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RBZ Jewellers Ltd

RBZJEWEL

NSE

₹209.28+4.95%19 Oct 2026

Reports

Diamond Gems and Jewellery

RBZ Jewellers Ltd

RBZJEWEL

NSE

₹209.28

+4.95%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Diamond Gems and Jewellery

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

RBZ Jewellers is a manufacturer of antique gold bridal jewellery that has quietly built a national wholesale business from a single factory in Gujarat, and is now stepping into retail under its own brand. Founded in Ahmedabad in 2008 by a father-son team whose family has been in the gold trade for generations, the company was built on a simple, recurring idea: own the entire making process under one roof, sell to the retailers who sell to India, and let the gold be provided by the client wherever possible. That approach - in-house manufacturing, a wholesale-first distribution engine, and an asset-light job-work model - explains everything that follows.

Business segments

A single manufacturing engine powers three go-to-market routes - wholesale supply to national retailers, an asset-light job-work service where clients provide the gold, and a nascent own-brand retail chain - all built on the same factory floor.

1. Antique gold manufacturing: the factory that does everything under one roof

A single 24,000-square-foot facility in Ahmedabad combines 3D printers and laser cutters with handcrafted Jadau and Polki work, producing over two tonnes of jewellery a year.

Designs start on screen, finish by hand - the process moves from market research and CAD modelling to traditional techniques like Meenakari (enamelling) and Kundan (gem-setting), so the company can launch roughly 730 new designs in a quarter, or about eight a day.
Quality is checked three times - raw gold and gemstones are tested on arrival using XRF and fire assay, inspected again during production, and given a final check for purity and durability before hallmarking, which is how a wholesale supplier earns the trust of national chains.
Daily wear is coming in-house - having built its reputation on bridal sets, the company is adding dedicated infrastructure to manufacture daily-wear products internally from Q1 FY27, reducing reliance on outsourced artisans for that segment.

2. Wholesale supply: the jewellery counter behind the jewellery counter

RBZ makes antique bridal jewellery for roughly 190 retailers across 20 states, including Titan, Malabar Gold and Senco Gold - but the end customer never sees the RBZ name.

Custom designs, kept secret - a retailer can commission a unique bridal collection, and RBZ will not use or show that design to any other client or in its own showroom, which is how a small manufacturer wins business from the country's largest chains.
Scale comes from bulk orders timed to the wedding season - organised retailers place orders well ahead of Diwali and the festive quarter, so the factory runs on a predictable, advance-booking cycle.
A small share of a vast market - the company holds about 1% of India's organised wholesale gold jewellery market, supplying cities from Gujarat to the Northeast, which means the growth runway is still long.

3. Job-work services: paid for the making, not the metal

In its highest-margin segment, the client supplies the gold and RBZ supplies only the design and craftsmanship - an asset-light model that made up 52% of total gold volumes sold in the last fiscal year.

The client brings the raw material - retailers provide their own gold, so RBZ books only the making charge as revenue, keeping its balance sheet light while boosting gross margins.
The same marquee names, a different relationship - Titan, Malabar Gold, and other national retailers use RBZ for job work as well as wholesale buying, which deepens the tie and makes the company a manufacturing partner rather than just a vendor.
Job work volumes have grown at an 11% compound rate over three years - job work now accounts for half of all gold passing through the factory, giving the manufacturing engine a stable, high-utilisation base load.

4. Harit Zaveri Jewellers: the own-brand retail bet

A single 11,700-square-foot flagship showroom in Ahmedabad's Satellite area, plus two new stores opening in Surat and Rajkot, mark the company's shift from behind-the-scenes manufacturer to consumer-facing brand.

Occasion wear drives the counter - bridal and festive jewellery makes up roughly 65% of the retail mix, with daily wear at 35%, mirroring the manufacturing strength in antique gold while beginning to build a lighter, everyday range.
The expansion stays inside Gujarat - new showrooms of 10,000-11,000 square feet are planned for Surat and Rajkot on long leases, with mid-sized stores under exploration in eastern Ahmedabad and Gandhinagar, betting on the state's high per-capita income and concentration of premium buyers.
Retail volumes are small but growing fast - gold sold through the showroom rose from 271 kilograms to 397 kilograms in a single year, and the company's social-media following has grown from 9,000 to 185,000 since 2020, suggesting the brand is beginning to pull customers in rather than just waiting for walk-ins.

