Recently, while screening for stocks for our Premium Members, I came across RBZ Jewellers.
The company works on both B2B and B2C business model wherein it makes jewellery on order for corporates and has a large retail outlet in Ahmedabad. Based on the success of Ahmedabad outlet, the company is planning 4 more outlets in cities like Rajkot, Surat, Vadodara, etc.
Below, we have shared notes from Q2 FY 26 concall of the company to understand management’s perspective on growth plans and guidance for both B2B and B2C segments.
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RBZ Jewellers Q2 FY 26 concall notes
Source: RBZ presentation
Financial Performance – Q2 FY’26
- Revenue from Operations: Rs 145 crores, up 24% YoY and 92% QoQ. Growth was fueled by robust demand in occasion and daily wear segments.
- EBITDA: Rs 28 crores, up 105% YoY and 118% QoQ, with margins expanding to 19.5% (up 766 bps YoY and 230 bps QoQ).
- PAT: Rs 19 crores, up 130% YoY and 162% QoQ, with margins at 12.82%.
- Volumes: 380 kg (up 20% YoY from 317 kg), with job work contributing 249 kg (up from 163 kg YoY). Management emphasized volume growth as a sign of resilience amid 50%+ gold price rise.
Segmental Breakdown – Q2 FY’26
- Retail: Rs 87 crores (up 18% YoY), supported by strong ticket sizes during early Navratri and festive traction in the Ahmedabad flagship store.
- Wholesale: Rs 56 crores (up 40% YoY), driven by B2B exhibitions and corporate demand.
- Job Work: Rs 3 crores (up 22% YoY), reflecting a shift in customer preference toward job work models due to gold price volatility (65% of Q2 sales mix).
Financial Performance – H1 FY’26
- Revenue from Operations: Rs 221 crores, up 11% YoY.
- EBITDA: Rs 41 crores, up 47% YoY, with margins at 18.62% (up 455 bps YoY).
- PAT: Rs 26 crores, up 50% YoY, with margins at 11.64%.
- Volumes: Flat YoY overall, but positive in Q2; H1 job work volumes up significantly.
Segmental Breakdown – H1 FY’26
- Retail: Rs 132 crores (up 11% YoY)
- Wholesale: Rs 84 crores (up 11% YoY)
- Job Work: Rs 4 crores (up 17% YoY)
Key Operational and Strategic Updates
- Market Participation: Attended 5 national B2B exhibitions and 7 B2C events to boost visibility. Launched digital campaigns like “Chand,” “Rangat,” “Navratri Bridal,” and “Humsafar” for festive and daily wear collections, focusing on lightweight antique and polki designs.
- Retail Expansion: Encouraged by Ahmedabad store performance, plans to open stores in Rajkot and Surat by late Q4 FY’26 (10,000+ sq ft each, on lease/purchase mix). Targeting 4 stores total in Gujarat (including potential in Baroda/North Gujarat) over the next 2 years, aiming for 50:50 volume split between B2B and retail in the medium term. Maturity revenue potential: Rs 400-500 crores per store by year 4-5.
- Demand Trends: Strong festive season (early Navratri boosted Q2); wedding season underway with positive retail traction in occasion wear. Customers shifting to job work and exchanges due to price volatility, but volumes held steady. Experimenting with 18-carat occasion jewelry alongside dominant 22-carat demand.
- Margins Insight: Expansion driven by higher job work mix (savings from 2-3% gold recovery/wastage). Sustainable EBITDA margins expected at ~18-19% on full-year basis, fluctuating quarterly based on segment mix. No significant inventory gains from gold price rise; growth is volume-led.
- Funding and Inventory: Inventory at ~Rs 360 crores; expansion funded via working capital (utilized ~Rs 150 crore sanction, mainly for gold stock). Preference for cash reserves over gold metal loans (GML) currently, but exploring GML/hedging for future to manage downside risks. Debt-equity target: 1:1.
Guidance and Outlook
- Sticking to FY’26 guidance of Rs 700 crores revenue and Rs 45 crores PAT (H1 already at 58% of PAT target). H2 expected stronger due to weddings and retail expansion, with double-digit retail growth projected.
- Cautious on revenue due to job work shift (volumes strong, but topline may moderate if preferences persist). Positive on Q3 retail momentum; to assess revisions post-Q3.
- Broader Focus: Design innovation, IT-enabled supply chain, and exhibitions for B2B penetration (current ~1% organized market share). Marketing budget: 2-3% of sales for new stores, dropping to 0.75-1% at maturity.
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Ekansh Mittal
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