Tribhovandas Bhimji Zaveri Ltd (TBZ)

Consumer Durables · Diamond, Gems and Jewellery · NSE · Updated 3 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹417.05 ↑ 123.68% (1Y)

🎯 Key Takeaways

TBZ is transitioning from an independent jewellery manufacturer and retailer to a subsidiary of GRT Jewellers (India) Private Limited following the promoter group's agreement to sell 74.12% of its equity stake.
Revenue grew 1.4% QoQ to ₹841 in Q1FY27.
⚠️ The pending stake sale to GRT Jewellers is subject to regulatory approvals and a mandatory open offer, which could delay or derail the transaction.

Market Cap

₹2,783

P/E Ratio

13.0

P/B Ratio

4.23

ROE

32.5%

ROCE

26.3%

Debt/Equity

1.07

Div Yield

0.54%

Promoter

74.1%

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📖 The Story

TBZ is transitioning from an independent jewellery manufacturer and retailer to a subsidiary of GRT Jewellers (India) Private Limited following the promoter group's agreement to sell 74.12% of its equity stake. This strategic divestment marks a pivotal shift in corporate structure, with management emphasizing continuity in operations while acknowledging the pending open offer to public shareholders. The company remains financially robust, with high ROE and ROCE, but is now in a phase of strategic realignment rather than organic growth.

📰 What's Happening

The most significant development is the announced share sale agreement on 31 August 2026, where the promoter group will sell 74.12% of shares to GRT Jewellers at INR 209 per share, subject to regulatory approvals. This transaction will declassify the promoter group from the promoter category and result in TBZ becoming a subsidiary. Concurrently, the Board recommended a final dividend of Rs. 2.50 per share for FY2026, with payment scheduled post-AGM on 2 September 2026, contingent on shareholder approval. An e-auction of properties linked to SSV Developers is also planned for 31 August 2026, potentially impacting asset holdings. Management highlighted focus on sustaining margin trajectory and expanding retail networks in its Q1 FY27 commentary.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	688	1,061	830	841
Operating Profit	57	125	104	64
OPM %	8.2%	11.8%	12.6%	7.6%
Net Profit	32	81	68	34
EPS	₹4.73	₹12.08	₹10.14	₹5.08

Q1 FY27 results (June 2026) show revenue growth of 34.8% YoY to ₹8,409.74 crores and PAT growth of 56.9% YoY to ₹328.54 crores, indicating strong top-line momentum despite elevated gold duties. However, quarterly trends from the latest filings reveal a sequential decline in revenue (₹841 crores in June 2026 vs. ₹1,061 crores in December 2025), with OPM compressing from 11.8% to 7.6% over the same period. This suggests margin pressure in the most recent quarter, though management attributes the performance to sustained demand and operational efficiency. The upward trajectory in PAT and revenue YoY supports confidence in market position, but the sequential softness warrants monitoring of margin sustainability.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance beyond operational continuity and strategic focus areas. In the Q1 FY27 results announcement, they emphasized sustaining margin trajectory, expanding retail network, and managing working capital for FY27. The Board's recommendation of a Rs. 2.50 dividend per share for FY2026, with payment tied to AGM approval, signals confidence in cash flow stability. No specific revenue or earnings targets were disclosed in the filings, but the focus on retail expansion and margin management implies an emphasis on maintaining market leadership during the transition phase.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	67	67	67	67
Reserves	551	590	629	771
Borrowings	664	700	822	886
Total Liabilities	1,716	1,769	2,040	2,102
Fixed Assets	154	164	170	182
Investments	0	0	0	0
Total Assets	1,716	1,769	2,040	2,102

The balance sheet shows stable equity of ₹67 crores and reserves growing from ₹590 crores in March 2025 to ₹771 crores in March 2026, indicating retained earnings. Borrowings have increased from ₹700 crores to ₹886 crores over the same period, while total assets rose to ₹2,102 crores, suggesting ongoing capital deployment. The rise in liabilities alongside asset growth may reflect strategic investments or working capital requirements, but the debt-to-equity ratio of 1.07 suggests moderate leverage. The company appears to be balancing growth initiatives with financial discipline, though the increase in borrowings warrants attention in the context of the upcoming ownership change.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	-27
Investing	-45
Financing	+85
Net Cash Flow	+13

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	74.1%	74.1%	74.1%	74.1%
FII	0.0%	0.0%	0.3%	1.5%
DII	0.0%	0.0%	0.0%	0.0%
Public	18.0%	18.1%	21.4%	20.6%
# Shareholders	53,332	51,973	54,101	50,689

Promoter holding remains unchanged at 74.12% across all recent quarters, but FII and DII holdings have declined significantly — from 0.26% in Q4FY26 to 1.47% in Q1FY27, with DII at 0%. Public shareholding has slightly decreased from 21.36% to 20.58%, while the number of shareholders has grown from 51,973 to 50,689. The lack of institutional accumulation and stable promoter stake, combined with the pending stake sale to GRT Jewellers, suggests limited retail investor engagement and a potential shift in investor base post-acquisition. The high number of shareholders (50,689) indicates broad retail participation but limited institutional interest.

⚖️ Peer Comparison — Diamond, Gems and Jewellery

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
TITAN	4.50 L Cr	78.1	20.9%	36.7%	1.75
KALYANKJIL	60,849	42.4	29.0%	29.9%	0.69
THANGAMAYL	16,281	41.6	26.3%	27.6%	0.58
BLUESTONE	12,398	244.3	13.2%	5.9%	1.23
SKYGOLD	11,647	34.7	42.5%	50.6%	0.89
PCJEWELLER	9,885	10.3	11.3%	13.6%	0.36
PNGJL	8,036	18.0	29.7%	28.7%	0.53
SENCO	5,729	10.0	20.4%	22.7%	0.93
GOLDIAM	5,170	18.6	38.4%	28.5%	0.01
VAIBHAVGBL	3,595	12.6	18.3%	17.3%	0.07

🔗 Peer Stock Analyses

TITAN KALYANKJIL THANGAMAYL BLUESTONE SKYGOLD

⚠️ Risk Factors

1. The pending stake sale to GRT Jewellers is subject to regulatory approvals and a mandatory open offer, which could delay or derail the transaction. 2. Margin compression in the latest quarter (OPM down to 7.6%) may pressure profitability if not managed effectively, despite YoY growth. 3. The e-auction of properties linked to SSV Developers could result in asset write-downs or sentiment volatility if outcomes are uncertain. 4. High promoter concentration (74.12%) and the resulting declassification risk may lead to governance changes post-acquisition, potentially affecting investor confidence.

📋 Recent Filings

🧠 Analyst's Read

The company is undergoing a structural transition with the proposed acquisition by GRT Jewellers, which will shift it from an independent player to a subsidiary. While financial performance remains strong on a YoY basis, the sequential decline in margins and the pending ownership change create near-term uncertainty. Investors should monitor the open offer process, integration plans, and management's ability to sustain margins amid market dynamics. The outcome of the AGM and dividend approval will also be key near-term catalysts.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-03.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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