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RBZ Jewellers share price today

RBZ Jewellers Ltd · NSE: RBZJEWEL · Diamond, Gems & Jewellery · price as of the 4 November 2026 close, updated every trading day · results updated weekly · research updated 14 October 2026

RBZ Jewellers share price today: ₹171.38 at the NSE close on 4 November 2026, up 9.6% in a year. RBZ Jewellers (NSE: RBZJEWEL) is worth ₹684 crore, trades at a P/E of 12.1 and has closed between ₹110.19 and ₹200.69 over the past 52 weeks. Latest change: profit up, share price behind the market.

MixedBusiness trend from fewer quarters than usual
₹171.38Price +9.6% in a year
12.1×P/E lower than 71% of the last 2.8 years
₹121 CrRevenue (Jun 2026) +59.8% on a year ago
₹9.1 CrProfit (Jun 2026) +27.7% on a year ago
14.8%Operating margin −2.3 points on a year ago
22%ROCE FY26
12.7%ROIC against a 12.0% cost of capital: +0.7 points

RBZ Jewellers Ltd's results are improving, while its P/E is near the low end of its own history over 2.8 years, higher than only 29% of past readings.

The main question: profits are rising, but only −61% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch.

The price has been rising for 13 weeks, and the P/E is lower than 71% of its own last 2.8 years. Over the last four quarters, results have been improving, with profit +27.7% on a year earlier, and −61% of the last 3 years' profit came in as cash. What will decide it: whether the cash starts to follow the profit.

Our note on RBZ Jewellers's latest quarter, with what management said on the call, is in the Sector Alpha newsletter.

What is the RBZ Jewellers share price today?

RBZ Jewellers Ltd's share price was ₹171.38 at the close on 4 November 2026. It has been rising for 13 weeks. That is 10.9% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹110 and ₹201, and at that close it sat 68% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today RBZ Jewellers Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 12 weeks in a row.

1Y

Nov 2026: ₹171, 10.9% above its 200-day average. The price has been rising for 13 weeks.

  • Price ₹171
  • 50-day avg ₹177
  • 200-day avg ₹155
Nov 2026: ₹171, 10.9% above its 200-day average. The price has been rising for 13 weeks.
WeekPrice50-day avg200-day avg
31 Oct 2025₹148₹141₹147
7 Nov 2025₹156₹143₹147
14 Nov 2025₹157₹146₹148
21 Nov 2025₹141₹146₹148
28 Nov 2025₹139₹145₹147
5 Dec 2025₹134₹143₹147
12 Dec 2025₹141₹143₹146
19 Dec 2025₹138₹142₹146
26 Dec 2025₹141₹142₹146
2 Jan 2026₹142₹142₹146
9 Jan 2026₹147₹144₹146
16 Jan 2026₹141₹143₹146
23 Jan 2026₹134₹142₹145
1 Feb 2026₹131₹141₹145
6 Feb 2026₹142₹141₹145
13 Feb 2026₹152₹142₹145
20 Feb 2026₹131₹141₹144
27 Feb 2026₹126₹138₹143
6 Mar 2026₹120₹135₹143
13 Mar 2026₹116₹132₹141
20 Mar 2026₹114₹129₹140
27 Mar 2026₹110₹127₹139
2 Apr 2026₹123₹125₹138
10 Apr 2026₹139₹127₹138
17 Apr 2026₹150₹130₹138
24 Apr 2026₹139₹132₹139
30 Apr 2026₹136₹133₹139
8 May 2026₹152₹135₹139
15 May 2026₹125₹135₹139
22 May 2026₹124₹133₹138
29 May 2026₹124₹131₹137
4 Jun 2026₹126₹131₹137
5 Jun 2026₹133₹131₹137
10 Jun 2026₹134₹131₹137
12 Jun 2026₹135₹131₹137
17 Jun 2026₹134₹132₹137
19 Jun 2026₹133₹132₹137
24 Jun 2026₹130₹132₹136
25 Jun 2026₹129₹132₹136
1 Jul 2026₹136₹132₹136
3 Jul 2026₹144₹133₹136
10 Jul 2026₹154₹136₹137
17 Jul 2026₹151₹138₹138
24 Jul 2026₹141₹139₹138
31 Jul 2026₹149₹140₹138
7 Aug 2026₹151₹142₹139
14 Aug 2026₹141₹143₹139
21 Aug 2026₹138₹142₹139
28 Aug 2026₹146₹142₹139
4 Sep 2026₹201₹148₹141
11 Sep 2026₹174₹154₹143
18 Sep 2026₹173₹156₹144
25 Sep 2026₹181₹160₹146
28 Sep 2026₹190₹161₹146
1 Oct 2026₹197₹165₹148
9 Oct 2026₹191₹171₹150
16 Oct 2026₹199₹174₹152
23 Oct 2026₹181₹177₹154
30 Oct 2026₹173₹177₹155
4 Nov 2026₹171₹177₹155
Weekly closing price (₹) with its 50-day and 200-day averages. The strip under the chart shows the phase: tan sideways, green rising, yellow stalling near a high, orange falling. 1-year window.

3Y

Nov 2026: ₹171, 10.9% above its 200-day average. The price has been rising for 13 weeks.