Group structure and partners

RBZ Jewellers is a standalone, promoter-held company with no subsidiaries or joint ventures - it is the factory, the wholesale desk and the retail counter, all on one balance sheet.

No group entities - the company has no subsidiary, joint venture or associate company, so all three go-to-market routes sit inside a single listed entity.
Promoters hold 75% - the founding family retained three-quarters of the equity after the December 2023 IPO, with the public holding the remaining 25%.
A nominal trademark licence - the company pays a one-time royalty of ₹1,000 for a five-year licence to use an unregistered trademark owned by the joint managing director, a structure that keeps brand rights within the family at negligible cost.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

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Edit Ratios

Mkt Cap

Market Capitalization

₹832Cr

Close Price

₹208.00

Industry

Diamond Gems and Jewellery

Price To Earnings

14.66

Price To Sales

1.22

Revenue

₹682Cr

Rev Gr TTM

Revenue Growth TTM

30.27%

PAT Gr TTM

PAT Growth TTM

54.03%

Upcoming Results on

3 Nov 2026

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	74	116	86	82	117	194	137	76	145	226	189	121
Growth YoY Revenue Growth YoY%		25.3	9.8	60.7	57.3	67.4	59.3	-8.3	24.4	16.8	38.0	59.8
Expenses ExpensesCr	60	104	82	68	103	172	123	63	117	197	168	103
Operating Profit Operating ProfitCr	14	12	5	14	14	22	15	13	28	30	21	18
OPM OPM%	19.4	10.3	5.4	17.3	12.0	11.2	10.6	17.2	19.4	13.0	11.2	14.8
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	3	3	0	2	3	3	2	3	3	5	4	4
Depreciation DepreciationCr	0	0	0	0	1	1	1	1	1	1	1	2
PBT PBTCr	11	9	4	12	11	18	11	10	25	23	16	12
Tax TaxCr	3	2	2	3	3	5	3	2	6	6	4	3
PAT PATCr	8	7	3	9	8	13	9	7	19	17	12	9
Growth YoY PAT Growth YoY%		14.3	-44.9	144.1	-4.7	93.1	218.6	-21.6	130.0	33.2	36.3	27.7
NPM NPM%	11.4	5.8	3.1	11.0	6.9	6.8	6.2	9.4	12.8	7.7	6.2	7.5
EPS EPS₹	2.8	2.2	0.7	2.3	2.0	3.3	2.1	1.8	4.6	4.4	2.9	2.3

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	74	116	86	82	117	194	137	76	145	226	189	121
Growth YoY Revenue Growth YoY%		25.3	9.8	60.7	57.3	67.4	59.3	-8.3	24.4	16.8	38.0	59.8
Expenses ExpensesCr	60	104	82	68	103	172	123	63	117	197	168	103
Operating Profit Operating ProfitCr	14	12	5	14	14	22	15	13	28	30	21	18
OPM OPM%	19.4	10.3	5.4	17.3	12.0	11.2	10.6	17.2	19.4	13.0	11.2	14.8
Other Income Other IncomeCr	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense Interest ExpenseCr	3	3	0	2	3	3	2	3	3	5	4	4
Depreciation DepreciationCr	0	0	0	0	1	1	1	1	1	1	1	2
PBT PBTCr	11	9	4	12	11	18	11	10	25	23	16	12
Tax TaxCr	3	2	2	3	3	5	3	2	6	6	4	3
PAT PATCr	8	7	3	9	8	13	9	7	19	17	12	9
Growth YoY PAT Growth YoY%		14.3	-44.9	144.1	-4.7	93.1	218.6	-21.6	130.0	33.2	36.3	27.7
NPM NPM%	11.4	5.8	3.1	11.0	6.9	6.8	6.2	9.4	12.8	7.7	6.2	7.5
EPS EPS₹	2.8	2.2	0.7	2.3	2.0	3.3	2.1	1.8	4.6	4.4	2.9	2.3

