Tribhovandas Bhimji Zaveri Limited (TBZ) AI Stock Analysis

• Market Cap: ₹8.79B
• Dividend Yield: 1.38%
• Average Volume (3M): 15.61K
• Price to Earnings (P/E): 3.4
• Beta (1Y): 1.49
• Revenue Growth: 14.86%
• EPS Growth: 48.09%
• Country: IN
• Employees: 997
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Luxury Goods
• EPS (TTM): 12.08
• Shares Outstanding: 66,730,620
• 10 Day Avg. Volume: 19,401
• 30 Day Avg. Volume: 15,608
• PEG Ratio: 0.73
• Price to Book (P/B): 1.95
• Price to Sales (P/S): 0.49
• P/FCF Ratio: -33.08
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ₹142.00 ▼(-13.47% Downside)
• Action: Reiterated Date: 01/08/26
• Date: Action: Reiterated 01/08/26

The score is led by solid financial performance driven by strong revenue growth and improving margins, partially offset by negative operating/free cash flow and moderate leverage. Technicals show an uptrend but with mixed momentum (negative MACD and elevated RSI). Valuation is a supportive factor with a reasonable P/E and modest dividend yield.

Positive Factors

Revenue Growth

Consistent double-digit revenue growth in 2025 indicates durable demand for TBZ's products and expanding market reach. Over a 2-6 month horizon, sustained top-line growth supports scale benefits, improves bargaining power with suppliers, and underpins investments in store expansion and branded initiatives.

Improving Margins

Higher gross and strengthened EBIT/EBITDA margins reflect better product mix and operational efficiency, likely from higher contribution of studded jewelry and cost control. Margin improvement is a structural positive that can sustain profitability through better assortment, sourcing and store economics over the medium term.

Decent ROE & Balanced Capital Structure

A mid-teens ROE and a ~37% equity ratio signal the business generates reasonable returns while preserving capital buffer. This balanced structure provides flexibility to fund organic growth and withstand cyclical stress, supporting durable investment capacity if operating performance remains stable.

Negative Factors

Negative Operating & Free Cash Flow

Negative operating and free cash flow in 2025 points to cash conversion weakness and elevated working-capital or capex needs. Over months, this creates reliance on external financing, constrains reinvestment, and raises risk if revenue or margin momentum softens, limiting financial flexibility.

Moderate Leverage

A debt-to-equity ratio near 1.2 implies meaningful leverage; servicing requires steady operating cash flow. If growth or margins weaken, interest and principal obligations could pressure liquidity and force tighter capital allocation, making leverage a medium-term vulnerability for stability.

Commodity & Working-Capital Sensitivity

As a jewelry retailer exposed to gold and gemstone price swings, TBZ faces structural inventory and working-capital volatility. Price movements and elongated inventory days can erode margins or require cash buffers, increasing financing needs and margin variability over the coming months.

Tribhovandas Bhimji Zaveri Limited Business Overview & Revenue Model

Company Description

Tribhovandas Bhimji Zaveri Limited designs, manufactures, retails, and sells jewelry primarily in India. Its products portfolio includes bangles, pendants, earrings, necklaces, bracelets, rings, and mangalsutras. The company provides products in a various styles, such as gold, diamond studded, precious and semi-precious stone studded, and plain and diamond studded platinum; Lightweight and contemporary jewelry; jewelry with colored stones studded in gold; loose diamonds; solitaires; loose precious and semi-precious stones; and jadau jewelry. As of March 31, 2022, it operated twenty-eight owned stores and three franchise stores in twenty-five cities and twelve states. Tribhovandas Bhimji Zaveri Limited was founded in 1864 and is based in Mumbai, India.

How the Company Makes Money

TBZ primarily makes money by retailing jewelry and deriving a spread between the selling price of jewelry and its total cost (precious metal and gemstone procurement, manufacturing/karatage and making charges, logistics, store operating costs, and marketing). Key revenue streams include: (1) Sale of gold jewelry: Revenue is driven by volumes (grams sold), prevailing gold prices (often passed through to customers), and making charges/margins embedded in the final price. (2) Sale of diamond and gemstone-studded jewelry: Earnings come from the retail mark-up on diamonds/gemstones and the value added through design and manufacturing, typically producing higher gross margins than plain gold jewelry. (3) Sale of other precious jewelry products (e.g., platinum/silver, depending on assortment): Similar retail margin model based on material cost plus making charges and brand/retail mark-up. Additional factors that contribute to earnings include the company’s branded retail positioning and store network (supporting footfall and repeat purchases), product mix (higher contribution from studded jewelry can improve margins), and inventory/working-capital management in a commodity-price-sensitive business. Specific details on material partnerships or revenue contribution by segment are null.

Tribhovandas Bhimji Zaveri Limited Financial Statement Overview

Summary

Strong revenue growth (+14.20% in 2025) and improving profitability (gross margin 14.39%, net margin 2.60%, stronger EBIT/EBITDA margins) are positives. However, 2025 featured negative operating and free cash flow, and leverage is moderate (debt-to-equity 1.20), which together temper the score.

Income Statement

Tribhovandas Bhimji Zaveri Limited shows a strong revenue growth trajectory with a 14.20% increase in 2025 over 2024. Gross profit margin stands at a healthy 14.39% for 2025, indicating efficient cost management. The net profit margin improved to 2.60% in 2025, reflecting better profitability, although still modest. EBIT and EBITDA margins strengthened substantially, indicating improved operational efficiency.

