RBZ Jewellers Ltd(RBZJEWEL)

NSE: RBZJEWELBSE: 544060

₹ 180.55-5.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 722 crNext results: 3 Nov 2026Website: www.rbzjewellers.comUpdated: 24 Oct 2026

About

RBZ Jewellers is a Gujarat-based maker and seller of gold jewellery, focused on antique gold. It sells through its own retail showroom and through wholesale and job work for other jewellers and corporate clients. FY26 revenue from operations was 636.48 crore, with retail at INR408 crores and B2B at INR843 crores in combined value. It is growing its showroom network across Gujarat and opened a 10,000 sq.ft. flagship in Surat on 24 September 2026.^[1][2][3]

Business segments

Q1 FY27 segment revenue: retail INR 775 Mn (+70% YoY), wholesale INR 421 Mn (+47% YoY), job work INR 12 Mn^[4]
FY26 segment revenue: retail INR 4,084 Mn, wholesale INR 2,213 Mn, job work INR 84 Mn^[2]
FY26: combined B2B value (job work plus wholesale merchandise) was INR843 crores, against INR408 crores from retail^[2]
FY25 annual report: the company reported a single segment, jewellery products, with all revenue from India^[5]

Products

The company keeps its focus on antique gold jewellery. Diamonds and studded jewellery are seen as a future category with no near-term plan, and lab-grown diamonds are excluded (as of Q4 FY26)^[2]
Q4 FY26: about 730 new designs launched, around 8 a day, mostly in occasion wear^[2]
Q1 FY27 retail mix: about 65% occasion wear and 35% daily wear^[4]
18-carat jewellery made up about 18-20% of B2B corporate sales in Q1 FY27, up from 0% before December 2025. The target is at least 20% by the end of FY27^[4]
In-house manufacturing of daily wear jewellery, on dedicated infrastructure, was set to start from Q1 FY27^[2]

Manufacturing operations

Total production capacity is 1.8 to 2 tonnes a year. Q1 FY27 consumption was 900-1,000 kg, about 50% utilisation^[4]
In the July-September peak season, utilisation runs at 70-85% and sometimes nears 90% (Q1 FY27 call)^[4]
In rupee terms, capacity has risen to about INR3,000 crores from about INR1,200 crores at the IPO because of higher gold prices. No manufacturing capex is planned (Q4 FY26)^[2]

Key operating numbers

Q1 FY27: total sales volume of 175.47 kg, of which 49.57 kg was retail. Job work was about 54% of total volumes^[4]
FY26 retail volume was 397 kg^[2]
Q2 FY26: total volume of 380 kg vs 317 kg in Q2 FY25. Job work volume was 249 kg vs 163 kg^[6]
Inventory was about INR 400 crores, or 350 kg, at the Q1 FY27 call^[4]
Gold metal loans (GML) were first used in Q1 FY27 at about 3-3.5% cost, vs 8.5-9% for cash credit. Targets are about 50% of inventory on GML by FY28 and about 75% by FY29^[4]

Customers and markets

B2B customers include national retail chains, family jewellers and corporate clients. Since Q2 FY26, some corporates have moved from wholesale buying to job work using gold metal loans^[6][7]
IIJS 2026 brought more buyers and new family-jeweller clients. The order book for July-August was full (Q1 FY27 call)^[4]
Management describes Gujarat as a white space, with almost no presence of pan-India jewellery chains (Q4 FY26)^[2]
Planned B2B:B2C mix is 50:50 within a year or two and 75% retail over the long term (Q1 FY27 call)^[4]

Store expansion

Surat flagship (10,000 sq ft) opened on 24 September 2026^[8][3]
Rajkot flagship (11,000 sq ft, leased for 18 years) is planned for early Q3 FY27, before October 2026^[4][2]
Mid-sized stores of about 5,000 sq ft in Maninagar (East Ahmedabad) and Gandhinagar are planned for Q3 FY27, possibly November 2026^[4]
Seven new Gujarat showrooms are planned across FY27 and FY28. Leases are signed for three stores beyond the current four, which are at evaluation stage^[4]
Inventory needed per store: INR 125-150 crore for a large-format store and about INR 50 crore for a mid-format store. This is funded through a sanctioned INR 300 crore debt facility^[4]
First-year revenue targets: INR150 crores for Surat and INR125 crores for Rajkot. At maturity in year 4-5, targets are INR 500 crores for Surat and INR 400 crores for Rajkot^[7][6]

Recent developments

24 Sep 2026: actor Vicky Kaushal inaugurated the Surat flagship showroom^[3]
FY26 annual report: a proposal to raise the borrowing limit from Rs 500 crore to Rs 750 crore^[9]
FY26 annual report: a proposal to raise executive directors' pay from 1 April 2026. The monthly salary ceiling goes from ₹7 lakh to ₹10 lakh and commission from 1% to 1.15% of net profits^[9]
FY26 annual report: independent director Rajiv Nitin Mehta proposed for a second term, from 30 June 2027 to 29 June 2032^[9]
Q4 FY26: FY27 revenue and PAT guidance was withheld after a government advisory on gold purchases and changes to customs duty^[2]

Market Cap

₹722 Cr

High / Low

₹208 / 100

Stock P/E

13.3

Price / Book

2.5

Book Value

₹75

EPS

₹13.7

No. of Shares

4 Cr

ROCE

21.9%

ROE

20.1%

OPM

13.8%

Debt / Equity

0.47

Sales

₹636 Cr

Net Profit

₹55 Cr

Promoter holding

75.0%

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