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 ₹ 4,056 Cr.
- Current Price ₹ 608
- High / Low ₹ 798 / 110
- Stock P/E 20.6
- Book Value ₹ 130
- Dividend Yield 0.41 %
- ROCE 21.9 %
- ROE 27.1 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 36.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 17.2%
Cons
- Stock is trading at 4.66 times its book value
* 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.
Peer comparison
Consumer Discretionary Consumer Durables Consumer Durables Gems, Jewellery And Watches
Part of BSE Consumer Discretionary
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,934 | 1,655 | 1,690 | 1,751 | 1,764 | 1,810 | 1,342 | 1,844 | 2,394 | 2,299 | 2,620 | 3,203 | 3,437 | |
| 1,854 | 1,612 | 1,617 | 1,672 | 1,681 | 1,690 | 1,216 | 1,762 | 2,269 | 2,153 | 2,439 | 2,834 | 3,075 | |
| Operating Profit | 80 | 42 | 73 | 79 | 83 | 120 | 126 | 82 | 124 | 146 | 181 | 369 | 362 |
| OPM % | 4.2% | 2.6% | 4.3% | 4.5% | 4.7% | 7% | 9% | 4.4% | 5% | 6% | 7% | 12% | 11% |
| 23 | 4 | 3 | 6 | 4 | 2 | 12 | 8 | 5 | 6 | 4 | 7 | 7 | |
| Interest | 57 | 61 | 55 | 44 | 53 | 62 | 52 | 41 | 53 | 57 | 64 | 77 | 72 |
| Depreciation | 9 | 10 | 9 | 9 | 10 | 32 | 27 | 23 | 24 | 24 | 25 | 29 | 31 |
| Profit before tax | 38 | -26 | 12 | 32 | 23 | 28 | 60 | 26 | 52 | 72 | 96 | 270 | 266 |
| Tax % | 36% | 7% | -10% | 34% | 33% | 24% | 28% | 22% | 23% | 24% | 29% | 25% | |
| 24 | -28 | 13 | 21 | 16 | 21 | 43 | 20 | 40 | 54 | 68 | 202 | 196 | |
| EPS in Rs | 3.65 | -4.13 | 1.94 | 3.19 | 2.33 | 3.21 | 6.48 | 3.02 | 6.02 | 8.16 | 10.25 | 30.32 | 29.44 |
| Dividend Payout % | 27% | 0% | 0% | 24% | 32% | 31% | 39% | 33% | 29% | 21% | 22% | 8% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 7% |
| 5 Years: | 19% |
| 3 Years: | 10% |
| TTM: | 24% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 25% |
| 5 Years: | 36% |
| 3 Years: | 71% |
| TTM: | 110% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 22% |
| 5 Years: | 44% |
| 3 Years: | 73% |
| 1 Year: | 238% |
| Return on Equity | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | 13% |
| 3 Years: | 17% |
| Last Year: | 27% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 |
| Reserves | 397 | 369 | 389 | 410 | 417 | 414 | 456 | 461 | 494 | 535 | 590 | 771 | 804 |
| 588 | 650 | 549 | 569 | 606 | 637 | 438 | 588 | 575 | 614 | 792 | 886 | 984 | |
| 237 | 210 | 187 | 174 | 334 | 350 | 254 | 341 | 339 | 243 | 320 | 378 | 369 | |
| Total Liabilities | 1,289 | 1,296 | 1,192 | 1,219 | 1,423 | 1,468 | 1,215 | 1,457 | 1,475 | 1,459 | 1,769 | 2,102 | 2,223 |
| 108 | 109 | 103 | 103 | 111 | 174 | 140 | 152 | 159 | 151 | 164 | 183 | 207 | |
| CWIP | 5 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1,176 | 1,187 | 1,088 | 1,116 | 1,312 | 1,294 | 1,075 | 1,305 | 1,316 | 1,308 | 1,604 | 1,919 | 2,015 | |
| Total Assets | 1,289 | 1,296 | 1,192 | 1,219 | 1,423 | 1,468 | 1,215 | 1,457 | 1,475 | 1,459 | 1,769 | 2,102 | 2,223 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 15 | 14 | 153 | 42 | 32 | 149 | 231 | -66 | 93 | 40 | -27 | 30 | |
| 26 | -11 | 0 | -9 | -21 | -6 | 5 | -2 | -7 | -7 | -45 | -10 | |
| -47 | -2 | -155 | -27 | -16 | -147 | -233 | 71 | -87 | -29 | 85 | -17 | |
| Net Cash Flow | -7 | 1 | -2 | 6 | -4 | -4 | 3 | 2 | -0 | 4 | 13 | 2 |
| Free Cash Flow | 2 | 4 | 146 | 32 | 17 | 146 | 230 | -67 | 86 | 31 | -39 | 16 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 29% | 35% | 208% | 61% | 51% | 133% | 196% | -70% | 82% | 40% | -1% | 26% |
Ratios
Consolidated / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 0 | 0 | 5 | 5 | 1 | 1 | 0 | 0 | 3 | 0 | 0 |
| Inventory Days | 246 | 292 | 261 | 265 | 307 | 293 | 326 | 276 | 214 | 223 | 241 | 249 |
| Days Payable | 24 | 24 | 20 | 24 | 51 | 48 | 46 | 46 | 36 | 20 | 27 | 24 |
| Cash Conversion Cycle | 222 | 269 | 241 | 246 | 261 | 246 | 280 | 230 | 178 | 205 | 215 | 226 |
