In , RBZ Jewellers Ltd (Diamond, Gems & Jewellery) is outperforming Nifty 500 with +8.7% relative strength. Fundamentals: Average.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 19, 2026
What: New Showrooms: 4 new stores
Impact: INR 275 Cr Revenue
“the company plans to expand into other major Gujarat cities such as Surat and Rajkot, with both the showrooms planned to operate in Q2 FY27”
What: Retail Revenue %: 68.5% of Q3 Revenue
Impact: 184 bps margin expansion
“Because of our manufacturing setup and presence across both Wholesale and Retail segment, we are able to garner better margins than any of our peers.”
What: New Designs: 951 designs
“further the company is set to commence certain products in-house in Daily Wear segment from Q1 FY27 with dedicated infrastructure in place.”
What: Retail Revenue Growth of 39% YoY
“In terms of segmental performance for the quarter, retail revenue stood at INR155 crores, registering a strong growth of 39% y-on-y.”
Earnings deceleration risks from management commentary
Trigger: Sharp increase in gold prices leads to volume dips as consumers become more price-sensitive.
Management view: Focusing on lightweight jewelry and maintaining a 20-25% inventory cushion.
Monitor: commodity
Trigger: Scaling retail operations requires significant human capital in design and sales.
Management view: Supported by existing team of 250+ professionals and 200 skilled artisans.
Monitor: labor
Key quotes from recent conference calls
“I think we should be able to achieve around INR650 crores or INR630 crores to INR650 crores of revenue [Previous Annual Revenue guidance]”
“the two flagship stores of 10,000 square feet in Surat and 12,000 square feet in Rajkot, we are planning to open in the quarter 2 of this year. [Initiative: Retail Showroom Expansion]”
“the Company also focused on promoting its lightweight yet elegantly designed Daily Wear collection through dedicated digital branding campaigns [Initiative: Lightweight Jewelry Launch]”
“In terms of volumes, volume will not be the right picture because the gold prices have increased, I mean, very sharply. [Risk (commodity): HIGH]”
Headline numbers from the latest earnings call
Revenue
INR 2,263 Mn
Why: Growth was driven by strong B2C momentum from festive demand during Dussehra and Diwali, alongside a robust wedding season.
Revenue growth was primarily fueled by the retail segment which grew 39% YoY.
EBITDA
INR 295 Mn
Why: Margin expansion was aided by a higher contribution from the high-margin retail segment and reduced manufacturing expenses due to lower job work volumes.
EBITDA growth significantly outpaced revenue growth due to favorable product mix.
PAT
INR 174 Mn
Why: PAT growth followed EBITDA expansion, though QoQ decline was impacted by higher finance costs and tax provisions.
PAT margins improved by 93 bps year-on-year.
Other Highlights
• Retail revenue grew 39% YoY to INR 155 Crores.
• Launched 951 new designs in Q3, averaging 12 designs per day.
• Job work revenue declined 46% YoY to approximately INR 2 Crores.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Same Store Sales Growth
39%
Why: Driven by festive demand and successful digital marketing for bridal collections.
Total Retail Showrooms
1
Why: Expansion delayed to Q2 FY27 for strategic reasons.
Inventory Turnover (Mature Store)
2.0x - 2.5x
Retail Revenue Contribution
68.5%
Why: Strategic shift towards B2C segment to capture higher margins.
Job Work Volume
96 kgs
Why: Volatility in gold prices shifted retailer preference.
A&P Spend as % of Revenue
1%
Why: Expected to rise to INR 25 Cr in FY27 for new launches.
Annual Production Capacity
2,000 kgs
Wholesale Retailer Clients
190
Forward-looking targets from management for FY26-FY27
Capex Plan
₹250 Cr
INR 600-650 Cr for FY26; INR 800-900 Cr for FY27
HEDGED
INR 250 Cr (Inventory)
Incremental inventory for 4 new showrooms across Gujarat.
CAUTIOUS
Guidance Changes
Store Opening Timeline: Q4 FY26 / Q1 FY27 → Q2 FY27
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +17% | +28% | Stable |
| PAT (Net Profit) | +31% | +41% | Stable |
| OPM | 13.0% | +200 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
RBZ Jewellers Ltd's latest quarterly results (Dec 2025) show
RBZ Jewellers Ltd's profit is growing with an stable trend.
RBZ Jewellers Ltd's revenue growth trend is stable.
RBZ Jewellers Ltd's operating margin is volatile.
RBZ Jewellers Ltd's long-term compounding rates
RBZ Jewellers Ltd's earnings growth is stable with mixed signals on a sequential basis.
RBZ Jewellers Ltd's trailing twelve month (TTM) performance
RBZ Jewellers Ltd appears significantly undervalued based on our fair value analysis.
RBZ Jewellers Ltd's current PE ratio is 11.8x.
RBZ Jewellers Ltd's current PE is 11.8x.
RBZ Jewellers Ltd's price-to-book ratio is 2.3x.
RBZ Jewellers Ltd is rated Average with a fundamental score of 49.98/100. This score is calculated from objective financial metrics
RBZ Jewellers Ltd has a debt-to-equity ratio of N/A.
RBZ Jewellers Ltd's return ratios over recent years
RBZ Jewellers Ltd's operating cash flow is negative (FY2025).
RBZ Jewellers Ltd currently does not pay a significant dividend (yield 0.00%).
RBZ Jewellers Ltd's shareholding pattern (Mar 2026)
RBZ Jewellers Ltd's promoter holding has remained stable recently.
RBZ Jewellers Ltd has been outperforming Nifty 500 for 1 consecutive week, indicating early-stage outperformance.
RBZ Jewellers Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
RBZ Jewellers Ltd has 4 key growth catalysts identified from recent earnings analysis
RBZ Jewellers Ltd has 2 key risks worth monitoring
In Q3 FY26, RBZ Jewellers Ltd's management highlighted
RBZ Jewellers Ltd's management has provided the following forward guidance for FY26-FY27
RBZ Jewellers Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why RBZ Jewellers Ltd may be worth studying
RBZ Jewellers Ltd investment thesis summary:
RBZ Jewellers Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
