TBZConsumer Discretionary

Tribhovandas Bhimji Zaveri Limited

Gems, Jewellery And Watches · ISIN INE760L01018 · BSE 534369 · NSE BE · FV ₹10
Last price
₹607
+4.99%today
What this company does

Tribhovandas Bhimji Zaveri Limited operates in Gems, Jewellery And Watches, part of the Consumer Discretionary sector. It booked ₹705 cr of revenue in its latest quarter (Q2 FY27) and kept 2.0% of sales as profit.

In the report:
49out of 100
Equitytale Health Score
Mixed

Healthier than 49% of companies in Consumer Discretionary, on all six measures of filed financials. Each measure is ranked against the 178–428 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
42

At close. Not part of the score.

Profitability & returns51

How much profit it earns on the money it employs

Balance sheet27

How much it owes, and whether earnings cover the interest

Cash quality41

Whether reported profit actually arrives as cash

Growth & consistency85

Whether sales and profit have grown, and how steadily

Valuation12

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
✓ Makes a profit
✓ Promoters hold 74%
✓ No promoter shares pledged
Watch-outs
! Thin 2.0% net margin
! Profit down 55% vs last year
! Low 6.6% return on equity
! Operating cash flow is negative

What if I invest in TBZ?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹607▲ +4.99%
latest close · 2026-11-04
1-year return
+590.6%
52-wk low ₹5152-wk high ₹789
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio70.9High
LowAverageHigh
P/B ratio4.65High
Below bookModerateHigh
EV / EBITDA25.5High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity6.6%Weak
WeakFairStrong ▸15%
Return on capital14.6%Fair
WeakFairStrong
Net margin2.0%Thin
ThinDecentStrong
EBITDA margin6.8%Thin
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.98Moderate
LowModerateHigh ▸1
Interest cover2.1×Okay
RiskyOkayStrong ▸5×
Current ratio1.77Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹4,048 cr
Book value
₹130
EPS
₹2.14
latest quarter
Net debt
₹844 cr
owes more than its cash
Enterprise value
₹4,892 cr
EBITDA
₹192 cr
annualised
EBIT
₹160 cr
annualised
Operating margin
5.7%
Return on assets
2.6%
Earnings yield
1.41%
P/S
1.43
Sales / share
₹422.8
Tax rate
31.2%
Face value
₹10
Shares
6.7 cr
Working capital
₹868 cr
Current assets
₹1,994 cr
Current liabilities
₹1,126 cr
Delivery %
41.3%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-04.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
One year's profit is a one-off (far above the multi-year norm), so its recurring earnings power is unclear.
Models span ₹103–₹137, midpoint ₹120