| Working Capital Days | 61 | 63 | 66 | 67 | 66 | 64 | 105 | 75 | 63 | 73 | 65 | 74 |
| ROCE % | 8% | 3% | 6% | 7% | 7% | 8% | 11% | 6% | 9% | 11% | 12% | 22% |
Insights
In beta| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total number of stores count ・Standalone data |
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| Total retail area sq ft ・Standalone data |
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| Share of diamond jewellery in sales % ・Standalone data |
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| Average ticket size - Diamond jewellery INR '000 ・Standalone data |
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| Average ticket size - Gold jewellery INR '000 ・Standalone data |
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| Diamond sales volume carats ・Standalone data |
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| Gold sales volume kgs ・Standalone data |
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| Customer walk-ins count ・Standalone data |
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Extracted by Screener AI
Documents
Announcements
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Disclosure As per Regulation 7(2) Of The SEBI (Prohibition Of Insider Trading) Regulations, 2015
- Promoter group disclosed off-market sale of 4,94,59,775 shares, or 74.12%, on October 30, 2026.
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Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
- Promoters sold 74.12% stake on October 30, 2026 to GRT Jewellers under SPA.
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Intimation Under Regulation 31A(10) Of SEBI (LODR) Regulations, 2015
- GRT Jewellers acquired 74.12% TBZ shares on October 30, 2026, becoming new promoter.
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Announcement under Regulation 30 (LODR)-Resignation of Managing Director
- GRT acquires 74.12% of TBZ; company becomes subsidiary; promoter exits and new directors appointed October 30, 2026.
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Announcement under Regulation 30 (LODR)-Resignation of Director
- GRT Jewellers acquires 74.12% of TBZ on Oct 30, 2026; promoters exit, board and management reconstituted.
Annual reports
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Annual Report 2026
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Annual Report 2025
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Annual Report 2024
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Annual Report 2023
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Annual Report 2022
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Annual Report 2021
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Annual Report 2020
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Annual Report 2019
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Annual Report 2018
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Annual Report 2017
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Annual Report 2016
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Annual Report 2015
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Annual Report 2014
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Annual Report 2013
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Annual Report 2013
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Concalls
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May 2026PPT
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Nov 2025PPT
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Business Overview:[1][2]
TBZ, a 160-year-old family-run Indian jewellery business is currently run by the 5th generation of the family. It offers handcrafted gold, diamond, jadau, and platinum jewellery for various occasions, contemporary designs for daily wear, 8-10 new jewellery lines/year, and innovative collections like "Dohra" detachable jewellery.