  • Price ₹171
  • 50-day avg ₹177
  • 200-day avg ₹155
Nov 2026: ₹171, 10.9% above its 200-day average. The price has been rising for 13 weeks.
WeekPrice50-day avg200-day avg
29 Dec 2023₹116₹106₹105
5 Jan 2024₹147₹111₹107
12 Jan 2024₹232₹124₹110
20 Jan 2024₹201₹144₹117
25 Jan 2024₹199₹149₹119
2 Feb 2024₹189₹157₹122
9 Feb 2024₹174₹161₹125
16 Feb 2024₹180₹163₹127
23 Feb 2024₹164₹164₹130
2 Mar 2024₹165₹165₹132
7 Mar 2024₹162₹164₹133
15 Mar 2024₹148₹161₹134
22 Mar 2024₹153₹160₹134
28 Mar 2024₹151₹159₹135
5 Apr 2024₹166₹159₹136
12 Apr 2024₹160₹159₹137
19 Apr 2024₹149₹158₹138
26 Apr 2024₹146₹156₹138
3 May 2024₹139₹154₹138
10 May 2024₹138₹151₹138
18 May 2024₹136₹147₹138
24 May 2024₹130₹144₹138
31 May 2024₹129₹142₹137
7 Jun 2024₹130₹139₹137
14 Jun 2024₹129₹137₹136
21 Jun 2024₹136₹136₹136
28 Jun 2024₹132₹136₹136
5 Jul 2024₹134₹136₹136
12 Jul 2024₹132₹135₹136
19 Jul 2024₹126₹134₹135
26 Jul 2024₹135₹134₹135
2 Aug 2024₹132₹134₹135
9 Aug 2024₹132₹133₹135
16 Aug 2024₹153₹135₹135
23 Aug 2024₹153₹139₹136
30 Aug 2024₹149₹141₹137
6 Sep 2024₹148₹142₹138
13 Sep 2024₹163₹145₹139
20 Sep 2024₹169₹149₹140
27 Sep 2024₹166₹153₹142
4 Oct 2024₹171₹155₹143
11 Oct 2024₹187₹160₹144
18 Oct 2024₹186₹165₹146
25 Oct 2024₹184₹169₹149
1 Nov 2024₹219₹176₹151
8 Nov 2024₹200₹182₹154
14 Nov 2024₹188₹184₹156
22 Nov 2024₹174₹183₹157
29 Nov 2024₹187₹183₹158
6 Dec 2024₹189₹184₹160
13 Dec 2024₹209₹186₹161
20 Dec 2024₹207₹191₹164
27 Dec 2024₹202₹193₹165
3 Jan 2025₹217₹195₹167
10 Jan 2025₹210₹200₹170
17 Jan 2025₹199₹199₹171
24 Jan 2025₹180₹198₹172
1 Feb 2025₹186₹194₹173
7 Feb 2025₹200₹194₹174
14 Feb 2025₹187₹195₹175
21 Feb 2025₹171₹191₹175
28 Feb 2025₹153₹187₹174
7 Mar 2025₹148₹180₹173
13 Mar 2025₹138₹174₹172
21 Mar 2025₹139₹167₹170
28 Mar 2025₹136₹162₹169
4 Apr 2025₹139₹159₹168
11 Apr 2025₹133₹155₹166
17 Apr 2025₹144₹154₹165
25 Apr 2025₹137₹152₹164
2 May 2025₹130₹149₹163
9 May 2025₹133₹146₹162
16 May 2025₹147₹145₹161
23 May 2025₹144₹145₹160
30 May 2025₹147₹145₹159
6 Jun 2025₹141₹144₹158
13 Jun 2025₹150₹145₹158
20 Jun 2025₹147₹146₹157
27 Jun 2025₹145₹146₹157
4 Jul 2025₹142₹145₹156
11 Jul 2025₹139₹144₹155
18 Jul 2025₹145₹144₹155
25 Jul 2025₹136₹143₹154
1 Aug 2025₹132₹141₹153
8 Aug 2025₹129₹140₹152
14 Aug 2025₹132₹140₹151
22 Aug 2025₹135₹139₹151
29 Aug 2025₹137₹139₹150
5 Sep 2025₹137₹139₹149
12 Sep 2025₹140₹139₹149
19 Sep 2025₹145₹139₹149
26 Sep 2025₹133₹139₹148
3 Oct 2025₹136₹138₹148
10 Oct 2025₹146₹139₹147
17 Oct 2025₹145₹140₹147
24 Oct 2025₹144₹141₹147
31 Oct 2025₹148₹141₹147
7 Nov 2025₹156₹143₹147
14 Nov 2025₹157₹146₹148
21 Nov 2025₹141₹146₹148
28 Nov 2025₹139₹145₹147
5 Dec 2025₹134₹143₹147
12 Dec 2025₹141₹143₹146
19 Dec 2025₹138₹142₹146
26 Dec 2025₹141₹142₹146
2 Jan 2026₹142₹142₹146
9 Jan 2026₹147₹144₹146
16 Jan 2026₹141₹143₹146
23 Jan 2026₹134₹142₹145
1 Feb 2026₹131₹141₹145
6 Feb 2026₹142₹141₹145
13 Feb 2026₹152₹142₹145
20 Feb 2026₹131₹141₹144
27 Feb 2026₹126₹138₹143
6 Mar 2026₹120₹135₹143
13 Mar 2026₹116₹132₹141
20 Mar 2026₹114₹129₹140
27 Mar 2026₹110₹127₹139
2 Apr 2026₹123₹125₹138
10 Apr 2026₹139₹127₹138
17 Apr 2026₹150₹130₹138
24 Apr 2026₹139₹132₹139
30 Apr 2026₹136₹133₹139
8 May 2026₹152₹135₹139
15 May 2026₹125₹135₹139
22 May 2026₹124₹133₹138
29 May 2026₹124₹131₹137
4 Jun 2026₹126₹131₹137
5 Jun 2026₹133₹131₹137
10 Jun 2026₹134₹131₹137
12 Jun 2026₹135₹131₹137
17 Jun 2026₹134₹132₹137
19 Jun 2026₹133₹132₹137
24 Jun 2026₹130₹132₹136
25 Jun 2026₹129₹132₹136
1 Jul 2026₹136₹132₹136
3 Jul 2026₹144₹133₹136
10 Jul 2026₹154₹136₹137
17 Jul 2026₹151₹138₹138
24 Jul 2026₹141₹139₹138
31 Jul 2026₹149₹140₹138
7 Aug 2026₹151₹142₹139
14 Aug 2026₹141₹143₹139
21 Aug 2026₹138₹142₹139
28 Aug 2026₹146₹142₹139
4 Sep 2026₹201₹148₹141
11 Sep 2026₹174₹154₹143
18 Sep 2026₹173₹156₹144
25 Sep 2026₹181₹160₹146
28 Sep 2026₹190₹161₹146
1 Oct 2026₹197₹165₹148
9 Oct 2026₹191₹171₹150
16 Oct 2026₹199₹174₹152
23 Oct 2026₹181₹177₹154
30 Oct 2026₹173₹177₹155
4 Nov 2026₹171₹177₹155
Weekly closing price (₹) with its 50-day and 200-day averages. The strip under the chart shows the phase: tan sideways, green rising, yellow stalling near a high, orange falling. 3-year window.

Price stage: Falling from Oct 2025 to Aug 2026; Rising from Aug 2026 to Oct 2026.

Price stage: Falling from Dec 2023 to Jan 2024; Rising from Jan 2024 to Jun 2024; Falling from Jun 2024 to Sep 2024; Rising from Sep 2024 to Mar 2025; Falling from Mar 2025 to Aug 2026; Rising from Aug 2026 to Oct 2026.

Week by week since 2023: did it beat the NIFTY 500 over the past 13 weeks?

Ahead in 66 of 143 weeks

Week by week since 2023: did it beat the NIFTY 500 over the past 13 weeks?
Week13-week return vs NIFTY 500
29 Dec 2023no NIFTY 500 reading
5 Jan 2024no NIFTY 500 reading
12 Jan 2024no NIFTY 500 reading
20 Jan 2024no NIFTY 500 reading
25 Jan 2024no NIFTY 500 reading
2 Feb 2024no NIFTY 500 reading
9 Feb 2024no NIFTY 500 reading
16 Feb 2024no NIFTY 500 reading
23 Feb 2024no NIFTY 500 reading
2 Mar 2024no NIFTY 500 reading
7 Mar 2024no NIFTY 500 reading
15 Mar 2024no NIFTY 500 reading
22 Mar 2024no NIFTY 500 reading
28 Mar 2024+23.8%
5 Apr 2024+6.2%
12 Apr 2024−36.0%
19 Apr 2024−32.3%
26 Apr 2024−33.0%
3 May 2024−29.1%
10 May 2024−25.1%
18 May 2024−29.9%
24 May 2024−27.2%
31 May 2024−29.4%
7 Jun 2024−31.2%
14 Jun 2024−26.3%
21 Jun 2024−23.2%
28 Jun 2024−23.1%
5 Jul 2024−29.3%
12 Jul 2024−31.3%
19 Jul 2024−26.1%
26 Jul 2024−19.3%
2 Aug 2024−15.8%
9 Aug 2024−13.3%
16 Aug 2024+2.6%
23 Aug 2024+6.4%
30 Aug 2024+3.3%
6 Sep 2024+6.1%
13 Sep 2024+19.4%
20 Sep 2024+15.5%
27 Sep 2024+19.3%
4 Oct 2024+24.8%
11 Oct 2024+40.2%
18 Oct 2024+48.1%
25 Oct 2024+39.6%
1 Nov 2024+65.3%
8 Nov 2024+54.6%
14 Nov 2024+28.6%
22 Nov 2024+17.8%
29 Nov 2024+28.1%
6 Dec 2024+28.7%
13 Dec 2024+32.0%
20 Dec 2024+30.7%
27 Dec 2024+29.3%
3 Jan 2025+33.1%
10 Jan 2025+21.1%
17 Jan 2025+13.3%
24 Jan 2025+4.5%
1 Feb 2025−9.8%
7 Feb 2025+4.8%
14 Feb 2025+5.2%
21 Feb 2025+8.8%
28 Feb 2025−5.7%
7 Mar 2025−8.3%
13 Mar 2025−24.8%
21 Mar 2025−27.5%
28 Mar 2025−27.5%
4 Apr 2025−27.6%
11 Apr 2025−36.0%
17 Apr 2025−31.5%
25 Apr 2025−27.4%
2 May 2025−31.2%
9 May 2025−41.0%
16 May 2025−31.0%
23 May 2025−27.7%
30 May 2025−16.8%
6 Jun 2025−20.2%
13 Jun 2025−1.5%
20 Jun 2025−3.7%
27 Jun 2025−4.1%
4 Jul 2025−14.0%
11 Jul 2025−4.8%
18 Jul 2025−4.7%
25 Jul 2025−5.7%
1 Aug 2025−1.3%
8 Aug 2025−3.9%
14 Aug 2025−12.1%
22 Aug 2025−5.9%
29 Aug 2025−6.8%
5 Sep 2025−1.3%
12 Sep 2025−8.5%
19 Sep 2025−1.2%
26 Sep 2025−5.6%
3 Oct 2025−2.3%
10 Oct 2025+5.0%
17 Oct 2025−1.2%
24 Oct 2025+1.9%
31 Oct 2025+7.7%
7 Nov 2025+15.8%
14 Nov 2025+15.5%
21 Nov 2025−0.7%
28 Nov 2025−2.6%
5 Dec 2025−3.7%
12 Dec 2025+0.2%
19 Dec 2025−7.8%
26 Dec 2025+1.7%
2 Jan 2026+1.2%
9 Jan 2026+0.5%
16 Jan 2026+1.1%
23 Jan 2026−3.0%
1 Feb 2026−10.4%
6 Feb 2026−9.2%
13 Feb 2026−2.0%
20 Feb 2026−5.1%
27 Feb 2026−4.0%
6 Mar 2026−6.6%
13 Mar 2026−11.3%
20 Mar 2026−7.4%
27 Mar 2026−9.6%
2 Apr 2026−6.0%
10 Apr 2026−1.9%
17 Apr 2026+5.6%
24 Apr 2026+4.6%
30 Apr 2026+5.4%
8 May 2026+12.6%
15 May 2026−13.3%
22 May 2026−2.3%
29 May 2026−2.1%
4 Jun 2026+4.8%
5 Jun 2026+12.3%
10 Jun 2026+12.9%
12 Jun 2026+14.1%
17 Jun 2026+4.3%
19 Jun 2026−6.3%
24 Jun 2026−14.3%
25 Jun 2026−8.7%
1 Jul 2026−1.3%
3 Jul 2026−8.7%
10 Jul 2026+19.9%
17 Jul 2026+18.8%
24 Jul 2026+12.2%
31 Jul 2026+14.1%
7 Aug 2026+8.2%
14 Aug 2026+0.4%
21 Aug 2026−1.5%
28 Aug 2026+7.7%
4 Sep 2026+50.1%
11 Sep 2026+35.5%
18 Sep 2026+35.7%
25 Sep 2026+36.4%
28 Sep 2026+38.0%
1 Oct 2026+34.0%
9 Oct 2026+32.8%
16 Oct 2026+44.3%
23 Oct 2026+29.9%
30 Oct 2026+22.0%
4 Nov 2026+28.9%
Each bar is one week, from 2023 to now (143 weeks with a reading). Green means the stock's return over the previous 13 weeks beat the NIFTY 500; red means it trailed. The colour is strongest at a gap of 25 percentage points or more. A gap means there is no reading for that week.

