RBZ Jewellers Ltd

Financial performance

• FY26 revenue from operations ₹6,365 Mn.
• EBITDA ₹919 Mn, margin 14.44%.
• PAT ₹548 Mn; PAT margin 8.61%.
• EPS diluted ₹13.70 per share.
• YoY revenue growth 20.06% to ₹6,365 Mn.
• Retail ₹4,084 Mn; Wholesale ₹2,213 Mn; Job work ₹68 Mn.
• Total employees 315.

Operational highlights

• Introduced 700+ new designs.
• Antique bridal jewellery remains core offering.
• Ahmedabad facility ~23,966 sq ft; capacity >2 tons.
• ERP SAP S/4HANA implemented for controls.
• 4 new Gujarat showrooms planned; two by Q2 FY27.
• Participated in 20 exhibitions nationally and state-level.

Capital structure & liquidity

• Total borrowings ₹14,096.23 Lakhs; long-term ₹2,253.56; short-term ₹11,842.67.
• Net debt ₹13,787.36 Lakhs; gearing 31.50%.
• Cash and cash equivalents ₹107.38 Lakhs.
• Bank sanctions: IDFC First ₹35 Cr; ICICI ₹50 Cr; Kotak ₹24 Cr.
• Credit ratings: CRISIL BBB+/Stable; CARE BBB+; CRISIL A2.

Governance & leadership

• Independent Director Rajiv Nitin Mehta re-appointed for second term (2027–2032).
• Board met 6 times in FY2025-26; attendance solid.
• Secretarial Auditor noted delays in MCA form filings.
• Promoter holdings: Rajendrakumar 38.23%, Harit 36.75%.

Dividend & AGM

• Dividend not recommended for 2025-26.
• 18th AGM on 10 Sep 2026; cut-off 4 Sep 2026.
• Remote e-voting 7–9 Sep 2026; VC/OAVM facility.

CSR and sustainability

• CSR spent ₹74.85 L; obligation ₹74.81 L; ₹0.04 L shortfall.
• Focus areas: Education, healthcare, environment; heritage restoration.

Audit, risk & controls

• Inventory exists as key audit matter; inventories ₹33,567.46 L.
• Internal controls robust; no material fraud disclosed.
• Market risk moderate to high; currency and interest risk managed.

AGM Details

• Date and time: 10 September 2026 at 11:00 IST; mode: VC/OAVM.
• Deemed venue: registered office, Ahmedabad (Gujarat).
• Cut-off date for eligibility for voting and attendance: 4 September 2026.
• Remote e-voting window: 7–9 September 2026.

Key Resolutions

• Adopt Audited Standalone Financial Statements for FY 2025-26.
• Re-appoint Rajendrakumar Kantilal Zaveri as Director, retiring by rotation.
• Create charge/mortgage on assets to secure borrowings up to the approved limit.
• Increase borrowing limits to the approved threshold.
• Remuneration for Executive Directors: salary ceiling raised; commission up to 1.15% of net profits.
• Re-appoint Rajiv Nitin Mehta as Independent Director for a second term.

Director Changes

• Zaveri re-appointed as Director (retiring by rotation).
• Mehta re-appointed as Independent Director for a second term.

Borrowing & Remuneration

• Borrowing limits increased; charge/mortgage created for securing borrowings.
• Remuneration revisions: higher fixed salary ceiling and increased commission; perquisites unchanged.

Voting

• Voting results will be declared within two working days after the AGM.
• Remote e-voting period and VC/OAVM attendance details provided.

Meeting Details

• Date and time: 12 August 2026, 16:00 hrs.
• Type and mode: Earnings conference call; virtual group call.
• Event/organiser: RBZ Jewellers Limited Q1 FY27 Earnings Conference Call.

Participants

• Joint Managing Director and Chief Financial Officer.
• Internal Financial Controller.
• Senior Manager – Accounts and Finance.

Purpose

• Discuss Q1 FY27 results for the quarter ended 30 June 2026.

Additional Notes

• Transcript of the earnings call is available.
• Conference call recording is available.

Meeting Details

• Date and time: 12 August 2026 at 16:00 hours.
• Type and mode: group conference call, virtual.
• Event/organiser: RBZ Jewellers Limited.
• Purpose: discuss financial performance for quarter ended 30 June 2026.
• Recording: audio recording of the conference call will be available.

Participants

• Key participants: company management (roles only).

