Tribhovandas Bhimji Zaveri Limited (TBZ) AI Stock Analysis

• Market Cap: ₹11.23B
• Dividend Yield: 1.38%
• Average Volume (3M): 15.61K
• Price to Earnings (P/E): 12.0
• Beta (1Y): 1.56
• Revenue Growth: 14.86%
• EPS Growth: 48.09%
• Country: IN
• Employees: 997
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Luxury Goods
• EPS (TTM): 4.72
• 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: ₹203.00 ▲(23.71% Upside)

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 demonstrates durable consumer demand and expanding market reach for TBZ's retail jewelry network. Sustained top-line momentum supports scale economics, funds showroom and assortment investments, and underpins long-term earnings resilience if execution continues.

Improving Margins

Margin expansion—higher gross and operating margins—signals improved sourcing, pricing and operational discipline. Durable margin gains enhance cash generation potential, provide a buffer versus commodity swings, and create capacity to reinvest in stores and brand building over the medium term.

Brand & Distribution

A long heritage and extensive showroom network deliver sustained brand equity and distribution advantages in bridal and investment jewelry. Trust, craftsmanship and physical presence support repeat purchases, premium pricing and lower customer-acquisition costs versus newer entrants over multiple years.

Negative Factors

Cash Flow Weakness

Negative operating and free cash flows in 2025 point to structural working-capital or cash-conversion issues in a gold-intensive retail model. Ongoing cash-generation weakness increases reliance on external finance, potentially constraining store expansion and inventory funding if not remedied.

Moderate Leverage

A debt-to-equity ratio around 1.2 represents moderate leverage that limits financial flexibility. Combined with recent cash-flow weakness, this elevates refinancing and interest-coverage risk, potentially restricting capital expenditure, strategic investments or weathering demand shocks over the medium term.

Commodity Price Exposure

TBZ's revenue and margins are structurally exposed to gold and diamond price volatility. Prolonged commodity swings can reduce discretionary demand, compress margins through higher input costs or force inventory markdowns, complicating working-capital management and earnings predictability.

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 generates revenue primarily through the sale of gold, diamond, and platinum jewelry. Its business model is based on retail sales from its numerous showrooms, which cater to both urban and semi-urban markets. Key revenue streams include the sale of wedding and bridal jewelry, as well as regular jewelry collections that appeal to a wide customer base. Additionally, TBZ earns income from the sale of investment jewelry and gold coins. The company's pricing strategy is influenced by market rates of gold and diamonds, which fluctuate based on global trends. TBZ also engages in promotional activities and offers loyalty programs that encourage repeat purchases. Significant partnerships with suppliers of raw materials ensure a steady inventory of high-quality gemstones and metals, contributing to its profitability.

Tribhovandas Bhimji Zaveri Limited Financial Statement Overview

Summary

Tribhovandas Bhimji Zaveri Limited shows strong revenue growth and improving profitability margins, indicating solid operational performance. However, moderate leverage and cash flow challenges in 2025 highlight risks, though historical performance suggests potential for recovery.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	26.49B	26.25B	22.99B	23.93B	18.44B	13.42B
Gross Profit	4.15B	3.78B	3.17B	3.01B	2.39B	2.36B
EBITDA	1.89B	1.77B	1.42B	1.19B	802.58M	1.30B
Net Income	738.38M	683.88M	544.27M	401.90M	201.82M	432.67M
Balance Sheet
Total Assets	0.00	17.69B	14.59B	14.75B	14.57B	12.15B
Cash, Cash Equivalents and Short-Term Investments	982.13M	982.13M	496.69M	454.91M	452.73M	395.47M
Total Debt	0.00	7.92B	6.14B	5.75B	5.88B	4.38B
Total Liabilities	-6.57B	11.12B	8.57B	9.15B	9.29B	6.92B
Stockholders Equity	6.57B	6.57B	6.02B	5.60B	5.28B	5.23B
Cash Flow
Free Cash Flow	0.00	-388.13M	302.34M	854.40M	-672.83M	2.30B
Operating Cash Flow	0.00	-268.54M	396.89M	931.69M	-661.97M	2.31B
Investing Cash Flow	0.00	-450.42M	-65.75M	-66.11M	-20.92M	52.72M
Financing Cash Flow	0.00	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: Negative
• 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 below the 20-day moving average (MA) of 165.17, below the 50-day MA of 173.33, and below the 200-day MA of 185.65, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 49.90 is Neutral, neither overbought nor oversold. The STOCH value of 48.13 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	₹11.23B	12.03	―	1.38%	14.86%	48.09%
THANGAMAYL	66 Neutral	₹112.01B	59.42	―	0.37%	35.04%	80.12%
SENCO	66 Neutral	₹57.56B	22.95	―	0.31%	20.18%	16.17%
PCJEWELLER	62 Neutral	₹75.46B	10.41	―	―	190.41%	2939.51%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
RAJESHEXPO	60 Neutral	₹49.72B	37.68	―	―	112.02%	244.77%
GOENKA	41 Neutral	₹266.28M	-16.34	―	―	―	―