RBZ Jewellers is growing profits faster than revenue. It trades at half the industry median PE (23.6). It has one large showroom, 190+ wholesale clients, and 2+ tons annual production capacity.
Yet the stock is down 18.7% over one year.
Either the market sees something scary.
Or the market hasn’t read the earnings presentation.
Let’s audit this like a sarcastic forensic accountant with a magnifying glass made of 24-karat logic.
2. Introduction – From Ahmedabad Mandaps to NSE Screens
RBZ Jewellers was incorporated in 2008. It listed in December 2023 via IPO of ₹100 Cr.
The company operates across:
Wholesale jewellery supply
Retail showroom under “Harit Zaveri Jewellers”
Job work manufacturing
This is not just a jeweller. It’s an integrated manufacturing + B2B + B2C hybrid model.
In Q3 FY26:
Revenue grew 16.8% YoY
EBITDA grew 35.9% YoY
PAT grew 32.8% YoY
EBITDA margin improved to 13.04%
They launched ~951 new designs in one quarter.
That’s roughly 12 designs per day.
I don’t update my phone wallpaper that often.
Management has guided:
FY26 revenue ~₹700 Cr
FY26 PAT ~₹44–45 Cr
FY27 revenue target ₹1,000 Cr
FY27 PAT target ₹55 Cr
Ambitious? Yes. Impossible? Not yet.
But jewellery is capital intensive, inventory heavy, and cash hungry.
So let’s dig deeper.
3. Business Model – What Exactly Is The Gold Machine Here?
