance.”
(Translation: Stop blaming gold prices for weak execution 😏)
“We have not de-grown on volumes; we are volume positive.”
(Translation: Most jewellers shrank weight, we didn’t.)
“Job work volumes increased from 163 kg to 249 kg YoY.”
(Translation: Margins don’t come from PowerPoint slides, they come from shop floors.)
“Topline may shift due to job work, but profitability remains intact.”
(Translation: Stop judging us only by revenue optics.)
“Retail Q3 will be very strong; Q2 was dominated by B2B job work.”
(Translation: Different quarters, different heroes.)
“Rajkot and Surat stores will be among the largest in their cities.”
(Translation: We don’t do small bets.)
“We don’t discount because someone knows Harit Bhai.”
(Translation: This is not your uncle’s jewellery shop.) 😏
4. Numbers Decoded
Metric Q2 FY26 YoY Change
----------------------------------------------------
Revenue (₹ Cr)
