RBZ Jewellers (RBZJEWEL) — concall transcript

📢 Key Event
RBZ Jewellers reported strong Q1 FY27 growth and announced aggressive retail expansion with new store openings and Gold Metal Loan utilization for funding.

🔄 What Changed
60% YoY revenue growth (INR121 crores), 39% YoY EBITDA growth (INR18 crores), and 70% retail revenue growth (INR78 crores); debt-to-equity target revised to 0.8 by year-end; 18-carat product mix target increased to 20%; B2C revenue mix target set for 50-50 within two years.

🔮 What's Next
Targeting break-even within one year for new stores; 50-50 B2B-B2C revenue mix within two years; 75% retail revenue long-term; debt-to-equity target of 0.8 by year-end; 18-carat product mix to reach 20% by year-end; inventory hedging via Gold Metal Loans; store openings aligned with Navratri and Diwali seasons.

💡 Investor Takeaway
The company is strategically shifting focus to B2C and retail expansion with disciplined capital allocation, aiming to drive future profitability through scalable store growth and inventory hedging via low-cost Gold Metal Loans.

RBZ Jewellers reported 60% YoY revenue growth to INR121 crores and 39% YoY EBITDA growth to INR18 crores for Q1 FY27, driven by 70% retail revenue growth (INR78 crores). Management announced plans to open four new stores (Surat in Q2, Rajkot/Gandhinagar/Maninagar in Q3) with INR50-150 crores investment per store, targeting break-even within one year. The company aims for a 50-50 B2B-B2C revenue mix within two years, with long-term focus on 75% retail. Debt-to-equity is currently below 1:1, targeting 0.8 by year-end, with plans to leverage Gold Metal Loans (GML) at 3-3.5% interest for expansion and inventory hedging. Current capacity utilization stands at 50%, targeting 70-85% during peak seasons. B2B job work contributes 54% of revenue, with plans to increase 18-carat product mix to 20% by year-end. Inventory book value is INR400 crores, 18% below market value, while net worth remains INR300 crores. Capex of INR10 crores is allocated for the Surat store. Strategic focus is shifting toward B2C and brand building, with occasion wear demand highlighted as resilient. No further questions were raised during the call.

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About RBZ Jewellers Ltd (RBZJEWEL)

Consumer Durables · Diamond, Gems and Jewellery · Listed on BSE

Market Cap: ₹602.2 Cr P/E: 10.6 ROE: 23.2% ROCE: 27.8%

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