Tribhovandas Bhimji Zaveri Limited (TBZ) AI Stock Analysis

• Market Cap: ₹11.53B
• Dividend Yield: 1.28%
• Average Volume (3M): 15.61K
• Price to Earnings (P/E): 12.3
• Beta (1Y): 1.39
• 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: 63 Neutral
• Price Target: ₹196.00 ▲(11.71% Upside)

Tribhovandas Bhimji Zaveri Limited's overall stock score reflects strong financial performance with revenue growth and profitability improvements. However, technical indicators suggest bearish momentum, and cash flow challenges pose risks. The valuation is reasonable, providing a balanced investment outlook.

Positive Factors

Revenue Growth

The consistent revenue growth indicates expanding market reach and effective sales strategies, which are crucial for long-term sustainability in the competitive luxury goods sector.

Profitability Margins

Strong profitability margins reflect efficient operations and cost control, which enhance the company's ability to reinvest in growth and withstand market fluctuations.

Operational Efficiency

Improved operational efficiency through stronger EBIT and EBITDA margins suggests effective management and resource utilization, supporting sustained profitability.

Negative Factors

Cash Flow Challenges

Persistent cash flow challenges can limit the company's ability to fund operations and growth initiatives internally, potentially increasing reliance on external financing.

Moderate Leverage

Moderate leverage indicates potential risk if revenue growth doesn't sustain, as it could strain financial flexibility and increase vulnerability to economic downturns.

Net Profit Margin

While the net profit margin has improved, its modest level suggests limited profitability, which may constrain the company's ability to invest in growth and innovation.

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: 175.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 175.45 is below the 20-day moving average (MA) of 183.40, below the 50-day MA of 184.50, and below the 200-day MA of 186.61, indicating a bearish trend. The MACD of -3.16 indicates Positive momentum. The RSI at 38.93 is Neutral, neither overbought nor oversold. The STOCH value of 17.02 is Positive, 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
THANGAMAYL	64 Neutral	₹94.53B	50.14	―	0.38%	35.04%	80.12%
TBZ	63 Neutral	₹11.53B	12.35	―	1.28%	14.86%	48.09%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
SENCO	58 Neutral	₹54.65B	25.45	―	0.32%	20.18%	16.17%
PCJEWELLER	57 Neutral	₹79.30B	11.12	―	―	190.41%	2939.51%
RAJESHEXPO	51 Neutral	₹53.66B	72.91	―	―	112.02%	245.09%

Tribhovandas Bhimji Zaveri Limited Corporate Events

Tribhovandas Bhimji Zaveri Limited Reports Securities Dematerialization Compliance

Tribhovandas Bhimji Zaveri Limited has reported to the stock exchanges about the dematerialization of its securities for the quarter ending September 30, 2025, in compliance with SEBI (Depositories and Participants) Regulations, 2018. This announcement ensures transparency and regulatory compliance, potentially reinforcing investor confidence and maintaining the company’s standing in the market.