Over the last 2.8 years the share price moved +48% while the NIFTY 500 moved +13%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

What changed at RBZ Jewellers this quarter?

  1. Revenue up on a year earlier for 4 quarters in a row

    In the June 2026 quarter revenue was ₹121 crore, +59.8% on a year earlier.

  2. Profit up on a year earlier for 4 quarters in a row

    In the June 2026 quarter profit was ₹9 crore, +27.7% on a year earlier.

What are RBZ Jewellers' latest quarterly results?

For April to June 2026 (the quarter ended 30 June 2026), RBZ Jewellers reported revenue of ₹121 crore, up 59.8% from ₹75.6 crore a year earlier, and a profit of ₹9.09 crore, up 27.7% from ₹7.12 crore.

RBZ Jewellers results: April to June 2026 against a year earlier

RBZ Jewellers results: April to June 2026 against a year earlier
MeasureApril to June 2026April to June 2025Change
Revenue₹121 crore₹75.6 crore+59.8%
Profit₹9.09 crore₹7.12 crore+27.7%
Earnings per share₹2.27₹1.78+27.5%
Operating margin14.8%17.2%−2.3 points

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

RBZ Jewellers' management discussed these results on a call held on 30 September 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

What is the RBZ Jewellers share price history?

RBZ Jewellers closed at ₹171.38 on 4 November 2026, up 9.6% from ₹156.35 a year earlier (7 November 2025). Its highest weekly close since December 2023 was ₹232.15 on 12 January 2024.

RBZ Jewellers share price: then and now

RBZ Jewellers share price: then and now
WhenCloseChange to 4 Nov 2026
1 week ago · 30 Oct 2026₹172.59−0.7%
1 month ago · 1 Oct 2026₹196.87−12.9%
6 months ago · 8 May 2026₹152.00+12.7%
1 year ago · 7 Nov 2025₹156.35+9.6%
Earliest weekly close in our records · 29 Dec 2023₹115.75+48.1%
Highest weekly close since December 2023 · 12 Jan 2024₹232.15−26.2%
Lowest weekly close since December 2023, also the 52-week low · 27 Mar 2026₹110.19+55.5%
52-week high (weekly close) · 4 Sep 2026₹200.69−14.6%

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

156 weekly closes from 29 December 2023 to 4 November 2026.

What is the latest news on RBZ Jewellers?

4 Nov 2026: RBZ Jewellers closed at ₹171.38, down 0.7% on the week and down 12.9% on the month. Our read, 10 Oct 2026: RBZ's retail rollout provides a dated earnings opportunity, but borrowed inventory, undisclosed gold gains and launch costs prevent treating reported profit as distributable cash.

Earlier

  • 30 Sep 2026: RBZ Jewellers held its results call for April to June 2026. Management guided: Rajkot showroom to open before Diwali, with dates finalized within the week.
  • Results for April to June 2026: Revenue up 59.8% and profit up 27.7% on a year earlier.

Our read of the business

April to June 2026: Surat is operating; profit conversion and inventory funding remain the tests.

Our read after the April to June 2026 results, written 10 October 2026.

What dividend does RBZ Jewellers pay?

RBZ Jewellers has paid no dividend on the NSE since its first NSE close in our records (29 December 2023), the start of the period we checked.

No. RBZ Jewellers Ltd paid out 0% of its profit as dividends in each of its last 7 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

What did RBZ Jewellers management say on the latest results call?

On the call for April to June 2026, held on 30 September 2026, RBZ Jewellers' management guided: Rajkot showroom to open before Diwali, with dates finalized within the week.

“Going forward, you can see that within approximately 3 years, this company will be a 100% inventory-hedged company.”Harit Zaveri, on the call for April to June 2026

What management guided

  • Maninagar and Gandhinagar showrooms planned for Q3 readiness; locations signed and interior work started.
  • New stores expected to remain in growth phase for 2-3 years, mature in 3-5 years, and reach capital spending break-even within 1 year.
  • Company aims to become 100% inventory-hedged within approximately 3 years, with hedging rising quarter-on-quarter.
  • GML planned to maximize inventory funding; cited cost of 3.5%-4% or lower versus 8%-9% normal interest, with debt-to-equity moving from 1.0:1.0 toward 2.0:1.0 and equity dilution last resort.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 30 September 2026.

What is the future of RBZ Jewellers? What is changing in the business?

What is changing at RBZ Jewellers, from the latest results and calls: retail rollout and customer ownership, inventory hedging and funding redesign and customer-supplied gold in job work.

  • Retail rollout and customer ownership. Surat converts the retail expansion plan into an operating test; the remaining Gujarat launches extend the same mechanism. ✓ fact
  • Inventory hedging and funding redesign. Gold metal loans can reduce interest cost and metal-price exposure, conditional on bank limits and actual adoption. ⚠ estimate
  • Manufacturing capacity headroom. Existing factory headroom can serve demand without an immediate manufacturing expansion. ✓ fact

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the April to June 2026 results, written 10 October 2026.

What could change the RBZ Jewellers story? What are the risks?

Launches slip again or operating stores fail to cover incremental costs while company-funded inventory continues to grow.

Each change stops working if

  • Retail rollout and customer ownership: Launches slip again or operating stores fail to cover incremental costs while company-funded inventory continues to grow.
  • Inventory hedging and funding redesign: Bank sub-limits fail to activate or borrowing grows faster than the funding savings and inventory turnover.
  • Customer-supplied gold in job work: Customers reject advance-gold arrangements and the wholesale alternative requires more inventory financing.
  • Manufacturing capacity headroom: Utilization remains near its current level or incremental demand requires costs that offset factory absorption.

The main risks

  • Debt-funded cash gap: Reported earnings have not funded operating cash needs, and new borrowing supports the expansion. ⚠ estimate
  • Gold-gain and margin normalization: Reported margins include metal-price effects that cannot yet be separated reliably from store profitability. ⚠ estimate
  • New-store execution and customer response: Store openings and customer adoption may arrive later than the inventory and launch expenses. ⚠ estimate
  • Guidance continuity: Withdrawn forecasts and revised launch dates limit the reliability of long-range extrapolation. ⚠ estimate

Our read after the April to June 2026 results, written 10 October 2026.

What to watch in RBZ Jewellers' next results?

When RBZ Jewellers reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Rajkot opening before Diwali - check whether the next launch meets the stated timing.

RBZ Jewellers: what to watch next quarter
What to check (from the call)
Rajkot opening before Diwali - check whether the next launch meets the stated timing.
Maninagar and Gandhinagar openings - check completion against the planned quarter and early customer response.
Quarter-wise hedging and GML disclosure - check funded inventory, hedge progression and finance limits obtained.
Next quarterly print to test whether Surat demand and B2B growth offset brand-building spend in reported profitability.

Which stock lists is RBZ Jewellers on?

RBZ Jewellers is on 3 of our India lists: Multibagger study list, Momentum stocks and Gold & silver stocks.

Is RBZ Jewellers profitable?

RBZ Jewellers Ltd earned ₹9.1 Cr of net profit in the Jun 2026 quarter, +27.7% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹55.0 Cr. Over 6 years profit has grown 62.4% a year on average. That is 7.5% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹7.1 Cr.

