Tribhovandas Bhimji Zaveri Ltd
Incorporated in 2007, Tribhovandas Bhimji Zaveri Ltd is in the business of retail sales of ornaments made of gold, diamond, silver, platinum and precious stones[1]
- Market Cap ₹ 1,176 Cr.
- Current Price ₹ 176
- High / Low ₹ 292 / 155
- Stock P/E 12.6
- Book Value ₹ 104
- Dividend Yield 1.28 %
- ROCE 12.0 %
- ROE 10.9 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 24.7% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 24.2%
Cons
- The company has delivered a poor sales growth of 7.68% over past five years.
- Company has a low return on equity of 9.28% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,824 | 1,934 | 1,655 | 1,690 | 1,751 | 1,764 | 1,810 | 1,342 | 1,844 | 2,394 | 2,299 | 2,620 | 2,769 | |
| 1,685 | 1,854 | 1,612 | 1,617 | 1,672 | 1,681 | 1,690 | 1,216 | 1,762 | 2,269 | 2,153 | 2,439 | 2,555 | |
| Operating Profit | 139 | 80 | 42 | 73 | 79 | 83 | 120 | 126 | 82 | 124 | 146 | 181 | 214 |
| OPM % | 8% | 4% | 3% | 4% | 5% | 5% | 7% | 9% | 4% | 5% | 6% | 7% | 8% |
| 5 | 23 | 4 | 3 | 6 | 4 | 2 | 12 | 8 | 5 | 6 | 4 | 6 | |
| Interest | 52 | 57 | 61 | 55 | 44 | 53 | 62 | 52 | 41 | 53 | 57 | 64 | 64 |
| Depreciation | 10 | 9 | 10 | 9 | 9 | 10 | 32 | 27 | 23 | 24 | 24 | 25 | 28 |
| Profit before tax | 83 | 38 | -26 | 12 | 32 | 23 | 28 | 60 | 26 | 52 | 72 | 96 | 127 |
| Tax % | 34% | 36% | 7% | -10% | 34% | 33% | 24% | 28% | 22% | 23% | 24% | 29% | |
| 55 | 24 | -28 | 13 | 21 | 16 | 21 | 43 | 20 | 40 | 54 | 68 | 93 | |
| EPS in Rs | 8.25 | 3.65 | -4.13 | 1.94 | 3.19 | 2.33 | 3.21 | 6.48 | 3.02 | 6.02 | 8.16 | 10.25 | 13.99 |
| Dividend Payout % | 27% | 27% | 0% | 0% | 24% | 32% | 31% | 39% | 33% | 29% | 21% | 22% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 3% |
| 5 Years: | 8% |
| 3 Years: | 12% |
| TTM: | 15% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 25% |
| 3 Years: | 50% |
| TTM: | 48% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 6% |
| 5 Years: | 31% |
| 3 Years: | 33% |
| 1 Year: | -25% |
| Return on Equity | |
|---|---|
| 10 Years: | 5% |
| 5 Years: | 8% |
| 3 Years: | 9% |
| Last Year: | 11% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 |
| Reserves | 381 | 397 | 369 | 389 | 410 | 417 | 414 | 456 | 461 | 494 | 535 | 590 | 629 |
| 568 | 588 | 650 | 549 | 569 | 606 | 637 | 438 | 588 | 575 | 614 | 792 | 822 | |
| 301 | 237 | 210 | 187 | 174 | 334 | 350 | 254 | 341 | 339 | 243 | 320 | 522 | |
| Total Liabilities | 1,316 | 1,289 | 1,296 | 1,192 | 1,219 | 1,423 | 1,468 | 1,215 | 1,457 | 1,475 | 1,459 | 1,769 | 2,040 |
| 97 | 108 | 109 | 103 | 103 | 111 | 174 | 140 | 152 | 159 | 151 | 164 | 171 | |
| CWIP | 2 | 5 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1,218 | 1,176 | 1,187 | 1,088 | 1,116 | 1,312 | 1,294 | 1,075 | 1,305 | 1,316 | 1,308 | 1,604 | 1,869 | |
| Total Assets | 1,316 | 1,289 | 1,296 | 1,192 | 1,219 | 1,423 | 1,468 | 1,215 | 1,457 | 1,475 | 1,459 | 1,769 | 2,040 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -30 | 15 | 14 | 153 | 42 | 32 | 149 | 231 | -66 | 93 | 40 | -27 | |
| -54 | 26 | -11 | 0 | -9 | -21 | -6 | 5 | -2 | -7 | -7 | -45 | |
| 86 | -47 | -2 | -155 | -27 | -16 | -147 | -233 | 71 | -87 | -29 | 85 | |
| Net Cash Flow | 1 | -7 | 1 | -2 | 6 | -4 | -4 | 3 | 2 | -0 | 4 | 13 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 1 | 0 | 0 | 0 | 5 | 5 | 1 | 1 | 0 | 0 | 3 | 0 |
| Inventory Days | 270 | 246 | 292 | 261 | 265 | 307 | 293 | 326 | 276 | 214 | 223 | 241 |
| Days Payable | 19 | 24 | 24 | 20 | 24 | 51 | 48 | 46 | 46 | 36 | 20 | 27 |