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q2 FY27 (consolidated)
Revenue from Operations₹705 cr
Other Income₹2 cr
Total Income₹707 cr
Cost of Materials₹621 cr
Purchases of Stock-in-Trade₹59 cr
Inventory Change (±)₹-94 cr
Employee Benefit Expense₹30 cr
Finance Costs₹19 cr
Depreciation & Amortisation₹8 cr
Other Expenses₹45 cr
Total Expenses₹686 cr
Profit before Tax₹21 cr
Tax Expense₹6 cr
Net Profit₹14 cr
Net margin on total income2.0%
Where the money goes · Q2 FY27
% of total income
Materials + stock-in-trade₹585 cr82.7%
Employee benefit expense₹30 cr4.2%
Finance costs₹19 cr2.7%
Depreciation & amortisation₹8 cr1.1%
Other expenses₹45 cr6.3%
Tax expense₹6 cr0.9%
Profit for the period₹14 cr2.0%
Total income ₹707 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ4 FY26Q1 FY27Q2 FY27
Revenue830 cr841 cr705 cr
Total income831 cr843 cr707 cr
Expenses741 cr796 cr686 cr
Profit before tax90 cr47 cr21 cr
Tax22 cr13 cr6 cr
Net profit (owners' share)68 cr34 cr14 cr
Net margin (owners' share, on revenue)8.2%4.0%2.0%
EPS (₹)10.145.082.14
YoY (latest quarter): total income +2.5% · net profit -54.7%
Balance sheet & cash flow · as of Sep 2026
Moderate debt
Total assets
₹2,223 cr
Shareholder equity
₹871 cr
parent shareholders
Total debt
₹854 cr
Cash
₹11 cr
Cash flow · H1 FY27
Operating
₹-17 cr
Investing
₹-3 cr
Financing
₹3 cr
Peer comparison
Gems, Jewellery And Watches · by market value
CompanyPriceMarket capP/E
Titan Company Limited₹4,562₹4.05 L cr56.9
Kalyan Jewellers India Limited₹508₹52,484 cr37.6
Lalithaa Jewellery Mart Limited₹363₹18,149 cr21.8
PC Jeweller Limited₹15₹14,408 cr10.8
Thangamayil Jewellery Limited₹4,533₹14,088 cr41.4
SKY GOLD AND DIAMONDS LIMITED₹870₹13,478 cr26.3
BlueStone Jewellery and Lifestyle Limited₹672₹10,272 cr—
P N Gadgil Jewellers Limited₹576₹8,472 cr16.6
Ethos Limited₹2,654₹7,102 cr63.1
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.41%
trailing 12 months
Dividend / share (TTM)
₹2.5
Last dividend
₹2.5
ex 2 Sep 2026
ActionDetailEx-date
Dividend₹2.5 / share2 Sep 2026
Dividend₹2.25 / share2 Sep 2025
Dividend₹1.75 / share3 Sep 2024
Dividend₹1.75 / share6 Sep 2023
DividendAnnual General Meeting/Dividend - R E 1 Per Share19 Aug 2022
Dividend₹1 / share19 Aug 2022
Who owns it · 2026-09-30
No pledge
Promoter
74.1%
FII / Foreign
0.5%
DII / Domestic
0.3%
Retail / others
25.2%
Smart-money activity
Insider trades
SoldTribhovandas Bhimji Zaveri Jewellers (Mumbai) Private Limited · Promoter Group13.50 L · ₹28.2 cr30 Oct 26
SoldTribhovandas Bhimji Zaveri (TBZ) Private Limited · Promoter Group13.50 L · ₹28.2 cr30 Oct 26
SoldRaashi Shrikant Zaveri · Promoter45.73 L · ₹95.6 cr30 Oct 26
Bulk / block deals
BoughtNEO APEX SHARE BROKING SERVICES LLP · NSE3.35 L @ ₹551.469 Sep 26
SoldNEO APEX SHARE BROKING SERVICES LLP · NSE3.35 L @ ₹556.739 Sep 26
SoldQE SECURITIES LLP · NSE3.66 L @ ₹420.863 Sep 26
Stake changes
SoldSmallcap World Fund, Inc.→ 0.00% · 33.39 L21 Mar 16
SoldSmallcap World Fund Inc.→ 0.00% · 33.39 L21 Mar 16
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 9 Sep 2026
See the official result
1
To receive, consider and adopt: a. the Audited Standalone Financial Statements of the Company for the Financial Year ended 31st March, 2026 together with the Reports of the Board of Directors and the Statutory Auditors thereon; and b. the Audited Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2026 together with the Report of the Statutory Auditors thereon.
Backed by 100% of shareholders other than promotersneeded 50%
1.12 L votes for, 1 against · 0% of mutual funds and other big investors said no
2
To declare dividend of Rs. 2.50/- per equity Shares of Rs. 10/- each for the financial year ended 31st March, 2026.
Backed by 100% of shareholders other than promotersneeded 50%
1.12 L votes for, 1 against · 0% of mutual funds and other big investors said no
3
To appoint a Director in place of Ms. Raashi Zaveri (DIN: 00713688), who retires by rotation and being eligible, offers herself for re-appointment.
Backed by 100% of shareholders other than promotersneeded 50%
1.11 L votes for, 151 against · 0% of mutual funds and other big investors said no
4
To approve the payment of Commission to Non- Executive Directors of Company.
Backed by 97% of shareholders other than promotersneeded 50%
1.09 L votes for, 2,860 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 6 named members
owning 74.1% between them · as of 2026-09-30
SHRIKANT GOPALDAS ZAVERI50.06%
BINAISHA SHRIKANT ZAVERI7.92%
RAASHI SHRIKANT ZAVERI6.85%
BINDU SHRIKANT ZAVERI5.24%
TRIBHOVANDAS BHIMJI ZAVERI JEWELLERS (MUMBAI) PRIV2.02%
TRIBHOVANDAS BHIMJI ZAVERI (TBZ) PRIVATE LIMITED2.02%
Business done with them
FY2026 · 3 of the group
The company paid ₹5 cr to companies in the promoter group last year — about 0.1% of its ₹3,203 cr revenue and received ₹0.13 L back from them.
Raashi Zaveri
Other payments to them · Remuneration paid, Dividend Paid and Sale of Goods
₹4 cr
company paid
TRIBHOVANDAS BHIMJI ZAVERI (TBZ) PVT. LTD
Other payments to them · Dividend Paid
also owns 2.02% of the company
₹30.4 L
company paid
TRIBHOVANDAS BHIMJI ZAVERI JEWELLERS (MUMBAI) PRIVATE LIMITED
Other payments to them · Dividend Paid
₹30.4 L
company paid
Raashi Zaveri
Other income from them · Remuneration paid, Dividend Paid and Sale of Goods
₹0.13 L
company received

The company also transacted with 6 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.