For the full year, FY26 profit was ₹55.0 Cr (+41.0% on the year before).

FY26 profit ₹55.0 Cr (+41.0% on the year before), 62.4% a year over 6 years

  • Net profit ₹55.0
FY26 profit ₹55.0 Cr (+41.0% on the year before), 62.4% a year over 6 years
QuarterNet profit
FY20₹3
FY21₹10
FY22₹14
FY23₹22
FY24₹22
FY25₹39
FY26₹55

Growth on a year earlier

  • Growth on a year earlier 41%
Growth on a year earlier
QuarterGrowth on a year earlier
FY20–
FY21233.3%
FY2240%
FY2357.1%
FY240%
FY2577.3%
FY2641%
Top: net profit each year, ₹ Cr. Below: growth on the year before, %. 7-year window. A grey bar is lower than the year before.

Jun 2026: ₹9.1 Cr (+27.7% on a year earlier), the 4th quarter in a row of growth

  • Net profit (quarterly) ₹9.1
Jun 2026: ₹9.1 Cr (+27.7% on a year earlier), the 4th quarter in a row of growth
QuarterNet profit (quarterly)
Sep 2023₹8
Dec 2023₹7
Mar 2024₹3
Jun 2024₹9
Sep 2024₹8
Dec 2024₹13
Mar 2025₹9
Jun 2025₹7
Sep 2025₹19
Dec 2025₹17
Mar 2026₹12
Jun 2026₹9

Growth on a year earlier

  • Growth on a year earlier 27.7%
Growth on a year earlier
QuarterGrowth on a year earlier
Sep 2023–
Dec 202313%
Mar 2024−44.9%
Jun 2024–
Sep 2024−4.7%
Dec 202493.1%
Mar 2025218.6%
Jun 2025−21.6%
Sep 2025130%
Dec 202533.2%
Mar 202636.3%
Jun 202627.7%
Top: net profit each quarter, ₹ Cr. Below: growth on the same quarter a year earlier, %. Last 12 quarters. A grey bar is lower than the quarter before.

Why profit moved: revenue changed +59.8% on a year earlier and the margin moved −2.3 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed +56.8% and revenue +34.8%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY27-Q1. Surat is operating; profit conversion and inventory funding remain the tests

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

How much revenue does RBZ Jewellers make, and is it growing?

RBZ Jewellers Ltd reported ₹121 Cr of revenue in the Jun 2026 quarter, +59.8% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 6 years it has grown 23.2% a year on average. The last full year, FY26, came in at ₹636 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹682 Cr.

FY26 revenue was ₹636 Cr, +20.0% on the year before.

FY26 revenue ₹636 Cr (+20.0% on the year before), 23.2% a year over 6 years

  • Revenue ₹636
FY26 revenue ₹636 Cr (+20.0% on the year before), 23.2% a year over 6 years
QuarterRevenue
FY20₹182
FY21₹107
FY22₹252
FY23₹288
FY24₹327
FY25₹530
FY26₹636

Growth on a year earlier

  • Growth on a year earlier 20%
Growth on a year earlier
QuarterGrowth on a year earlier
FY20–
FY21−41.2%
FY22135.5%
FY2314.3%
FY2413.5%
FY2562.1%
FY2620%
Top: revenue each year, ₹ Cr. Below: growth on the year before, %. 7-year window. A grey bar is lower than the year before.

Jun 2026: ₹121 Cr (+59.8% on a year earlier), the 4th quarter in a row of growth

  • Revenue (quarterly) ₹121
Jun 2026: ₹121 Cr (+59.8% on a year earlier), the 4th quarter in a row of growth
QuarterRevenue (quarterly)
Sep 2023₹74
Dec 2023₹116
Mar 2024₹86
Jun 2024₹82
Sep 2024₹117
Dec 2024₹194
Mar 2025₹137
Jun 2025₹76
Sep 2025₹145
Dec 2025₹226
Mar 2026₹189
Jun 2026₹121

Growth on a year earlier

  • Growth on a year earlier 59.8%
Growth on a year earlier
QuarterGrowth on a year earlier
Sep 2023–
Dec 202325.9%
Mar 20249.8%
Jun 2024–
Sep 202457.3%
Dec 202467.4%
Mar 202559.3%
Jun 2025−8.3%
Sep 202524.4%
Dec 202516.8%
Mar 202638%
Jun 202659.8%
Top: revenue each quarter, ₹ Cr. Below: growth on the same quarter a year earlier, %. Last 12 quarters. A grey bar is lower than the quarter before.

Recent pace: the last four quarters grew +34.8% on average, against 23.2% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +30.3%, against +37.9% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +54.0%, against +44.9% a year (accelerating).

FY27-Q1. Surat is operating; profit conversion and inventory funding remain the tests

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

How much of every ₹100 of sales does RBZ Jewellers keep?

RBZ Jewellers Ltd's operating margin was 14.8% in the Jun 2026 quarter, 2.3 percentage points lower than the same quarter a year ago. Across 7 years it has been between 6.0% and 19.0%. The latest quarter is within that range.

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

Why this happened. Commodity Escape Velocity remains incomplete. Management describes lower inventory funding and a gradual hedge rollout, but the benefit is offset by foregone gold appreciation and the possibility of higher leverage. The first measurable contribution is disclosed funded inventory and hedging progression; the eventual profit benefit requires the funding saving to exceed lost inventory gains and the cost of additional debt.

Why the margin moved: operating margin changed −2.3 percentage points on the year while gross margin changed −5.1 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

FY26: 15.0%, within a range of 6.0% to 19.0% over 7 years

  • Operating margin 15.0%
FY26: 15.0%, within a range of 6.0% to 19.0% over 7 years
QuarterOperating margin
FY206%
FY2119%
FY2211%
FY2313%
FY2412%
FY2512%
FY2615%

Change on the year before (points)

  • Change on the year before (points) +3.0 pts
Change on the year before (points)
QuarterChange on the year before (points)
FY20–
FY21+13.0 pts
FY22−8.0 pts
FY23+2.0 pts
FY24−1.0 pts
FY250.0 pts
FY26+3.0 pts
Operating margin each year, % (top). Below: change on the year before, in percentage points. 7-year window.

Jun 2026: operating margin 14.8% (−2.3 points on a year earlier)

  • Operating margin 14.83%
Jun 2026: operating margin 14.8% (−2.3 points on a year earlier)
QuarterOperating margin
Sep 202319.36%
Dec 202310.36%
Mar 20245.4%
Jun 202417.26%
Sep 202411.96%
Dec 202411.19%
Mar 202510.63%
Jun 202517.17%
Sep 202519.44%
Dec 202513.05%
Mar 202611.16%
Jun 202614.83%

Change on a year earlier (points)

  • Change on a year earlier (points) −2.3 pts
Change on a year earlier (points)
QuarterChange on a year earlier (points)
Sep 2023–
Dec 2023−0.6 pts
Mar 2024−4.4 pts
Jun 2024–
Sep 2024−7.4 pts
Dec 2024+0.8 pts
Mar 2025+5.2 pts
Jun 2025−0.1 pts
Sep 2025+7.5 pts
Dec 2025+1.9 pts
Mar 2026+0.5 pts
Jun 2026−2.3 pts
Top: quarterly operating margin, %. Below: change on the same quarter a year earlier, in percentage points. Last 12 quarters. Operating profit as a share of revenue, each quarter.

FY27-Q1. Surat is operating; profit conversion and inventory funding remain the tests

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Watch next

Metric
Inventory hedging and funding redesign
Threshold
Bank sub-limits fail to activate or borrowing grows faster than the funding savings and inventory turnover.
Which result
the next result

Is RBZ Jewellers' profit turning into cash?

Over the last 3 years RBZ Jewellers Ltd's operations used more cash than they brought in, so cash conversion was −61%, a gap worth watching. In FY26 its operations used ₹7.0 Cr of cash, against ₹55.0 Cr of profit. After ₹55.0 Cr of spending on assets, free cash was −₹62.0 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

FY26: operating cash −₹7.0 Cr against profit ₹55.0 Cr; −61% of 3 years' profit came in as cash

  • Operating cash −₹7.0
  • Net profit ₹55.0
  • Free cash −₹62
FY26: operating cash −₹7.0 Cr against profit ₹55.0 Cr; −61% of 3 years' profit came in as cash
QuarterOperating cashNet profitFree cash
FY20₹6₹3–
FY21−₹3₹10−₹8
FY22₹1₹14₹0
FY23−₹11₹22−₹21
FY24−₹49₹22−₹53
FY25−₹15₹39−₹25
FY26−₹7₹55−₹62
Operating cash flow and net profit each year, ₹ Cr. The line is free cash flow: operating cash minus spending on assets. 7-year window, yearly figures.