| Cash Conversion Cycle | 252 | 222 | 269 | 241 | 246 | 261 | 246 | 280 | 230 | 178 | 205 | 215 |
| Working Capital Days | 56 | 61 | 63 | 66 | 67 | 66 | 64 | 105 | 75 | 63 | 73 | 65 |
| ROCE % | 15% | 8% | 3% | 6% | 7% | 7% | 8% | 11% | 6% | 9% | 11% | 12% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Investor Presentation
17 Nov - Investor Presentation for the Quarter and Half Year Ended September 30, 2025
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Announcement under Regulation 30 (LODR)-Newspaper Publication
15 Nov - Newspaper Advertisement for the Unaudited Financial Results (Standalone and Consolidated) for the Quarter and Half Year ended 30th September, 2025.
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Announcement under Regulation 30 (LODR)-Change in Management
14 Nov - Q2/H1 FY26 results: Q2 revenue Rs6,878.3m, Q2 PAT Rs307m; H1 EBITDA +45.2%; appointment effective 14-Nov-2025.
- Outcome Of Board Meeting 14 Nov
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Board Meeting Intimation for Intimation Of Board Meeting.
6 Nov - Board meeting on 14 Nov 2025 to consider unaudited standalone and consolidated Q2 and H1 results for September 30, 2025.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
from bse
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Financial Year 2014
from bse
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Financial Year 2013
from nse
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Financial Year 2013
from bse
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Financial Year 2012
from bse
Concalls
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Nov 2025TranscriptNotesPPT
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Nov 2024TranscriptNotesPPT
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Feb 2024TranscriptPPT
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Nov 2023Transcript PPT REC
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May 2023TranscriptNotesPPT
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Nov 2022Transcript PPT
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Nov 2021Transcript PPT
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May 2021TranscriptNotesPPT
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Nov 2018Transcript PPT
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May 2018TranscriptNotesPPT
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Mar 2018Transcript PPT
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Dec 2017Transcript PPT
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May 2017Transcript PPT
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Feb 2017TranscriptNotesPPT
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Nov 2016Transcript PPT
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Nov 2016TranscriptNotesPPT
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Aug 2016Transcript PPT
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May 2016TranscriptPPT
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Feb 2016Transcript PPT
Business Overview:[1]
TBZ, a 150-year-old family-run Indian jewellery business, was the first to introduce 100% BIS hallmarked 22 karat gold jewellery, certified solitaire diamonds, and a lifetime buyback scheme on gold and diamond jewellery. It pioneered lightweight precious jewellery and offers handcrafted gold, diamond, jadau, and platinum jewellery for various occasions, as well as contemporary designs for daily wear.