Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

RBZ Jewellers Ltd

RBZJEWEL
Diamond, Gems & Jewellery

RBZ Jewellers Ltd's earnings have outrun its stock. EPS grew +41.2% in a year against a +3.9% price move.

The sharpest disagreement: profits are rising, but only −61% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.

The price is in a downtrend (69 weeks in) while the P/E sits at the 14th percentile of its own 3-year range. Underneath, the last four quarters read improving — profit +33.3% year on year, and −61% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.

Stage
Mixed
partial read
Price
₹151
+3.9% 1Y
P/E
10.3×
14th pctile
of its own 3-year range
Revenue (Mar 26)
₹189 Cr
+38.0% YoY
Profit (Mar 26)
₹12.0 Cr
+33.3% YoY
Operating margin
11.0%
flat YoY
ROCE
22%
FY26
ROIC
14.7%
vs WACC 12.0% → +2.7 pp
Cash conversion
−61%
of profit, last 3 FY
Unverified figures: Some figures on this page come from a second financial-data feed that could not be cross-checked against the primary source — the two do not share enough overlapping reported history to compare. They are drawn, because they are the only evidence there is, and every section carrying one is marked unverified.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

RBZ Jewellers Ltd trades at ₹151, in a downtrend and 69 weeks into that stage. That is +9.5% against its own 200-day average. It sits at 87% of a 52-week range of ₹110 to ₹157. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a downtrend — week 69 of stage 4, confirmed. At ₹151 it trades +9.5% versus its 200-day average and sits at 87% of its 52-week range (₹110–₹157).

Jul 26: ₹151 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+9.5% versus the 200-day line, week 69 of stage 4
Price50-day avg200-day avg
S2S4S2S4₹242₹205₹169₹132₹95.0₹151₹138Dec 23Aug 24Apr 25Dec 25Jul 26
S2S4S2S4₹242₹205₹169₹132₹95.0₹151₹138Dec 23Apr 25Jul 26
Beating or trailing, week by week since 2023 Each cell is one week from 2023 to now (139 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Dec 23Jul 26

Against the market, two honest reads. Cumulative: over the last 2.6 years the stock moved +30% while the NIFTY 500 moved +20% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 14th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

RBZ Jewellers Ltd trades at 10.3× P/E, near the bottom of its own range — cheaper only 14% of the time. Its long-run median P/E is 16.1×, measured across 2.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 10.3× is near the bottom of its own range — cheaper only 14% of the time, against a long-run median of 16.1× measured over 2.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 10.3× vs a 16.1× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 2.6-year window; loss-period spikes above 31× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 14% of the time
P/EMedianEPS (TTM) (quarterly)
33.1×₹14.826.5×₹11.119.9×₹7.413.3×₹3.76.7×₹0.0×10.30×₹14Dec 23Aug 24May 25Jan 26Jul 26
33.1×₹14.826.5×₹11.119.9×₹7.413.3×₹3.76.7×₹0.0×10.30×₹14Dec 23May 25Jul 26
P/E
10.3×
14th percentile of 3y

Why the multiple sits where it does: over the past year annual EPS moved +41.2% against a +3.9% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Mixed

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

RBZ Jewellers Ltd reads as mixed on its fundamental arc. Mixed — revenue growth is rising at +38.0% (single-quarter readings) while profit growth is decelerating from its peak at +33.3% (single-quarter readings) — the curves disagree, so the per-curve reads carry the story. The read is built from 9 quarters across 3 curves, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
73%221%52%145%30%70%8.3%−6.0%−13%−82%%%38%33.3%41.2%Mar 23Sep 24Mar 26
73%221%52%145%30%70%8.3%−6.0%−13%−82%%%38%33.3%41.2%Mar 23Sep 24Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
25%22%20%18%15%%22%FY23FY24FY26
25%22%20%18%15%%22%FY23FY24FY26
Revenue growth
Rising
latest +38.0% · span −7.3% to +59.3%
Profit growth
Rolling over
latest +33.3% · span −40.0% to +100.0%
ROCE
Steady high
latest 22.0% · span 16.0%–24.0%