FY26: operating cash was −13% of profit (−61% over three years)

  • Operating cash as % of profit −13%
  • Break-even line 100%
FY26: operating cash was −13% of profit (−61% over three years)
QuarterOperating cash as % of profitBreak-even line
FY20200%100%
FY21−30%100%
FY227%100%
FY23−50%100%
FY24−223%100%
FY25−38%100%
FY26−13%100%
Operating cash as a share of net profit, each year, % (line). The flat line marks 100%, meaning all of the profit came in as cash.

Why −61% of profit came in as cash: the cash cycle got 178 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: the bigger use of cash is spending on new assets, at 8.6× depreciation over three years. The next section checks what that spending is building.

Where does RBZ Jewellers' cash go?

RBZ Jewellers Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 279 days in FY26, down from 457 days in FY21. It spent ₹69.0 Cr on assets over the last 3 years. Customers take 32 days to pay, and stock sits for 251 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. The Value Chain Climb applies because RBZ keeps the retail customer relationship and making-charge economics. Surat is operating, and additional locations have dated readiness commitments. Earnings contribution depends on sales after opening exceeding incremental staff, advertising, lease and financing costs. Early customer response is qualitative; a repeatable store return has not yet been demonstrated. Rival pricing responses are unknown.

At FY26 sales of ₹636 Cr, each day of that cycle ties up about ₹1.7 Cr, so roughly ₹486 Cr is tied up in the business at any time.

FY26: customers took 32 days to pay and stock sat for 251 days, about 8.3 months of sales sitting as stock, for a full cycle of 279 days, shorter than FY21's 457.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 251 days. Customers pay about 32 days after that. Suppliers are paid at 5 days. Together that makes the 279-day cycle.

FY26: a 279-day cash cycle, −178 days compared with FY21

  • Cash cycle 279d
  • Inventory days 251d
  • Debtor days 32d
  • Payable days 5d
FY26: a 279-day cash cycle, −178 days compared with FY21
QuarterCash cycleInventory daysDebtor daysPayable days
FY20181d198d24d40d
FY21457d443d35d21d
FY22202d209d20d27d
FY23245d241d28d24d
FY24324d313d14d3d
FY25260d255d12d7d
FY26279d251d32d5d
Debtor days, inventory days, payable days and the full cash cycle, each year. 7-year window.

Spending on assets: ₹69.0 Cr over the last 3 years, against ₹8.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹25.0 Cr (FY26): assets paid for that are not earning yet.

FY26: capex ₹55.0 Cr, work in progress ₹25.0 Cr, a build-out

  • Capex ₹55.0
  • Work-in-progress ₹25.0
FY26: capex ₹55.0 Cr, work in progress ₹25.0 Cr, a build-out
QuarterCapexWork-in-progress
FY21₹5₹0
FY22₹1₹1
FY23₹10₹1
FY24₹4₹2
FY25₹10₹3
FY26₹55₹25
Capital spending each year, ₹ Cr, with work in progress, ₹ Cr, as the line. Quarterly capital-spending figures are not available for India, so this is yearly.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Watch next

Metric
Retail rollout and customer ownership
Threshold
Launches slip again or operating stores fail to cover incremental costs while company-funded inventory continues to grow.
Which result
the next result

What is RBZ Jewellers' P/E ratio, and how does it compare with its own history?

RBZ Jewellers Ltd's P/E is 12.1×, near the low end of its own history: it has been lower only 29% of the time. Its usual P/E (the middle reading) is 15.3×, over 2.8 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

P/E 12.1× against a usual 15.3×: near the low end of its own history: it has been lower only 29% of the time

  • P/E 12.2×
  • Median 15.3×
P/E 12.1× against a usual 15.3×: near the low end of its own history: it has been lower only 29% of the time
WeekP/EMedian
29 Dec 202320.7×15.3×
5 Jan 202426.2×15.3×
12 Jan 202433.7×15.3×
20 Jan 202433.7×15.3×
25 Jan 202433.7×15.3×
2 Feb 202433.7×15.3×
9 Feb 202431.2×15.3×
16 Feb 202432.2×15.3×
23 Feb 202429.4×15.3×
2 Mar 202429.5×15.3×
7 Mar 202428.9×15.3×
15 Mar 202426.4×15.3×
22 Mar 202427.4×15.3×
28 Mar 202427.0×15.3×
5 Apr 202429.7×15.3×
12 Apr 202428.6×15.3×
19 Apr 202426.6×15.3×
26 Apr 202426.0×15.3×
3 May 202424.9×15.3×
10 May 202424.6×15.3×
18 May 202424.3×15.3×
24 May 202423.2×15.3×
31 May 202423.0×15.3×
7 Jun 202423.3×15.3×
14 Jun 202423.0×15.3×
21 Jun 202424.3×15.3×
28 Jun 202423.7×15.3×
5 Jul 202424.0×15.3×
12 Jul 202423.5×15.3×
19 Jul 202422.5×15.3×
26 Jul 202424.1×15.3×
2 Aug 202423.6×15.3×
9 Aug 202423.6×15.3×
16 Aug 202422.7×15.3×
23 Aug 202422.6×15.3×
30 Aug 202422.1×15.3×
6 Sep 202421.9×15.3×
13 Sep 202424.1×15.3×
20 Sep 202424.9×15.3×
27 Sep 202424.6×15.3×
4 Oct 202425.3×15.3×
11 Oct 202427.7×15.3×
18 Oct 202427.5×15.3×
25 Oct 202427.2×15.3×
1 Nov 202432.4×15.3×
8 Nov 202429.6×15.3×
14 Nov 202428.3×15.3×
22 Nov 202426.1×15.3×
29 Nov 202428.1×15.3×
6 Dec 202428.4×15.3×
13 Dec 202431.4×15.3×
20 Dec 202431.1×15.3×
27 Dec 202430.3×15.3×
3 Jan 202532.7×15.3×
10 Jan 202531.5×15.3×
17 Jan 202529.9×15.3×
24 Jan 202527.1×15.3×
1 Feb 202527.9×15.3×
7 Feb 202530.1×15.3×
14 Feb 202522.7×15.3×
21 Feb 202520.8×15.3×
28 Feb 202518.6×15.3×
7 Mar 202518.0×15.3×
13 Mar 202516.8×15.3×
21 Mar 202516.9×15.3×
28 Mar 202516.6×15.3×
4 Apr 202516.9×15.3×
11 Apr 202516.1×15.3×
17 Apr 202517.5×15.3×
25 Apr 202516.7×15.3×
2 May 202515.8×15.3×
9 May 202516.2×15.3×
16 May 202515.2×15.3×
23 May 202514.8×15.3×
30 May 202515.1×15.3×
6 Jun 202514.5×15.3×
13 Jun 202515.4×15.3×
20 Jun 202515.2×15.3×
27 Jun 202515.0×15.3×
4 Jul 202514.6×15.3×
11 Jul 202514.3×15.3×
18 Jul 202514.9×15.3×
25 Jul 202514.0×15.3×
1 Aug 202513.6×15.3×
8 Aug 202513.3×15.3×
14 Aug 202514.3×15.3×
22 Aug 202514.7×15.3×
29 Aug 202514.9×15.3×
5 Sep 202514.9×15.3×
12 Sep 202515.2×15.3×
19 Sep 202515.7×15.3×
26 Sep 202514.5×15.3×
3 Oct 202514.7×15.3×
10 Oct 202515.8×15.3×
17 Oct 202515.8×15.3×
24 Oct 202515.6×15.3×
31 Oct 202516.1×15.3×
7 Nov 202517.0×15.3×
14 Nov 202513.3×15.3×
21 Nov 202511.9×15.3×
28 Nov 202511.7×15.3×
5 Dec 202511.3×15.3×
12 Dec 202511.9×15.3×
19 Dec 202511.6×15.3×
26 Dec 202511.9×15.3×
2 Jan 202612.0×15.3×
9 Jan 202612.4×15.3×
16 Jan 202611.9×15.3×
23 Jan 202611.3×15.3×
1 Feb 202611.1×15.3×
6 Feb 202612.0×15.3×
9 Feb 202612.3×15.3×
12 Feb 202612.6×15.3×
13 Feb 202611.8×15.3×
17 Feb 202610.4×15.3×
20 Feb 202610.1×15.3×
27 Feb 20269.70×15.3×
6 Mar 20269.30×15.3×
13 Mar 20268.90×15.3×
20 Mar 20268.80×15.3×
27 Mar 20268.50×15.3×
2 Apr 20269.50×15.3×
10 Apr 202610.7×15.3×
17 Apr 202611.6×15.3×
24 Apr 202610.8×15.3×
30 Apr 202610.6×15.3×
8 May 202611.8×15.3×
15 May 20269.10×15.3×
22 May 20269.00×15.3×
29 May 20269.10×15.3×
4 Jun 20269.20×15.3×
5 Jun 20269.70×15.3×
10 Jun 20269.80×15.3×
12 Jun 20269.80×15.3×
17 Jun 20269.80×15.3×
19 Jun 20269.70×15.3×
24 Jun 20269.50×15.3×
25 Jun 20269.40×15.3×
1 Jul 20269.90×15.3×
3 Jul 202610.5×15.3×
10 Jul 202611.3×15.3×
17 Jul 202611.0×15.3×
24 Jul 202610.3×15.3×
31 Jul 202610.9×15.3×
7 Aug 202611.0×15.3×
14 Aug 20269.90×15.3×
21 Aug 20269.70×15.3×
28 Aug 202610.3×15.3×
4 Sep 202614.1×15.3×
11 Sep 202612.3×15.3×
18 Sep 202612.2×15.3×
25 Sep 202612.8×15.3×
28 Sep 202613.4×15.3×
1 Oct 202613.9×15.3×
9 Oct 202613.4×15.3×
16 Oct 202614.1×15.3×
23 Oct 202612.7×15.3×
30 Oct 202612.2×15.3×

