Recently, while screening for stocks for our Premium Members, I came across RBZ Jewellers.
RBZ is both a B2B and B2C jewellery manufacturer and retailer.
Under B2B, the company supplies custom-designed gold jewellery to ~190 retailers across 72 cities in 20 states, while under B2C, the company operates a single large showroom (11,667 sq ft) under the brand ”Harit Zaveri Jewellers” in Ahmedabad. Company will soon open 2 showrooms in Surat and Rajkot each.
Below, we have shared notes from Q1 FY 26 concall of the company to understand management’s perspective on growth plans and guidance for both B2B and B2C segments.
Before that: Here’s the list of new stock recommendations made recently:
- On 3rd Jul’25, we released a new recommendation under “Insider Bets” subscription. Herein the Promoters have infused substantial capital into the company and all through preferential allotment of shares to themselves. You can read about it by clicking HERE
- On 9th Jul’25, we released a new Special situation opportunity for our Alpha + members. It’s based on Promoter change in a company with downside protection through open offer price. You can read about it by clicking HERE
- On 30th Jul’25, we released a new long term stock recommendation for our Alpha/Alpha + members. It’s a chemical company trading at deep valuation discount and Promoter recently bought shares from open market. You can read about it by clicking HERE
RBZ Jewellers Q1 FY 26 concall notes
- Opening Commentary & Overview
- Revenue Decline: Operational revenue for Q1 FY26 declined by 8% YoY, primarily due to lack of major festivals/weddings in the quarter. About 45% of this drop was due to preponement of demand in Q4 FY25 as Akshaya Tritiya fell in April.
- Management had previously guided for such an occurrence.
- Profitability:
- EBITDA: ₹13 cr (down 8% YoY), but EBITDA margin improved slightly to 17.2% (+9 bps)
- PAT: ₹7 cr, PAT margin at 9.39%.
- Segmental Revenue (Q1 FY26):
- Retail: ₹45 cr (slightly up YoY)
- Wholesale: ₹29 cr (down 20% YoY)
- Job Work: up 8% YoY
- Revenue Decline: Operational revenue for Q1 FY26 declined by 8% YoY, primarily due to lack of major festivals/weddings in the quarter. About 45% of this drop was due to preponement of demand in Q4 FY25 as Akshaya Tritiya fell in April.
- Key Business Insights & Guidance
- Retail Expansion:
- Two new large showrooms in Surat and Rajkot are being opened (one Q4FY26, one Q1FY27); exploring Baroda and another Ahmedabad/other city store in future.
- Each new store expected to be among the largest in its city. Retail revenue potential—Ahmedabad ₹500-600 cr, Surat ₹400 cr, Rajkot ₹300 cr.
- Business Mix:
- Over 50%/50% split in volume between B2B (wholesale/job-work) vs B2C (retail), but retail will contribute ~70-75% of revenue when new stores ramp up.
- Capacity:
- Current manufacturing capacity: just over 2 tonnes/year; running ~66% utilization in FY25.
- No immediate need for capex; current capacity sufficient for at least 2-3 years, even after retail expansion.
- Capacity measured in weight; higher gold prices have doubled potential topline from existing factory without volume expansion.
- FY26 & FY27 Guidance:
- FY26: Revenue ~₹700 cr, PAT ~₹45 cr (reiterated, after meeting and surpassing FY25 PAT guidance).
- FY27 (on track): Revenue up to ₹1,000 cr, PAT ~₹55 cr—contingent on ramp-up of the new showrooms.
- Inventory & Funding:
- Inventory for new showrooms funded via retained earnings and some debt; company maintains a low debt/equity ratio.
- Order Book:
- IIJS (Mumbai trade show) in July-August: “very strong” B2B demand, with 35% more walk-ins vs last year; good advance orders for festival and wedding season. Order book for Q2 robust.
- Profit Margins:
- Retail business offers higher margins than wholesale/job work.
- Company is moving gradually toward a retail-oriented, higher-margin model but maintaining its B2B DNA.
- Product Focus:
- Remains focused on gold antique bridal jewellery, especially for occasions. Daily wear is part of retail, with ongoing efforts to differentiate in in-house daily wear products.
- Studded jewellery is still a small part of the mix (10-15% of retail).
- Geographic Focus:
- Emphasis on dominating the four major cities of Gujarat (Ahmedabad, Surat, Rajkot, Baroda), seeing strong demographic alignment and proven traction.
- No Immediate Plans For:
- Online marketplace sales (though Instagram/social media engagement is strong).
- Large-scale expansion outside Gujarat until current strategy is proven.
- Major diamond/studded focus or in-house volume manufacturing of daily wear in the current year
- Retail Expansion:
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Disclaimer: This is not a recommendation to buy/sell any of the stocks mentioned above. The securities quoted are for illustration only and are not recommendatory.
Ekansh Mittal
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