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Growth, year by year: revenue +20.0% in FY26, profit +41.0% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
150%258%98%168%47%77%−4.1%−14%−55%−104%%%20%41%FY20FY23FY26
150%258%98%168%47%77%−4.1%−14%−55%−104%%%20%41%FY20FY23FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+20.0%) with the last 8 annualized (+34.0%).
revenue rolling over, profit rolling over
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
52%89%43%49%35%8.5%26%−32%18%−72%%%20%41%Mar 23Sep 24Mar 26
52%89%43%49%35%8.5%26%−32%18%−72%%%20%41%Mar 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+20.0%+30.2%+42.8%
Profit+41.0%+35.7%+40.6%
EPS+41.2%+22.6%−10.9%
Share price+3.9%
Revenue YoY (Mar 26)
+38.0%
latest quarter vs a year ago
Profit YoY (Mar 26)
+33.3%
latest quarter vs a year ago
Revenue 10y
23.2%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

54.3/100 — rank 11 of 26 in Diamond, Gems & Jewellery · 83% evidence confidence

RBZ Jewellers Ltd scores 54.3 out of 100 against the 26 companies it is compared with in Diamond, Gems & Jewellery, ranking 11. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 18.8 + 14.4 + 13.2 + 7.9 = 54.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

RBZ Jewellers Ltd reported ₹189 Cr of revenue in the Mar 26 quarter, +38.0% year on year. That is the 3rd straight quarter of year-on-year growth. Over 6 years it has compounded at 23.2% a year. The last full year, FY26, came in at ₹636 Cr. The last four reported quarters add to ₹636 Cr.

RBZ Jewellers Ltd reported ₹189 Cr of revenue in the Mar 26 quarter, +38.0% year on year. That is the 3rd straight quarter of year-on-year growth. Over 6 years it has compounded at 23.2% a year. The last full year, FY26, came in at ₹636 Cr. The last four reported quarters add to ₹636 Cr.

FY26 revenue came in at ₹636 Cr (+20.0% on the year), capping 6 years at 23.2% compound. The latest quarter (Mar 26) printed ₹189 Cr, +38.0% year on year — the 3rd consecutive quarter of year-over-year growth.

FY26 revenue ₹636 Cr (+20.0% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 7-year window. A bar is red when it is lower than the year before.
23.2% a year over 6 years
RevenueYoY growth
687150%51598%34347%172−4.1%0−55%₹ Cr%₹63620%FY20FY23FY26
687150%51598%34347%172−4.1%0−55%₹ Cr%₹63620%FY20FY23FY26
Mar 26: ₹189 Cr (+38.0% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
3rd straight quarter of growth
Revenue (quarterly)YoY growth
24473%18352%12230%618.3%0−13%₹ Cr%₹18938%Mar 23Sep 24Mar 26
24473%18352%12230%618.3%0−13%₹ Cr%₹18938%Mar 23Sep 24Mar 26

Pace check: the last four quarters averaged +17.8% growth against the decade's 23.2% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +20.0% over the last 4 quarters against +34.0%/yr over the last 8 — rolling over; TTM profit +41.0% vs +54.6%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 11.0% this quarter (+0.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

RBZ Jewellers Ltd's operating margin is 11.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 6.0% to 19.0%. The current quarter sits inside that band.

RBZ Jewellers Ltd's operating margin is 11.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 6.0% to 19.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 11.0%, +0.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 6.0%–19.0%.

Why the margin moved: operating margin went +0.5 pp year on year while gross margin went −1.1 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 14.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 7-year window.
within a 6.0–19.0% band over 7 years
operating marginYoY change (pp)
20%15%16%8.6%13%2.5%8.7%−3.6%5.0%−9.7%%%14%2%FY20FY23FY26
20%15%16%8.6%13%2.5%8.7%−3.6%5.0%−9.7%%%14%2%FY20FY23FY26
Mar 26: 11.0% operating margin (+0.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
20%8.1%16%4.1%12%0.0%7.9%−4.1%3.9%−8.1%%%11%0%Mar 23Sep 24Mar 26
20%8.1%16%4.1%12%0.0%7.9%−4.1%3.9%−8.1%%%11%0%Mar 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit +33.3% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

RBZ Jewellers Ltd earned ₹12.0 Cr of net profit in the Mar 26 quarter, +33.3% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹55.0 Cr. The 6-year compound rate is 62.4%. That is 6.3% of the quarter's revenue. The same quarter a year earlier earned ₹9.0 Cr.

RBZ Jewellers Ltd earned ₹12.0 Cr of net profit in the Mar 26 quarter, +33.3% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹55.0 Cr. The 6-year compound rate is 62.4%. That is 6.3% of the quarter's revenue. The same quarter a year earlier earned ₹9.0 Cr.

Mar 26 profit was ₹12.0 Cr, +33.3% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹55.0 Cr (+41.0%), and the 6-year compound rate is 62.4%.

