Tribhovandas Bhimji Zaveri Limited (TBZ)

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Tribhovandas Bhimji Zaveri Limited (TBZ) · mywealthgrid

About

TBZ operates in gems, jewelry, and watches within the consumer discretionary sector, with recent quarterly revenues ranging from ₹687–₹1,061 Cr and a market capitalization of ₹1,676.5 Cr. The company generates strong returns on equity (27.06%) and maintains regular dividend distributions, indicating stable cash generation. Its positioning as a jewelry and precious-materials retailer exposes it to seasonal demand cycles and economic sensitivity.

Face value: ₹10

Market cap

₹4,158 Cr

P/E

19.5×

P/B

5.0×

Dividend yield

0.4%

ROE

27.1%

ROCE

39.9%

Debt / equity

0.94

OPM

11.3%

EPS (TTM)

₹32.0

Book value

₹125.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Quarterly revenue varies ₹687–₹1,061 Cr (~54% swing) and operating margins range 8.45%–13.54%; verify whether this seasonality is predictable and whether margins hold in weaker quarters.
Debt-to-equity of 0.94 paired with operating margin volatility—verify debt service stability if margins compress or if precious metal costs spike unexpectedly.
FII participation minimal (1.47%), DII absent (0%), and public holding at 24.41%; verify market liquidity and whether low institutional interest reflects risk perception.
Cyclical exposure as consumer discretionary—verify elasticity of jewelry demand during economic slowdowns and current inventory levels.

Generated analysis · source review pending

Growth drivers

ROE of 27.06% significantly outpaces typical cost of capital; if operational efficiency is sustained, capital-return multiples may expand—verify durability of recent margin recovery.
Dec 2025 revenue of ₹1,061 Cr (peak in dataset) with 12.44% OPM shows pricing or volume strength in peak season—verify if underlying demand is improving or if this is normal seasonal pattern.
Mar 2026 quarter achieved 13.54% OPM, highest in dataset—verify if operational improvements in sourcing, retail efficiency, or mix are repeatable or seasonal.
Consistent annual dividends (2021–2025) suggest cash generation discipline—verify payout ratio sustainability at current earnings run-rate.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹623.5-0.4%1Y

Quick read

rule-based

Pros

+High return on capital employed of 26.5%
+Profit CAGR of 36.1% over the last 5 years
+Revenue CAGR of 19% over the last 5 years
+High promoter holding of 74.1% with no pledge

Cons

−Low dividend payout of 7.8% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

70/100

Business quality: 58
Growth: 85
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,655	1,698	1,756	1,810	1,342	1,844	2,394	2,299	2,620	3,203
COGS	1,098	441	655	1,467	1,102	1,594	2,081	1,959	2,214	2,596
Gross profit	556	1,257	1,100	343	240	250	313	340	407	607
	519	1,189	1,026	231	119	173	197	201	234	246
	37	68	75	112	122	76	116	139	173	361
OPM %	2.2%	4%	4.2%	6.2%	9.1%	4.1%	4.9%	6.1%	6.6%	11.3%
Depreciation	10	9	9	32	27	23	24	24	25	29
Interest	56	50	40	56	48	36	45	50	56	69
	4	3	6	4	12	8	5	6	4	7
Profit before tax	-26	12	32	28	60	26	52	72	96	270
Tax	2	-1	11	7	17	6	12	17	27	68
Tax %	7.5%	-10.2%	33.5%	23.7%	27.6%	22.2%	22.8%	24%	28.6%	25.2%
	-28	13	21	21	43	20	40	54	68	202
PAT margin %	-1.7%	0.8%	1.2%	1.2%	3.2%	1.1%	1.7%	2.4%	2.6%	6.3%
EPS (₹)	-4.1	1.9	3.2	3.2	6.5	3	6	8.2	10.3	30.3
EPS adjusted (₹)	-4.1	1.9	3.2	3.2	6.5	3	6	8.2	10.3	30.3
	—	0%	23.5%	31.2%	38.6%	33.1%	29.1%	21.4%	22%	8.2%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	67	67	67	67	67	67	67	67	67	67
Reserves	369	376	389	—	456	461	494	535	590	771
	646	646	549	—	352	507	487	533	700	786
	214	207	188	—	340	422	428	324	412	478
Total equity & liabilities	1,296	1,296	1,192	—	1,215	1,457	1,475	1,459	1,769	2,102
	109	109	103	174	140	152	82	84	164	183
CWIP	—	2	0	—	—	0	1	0	1	0
Investments	0	—	—	—	0	0	0	0	0	0
	1,187	1,185	1,090	—	1,075	1,305	1,393	1,375	1,604	1,919
Total assets	1,296	1,296	1,192	—	1,215	1,457	1,475	1,459	1,769	2,102