Earnings per share, 12 months

  • Earnings per share, 12 months ₹14
Earnings per share, 12 months
WeekEarnings per share, 12 months
29 Dec 2023₹6
5 Jan 2024₹6
12 Jan 2024₹6
20 Jan 2024₹6
25 Jan 2024₹6
2 Feb 2024₹6
9 Feb 2024₹6
16 Feb 2024₹6
23 Feb 2024₹6
2 Mar 2024₹6
7 Mar 2024₹6
15 Mar 2024₹6
22 Mar 2024₹6
28 Mar 2024₹6
5 Apr 2024₹6
12 Apr 2024₹6
19 Apr 2024₹6
26 Apr 2024₹6
3 May 2024₹6
10 May 2024₹6
18 May 2024₹6
24 May 2024₹6
31 May 2024₹6
7 Jun 2024₹6
14 Jun 2024₹6
21 Jun 2024₹6
28 Jun 2024₹6
5 Jul 2024₹6
12 Jul 2024₹6
19 Jul 2024₹6
26 Jul 2024₹6
2 Aug 2024₹6
9 Aug 2024₹6
16 Aug 2024₹6
23 Aug 2024₹6
30 Aug 2024₹6
6 Sep 2024₹6
13 Sep 2024₹6
20 Sep 2024₹6
27 Sep 2024₹7
4 Oct 2024₹7
11 Oct 2024₹7
18 Oct 2024₹7
25 Oct 2024₹7
1 Nov 2024₹7
8 Nov 2024₹7
14 Nov 2024₹7
22 Nov 2024₹7
29 Nov 2024₹7
6 Dec 2024₹7
13 Dec 2024₹7
20 Dec 2024₹7
27 Dec 2024₹7
3 Jan 2025₹7
10 Jan 2025₹7
17 Jan 2025₹7
24 Jan 2025₹7
1 Feb 2025₹7
7 Feb 2025₹7
14 Feb 2025₹7
21 Feb 2025₹7
28 Feb 2025₹7
7 Mar 2025₹7
13 Mar 2025₹7
21 Mar 2025₹7
28 Mar 2025₹8
4 Apr 2025₹8
11 Apr 2025₹8
17 Apr 2025₹8
25 Apr 2025₹8
2 May 2025₹8
9 May 2025₹8
16 May 2025₹8
23 May 2025₹8
30 May 2025₹8
6 Jun 2025₹8
13 Jun 2025₹8
20 Jun 2025₹8
27 Jun 2025₹10
4 Jul 2025₹10
11 Jul 2025₹10
18 Jul 2025₹10
25 Jul 2025₹10
1 Aug 2025₹10
8 Aug 2025₹10
14 Aug 2025₹10
22 Aug 2025₹10
29 Aug 2025₹10
5 Sep 2025₹10
12 Sep 2025₹10
19 Sep 2025₹10
26 Sep 2025₹9
3 Oct 2025₹9
10 Oct 2025₹9
17 Oct 2025₹9
24 Oct 2025₹9
31 Oct 2025₹9
7 Nov 2025₹9
14 Nov 2025₹9
21 Nov 2025₹9
28 Nov 2025₹9
5 Dec 2025₹9
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Top: P/E each week. Below: earnings per share, trailing twelve months, leaving out one-off items, a step line that moves once a quarter; 2.8 years of history; short peaks above 34× are drawn at the top edge.

PEG 0.18: below 1.0, so the P/E is smaller than the earnings growth rate

  • PEG 0.18×
  • PEG = 1.0 1.00×
PEG 0.18: below 1.0, so the P/E is smaller than the earnings growth rate
QuarterPEGPEG = 1.0
Q4 FY250.33×1.00×
Q1 FY260.66×1.00×
Q2 FY260.15×1.00×
Q3 FY260.19×1.00×
Q4 FY260.18×1.00×
Q1 FY270.18×1.00×
PEG each quarter: the P/E divided by the yearly growth rate of earnings. The flat line marks 1.0. Below it the P/E is smaller than the growth rate; above it the P/E is bigger. Worked out here as the quarter-end P/E divided by the growth in earnings per share over the last 12 months (only quarters with positive growth), because a reported quarterly PEG is not available for this stock. Last 6 quarters.
12.1×P/E · lower than 71% of its last 2.8 years
n/mPEG · cannot be worked out, because 3-year earnings growth is not available

Why the multiple is where it is: over the past year earnings per share moved +41.2% while the price moved +9.6%. Earnings did better than the price, which pulled the multiple down within its own range.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

What growth does the RBZ Jewellers share price assume?

Worked out from its price on 11 October 2026, RBZ Jewellers Ltd's share price assumed profit growth of about 4.8% a year. Over the past 6 years its profit actually grew 62.4% a year. Today its P/E is 12.1×, lower than 71% of its own last 2.8 years.

This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.

Is the RBZ Jewellers business getting better or worse?

RBZ Jewellers Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROCE rising at 30.5%; each line tells part of the story. This is based on 11 quarters of 3 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Growth year by year: revenue +20.0% in FY26, profit +41.0%

  • Revenue growth 20.0%
Growth year by year: revenue +20.0% in FY26, profit +41.0%
QuarterRevenue growth
FY20–
FY21−41.2%
FY22135.5%
FY2314.3%
FY2413.5%
FY2562.1%
FY2620%

Profit growth, EPS growth

  • Profit growth 41%
  • EPS growth 41.2%
Profit growth, EPS growth
QuarterProfit growthEPS growth
FY20––
FY21233.3%225%
FY2240%47.7%
FY2357.1%55%
FY240%−27.6%
FY2577.3%80%
FY2641%41.2%
Growth on the year before, each year, %. Top: revenue. Below: net profit and earnings per share, on their own scale because profit growth swings much more. Zero line drawn.

Three growth lines over twelve quarters: revenue rolling over, profit accelerating

  • Revenue 59.8%
Three growth lines over twelve quarters: revenue rolling over, profit accelerating
QuarterRevenue
Sep 2023–
Dec 202325.9%
Mar 20249.8%
Jun 2024–
Sep 202457.3%
Dec 202467.4%
Mar 202559.3%
Jun 2025−8.3%
Sep 202524.4%
Dec 202516.8%
Mar 202638%
Jun 202659.8%

Profit, EPS

  • Profit 27.7%
  • EPS 54.1%
Profit, EPS
QuarterProfitEPS
Sep 2023––
Dec 202313%–
Mar 2024−44.9%–
Jun 2024––
Sep 2024−4.7%–
Dec 202493.1%−60.8%
Mar 2025218.6%42.2%
Jun 2025−21.6%23.5%
Sep 2025130%77.6%
Dec 202533.2%57%
Mar 202636.3%41.2%
Jun 202627.7%54.1%
Growth on a year earlier, % at each quarter end. Top: revenue. Below: profit and earnings per share, on their own scale because they swing much more. Each is measured over the last 12 months. Where the 12-month history is short, the line uses single-quarter growth instead, which is noisier; extreme jumps from a tiny base are evened out before reading. A gap means there is no reading for that quarter.