FY26 profit ₹55.0 Cr (+41.0% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 7-year window. A bar is red when it is lower than the year before.
62.4% a year over 6 years
Net profitYoY growth
59252%45184%30117%1549%0−19%₹ Cr%₹5541%FY20FY23FY26
59252%45184%30117%1549%0−19%₹ Cr%₹5541%FY20FY23FY26
Mar 26: ₹12.0 Cr (+33.3% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
3rd straight quarter of growth
Net profit (quarterly)YoY growth
21219%15150%1080%510%0−59%₹ Cr%₹1233.3%Mar 23Sep 24Mar 26
21219%15150%1080%510%0−59%₹ Cr%₹1233.3%Mar 23Sep 24Mar 26

Why profit moved: revenue contributed +38.0% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +44.8% vs revenue +17.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: −61% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −61% of RBZ Jewellers Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−7.0 Cr of operating cash against ₹55.0 Cr of profit. After ₹55.0 Cr of capital spending, ₹−62.0 Cr was left as free cash.

FY26: operating cash of ₹−7.0 Cr against reported profit of ₹55.0 Cr, leaving free cash of ₹−62.0 Cr after ₹55.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −61% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹−7.0 Cr vs profit ₹55.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 7-year window, annual resolution.
−61% of 3-year profit arrived as cash
Operating cashNet profitFree cash
6430−4−37−71₹ Cr₹−7₹55₹−62FY20FY23FY26
6430−4−37−71₹ Cr₹−7₹55₹−62FY20FY23FY26
FY26: CFO = −13% of profit (three-year rate −61%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
234%111%−12%−134%−257%%−13%FY20FY23FY26
234%111%−12%−134%−257%%−13%FY20FY23FY26

🚨 Why conversion sits at −61%: the cash cycle tightened 178 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 8.6× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹69.0 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

RBZ Jewellers Ltd's cash conversion cycle runs 279 days in FY26, down from 457 days in FY21. Capital spending ran ₹69.0 Cr over the last 3 years. At FY26 sales of ₹636 Cr each day of that cycle holds about ₹1.7 Cr, so roughly ₹486 Cr sits inside the business at any moment.

FY26: debtors at 32 days, inventory at 251 days — roughly 8.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 279 days, tighter than FY21's 457.

The full loop: cash goes out to suppliers and production on day 0; stock waits 251 days to sell; customers pay about 32 days after that; and suppliers themselves are paid at 5 days — netting out to the 279-day cycle.

In money terms: at FY26 sales of ₹636 Cr, each day of the cycle holds about ₹1.7 Cr — so the 279-day loop keeps roughly ₹486 Cr sitting inside the business at any moment.

FY26: a 279-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 7-year window.
−178 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
49336223098−33days279d251d32d5dFY20FY21FY23FY24FY26
49336223098−33days279d251d32d5dFY20FY23FY26

On the investment side: capital spending of ₹69.0 Cr over the last 3 fiscal years against ₹8.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹25.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹55.0 Cr, work-in-progress ₹25.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
594530150₹ Cr₹55₹25FY21FY22FY23FY24FY26
594530150₹ Cr₹55₹25FY21FY23FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 22% and the ROIC − WACC spread is +2.7 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

RBZ Jewellers Ltd earns a ROCE of 22% in FY26. That is up from a trough of 16% in FY24. Return on invested capital clears the cost of that capital by +2.7 percentage points, so growth here adds value rather than only size. The wiring behind it is 8.6% net margin on 1.31× asset turns.

FY26 ROCE is 22%, recovered from a FY24 trough of 16% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 8.6% net margin × 1.31× asset turns × 1.62× balance-sheet leverage ≈ 18.3% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 14.7% − 12.0% = a +2.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

FY26: ROCE 22% Return on capital employed by fiscal year, % (line). 6-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY24's 16%
ROCEWACC
25%21%18%15%11%%22%FY21FY22FY23FY24FY26
25%21%18%15%11%%22%FY21FY23FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.57.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

RBZ Jewellers Ltd carries ₹170 Cr of borrowings against ₹300 Cr of equity in FY26, a debt-to-equity of 0.57. Operating profit covers the interest bill 7×. Over 5 years borrowings went from ₹60.0 Cr to ₹170 Cr. Capital spending ran ₹69.0 Cr across the last 3 of those years.

