Tribhovandas Bhimji Zaveri Ltd(TBZ)

NSE: TBZBSE: 534369

₹ 674.05-5.00%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 4,498 crNext results: 27 Oct 2026Website: www.tbztheoriginal.comUpdated: 24 Oct 2026

About

Tribhovandas Bhimji Zaveri (TBZ - The Original) is an organised jewellery retailer headquartered in Mumbai, selling gold, diamond, silver, platinum and precious stone ornaments through 37 retail outlets across 28 cities in 13 states as of 31 March 2026. The company operates as a single business segment, Jewellery, entirely within India, and reported FY26 revenue of ₹3,202.95 Cr. Approximately 65% of sales come from wedding and occasion-related purchases. In October 2026 GRT Jewellers (India) Private Limited received Competition Commission of India approval for its proposed acquisition of a majority stake in the company.^[1][2][3]

Business segment

TBZ operates within a single primary business segment, Jewellery, with all revenue generated within India; foreign exchange earnings and outflow were both NIL in FY26.^[4]

Products and brands

The retail brand is TBZ - The Original; the flagship store is at Zaveri Bazar, Mumbai, with additional Mumbai locations at Churchgate, Santacruz and Borivali.^[1]
Product styles span plain gold, diamond-studded, precious and semi-precious stone studded, contemporary, lightweight, temple and coloured stone jewellery, including rings, earrings, mangalsutra, necklaces, pendants, bracelets, bangles and coins.^[1]
All gold jewellery is 100% BIS Hallmarked 22 Karat; diamonds used are ethically sourced and certified natural diamonds only.^[1]
TBZ introduced a detachable multi-use jewellery concept, 'Dohra', in November 2025, extended to 'Dohra - Detachable Bridal Jewellery' in December 2025 with regional bridal themes.^[5]
The company launches 8 - 10 new jewellery lines per year.^[5]

Operations and manufacturing

In-house diamond jewellery manufacturing is at Kandivali Industrial Estate, Charkop, Kandivali (West), Mumbai, across 24,000 sq. ft., run through wholly owned subsidiary Tribhovandas Bhimji Zaveri (Bombay) Limited.^[1]
The Kandivali facility has capacity for gold refining and jewellery component manufacturing; cut and polished diamonds are sourced from DTC site holders.^[1]
Gold jewellery manufacturing is largely outsourced to 150+ vendor partners, each with annual gold processing capacity of over 100 kg.^[1]
Gold is sourced via banks on a gold-loan basis, exchange and purchase of old jewellery, and bullion dealers.^[1]
TBZ had 1,136 total employees as of FY26.^[1]

Key operating numbers

Store count stood at 37 (33 large-format, 4 small-format) across 28 cities in 13 states as of 31 March 2026, with total retail area exceeding 1,00,000 sq. ft.^[1]
Wedding and occasion-related purchases accounted for approximately 65% of sales in Q1, Q2 and Q3 FY26.^[1]
Customer composition in Q3 FY26: 40 - 45% new acquisitions, 45 - 50% active customer base, 10 - 15% reactivated lapsed customers.^[5]
Cumulative walk-ins in 9M FY26 (Apr - Dec 2025) exceeded 1.63 lakh.^[5]

Customers and distribution

Of the 37 stores as of 31 March 2026, 32 are company-owned and 5 are franchise stores.^[1]
Retail presence spans Mumbai, Hyderabad, Jaipur, Vijayawada, Kolkata, Ahmedabad, Kochi, Thane, Raipur, Surat, Jamshedpur, Rourkela, Bhubaneswar, Indore, Lucknow, Pune and Ranchi, among other cities.^[1]
Marketing IPs include Akshaya Tritiya, Celebration of Diamonds, Tyohaar Matlab TBZ and Shaadi Matlab TBZ.^[1]
In Q3 FY26, TBZ reached 5.4 million+ social platform audiences; its Instagram community stood at 165K+ followers with 13 million+ video views in the quarter.^[5]

Store expansion

Two flagship high-street showrooms opened in Q1 FY26, Ahmedabad (C.G. Road) and Hyderabad (Kondapur), taking the network from 35 to 37 stores.^[6]
Three stores were added in FY25: Jaipur (Q1 FY25), Bhubaneswar and Rourkela (H1 FY25).^[7]
Management has stated plans for continued retail footprint expansion across India alongside e-commerce and digital platform expansion (Q3 FY26).^[5]

Recent developments

On 13 Oct 2026 TBZ disclosed that GRT Jewellers (India) Private Limited received Competition Commission of India approval for its proposed acquisition of a majority stake in TBZ.^[3]
India cut customs duty on cut and polished diamonds and coloured gemstones from 5% to 2.5% and removed duty on rough coloured gemstones, effective in FY26.^[1]
India's gold imports rose 24.1% in value to US$71.98 billion in FY26, while volume declined 4.8% to 721.03 tonnes.^[1]
The domestic gems and jewellery market is estimated at US$85 billion in 2025 and projected at US$130 billion by 2030.^[1]

Market Cap

₹4,498 Cr

High / Low

₹798 / 111

Stock P/E

21.0

Price / Book

5.4

Book Value

₹126

EPS

₹30.3

No. of Shares

6.67 Cr

ROCE

21.6%

ROE

27.1%

OPM

10.6%

Debt / Equity

0.94

Sales

₹3,203 Cr

Net Profit

₹202 Cr

Promoter holding

74.1%

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