ROCE: the return line, worked out each quarter

  • ROCE 30.5%
ROCE: the return line, worked out each quarter
QuarterROCE
Sep 2023–
Dec 202334.8%
Mar 202417.1%
Jun 202425.5%
Sep 202423.1%
Dec 202428.1%
Mar 202525.9%
Jun 202525.1%
Sep 202526.8%
Dec 202529.4%
Mar 202629.1%
Jun 202630.5%
Operating profit over the last 12 months (before interest and tax) as a share of average capital employed (total assets minus current liabilities), %.
RisingRevenue growth · latest +59.8%, range −8.3% to +59.8%
FlatProfit growth · latest +27.7%, range −44.9% to +100.0%
RisingROCE · latest 30.5%, range 17.1% to 34.8%

Why it matters: when the lines disagree, each line above matters more than any single label.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Compound annual growth rate (%)
Measure1yr3yr5yr10yr
Revenue+20.0%+30.2%+42.8%—
Profit+41.0%+35.7%+40.6%—
EPS+41.2%+22.6%+33.3%—
Share price+9.6%———
+59.8%Revenue growth (Jun 2026) · latest quarter against a year ago
+27.7%Profit growth (Jun 2026) · latest quarter against a year ago
23.2%Revenue, 6 years · yearly growth over the long run

What is the RBZ Jewellers story, and has it been checked?

RBZ Jewellers Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: MID EXPANSION.

NOT YET CHECKED

Our read, 10 October 2026. RBZ's retail rollout provides a dated earnings opportunity, but borrowed inventory, undisclosed gold gains and launch costs prevent treating reported profit as distributable cash.

From the price. Price stage 2, week 13, above its 200-day line, relative strength falling.

From the research. RBZ's retail rollout provides a dated earnings opportunity, but borrowed inventory, undisclosed gold gains and launch costs prevent treating reported profit as distributable cash.

Where they disagree. There is no evidence-backed basis to call this a trough-margin recovery or to extrapolate peak quarterly margins.

What is proven. RBZ's retail rollout provides a dated earnings opportunity, but borrowed inventory, undisclosed gold gains and launch costs prevent treating reported profit as distributable cash.

The test written in advance. Debt-funded cash gap. Measured by: Debt-funded cash gap Operating cash remains negative after the new-store festive ramp while borrowings and receivable days increase. by the next result.

The test written in advance. Gold-gain and margin normalization. Measured by: Gold-gain and margin normalization Operating margins decline after openings even when sales rise, or inventory gains continue to be undisclosed. by the next result.

What the company does. Surat is operating, while Rajkot and the smaller Gujarat stores provide the next execution tests. Retail can capture more of the jewellery value chain, but the company also retains the inventory and finances the customer-acquisition period.

The key numbers to watch, and the level that would change the picture

The key numbers to watch, and the level that would change the picture
MeasureWhy it mattersWhat to watch
Retail rollout and customer ownershipSurat converts the retail expansion plan into an operating test; the remaining Gujarat launches extend the same mechanism.Launches slip again or operating stores fail to cover incremental costs while company-funded inventory continues to grow.
Inventory hedging and funding redesignGold metal loans can reduce interest cost and metal-price exposure, conditional on bank limits and actual adoption.Bank sub-limits fail to activate or borrowing grows faster than the funding savings and inventory turnover.
Customer-supplied gold in job workAdvance gold supplied by customers can reduce RBZ's own working-capital commitment.Customers reject advance-gold arrangements and the wholesale alternative requires more inventory financing.
Manufacturing capacity headroomExisting factory headroom can serve demand without an immediate manufacturing expansion.Utilization remains near its current level or incremental demand requires costs that offset factory absorption.

Everything further down this page is evidence for or against these.

The numbersmid-way through a rise in resultsFY26-Q2 to FY27-Q1
The pricerising, above the 200-day averageFY26-Q2 to FY27-Q1
The whymultiple below its usual level, earnings risingFY26-Q2 to FY27-Q1

FY26-Q2FY27-Q1

What the surface reading misses. The surface reading is: Higher sales and profit suggest successful expansion. The research reads it further: Operating margin fell against the comparable quarter while interest and depreciation increased; revenue therefore converted into profit less efficiently. Surat's September operating status cannot explain June sales.

What the surface reading misses. The surface reading is: The latest annual-end quarter delivered higher earnings. The research reads it further: Revenue and operating profit both rose against the prior-year quarter, but the annual margin explanation includes inventory appreciation as well as fixed-cost absorption.

  • 1 · Operating leveragequiet
  • 2 · Value-added mixquiet
  • 3 · Management changequiet
  • 4 · Paying down debtbuilding
  • 5 · Regulatory approvalquiet
  • 6 · Order-book winsquiet
  • 7 · Consolidationquiet
  • 8 · Demerger or value unlockquiet
  • 9 · Buybackquiet
  • 10 · New geographiesquiet
  • 11 · More business from existing customersquiet
  • 12 · New product launchquiet
  • 13 · Mandatory normsquiet
  • 14 · A bigger market to servequiet
  • 15 · Market-share gainsquiet
  • 16 · Asset qualityquiet

Lever 4 · Paying down debt: building. Gold metal loans can reduce interest cost and metal-price exposure, conditional on bank limits and actual adoption. What proves it keeps working: Inventory hedging and funding redesign. It stops working if Bank sub-limits fail to activate or borrowing grows faster than the funding savings and inventory turnover.

Sources: our stock research file (10 October 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

The whole page in one table. Each row links to its section.
SectionWhere it is nowThe one thing to watch next
Capexsee the sectionRetail rollout and customer ownership
Margin11.16%Inventory hedging and funding redesign

Did RBZ Jewellers management deliver what it promised?

What RBZ Jewellers Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Prior-Quarter Guidance Claim Conflicts with the May Call · 12 August 2026. In Aug 2026, management said Q1 FY27 revenue growth was in line with guidance shared in the previous quarter. However, the May 2026 call explicitly said management was not giving guidance for the year; the latest call did not identify the supposed guidance period or amount, leaving an unresolved inconsistency in the basis for tracking performance.

Store-Level Revenue Forecast Withdrawn · 12 August 2026. In Feb 2026, management provided explicit revenue projections for the Surat and Rajkot stores. In Aug 2026, despite the stores nearing launch, management declined to disclose any forecast and deferred visibility to Q3 without stating whether the earlier projections had been revised or retained.

FY27 Revenue and PAT Guidance Withdrawn Without Acknowledgment · 15 May 2026. In the Feb 2026 call, management provided explicit FY27 guidance of INR 800-900 crores in revenue and INR 55-60 crores in PAT, giving analysts concrete numbers to anchor forward-looking models. In the May 2026 call, when directly asked the same question, management completely withdrew this guidance without acknowledging the prior figures or providing revised estimates, citing near-term macro uncertainty - a material credibility concern for any analyst who had built a model on the Feb 2026 numbers.

New Store Revenue Projections Abandoned · 15 May 2026. Management gave specific long-term maturity goals for the Surat and Rajkot stores in the Nov 2025 call (INR 500 crores and INR 400 crores by year 4-5) and first-year revenue guidance in the Feb 2026 call (INR 150 crores for Surat and INR 125 crores for Rajkot). In the May 2026 call, when directly asked how long these stores would take to reach Ahmedabad-level sales, management declined to provide any figure or timeline, stating it was too nascent to comment - a complete retreat from two successive quarters of store-level guidance with no formal revision or acknowledgment of the change.

Every quote above is taken word for word from the company’s own earnings calls.

What is RBZ Jewellers management's track record?

Manufacturing expansion was deferred while retail inventory is debt-funded; restraint is sensible but does not prove profitable allocation through a complete downturn.

Regulatory and governance record

Employee theft was disclosed, insured and followed by a reported insurance receipt; this is a control lapse, not evidence of fraud by the company’s management. No named company/promoter/key-officer conduct finding, live material case, lie or huge unowned miss is established.

0%Promoter shares pledged

Checked 14 October 2026.

How much does RBZ Jewellers earn on its capital?

RBZ Jewellers Ltd earned a ROCE of 22% in FY26. That is up from a low of 16% in FY24. Its return on capital used (ROIC) is 0.7 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 8.6% net margin and 1.31× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 8.6% net margin × 1.31× asset turnover × 1.62× leverage (assets divided by equity) ≈ 18.3% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 12.7% − 12.0% = +0.7 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error.

The 12.7% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 16.2%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

FY26: ROCE 22%, the climb back from FY24's 16%

  • ROCE 22%
  • ROIC (annual) 16.2%
  • Cost of capital 12%
FY26: ROCE 22%, the climb back from FY24's 16%
QuarterROCEROIC (annual)Cost of capital
FY2118%–12%
FY2221%15.2%12%
FY2324%17.4%12%
FY2416%12.1%12%
FY2520%15.2%12%
FY2622%16.2%12%
Return on capital employed each year, % (line); ROIC each year, % (line). 6-year window, low years included. The flat line is the 12.0% cost of capital used on this page.