FY26: borrowings of ₹170 Cr against equity of ₹300 Cr — a debt-to-equity of 0.57. Operating profit covers the interest bill 7×. Over 5 years borrowings went from ₹60.0 Cr to ₹170 Cr while capital spending ran ₹69.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

FY26: borrowings ₹170 Cr at 0.57× equity Borrowings by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 7-year window. Quarterly balance-sheet history is not held for India — annual is the honest resolution.
the debt trajectory
BorrowingsDebt-to-equity
1841.1×1380.9×920.7×460.5×00.3×₹ Cr×₹1700.57×FY20FY21FY23FY24FY26
1841.1×1380.9×920.7×460.5×00.3×₹ Cr×₹1700.57×FY20FY23FY26

→ Who owns this, and are they adding or leaving? Next: Domestic institutions cut 1.5 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 1.5 points of RBZ Jewellers Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 0.0% of the company. Foreign institutions moved −1.3 points over the same window, to 0.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −1.5 points over 8 quarters to 0.0%; Foreign institutions: −1.3 points over 8 quarters to 0.0%; Promoters: +0.0 points over 8 quarters to 75.0%.

🚨 Why the register moved: domestic institutions drove it (−1.5 points), alongside foreign institutions (−1.3 points) — distribution into the market’s bid.

Fiscal-year ends: promoters +0.0 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
81%59%38%16%−6.0%%75%0%0.1%24.9%Mar 24Mar 25Mar 26
81%59%38%16%−6.0%%75%0%0.1%24.9%Mar 24Mar 25Mar 26
Domestic institutions cut 1.5 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 11 quarters.
PromotersForeign inst.Domestic inst.Public
81%59%38%16%−6.0%%75%0.0%0.0%25.0%Dec 23Mar 25Jun 26
81%59%38%16%−6.0%%75%0.0%0.0%25.0%Dec 23Mar 25Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

RBZ Jewellers Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Diamond, Gems & Jewellery Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
RBZ Jewellers Ltd this page10.3×₹564 CrMixed
Titan Company Ltd80.6×₹4.2L CrTurning around
Kalyan Jewellers India Ltd43.0×₹59,233 CrConsistent
Thangamayil Jewellery Ltd60.7×₹21,467 CrImproving
Bluestone Jewellery & Lifestyle Ltd209.0×₹11,772 CrNo read
Sky Gold & Diamonds Ltd36.8×₹10,124 CrMixed
PC Jeweller Ltd12.6×₹9,011 CrNo read
P N Gadgil Jewellers Ltd21.3×₹8,780 CrMixed
Senco Gold Ltd10.9×₹6,273 CrTurning around
Vaibhav Global Ltd15.7×₹4,216 CrImproving
Rajesh Exports Ltd20.9×₹3,510 CrImproving
D.P. Abhushan Ltd74.8×₹3,032 CrConsistent
Rajesh Exports Ltd23.3×₹2,626 CrMixed
D.P. Abhushan Ltd12.3×₹2,295 CrConsistent
Shringar House of Mangalsutra Ltd18.3×₹2,118 CrNo read
Khazanchi Jewellers Ltd24.0×₹1,836 CrNo read
Tribhovandas Bhimji Zaveri Ltd8.5×₹1,728 CrNo read
Khazanchi Jewellers Ltd18.6×₹1,666 CrNo read
Motisons Jewellers Ltd25.2×₹1,612 CrMixed
Shanti Gold International Ltd10.9×₹1,523 CrNo read
PNGS Reva Diamond Jewellery Limited19.9×₹1,287 Cr
Utssav CZ Gold Jewels Ltd21.1×₹1,248 CrNo read
Asian Star Company Ltd24.0×₹971 CrTurning around
PNGS Gargi Fashion Jewellery Ltd25.8×₹785 CrMixed
SJ Corporation Ltd₹776 Cr
Manoj Vaibhav Gems N Jewellers Ltd6.6×₹761 CrTopping out
Radhika Jeweltech Ltd10.0×₹751 CrConsistent
PNGS Gargi Fashion Jewellery Ltd21.8×₹685 CrTopping out
Uday Jewellery Industries Ltd13.7×₹491 CrMixed
Golkunda Diamonds & Jewellery Ltd16.0×₹195 CrMixed
12 · Frequently asked questions

Frequently asked questions

What is RBZ Jewellers Ltd's share price today?

RBZ Jewellers Ltd trades at ₹151, +3.9% over the past year. The company is valued at ₹564 Cr. The stock sits at 87% of its 52-week range of ₹110–₹157, +9.5% versus its 200-day average. On the tape, the price is in a downtrend, 69 weeks in. — as of 24 July 2026.

What were RBZ Jewellers Ltd's latest quarterly results?

RBZ Jewellers Ltd reported revenue of ₹189 Cr and net profit of ₹12.0 Cr for the Mar 26 quarter. Revenue rose 38.0% and profit rose 33.3% year on year. Earnings per share were ₹2.92. The operating margin was 11.0%, 0.0 pp higher than a year earlier. — as of 24 July 2026.