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	182	107	252	288	327	530	636	682
Growth Revenue Growth%		-41.1	135.6	14.2	13.7	61.9	20.1	30.3
Expenses ExpensesCr	171	87	225	250	289	466	545	585
Operating Profit Operating ProfitCr	10	20	27	38	38	64	92	97
OPM OPM%	5.7	19.1	10.6	13.1	11.7	12.1	14.4	14.2
Other Income Other IncomeCr	0	1	0	2	0	1	0	1
Interest Expense Interest ExpenseCr	5	6	6	8	8	10	14	16
Depreciation DepreciationCr	1	2	1	1	1	3	4	5
PBT PBTCr	4	13	20	30	30	53	74	77
Tax TaxCr	1	4	5	7	8	14	19	20
PAT PATCr	3	10	14	22	22	39	55	57
Growth PAT Growth%		210.6	47.8	55.0	-3.4	79.9	41.2	54.0
NPM NPM%	1.7	9.1	5.7	7.8	6.6	7.3	8.6	8.3
EPS EPS₹	7.5	3.1	4.8	7.4	6.6	9.7	13.7	14.2

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	182	107	252	288	327	530	636	682
Growth Revenue Growth%		-41.1	135.6	14.2	13.7	61.9	20.1	30.3
Expenses ExpensesCr	171	87	225	250	289	466	545	585
Operating Profit Operating ProfitCr	10	20	27	38	38	64	92	97
OPM OPM%	5.7	19.1	10.6	13.1	11.7	12.1	14.4	14.2
Other Income Other IncomeCr	0	1	0	2	0	1	0	1
Interest Expense Interest ExpenseCr	5	6	6	8	8	10	14	16
Depreciation DepreciationCr	1	2	1	1	1	3	4	5
PBT PBTCr	4	13	20	30	30	53	74	77
Tax TaxCr	1	4	5	7	8	14	19	20
PAT PATCr	3	10	14	22	22	39	55	57
Growth PAT Growth%		210.6	47.8	55.0	-3.4	79.9	41.2	54.0
NPM NPM%	1.7	9.1	5.7	7.8	6.6	7.3	8.6	8.3
EPS EPS₹	7.5	3.1	4.8	7.4	6.6	9.7	13.7	14.2

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	4	4	4	30	40	40	40
Reserves ReservesCr	43	52	66	62	167	205	260
Current Liabilities Current LiabilitiesCr	66	54	70	89	55	100	133
Non Current Liabilities Non Current LiabilitiesCr	2	14	14	25	21	7	53
Total Liabilities Total LiabilitiesCr	115	124	154	207	284	352	486
Current Assets Current AssetsCr	99	106	137	181	255	316	397
Non Current Assets Non Current AssetsCr	16	17	17	26	29	36	89
Total Assets Total AssetsCr	115	124	154	207	284	352	486

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	4	4	4	30	40	40	40
Reserves ReservesCr	43	52	66	62	167	205	260
Current Liabilities Current LiabilitiesCr	66	54	70	89	55	100	133
Non Current Liabilities Non Current LiabilitiesCr	2	14	14	25	21	7	53
Total Liabilities Total LiabilitiesCr	115	124	154	207	284	352	486
Current Assets Current AssetsCr	99	106	137	181	255	316	397
Non Current Assets Non Current AssetsCr	16	17	17	26	29	36	89
Total Assets Total AssetsCr	115	124	154	207	284	352	486

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	6	-3	1	-11	-49	-15	-7
Investing Cash Flow Investing Cash FlowCr	3	1	-1	-11	-4	-5	-33
Financing Cash Flow Financing Cash FlowCr	-8	2	-1	28	59	8	41
Net Cash Flow Net Cash FlowCr	1	0	-1	6	7	-12	0
Free Cash Flow Free Cash FlowCr	4	-2	0	-25	-50	-20	-40
CFO To PAT CFO To PAT%	185.0	-27.1	6.1	-50.3	-226.0	-38.5	-13.4
CFO To EBITDA CFO To EBITDA%	56.1	-12.9	3.3	-29.7	-127.5	-23.3	-8.0

