Tribhovandas Bhimji Zaveri Limited (IN:TBZ)
:TBZ
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Tribhovandas Bhimji Zaveri Limited
(TBZ)
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Rating:66Neutral
Price Target:
₹159.00
▼(-3.11% Downside)
Action:ReiteratedDate:03/28/26
The score is supported by very attractive valuation (low P/E and dividend yield) and improving operating performance, but is held back by negative operating/free cash flow in 2025 and clear bearish technicals with the stock trading below all major moving averages.
Positive Factors
Revenue & margin improvement
Revenue grew 14.2% YoY with healthier gross (14.39%) and improving EBIT/EBITDA and net margins (net 2.60%). Sustained top-line growth and margin expansion indicate structural demand recovery and better operating leverage, supporting cash generation capacity and reinvestment over months.
Negative Factors
Negative operating & free cash flow
Negative operating and free cash flows in 2025 signal structural cash-generation weakness that can persist through inventory- and season-driven cycles. Reliance on external financing raises refinancing and working capital risk, constraining sustainable investment, dividends, and buffer against commodity swings.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & margin improvement
Revenue grew 14.2% YoY with healthier gross (14.39%) and improving EBIT/EBITDA and net margins (net 2.60%). Sustained top-line growth and margin expansion indicate structural demand recovery and better operating leverage, supporting cash generation capacity and reinvestment over months.
Read all positive factors
Tribhovandas Bhimji Zaveri Limited (TBZ) vs. iShares MSCI India ETF (INDA)
Market Cap
₹9.69B
Dividend Yield1.38%
Average Volume (3M)15.61K
Price to Earnings (P/E)3.4
Beta (1Y)1.51
Revenue Growth11.74%
EPS Growth101.60%
CountryIN
Employees997
SectorConsumer Cyclical
Sector Strength84
IndustryLuxury Goods
Share Statistics
EPS (TTM)12.08
Shares Outstanding66,730,620
10 Day Avg. Volume19,401
30 Day Avg. Volume15,608
Financial Highlights & Ratios
PEG Ratio0.73
Price to Book (P/B)1.95
Price to Sales (P/S)0.49
P/FCF Ratio-33.08
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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...
How the Company Makes Money
TBZ primarily makes money by selling jewellery to end customers under its TBZ retail brand. Its core revenue stream is the retail sale of gold jewellery and diamond-studded jewellery, where revenue is driven by (a) the value of precious metal cont...
Tribhovandas Bhimji Zaveri Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
65
Positive
Cash Flow
55
Neutral
| 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
Neutral
164.10
Price Trends
142.85
Positive
155.12
Negative
171.60
Negative
Market Momentum
2.19
Negative
60.94
Neutral
93.06
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TBZ, the sentiment is Neutral. The current price of 164.1 is above the 20-day moving average (MA) of 132.70, above the 50-day MA of 142.85, and below the 200-day MA of 171.60, indicating a neutral trend. The MACD of 2.19 indicates Negative momentum. The RSI at 60.94 is Neutral, neither overbought nor oversold. The STOCH value of 93.06 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:TBZ.
Tribhovandas Bhimji Zaveri Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | ₹51.97B | 4.93 | ― | 0.31% | 27.13% | 254.05% | |
66 Neutral | ₹9.69B | 3.41 | ― | 1.38% | 11.74% | 101.60% | |
66 Neutral | ₹123.84B | 23.90 | ― | 0.37% | 56.15% | 89.57% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | ₹76.32B | 9.16 | ― | ― | 96.01% | 29.63% | |
54 Neutral | ₹36.95B | 18.97 | ― | ― | 134.99% | 173.71% | |
41 Neutral | ₹266.28M | -23.75 | ― | ― | 89.66% | 59.29% |
* Consumer Cyclical Sector Average
IN:TBZ
Tribhovandas Bhimji Zaveri Limited
146.35
-42.90
-22.67%
IN:GOENKA
Goenka Diamond & Jewels Ltd.
0.84
-0.03
-3.45%
IN:PCJEWELLER
PC Jeweller Ltd.
9.38
-3.07
-24.66%
IN:RAJESHEXPO
Rajesh Exports Limited
120.00
-62.15
-34.12%
IN:SENCO
Senco Gold Limited
313.20
-32.15
-9.31%
IN:THANGAMAYL
Thangamayil Jewellery Ltd.
3,965.15
1,975.49
99.29%
Tribhovandas Bhimji Zaveri Limited Corporate Events
TBZ Closes Trading Window Ahead of FY 2026 Results
Mar 27, 2026
Tribhovandas Bhimji Zaveri Limited has announced that its trading window for dealing in the company’s securities will be closed for designated and connected persons, as well as their immediate relatives, starting 1 April 2026. The closure wi...
Tribhovandas Bhimji Zaveri Names Sailaja M as Head of Human Resources
Mar 6, 2026
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 co...
Tribhovandas Bhimji Zaveri HR Head Resigns to Pursue New Opportunities
Mar 4, 2026
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 le...
ICRA Re-Affirms TBZ’s Long-Term Credit Rating at [ICRA] A- (Stable)
Feb 25, 2026
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 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.