As of , Tribhovandas Bhimji Zaveri Ltd (Diamond, Gems & Jewellery) has a deep value score of 58/100 (rated Average). Earnings are accelerating. 1Y return vs Nifty 500: -26%.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: EBITDA Margin Expansion: 592 bps
“The EBITDA margin also exhibited marked improvement, expanding by 592 bps in Q3 FY26 to 12.44%, indicating continued benefits from scale efficiencies.”
What: New Collection: Dohra
“In December, with the onset of the wedding season and strong customer response, TBZ sharpened its bridal proposition through “Dohra – Detachable Bridal Jewellery”.”
What: Gross Margin: 17.48%
“Gross profit improved significantly by 60.30% YoY in Q3 FY26, supported by stronger execution and better realisation trends.”
What: EBITDA growth of 118.16% YoY
“The EBITDA margin also exhibited marked improvement, expanding by 592 bps in Q3 FY26 to 12.44%... indicating continued benefits from scale efficiencies.”
Earnings deceleration risks from management commentary
Trigger: Gold lease is marked to market on a daily basis.
Management view: TBZ uses gold metal loans to mitigate commodity risk as there is no gain or loss if gold prices fluctuate.
Monitor: commodity
Trigger: Standard regulatory requirement for listed entities.
Management view: The company maintains a Compliance Department to ensure adherence.
Monitor: regulatory
Key quotes from recent conference calls
“Strategic retail network expansion: launch of two new flagship high-street showrooms... expanding the national footprint to 37 showrooms across 27 cities. [Previous Store Expansion guidance]”
“TBZ pivoted to a new collection launch, “Dohra”, positioned as a detachable, multi-use jewellery concept designed to extend usage occasions and strengthen value perception. [Initiative: Dohra Collection Launch]”
“Sharp increase in gold prices: Gold lease is marked to market on a daily basis. So, any increase in gold price will cause TBZ to top up its bank guarantee. [Risk (commodity): MEDIUM]”
“Pursuant to Regulation 30 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. [Risk (regulatory): LOW]”
Headline numbers from the latest earnings call
Revenue
₹10,614.23 Mn
Why: Growth was driven by the festive season campaign and strong execution during key periods like Diwali and Dhanteras.
Revenue growth accelerated significantly on a sequential basis due to the peak festive quarter.
EBITDA
₹1,320.50 Mn
Why: Profitability improved due to better realization trends and disciplined cost control leading to scale efficiencies.
EBITDA margins expanded by 592 basis points year-on-year.
PAT
₹817.67 Mn
Why: Bottom-line performance was enhanced by materially improved operational efficiencies despite higher finance and depreciation costs.
PAT growth significantly outpaced revenue growth, indicating high operating leverage.
Other Highlights
• Gross margin expanded by 500 bps YoY to 17.48% in Q3 FY26.
• 9M FY26 PAT reached ₹1,334.11 million, up 114.60% YoY.
• Inventory turnover for gold metal loans remains at 2-3 times.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Showrooms
37 stores
Why: The company maintained its footprint after expanding in Q1 FY26.
Total Retail Space
1,00,000+
Why: Stable retail footprint across 27 cities.
Gross Margin %
17.48%
Why: Supported by stronger execution and better realisation trends.
EBITDA Margin %
12.44%
Why: Continued benefits from scale efficiencies and disciplined cost control.
Customer Walk-ins (Q3)
57,000+
Why: Sustained footfall momentum through the festive quarter.
New Customer Mix
40-45%
Why: Healthy customer composition across the funnel.
Active Customer Mix
45-50%
Why: Strong retention of existing customers.
Gold Inventory Turns
2-3x
Why: Efficient sourcing through gold metal loans.
Wedding & Occasion Sales %
~65%
Why: Core business focus on specialty wedding jewellery.
Digital Audience - Female %
~70%
Why: Audience profile remains aligned with core consumer demographics.
Forward-looking targets from management
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +14% | +12% | Stable |
| PAT (Net Profit) | +170% | +50% | Inflection Up |
| OPM | 12.0% | +600 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Tribhovandas Bhimji Zaveri Ltd has a deep value score of 58/100 (rated Average). This score is calculated from three components
Tribhovandas Bhimji Zaveri Ltd's quarterly profit (PAT) growth trajectory
Tribhovandas Bhimji Zaveri Ltd is underperforming the market despite improving earnings — this is the core deep value thesis
Tribhovandas Bhimji Zaveri Ltd's earnings momentum is Steady — consistent growth.
Tribhovandas Bhimji Zaveri Ltd's valuation metrics
Tribhovandas Bhimji Zaveri Ltd's revenue and margin trends
Tribhovandas Bhimji Zaveri Ltd's trailing twelve month (TTM) performance
Tribhovandas Bhimji Zaveri Ltd key facts
Tribhovandas Bhimji Zaveri Ltd shows limited deep value signals currently — score is 58/100 (Average). Monitor for improvement.
Other deep value stocks in Diamond, Gems & Jewellery
Diamond, Gems & Jewellery deep value sector overview
Deep value investing studies stocks that are underperforming the market despite showing improving fundamentals. The thesis is that the market has not yet recognized the earnings recovery, creating a potential valuation gap. It requires patience — recovery can take several quarters.
The deep value score (0-100) combines three factors:
- Earnings (0-40 pts): PAT growth across last 3 quarters, acceleration, and consecutive growth - Underperformance (0-35 pts): How much the stock trails Nifty 500 over 1Y, 6M, 3M (deeper underperformance = higher score) - Quality (0-25 pts): Revenue growth, margin trends, and valuation metrics (PEG, P/B)
Higher score indicates a stronger contrarian research signal.
Tribhovandas Bhimji Zaveri Ltd has 4 key growth catalysts identified from recent earnings analysis
Tribhovandas Bhimji Zaveri Ltd has 2 key risks worth monitoring
In Q3 FY26, Tribhovandas Bhimji Zaveri Ltd's management highlighted
The above FAQs are generated from publicly available earnings data. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
