Opening Hook
While Taylor Swift sells out stadiums worldwide, RBZ Jewellers is trying to sell out showrooms in Ahmedabad. One thing they share? Both are betting on loyal fans with deep pockets. But unlike Taylor’s ticket prices, RBZ blames weak Q1 sales on Akshaya Tritiya being “preponed”—yes, only in India do festivals reschedule earnings. Revenue dropped 8% YoY (Q1 FY26), but PAT margins held a sparkly 9.39%. Why does this matter? Because gold at ₹1 lakh per 10g isn’t stopping Indians from buying bridal sets heavier than a mid-sized hatchback. Stick around—things get spicier two scrolls down.
At a Glance
• Revenue down 8% – blame the wedding gods, not management• EBITDA at ₹13 cr – margins glittered at 17.2%• PAT ₹7 cr – CFO swears “flat is the new up”• Retail steady – Ahmedabad aunties saved the quarter• Wholesale tanked 20% – B2B ghosts Akshaya Tritiya• Stock stable – traders waiting for wedding season RSVP
Management’s Key Commentary
- “No need for factory expansion; gold prices doubled, so capacity doubled too.”→ Translation: Why sweat tonnage when inflation does the heavy lifting?
- “Retail margins are higher than wholesale.”→ Translation: Selling to aunties beats supplying Titan.
- “Our ₹700 cr revenue and ₹45 cr PAT guidance stands strong.”→ Translation: Guidance is the only jewellery we won’t discount.
- “IIJS exhibition got 35% more walk-ins.”→ Translation: Free air conditioning attracts more jewellers than discounts.
- “Surat and Rajkot showrooms will be the biggest in their cities.”→ Translation: We’re opening temples, not shops.
- “We have 163k
- Instagram followers.”→ Translation: Social media flex = modern gold standard.
- “Tax notice? Old, baseless, irrelevant.”→ Translation: Don’t worry, SEBI uncle, we got this.
Numbers Decoded
| Revenue – The Hero | EBITDA – The Sidekick | Margins – The Drama Queen |
|---|---|---|
| ₹74 cr, down 8% YoY | ₹13 cr, down 8% YoY | 17.2%, slightly shinier |
- Revenue: Slipped because Akshaya Tritiya crashed the Q4 party.
- EBITDA: Flat as a gold coin, but still glittering.
- Margins: Always the diva—up 9 bps despite sales shrinking.
Analyst Questions
- On capacity: “2 tons is enough, gold doubled so revenue doubled.” CFO basically said, “No treadmill, weight gain is free.”
- On retail vs wholesale: Retail will do 70-75% of revenue; wholesale gets the crumbs.
- On peers growing faster: Blame festival timing, not our bridal sets.
- On store expansion: Surat and Rajkot stores will pump ₹700–1,000 cr revenue in 2-3 years.
Guidance & Outlook
Management doubled down on FY26 guidance: ₹700 cr revenue, ₹45 cr