What is RBZ Jewellers Ltd's revenue?

RBZ Jewellers Ltd reported revenue of ₹189 Cr in the Mar 26 quarter, +38.0% year on year. For the full FY26 fiscal year, revenue was ₹636 Cr (+20.0%). Over the last 6 years revenue compounded at 23.2% a year. — as of 24 July 2026.

What is RBZ Jewellers Ltd's profit?

RBZ Jewellers Ltd earned ₹12.0 Cr of net profit in the Mar 26 quarter, +33.3% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹55.0 Cr. The operating margin ran 11.0% in the latest quarter. — as of 24 July 2026.

What is RBZ Jewellers Ltd's market cap?

RBZ Jewellers Ltd's market capitalisation is ₹564 Cr at a share price of ₹151. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is RBZ Jewellers Ltd's P/E ratio?

RBZ Jewellers Ltd trades at a P/E of 10.3×, at the 14th percentile of its own 3-year range, against a long-run median of 16.1×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does RBZ Jewellers Ltd pay a dividend?

No — RBZ Jewellers Ltd has recorded a dividend payout of 0% of profit in each of its last 7 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 24 July 2026.

Is RBZ Jewellers Ltd overvalued?

On its own history, RBZ Jewellers Ltd looks cheap against its own history: its P/E of 10.3× has been cheaper only 14% of the time in 3 years (long-run median 16.1×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is RBZ Jewellers Ltd growing?

Yes — RBZ Jewellers Ltd is growing: latest-quarter revenue +38.0% year on year, profit +33.3%, and the margin +0.0 pp at 11.0%. The 6-year compound rates are 23.2% (revenue) and 62.4% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is RBZ Jewellers Ltd performing?

RBZ Jewellers Ltd is in a downtrend, 69 weeks in. Its latest quarter's revenue rose 38.0% and profit rose 33.3% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 2 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is RBZ Jewellers Ltd in?

Mixed — revenue growth is rising at +38.0% (single-quarter readings) while profit growth is decelerating from its peak at +33.3% (single-quarter readings) — the curves disagree, so the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +38.0% latest, profit growth +33.3% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is RBZ Jewellers Ltd in an uptrend?

No — the price is in a downtrend (week 69 of stage 4), trading +9.5% versus its 200-day average and at 87% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is RBZ Jewellers Ltd beating the market?

On recent form, yes — RBZ Jewellers Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 2.6 years the stock moved +30% against the NIFTY 500's +20% — ahead of the index over the full window. — as of 24 July 2026.

Will RBZ Jewellers Ltd's share price go up?

This page publishes no price forecast for RBZ Jewellers Ltd. What it measures instead: the share price is ₹151, the price is in a downtrend 69 weeks in. Its P/E of 10.3× sits at the 14th percentile of its own 3-year range. — as of 24 July 2026.

Who owns RBZ Jewellers Ltd?

Promoters hold 75.0% of RBZ Jewellers Ltd, foreign institutions 0.0%, domestic institutions 0.0% and the public 25.0% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 1.5 points over 8 quarters. — as of 24 July 2026.

Does RBZ Jewellers Ltd have too much debt?

It is moderate — RBZ Jewellers Ltd's debt-to-equity is 0.57, and operating profit covers the interest bill 7×. FY26 borrowings were ₹170 Cr against equity of ₹300 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is RBZ Jewellers Ltd's capex?

RBZ Jewellers Ltd spent ₹69.0 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹55.0 Cr, with ₹25.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is RBZ Jewellers Ltd's cash flow?

RBZ Jewellers Ltd generated ₹−7.0 Cr of operating cash flow in FY26 and ₹−62.0 Cr of free cash flow after ₹55.0 Cr of capital spending. Reported profit that year was ₹55.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is RBZ Jewellers Ltd's profit real cash?

Not fully — over the last 3 fiscal years, −61% of RBZ Jewellers Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹−7.0 Cr against reported profit of ₹55.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is RBZ Jewellers Ltd in its business cycle?

RBZ Jewellers Ltd's FY26 operating margin was 14.0%, against a 7-year band of 6.0%–19.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 11.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the RBZ Jewellers Ltd story?

The sharpest disagreement: profits are rising, but only −61% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is RBZ Jewellers Ltd a stock worth studying right now?

This is not investment advice. The machine read: RBZ Jewellers Ltd's earnings have outrun its stock. EPS grew +41.2% in a year against a +3.9% price move. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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