Tribhovandas Bhimji Zaveri Q3 FY26 Concall Decoded: Margins sparkle brighter than diamonds, while finance costs quietly try to steal the show.

1. Opening Hook

Gold prices flirted with volatility, weddings went full throttle, and TBZ decided this was the perfect quarter to flex. While most jewellers blamed macros, TBZ showed up with a margin expansion so sharp it could cut diamonds. Revenues rose, profits exploded, and suddenly a 160-year-old brand started sounding like a startup on caffeine.

But don’t get carried away just yet. Beneath the festive confetti and bridal lehengas, there’s a familiar villain lurking—finance costs. Still, management sounded confident, marketing went loud, and “Dohra” became the new buzzword in boardrooms and bridal stores alike.

Read on. The shine is real, but the fine print is where the real story hides.

2. At a Glance

• Revenue up 14% – Not viral growth, but steady festive-season discipline.
• Gross margin up 500 bps – When execution improves, numbers stop lying.
• EBITDA up 118% – Operating leverage finally woke up from a long nap.
• PAT up 168% – Math works beautifully when margins cooperate.
• Finance cost up 40% – Banks also wanted a piece of the jewellery boom.

3. Management’s Key Commentary

“Gross margin expansion was driven by better realisation and execution.”
(Translation: We sold smarter, not cheaper 😏)

“EBITDA growth reflects scale efficiencies and disciplined cost control.”
(Translation: Fixed costs stayed put while