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	6	-3	1	-11	-49	-15	-7
Investing Cash Flow Investing Cash FlowCr	3	1	-1	-11	-4	-5	-33
Financing Cash Flow Financing Cash FlowCr	-8	2	-1	28	59	8	41
Net Cash Flow Net Cash FlowCr	1	0	-1	6	7	-12	0
Free Cash Flow Free Cash FlowCr	4	-2	0	-25	-50	-20	-40
CFO To PAT CFO To PAT%	185.0	-27.1	6.1	-50.3	-226.0	-38.5	-13.4
CFO To EBITDA CFO To EBITDA%	56.1	-12.9	3.3	-29.7	-127.5	-23.3	-8.0

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					601	544	405	832
Price To Earnings Price To Earnings					27.9	14.0	7.4	14.7
Price To Sales Price To Sales					1.8	1.0	0.6	1.2
Price To Book Price To Book					2.9	2.2	1.4	2.8
EV To EBITDA EV To EBITDA					17.1	9.8	6.2	10.0
Profitability Ratios Profitability Ratios
GPM GPM%	14.2	26.6	14.8	18.2	16.8	16.9	19.7	19.7
OPM OPM%	5.7	19.1	10.6	13.1	11.7	12.1	14.4	14.2
NPM NPM%	1.7	9.1	5.7	7.8	6.6	7.3	8.6	8.3
ROCE ROCE%	10.3	17.0	19.2	20.2	13.4	18.4	18.7	18.7
ROE ROE%	6.7	17.6	20.6	24.1	10.4	15.8	18.3	18.3
ROA ROA%	2.7	7.9	9.3	10.8	7.6	11.0	11.3	11.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					601	544	405	832
Price To Earnings Price To Earnings					27.9	14.0	7.4	14.7
Price To Sales Price To Sales					1.8	1.0	0.6	1.2
Price To Book Price To Book					2.9	2.2	1.4	2.8
EV To EBITDA EV To EBITDA					17.1	9.8	6.2	10.0
Profitability Ratios Profitability Ratios
GPM GPM%	14.2	26.6	14.8	18.2	16.8	16.9	19.7	19.7
OPM OPM%	5.7	19.1	10.6	13.1	11.7	12.1	14.4	14.2
NPM NPM%	1.7	9.1	5.7	7.8	6.6	7.3	8.6	8.3
ROCE ROCE%	10.3	17.0	19.2	20.2	13.4	18.4	18.7	18.7
ROE ROE%	6.7	17.6	20.6	24.1	10.4	15.8	18.3	18.3
ROA ROA%	2.7	7.9	9.3	10.8	7.6	11.0	11.3	11.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	LGHL	ASTAR	SJCORP	RBZJEWEL	UDAYJEW	RADHIKAJWE	PRIORITY
Market CapitalizationMkt CapCr	1,096	960	836	832	817	806	614
Close PriceClose₹	218.89	600.00	192.90	208.00	240.00	68.30	341.00
IndustryIndustry	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery
Price To EarningsPE	591.59	30.20	838.70	14.66	22.41	10.13	34.44
Price To SalesPS	9.69	0.34	34.14	1.22	1.15	1.16	1.14
RevenueRevenueCr	113	2,804	25	682	709	693	539
Revenue Growth TTMRev Gr TTM%	12.4%	-3.8%		30.3%	76.7%	16.8%
PAT Growth TTMPAT Gr TTM%	-82.2%	-23.4%		54.0%	74.3%	26.8%

	LGHL	ASTAR	SJCORP	RBZJEWEL	UDAYJEW	RADHIKAJWE	PRIORITY
Market CapitalizationMkt CapCr	1,096	960	836	832	817	806	614
Close PriceClose₹	218.89	600.00	192.90	208.00	240.00	68.30	341.00
IndustryIndustry	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery
Price To EarningsPE	591.59	30.20	838.70	14.66	22.41	10.13	34.44
Price To SalesPS	9.69	0.34	34.14	1.22	1.15	1.16	1.14
RevenueRevenueCr	113	2,804	25	682	709	693	539
Revenue Growth TTMRev Gr TTM%	12.4%	-3.8%		30.3%	76.7%	16.8%
PAT Growth TTMPAT Gr TTM%	-82.2%	-23.4%		54.0%	74.3%	26.8%