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1. At a Glance
Revenue for the June 2026 quarter came in at ₹120.80 crore against ₹75.58 crore a year earlier, 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. EPS was ₹2.27.
The gold that produced all this weighed 175.47 kg, split across retail (49.57 kg), wholesale (30.63 kg) and job work (95.27 kg) — a business where the entire quarter’s output would fit comfortably in the boot of a hatchback, assuming a very brave driver.
Management attributed the revenue growth to robust consumer demand, higher jewellery sales and strengthening brand recall, and said it was in line with guidance shared in the previous quarter. On EBITDA margin, which came in at 14.9% against 17.2% a year earlier, management cited a stagnant average gold rate producing negligible inventory gain, Ind AS 116 lease impacts of ₹76 lakh in lease-asset amortisation and ₹115 lakh from lease liabilities, 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 fiscal year — Surat, Rajkot, Maninagar and Gandhinagar. The company currently has one. Multiplying your retail estate by five in twelve months is the kind of plan that appears on a slide long before it appears in a P&L, and the P&L is where the next few sections live.
2. Introduction
RBZ Jewellers was incorporated in 2008 as a private limited company and reconstituted as a public limited company on March 20, 2023. It is promoted by Mr Rajendra Zaveri and his son, Mr Harit Zaveri. Per CRISIL’s rationale, Mr Rajendra has been in the jewellery industry for over three decades and Mr Harit for about a decade. The investor presentation puts the family legacy at 30+ years.
The company came to market with an IPO of 1 crore shares raising ₹100 crore, and listed on BSE and NSE on December 21, 2023. The equity capital moved from ₹4 crore in March 2022 to ₹30 crore in March 2023 to ₹40 crore in March 2024, where it has sat ever since with the stillness of a well-set stone.
The retail arm, Harit Zaveri Jewellers, was established in 2014 — a full six years after the manufacturing business — and for eleven years consisted of exactly one showroom, an 11,667 sq. ft. store in the Satellite area of Ahmedabad. FY26 revenue was ₹636.48 crore, of which retail contributed 64%, wholesale 35% and job work 1%.
In March 2026, CRISIL revised its outlook on the long-term bank facilities to Positive from Stable, reaffirming the rating at Crisil BBB+, with the short-term rating reaffirmed at Crisil A2 and the rated bank loan facilities enhanced to ₹300 crore from ₹200 crore. CRISIL’s revision reflects, in its words, expectation of sustained improvement in the business risk profile marked by improving scale of operations.
Also on record: a March 2025 intimation of fraud by an employee causing a loss of ₹1.98 crore, and CFO changes disclosed in September 2024 and February 2025. The 18th Annual General Meeting was notified in August 2026, complete with the mandatory newspaper advertisement — the one financial ritual that has survived every technology cycle since the telegraph.
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3. Business Model: WTF Do They Even Do?
Three businesses, one metal.
Wholesale (B2B). RBZ manufactures customised gold jewellery and supplies it to national and regional retailers — approximately 190 of them — across 72+ cities in 20 states. The speciality is Antique Gold jewellery: Jadau, Meena, Kundan, Polki. The client list includes Titan, Malabar Gold, Senco Gold, JMC, PNG Jewellers, BHIMA and CH. This is a business whose customers are the shops you already know, which means RBZ has spent seventeen years being famous with people who are famous with you. FY26 wholesale volume: 179 kg.
Retail (B2C). One showroom in Ahmedabad under the Harit Zaveri brand, offering gold, Polki, platinum, silver and diamond jewellery plus artifacts, across rings, earrings, pendants, bracelets, necklaces, chains, waistbands and bangles. The mix runs roughly 65% occasion wear, 35% daily wear. FY26 retail volume: 321 kg from a single store — a shop doing a third of a tonne of gold a year, which is a lot of tissue paper.
Job work. Retailers send their own gold; RBZ designs, manufactures, processes and finishes it and books only the making charges as revenue. The presentation calls it the highest-margin segment with limited working capital requirement. It accounted for 52% of total gold volumes in FY26 and 1% of revenue — the segment handles the most metal and reports the least money, because the metal was never theirs. Accounting, doing exactly what it was designed to do, and confusing everybody anyway.
The factory sits on the Sarkhej–Gandhinagar Highway
