Tribhovandas Bhimji Zaveri

Quick check

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• DebtAdequate safetyRated A- by ICRA.
• ResultsGrowingIn the Jun 2026 quarter, sales rose 35% and profit rose 55% from a year earlier.
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersSteadyThe promoters (founders or parent) own 74% of the company, about the same as in Jun 2025.
• ValuationExpensive vs its pastThe share trades at 21.7 times its yearly earnings (P/E), pricier than 90% of the time in the last 5 years. Its usual P/E is about 18.

Tribhovandas Bhimji Zaveri against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)21.7 against a typical 21: pricier than most peers (1st = cheapest).55th of 106
• Sales growth+34.8% against a typical +34.8% from a year earlier.40th of 79
• Profit growth+54.5% against a typical +33.3% from a year earlier.28th of 73
• Share price, 3 months+133.7% against a typical +3.6%.2nd of 92
• Size₹ 4,498 Cr. market value against a typical ₹ 145.6 Cr. (1st = largest).12th of 94

Exchange filings and their impact on the company.

• 27 Oct 2026Outcome of Board MeetingMedium impactNegativePrice −5% on 28 Oct
  Q2 sales grew 2.5% but PAT halved on 263 bps margin squeeze, pressuring full-year earnings.

  TBZ reported Q2 FY27 revenue of Rs 705.4 crore, up 2.5% year-on-year, but EBITDA fell 25.5% to Rs 47 crore and net profit fell 49.7% to Rs 15.4 crore as gross margin dropped to 14.2% from 16.9%. For the first half, revenue grew 17.9% to Rs 1546.3 crore while profit fell 6.5% to Rs 48.3 crore. The company said part of festive demand shifted to Q3 with Navratri moving out of Q2, but high gold prices and a shift to lightweight jewellery hurt margins and pushed inventory and borrowings higher.

  Full analysisFiling
• 13 Oct 2026General UpdatesHigh impactPositivePrice +5% on 14 Oct
  CCI approved GRT Jewellers' proposed majority stake buy in TBZ, moving the change-of-control deal closer to close.

  TBZ said GRT Jewellers (India) Private Limited has received Competition Commission of India approval for its proposed acquisition of a majority stake in TBZ, following its August 31, 2026 disclosure. No deal price or timeline was given in this filing. The clearance moves the proposed change-of-control deal a step closer to completion.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Shrikant Gopaldas Zaveri

Executive Chairman of the Board, Managing Director

Mukesh Sharma

Chief Financial Officer

Rakesh Pant

President - Retail Sales and Operations

Arpit Maheshwari

Compliance Officer, Company Secretary

Binaisha Zaveri

Whole Time Director

Raashi Zaveri

Whole Time Director

Sailaja M

Head - Human Resources