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	62.7%	19%	17.9%	13.5%	13.1%	14.8%	15.5%	18.9%
EBITDA margin %	4.2%	6.2%	9.1%	4.1%	4.9%	6.1%	6.6%	11.3%
EBIT margin %	3.7%	4.4%	7.1%	2.9%	3.8%	5%	5.6%	10.4%
PAT margin %	1.2%	1.2%	3.2%	1.1%	1.7%	2.4%	2.6%	6.3%
Working capital
Receivable days	0	—	1	0	0	3	0	0
Inventory days	572	—	326	276	214	223	241	249
Payable days	44	—	46	46	36	20	27	24
NWC days	529	—	280	230	178	205	215	226
Leverage
Current ratio	1.46	—	1.67	1.49	1.55	1.66	1.55	1.65
Debt to EBITDA	7.37	—	2.89	6.65	4.18	3.83	4.05	2.18
Debt to equity	1.2	—	0.67	0.96	0.87	0.89	1.07	0.94
Interest coverage	1.8	1.5	2.3	1.7	2.2	2.4	2.7	4.9
Asset turnover	1.47	—	1.1	1.27	1.62	1.58	1.48	1.52
Return ratios
Return on assets %	1.8%	—	3.6%	1.4%	2.7%	3.7%	3.9%	9.6%
Return on capital employed %	15.6%	—	18.5%	10.5%	15.7%	18.4%	21.3%	39.9%
Return on equity %	4.7%	—	8.3%	3.8%	7.2%	9%	10.4%	24.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.12%	74.12%	74.12%	74.12%	74.12%	74.12%	74.12%	74.12%	74.12%	74.12%	74.12%	74.12%
	0.94%	1.82%	1.02%	0.76%	0.91%	0.61%	0.63%	0.55%	0%	0%	0.26%	1.47%
DII	0%	0%	0%	0%	0.12%	0.07%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	24.94%	24.06%	24.86%	25.12%	24.85%	25.2%	25.25%	25.33%	25.88%	25.88%	25.62%	24.41%
No. of shareholders	—	—	—	—	—	—	—	—	53,332	51,973	54,101	50,689

Promoter holding up 0 percentage points since Sep 2023.

180 deals · 17 Aug 2023 – 9 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
9 Sept 2026	NEO APEX SHARE BROKING SERVICES LLP	Bulk	NSE	Sell	3,34,528	₹556.73	₹18.62 Cr
9 Sept 2026	NEO APEX SHARE BROKING SERVICES LLP	Bulk	NSE	Buy	3,34,528	₹551.46	₹18.45 Cr
3 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Sell	3,66,352	₹420.86	₹15.42 Cr
3 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Buy	3,61,896	₹419.74	₹15.19 Cr
2 Sept 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	15,36,260	₹401.15	₹61.63 Cr
2 Sept 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	15,08,567	₹399.76	₹60.31 Cr
2 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	14,89,617	₹406.04	₹60.48 Cr
2 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	14,88,796	₹406.13	₹60.46 Cr
2 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Buy	13,53,171	₹401.81	₹54.37 Cr
2 Sept 2026	QE SECURITIES LLP	Bulk	NSE	Sell	13,37,255	₹401.22	₹53.65 Cr

1–10 of 180

1 / 18

Mr. SHRIKANT GOPALDAS ZAVERIExecutive Director-Chairperson-MD
Ms. BINAISHA S ZExecutive Director
Ms. RAASHI ZAVERIExecutive Director
Mrs. SUDHA PRAVIN NAVANDARNon-Executive - Independent Director
Mr. RAMESH CHANDAKNon-Executive - Independent Director
Ms. PREETI LAKHMICHAND SADARANGANINon-Executive - Independent Director
Mr. Mukesh SharmaChief Financial Officer
Mr. Arpit MaheshwariCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Tribhovandas Bhimji Zaveri Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Clarification on volume movement30 Sept 2026 · General
The Exchange has sought clarification from Tribhovandas Bhimji Zaveri Ltd on September 30, 2026, with reference to Movement in Volume. <BR><BR>The reply is awaited.30 Sept 2026 · Clarification
Closure of Trading Window for the quarter and half-year ended 30th September, 202628 Sept 2026 · Closure of Trading Window
Axis Capital Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the Public Shareholders of Tribhovandas Bhimji Zaveri Ltd ("Target Company").

