1. At a Glance – Blink and You’ll Miss the Comeback
A 150-year-old jewellery brand, trading at a single-digit P/E while peers parade around with valuation crowns, just delivered a Q3 performance that made accountants spill their chai. ₹1,061 Cr in quarterly sales, PAT of ₹80.6 Cr, and a 170% YoY profit jump — all while the stock sulks near ₹168 and the market cap yawns at ~₹1,125 Cr.
TBZ is that quiet uncle at the wedding who suddenly starts dancing better than the DJ. ROCE at ~12%, ROE ~11%, dividend yield north of 1%, and promoters chilling with a 74% stake and zero pledge. Debt exists (₹822 Cr), yes — jewellery retail isn’t a kirana store — but margins are improving, inventory discipline looks less drunk than before, and Q3 margins basically said: “Titan, notice me senpai.”
Returns recently? Meh. Last 1 year: -18%. But fundamentals? Whispering instead of shouting — which is exactly when markets usually wake up late.
2. Introduction – The Zaveri Family, Gold, and a Very Indian Story
TBZ is not a startup pretending to be heritage. It is heritage. This brand was selling gold when Excel sheets were still blackboards. Founded in the 19th century, formally listed in 2007, TBZ is the OG jeweller that introduced 100% BIS hallmarked 22K gold, certified solitaire diamonds, and lifetime buyback schemes before Instagram reels existed.
But let’s be honest — for years, TBZ looked like that legacy brand stuck between Titan’s corporate polish and regional jewellers’ street-smart aggression. Sales grew, but not fast. Margins existed, but not exciting. Debt stayed, inventory ballooned, and