Balance Sheet

The company's debt-to-equity ratio is 1.20, which suggests moderate leverage, posing some risk if revenue growth doesn't sustain. However, the return on equity (ROE) at 10.41% in 2025 indicates decent returns on investment. The equity ratio is 37.15%, demonstrating a balanced capital structure with room for potential growth.

Cash Flow

Tribhovandas Bhimji Zaveri had a challenging year in 2025 with negative operating and free cash flows, indicating cash flow management issues. The free cash flow to net income ratio is negative, highlighting a reliance on external financing. However, previous years showed positive cash flow generation, suggesting potential for recovery.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	27.70B	26.25B	22.99B	23.93B	18.44B	13.42B
Gross Profit	4.59B	3.78B	3.17B	3.01B	2.39B	2.36B
EBITDA	2.19B	1.77B	1.42B	1.19B	802.58M	1.30B
Net Income	933.98M	683.88M	544.27M	401.90M	201.82M	432.67M
Balance Sheet
Total Assets	20.40B	17.69B	14.59B	14.75B	14.57B	12.15B
Cash, Cash Equivalents and Short-Term Investments	955.30M	982.13M	496.69M	454.91M	452.73M	395.47M
Total Debt	8.22B	7.92B	6.14B	5.75B	5.88B	4.38B
Total Liabilities	13.44B	11.12B	8.57B	9.15B	9.29B	6.92B
Stockholders Equity	6.96B	6.57B	6.02B	5.60B	5.28B	5.23B
Cash Flow
Free Cash Flow	194.38M	-388.13M	302.34M	854.40M	-672.83M	2.30B
Operating Cash Flow	275.97M	-268.54M	396.89M	931.69M	-661.97M	2.31B
Investing Cash Flow	-166.37M	-450.42M	-65.75M	-66.11M	-20.92M	52.72M
Financing Cash Flow	-284.50M	849.44M	-291.86M	-867.24M	707.66M	-2.33B

Tribhovandas Bhimji Zaveri Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 164.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TBZ, the sentiment is Negative. The current price of 164.1 is above the 20-day moving average (MA) of 145.07, above the 50-day MA of 156.98, and below the 200-day MA of 177.29, indicating a bearish trend. The MACD of -7.29 indicates Positive momentum. The RSI at 32.82 is Neutral, neither overbought nor oversold. The STOCH value of 23.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:TBZ.

Tribhovandas Bhimji Zaveri Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TBZ	66 Neutral	₹8.79B	3.41	―	1.38%	14.86%	48.09%
THANGAMAYL	66 Neutral	₹109.21B	23.90	―	0.37%	35.04%	80.12%
SENCO	66 Neutral	₹47.55B	4.93	―	0.31%	20.18%	16.17%
PCJEWELLER	62 Neutral	₹62.37B	9.16	―	―	190.41%	2939.51%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
RAJESHEXPO	51 Neutral	₹32.58B	18.97	―	―	112.02%	244.77%
GOENKA	41 Neutral	₹266.28M	-23.75	―	―	―	―

Tribhovandas Bhimji Zaveri Limited Corporate Events

Tribhovandas Bhimji Zaveri Names Sailaja M as Head of Human Resources

Tribhovandas Bhimji Zaveri Limited has appointed Ms. Sailaja M as Head of Human Resources and designated her as Senior Management Personnel with effect from March 6, 2026, following approval by the board based on the nomination and remuneration committee’s recommendation. With 22 years of HR experience across global and Indian multinationals, startups, and sectors such as e-commerce, offline retail, QSR, home building, and beauty, her appointment signals a strategic focus on strengthening people management and scaling capabilities as the jeweller navigates growth and competition in organised retail.

Tribhovandas Bhimji Zaveri HR Head Resigns to Pursue New Opportunities

Tribhovandas Bhimji Zaveri Limited has announced the resignation of Ms. Shikha Khurana from her position as Head – Human Resources, effective March 4, 2026. The company has informed the National Stock Exchange of India and BSE that she is leaving to pursue other career opportunities, and has provided the required disclosure details in line with SEBI’s Listing Regulations and the applicable master circular.

The leadership change in the HR function signals a transition in the company’s people and talent strategy, an important pillar for a consumer-facing retail brand in a competitive jewellery market. Stakeholders will watch for the company’s approach to succession in this key role, as continuity in HR leadership can influence workforce stability, store operations, and execution of growth plans.

ICRA Re-Affirms TBZ’s Long-Term Credit Rating at [ICRA] A- (Stable)

Tribhovandas Bhimji Zaveri Limited announced that ICRA Limited has re-affirmed its long-term credit rating at [ICRA] A- with a Stable outlook for its fund-based working capital, cash credit, and term loan facilities. The re-affirmation, including for an enhanced amount, signals continued confidence in the company’s credit profile and supports its financial flexibility for ongoing operations and growth plans.

The maintained A- rating with a Stable outlook indicates that the company’s risk profile remains satisfactory in the eyes of lenders and investors, despite a competitive jewellery retail environment. This affirmation may help TBZ secure funding on favourable terms, underpin its liquidity position, and reinforce stakeholder confidence in its ability to meet long-term financial obligations.