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

11 announcementsExport CSV

30 Sept 2026, 4:37 pmCompany Update

Clarification On Volume Movement

General PDF

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Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	62.7%	19%	17.9%	13.5%	13.1%	14.8%	15.5%	18.9%
EBITDA margin %	4.2%	6.2%	9.1%	4.1%	4.9%	6.1%	6.6%	11.3%
EBIT margin %	3.7%	4.4%	7.1%	2.9%	3.8%	5%	5.6%	10.4%
PAT margin %	1.2%	1.2%	3.2%	1.1%	1.7%	2.4%	2.6%	6.3%
Working capital
Receivable days	0	—	1	0	0	3	0	0
Inventory days	572	—	326	276	214	223	241	249
Payable days	44	—	46	46	36	20	27	24
NWC days	529	—	280	230	178	205	215	226
Leverage
Current ratio	1.46	—	1.67	1.49	1.55	1.66	1.55	1.65
Debt to EBITDA	7.37	—	2.89	6.65	4.18	3.83	4.05	2.18
Debt to equity	1.2	—	0.67	0.96	0.87	0.89	1.07	0.94
Interest coverage	1.8	1.5	2.3	1.7	2.2	2.4	2.7	4.9
Asset turnover	1.47	—	1.1	1.27	1.62	1.58	1.48	1.52
Return ratios
Return on assets %	1.8%	—	3.6%	1.4%	2.7%	3.7%	3.9%	9.6%
Return on capital employed %	15.6%	—	18.5%	10.5%	15.7%	18.4%	21.3%	39.9%
Return on equity %	4.7%	—	8.3%	3.8%	7.2%	9%	10.4%	24.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Kalyan Jewellers India LimitedKALYANKJILKALYANKJIL	₹54,578 Cr	₹55,102 Cr	₹39,063 Cr	₹2,616 Cr	7%	₹1,435 Cr	3.8%	31.5%	24.3%	136
Lalithaa Jewellery Mart LimitedLALITHAALALITHAA	₹21,708 Cr	₹23,312 Cr	₹25,024 Cr	₹1,674 Cr	6.7%	₹1,010 Cr	4%	54.3%	41.6%	—
Thangamayil Jewellery LimitedTHANGAMAYLTHANGAMAYL	₹15,118 Cr	₹15,943 Cr	₹9,606 Cr	₹621 Cr	6.6%	₹391 Cr	4.1%	39.1%	27.9%	142
Sky Gold And Diamonds LimitedSKYGOLDSKYGOLD	₹12,557 Cr	₹13,426 Cr	₹7,176 Cr	₹520 Cr	6.9%	₹343 Cr	4.5%	45.9%	29.3%	77
Pc Jeweller LimitedPCJEWELLERPCJEWELLER	₹12,449 Cr	₹13,522 Cr	₹3,505 Cr	₹785 Cr	20%	₹775 Cr	21.3%	11.7%	9.9%	1,082
Bluestone Jewellery And Lifestyle LimitedBLUESTONEBLUESTONE	₹12,008 Cr	₹12,753 Cr	₹2,681 Cr	₹442 Cr	16%	₹56 Cr	0.5%	9.8%	1.1%	659
P N Gadgil Jewellers LimitedPNGJLPNGJL	₹7,897 Cr	₹9,477 Cr	₹11,438 Cr	₹669 Cr	5.7%	₹446 Cr	3.8%	34.3%	23.3%	121
Timex Group India LimitedTIMEXTIMEX	₹7,368 Cr	₹7,370 Cr	₹419 Cr	₹32 Cr	7.7%	₹21 Cr	5%	32.7%	29.4%	—
Ethos LimitedETHOSLTDETHOSLTD	₹6,785 Cr	₹6,786 Cr	₹1,728 Cr	₹223 Cr	12.9%	₹106 Cr	6%	10.4%	7.7%	180
Senco Gold LimitedSENCOSENCO	₹5,199 Cr	₹6,769 Cr	₹9,660 Cr	₹999 Cr	11.5%	₹571 Cr	6.8%	38%	25.6%	259
Kddl LimitedKDDLKDDL	₹4,811 Cr	₹4,967 Cr	₹2,322 Cr	₹335 Cr	14.3%	₹97 Cr	6.3%	11.9%	8.8%	192
D. P. Abhushan LimitedDPABHUSHANDPABHUSHAN	₹4,273 Cr	₹4,433 Cr	₹2,340 Cr	₹100 Cr	4.3%	₹62 Cr	2.6%	40.8%	29.4%	—

Date	Category	Subject	Filing
30 Sept 2026, 4:37 pm	Company Update General	Clarification On Volume Movement	PDF
30 Sept 2026, 1:48 pm	Company Update Clarification	Clarification sought from Tribhovandas Bhimji Zaveri Ltd	—
28 Sept 2026, 2:56 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
16 Sept 2026, 7:52 am	Company Update General	Draft Letter of Offer	PDF
15 Sept 2026, 8:40 pm	Company Update Open Offer - Updates	Announcement under Regulation 30 (LODR)-Open Offer - Updates	PDF
11 Sept 2026, 11:15 am	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
10 Sept 2026, 4:25 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
9 Sept 2026, 3:49 pm	Company Update Meeting Updates	Announcement under Regulation 30 (LODR)-Meeting Updates	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	14	153	41	231	-66	93	40	-27	30
	-11	0	-8	5	-2	-7	-7	-45	-10
	-2	-155	-27	-233	71	-87	-29	85	-17
Net cash flow	1	-2	6	3	2	-0	4	13	2
Free cash flow	4	—	—	230	-67	85	30	-39	16
CFO / Operating profit %	38.2%	225.3%	54.4%	189.6%	-86.8%	80.1%	28.5%	-15.5%	8.2%

Tribhovandas Bhimji Zaveri Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

14

1

Compounded sales growth

Compounded profit growth

Return on equity

Tribhovandas Bhimji Zaveri Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Dividends14

Board meetings1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

14

1