Business overview

• RBZ Jewellers is an organised gold jewellery manufacturer serving wholesale, job-work, and Harit Zaveri Jewellers retail.
• Operates a 23,966 sq ft facility with in-house design, production, and quality control.
• Niche focus on Antique Gold bridal jewellery across 20 states and 72 cities.
• Flagship retail store operates in Ahmedabad under Harit Zaveri Jewellers.
• Wholesale network includes ~190 retailers across 72 cities in 20 states.
• ROCE is 29% and ROE is 20%.
• Retail mix is approximately 65% occasion wear and 35% daily wear.

Operational highlights

• Q1FY27 revenue 1,208 mn; EBITDA 180 mn; PAT 91 mn.
• Q1FY27 EBITDA margin 14.82%; PAT margin 7.53%.
• Revenue grew about 60% YoY on demand and brand recall.
• Participated in five jewellery exhibitions/trade shows in Q1 FY27.
• Launched digital campaigns for Occasional Wear and 18K Rose Gold Daily Wear.
• Retail showroom expansion: Surat by Q2 and Rajkot by early Q3.
• Wholesale presence spans 72 cities across 20 states with Titan and Malabar Gold as clients.
• Job Work contributed 52% of FY26 total gold volumes.
• SAP ERP implementation to strengthen internal controls.
• Expansion plan: target 7 new showrooms in Gujarat over two financial years.
• Strategic rationale: deepen presence in Gujarat as base before national expansion.

Financial performance

• FY26 revenue 6,365 mn; EBITDA 919 mn; PAT 548 mn; EBITDA margin 14.44%; PAT margin 8.61%.
• FY25 revenue 5,301 mn; EBITDA 642 mn; PAT 388 mn; PAT margin 7.32%.
• Q1FY27 consolidated revenue 1,208 mn; EBITDA 179-180 mn; PAT 91 mn.
• Q1FY27 EBITDA margin 14.82%; PAT margin 7.53%.
• Q1FY27 basic/diluted EPS INR 2.27.
• FY26 total assets 4,860 mn; total equity 2,998 mn.
• Current assets 3,968 mn; inventories 3,357; trade receivables 558.
• Current liabilities 1,328 mn; borrowings 1,184 mn; lease liabilities 3.
• Cash and cash equivalents 11 mn.

Capital structure & liquidity

• Current borrowings INR 1,184 mn; long-term borrowings INR 225 mn.
• Lease liabilities: current INR 3 mn; non-current INR 285 mn.
• Total equity INR 2,998 mn; equity share capital INR 400 mn.
• Market cap around INR 5,514 mn; equity shares outstanding 40 mn.
• Cash and cash equivalents INR 11 mn.

Strategic priorities & outlook

• Expand manufacturing capacity; 7 new Gujarat showrooms in next two financial years.
• Maximise capacity utilization by FY26.
• Asset-light growth via retailer-supplied gold model.
• Deepen Harit Zaveri retail footprint; Gujarat base for national expansion.
• Adopt SAP ERP; SOP-driven processes and advanced manufacturing technology.
• Deepening presence in Gujarat to capitalize on high premium demand.

Governance & leadership

• Company Secretary & Compliance Officer: Heli Akash Garala (ACS 49256).
• Auditor: Ernst & Young LLP (EY).
• Investor relations contact: investor@rbzjewellers.com.
• EY signatories: Kanav Khanna, Rhea Dharia.

Financial highlights

• Quarter ended 30 Jun 2026: Revenue from operations ₹12,080.44 lakh.
• Total Income ₹12,091.38 lakh; Expenses ₹10,875.52 lakh; PBT ₹1,215.86 lakh.
• Tax expense ₹306.54 lakh; Profit for the period ₹909.32 lakh.
• EPS (basic and diluted) ₹2.27.
• Board approved unaudited results for quarter ended 30 June 2026; Limited Review unmodified.
• Single jewellery segment; no subsidiary; standalone results.
• YoY: Revenue up about 60% to ₹12,080.44 lakh.

Notes & context

• Statutory auditors' review: unmodified conclusion.
• Company is engaged in jewellery; Ind AS 34 applies; no consolidation needed.

Meeting Details

• Board meeting on 11 August 2026 at the registered office.

Key Agenda Items

• Consider and approve unaudited quarterly results for quarter ended 30 June 2026 with limited review report.
• Discuss and approve incidental and ancillary matters.

Other Notes

• Trading window closed for designated persons and relatives from 01 July 2026 until 48 hours after results.