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1. At a Glance
RBZ Jewellers makes and sells gold jewellery, and it reports in three parts: wholesale, retail and job work.
Revenue for the three months to June 2026 was ₹120.80 crore. A year earlier the figure was ₹75.58 crore, a rise of 59.8%. Operating profit was ₹17.92 crore against ₹12.98 crore. Net profit was ₹9.09 crore against ₹7.12 crore. Earnings per share came in at ₹2.27.
The gold behind all of that weighed 175.47 kg. Retail took 49.57 kg and wholesale 30.63 kg. Job work accounted for 95.27 kg. A whole quarter’s output would fit in the boot of a hatchback, with a brave driver at the wheel.
Management attributed the revenue growth to robust consumer demand, higher jewellery sales and strengthening brand recall. It said the quarter was in line with guidance given three months earlier.
EBITDA margin, which measures profit before interest, tax and depreciation as a share of sales, was 14.9% against 17.2%. Management cited a stagnant average gold rate, which left almost no inventory gain. It also pointed to lease charges under Ind AS 116, the accounting rule that brings leased shop space onto the balance sheet. Those were ₹76 lakh of lease-asset amortisation and ₹115 lakh from lease liabilities. Management further cited pre-operating costs for the Surat store ramp-up and higher finance costs from inventory positioning.
Four showrooms are scheduled to open across Gujarat by the end of this financial year. They are Surat, Rajkot, Maninagar and Gandhinagar. The company currently has one showroom.
2. Introduction
RBZ Jewellers was incorporated in 2008 as a private limited company. It was reconstituted as a public limited company on 20 March 2023. The promoters are Mr Rajendra Zaveri and his son, Mr Harit Zaveri. CRISIL, a credit-rating agency, says Mr Rajendra has spent over three decades in the jewellery industry. CRISIL puts Mr Harit’s experience at about a decade. The company’s investor presentation describes a family legacy of more than 30 years.
The company came to market with an offer of 1 crore shares, raising ₹100 crore. The shares listed on BSE and NSE on 21 December 2023. Equity capital stood at ₹4 crore in March 2022. It was ₹30 crore by March 2023 and ₹40 crore by March 2024. It has sat there ever since, with the stillness of a well-set stone.
The retail arm, Harit Zaveri Jewellers, was established in 2014, six years after the manufacturing business. For eleven years it consisted of exactly one showroom. That store covers 11,667 sq. ft. in the Satellite area of Ahmedabad. Revenue for the year to March 2026 was ₹636.48 crore. Retail contributed 64% of it, wholesale 35% and job work 1%.
In March 2026, CRISIL revised its outlook on the long-term bank facilities to Positive from Stable. It reaffirmed the long-term rating at Crisil BBB+ and the short-term rating at Crisil A2. The rated bank loan facilities were enhanced to ₹300 crore from ₹200 crore. CRISIL says the revision reflects its expectation of sustained improvement in the business risk profile, marked by improving scale of operations.
Also on the record is a March 2025 exchange intimation of fraud by an employee. The stated loss was ₹1.98 crore. The 18th annual general meeting was notified in August 2026, complete with the mandatory newspaper advertisement, the one financial ritual to survive every technology cycle since the telegraph. The company disclosed changes in its chief financial officer in September 2024 and again in February 2025.
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3. Business Model: WTF Do They Even Do?
Three businesses, one metal.
Wholesale, meaning sales to other businesses, is the oldest of them. RBZ manufactures customised gold jewellery and supplies national and regional retailers. It serves roughly 190 of them. They sit in more than 72 cities across 20 states. The speciality is antique gold: Jadau, Meena, Kundan and Polki. The client list includes Titan, Malabar Gold, Senco Gold and JMC. It also names PNG Jewellers, BHIMA and CH. The customers are the shop signs on the high street, which leaves RBZ famous among the famous. Wholesale volume in the year to March 2026 was 179 kg.
Retail runs from one showroom in Ahmedabad, under the Harit Zaveri brand. It offers gold, Polki, platinum, silver and diamond jewellery, plus artifacts. The range covers rings, earrings, pendants and bracelets. It also covers necklaces, chains, waistbands and bangles. The mix runs roughly 65% occasion wear and 35% daily wear. Retail volume in the year to March 2026 was 321 kg from that single store. A third of a tonne of gold a year is a great deal of tissue paper.
Job work is the third line. Retailers send their own gold, and RBZ designs, manufactures, processes and finishes it. Only the making charges are booked as revenue. The investor presentation calls this the