Q4 FY26: ROCE 24.8% (last 12 months) against a 12.0% cost of capital

  • ROCE (12 months) 24.8%
  • ROIC (12 months) 16.4%
  • Cost of capital 12.0%
Q4 FY26: ROCE 24.8% (last 12 months) against a 12.0% cost of capital
QuarterROCE (12 months)ROIC (12 months)Cost of capital
Q2 FY2429.9%–12%
Q3 FY24––12%
Q4 FY2416.1%–12%
Q1 FY25––12%
Q2 FY2517.2%–12%
Q3 FY25––12%
Q4 FY2524.4%12.8%12%
Q1 FY26–14.8%12%
Q2 FY2624%13.6%12%
Q3 FY26–15.7%12%
Q4 FY2624.8%16.1%12%
Q1 FY27–16.4%12%
ROCE and ROIC over the last 12 months, each quarter, %; the flat line is the cost of capital. Last 12 quarters, lined up with the yearly figure.

Does RBZ Jewellers have too much debt?

RBZ Jewellers Ltd has total debt of ₹170 Cr against shareholder equity of ₹300 Cr as of Jun 2026, so its debt is 0.57× its equity. Year by year, that ratio went from 1.04 in FY23 to 0.57 in FY26. Keep that borrowing in mind when reading the returns on this page.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

FY26: debt ₹170 Cr, 0.57× equity

  • Total debt ₹170
FY26: debt ₹170 Cr, 0.57× equity
QuarterTotal debt
FY23₹96
FY24₹69
FY25₹91
FY26₹170

Debt-to-equity

  • Debt-to-equity 0.57×
Debt-to-equity
QuarterDebt-to-equity
FY231.04×
FY240.33×
FY250.37×
FY260.57×
Top: total debt each year, ₹ Cr. Below: debt-to-equity, ×. 4-year window.

Jun 2026: debt ₹170 Cr, debt-to-equity 0.57

  • Total debt (quarterly) ₹170
Jun 2026: debt ₹170 Cr, debt-to-equity 0.57
QuarterTotal debt (quarterly)
Mar 2023₹96
Sep 2023₹102
Mar 2024₹69
Jun 2024₹69
Sep 2024₹123
Dec 2024₹123
Mar 2025₹91
Jun 2025₹91
Sep 2025₹150
Dec 2025₹150
Mar 2026₹170
Jun 2026₹170

Debt-to-equity

  • Debt-to-equity 0.57×
Debt-to-equity
QuarterDebt-to-equity
Mar 20231.04×
Sep 20230.97×
Mar 20240.33×
Jun 20240.33×
Sep 20240.55×
Dec 20240.55×
Mar 20250.37×
Jun 20250.37×
Sep 20250.55×
Dec 20250.55×
Mar 20260.57×
Jun 20260.57×
Top: total debt each quarter, ₹ Cr. Below: debt-to-equity, ×. Last 12 quarters. Indian companies report the full balance sheet every six months, so the quarter in between repeats the last reading.

What is the RBZ Jewellers shareholding pattern?

Domestic institutions cut their stake in RBZ Jewellers Ltd by 1.7 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 0.0% of the company. Foreign institutions moved −0.7 points over the same period, to 0.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: −1.7 points over 8 quarters, to 0.0%; Foreign institutions: −0.7 points over 8 quarters, to 0.3%; Promoters: +0.0 points over 8 quarters, to 75.0%.

Why the owners changed: domestic institutions drove it (−1.7 points), together with foreign institutions (−0.7 points). They reduced their stake.

Year ends: the public +4.5 points from Mar 2024 to Mar 2026

  • Promoters 75%
  • Foreign inst. 0%
  • Domestic inst. 0.07%
  • Public 24.94%
Year ends: the public +4.5 points from Mar 2024 to Mar 2026
QuarterPromotersForeign inst.Domestic inst.Public
Mar 202475%1.83%2.78%20.4%
Mar 202575%0.59%1.58%22.82%
Mar 202675%0%0.07%24.94%
Shareholding at each year end (March quarter), % of the company. 3 year ends on file.

Domestic institutions cut their stake by 1.7 points over 8 quarters

  • Promoters 75%
  • Foreign inst. 0.29%
  • Domestic inst. 0.03%
  • Public 24.68%
Domestic institutions cut their stake by 1.7 points over 8 quarters
QuarterPromotersForeign inst.Domestic inst.Public
Dec 202375%4.33%3.03%17.64%
Mar 202475%1.83%2.78%20.4%
Jun 202475%1.34%1.54%22.13%
Sep 202475%1.02%1.72%22.27%
Dec 202475%0.9%1.89%22.22%
Mar 202575%0.59%1.58%22.82%
Jun 202575%0.5%0.1%24.39%
Sep 202575%0.24%0.08%24.69%
Dec 202575%0%0.06%24.94%
Mar 202675%0%0.07%24.94%
Jun 202675%0.03%0.01%24.98%
Sep 202675%0.29%0.03%24.68%
Shareholding by owner group, % of the company, each quarter, last 12 quarters.

How far is RBZ Jewellers from balance-sheet trouble?

For RBZ Jewellers Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

How does RBZ Jewellers rank in its industry?

61.7 out of 100, rank 8 of 28 in Diamond, Gems & Jewellery, with 96% of the evidence available.

RBZ Jewellers Ltd scores 61.7 out of 100 against the 28 companies it is compared with in Diamond, Gems & Jewellery, ranking 8. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 18.7 + 14.6 + 16.4 + 12 = 61.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Which companies is RBZ Jewellers compared with?

RBZ Jewellers ranks 8 of 28 Diamond, Gems & Jewellery companies on the 4-Factor Sector Score, with 61.7 out of 100.

  1. 1D.P. Abhushan LtdDPABHUSHAN · leader · Most evidence points up · 96% evidence72.9out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 24.5/35 · Revenue 30.8% · Profit 94.3% · Operating margin change 1 points · 88% evidenceCapital efficiency 19.0/25 · ROCE 39.6% · Operating margin 11% · 100% evidenceValuation 12.1/20 · P/E 18.5× · PEG 0.74 · 100% evidenceRelative strength 17.3/20 · Lead over its industry 14.3% · Lead over NIFTY 500 53.2% · 1 year 37.4% · 100% evidence · 12 of 12 weeks aheadExact sum: 24.5 + 19 + 12.1 + 17.3 = 72.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks.
  2. 2Sky Gold & Diamonds LtdSKYGOLD · leader · Most evidence points up · 100% evidence71.1out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 29.1/35 · Revenue 73.1% · Profit 100% · Operating margin change 1 points · 100% evidenceCapital efficiency 18.8/25 · ROCE 26.9% · Operating margin 8% · 100% evidenceValuation 6.9/20 · P/E 34.1× · PEG 1.71 · 100% evidenceRelative strength 16.3/20 · Lead over its industry 36.4% · Lead over NIFTY 500 76.3% · 1 year 147.5% · 100% evidence · 12 of 12 weeks aheadExact sum: 29.1 + 18.8 + 6.9 + 16.3 = 71.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks.
  3. 3PNGS Reva Diamond Jewellery LimitedPNGSREVA · breaking out · Most evidence points up · 63% evidence70.4out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 39.2/43.75 · Revenue 100% · Profit 100% · Operating margin change 5 points · 100% evidenceCapital efficiency 19.0/31.25 · ROCE 22% · Operating margin 24% · 100% evidenceValuation 12.2/25 · P/E 20.8× · PEG — · 15% evidenceRelative strength: no reading this week · its 20 points are shared across the other threeExact sum: 39.2 + 19 + 12.2 = 70.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone.
  4. 4Shanti Gold International LtdSHANTIGOLD · breaking out · Most evidence points up · 71% evidence67.8out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 23.1/35 · Revenue 100% · Profit 100% · Operating margin change -3 points · 83% evidenceCapital efficiency 18.5/25 · ROCE 33.9% · Operating margin 10% · 76% evidenceValuation 10.9/20 · P/E 12.2× · PEG — · 15% evidenceRelative strength 15.3/20 · Lead over its industry 1.1% · Lead over NIFTY 500 35% · 1 year 24% · 100% evidence · 12 of 12 weeks aheadExact sum: 23.1 + 18.5 + 10.9 + 15.3 = 67.8 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks.
  5. 5Tribhovandas Bhimji Zaveri LtdTBZ · leader · Most evidence points up · 100% evidence67.3out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 21.6/35 · Revenue 24.1% · Profit 100% · Operating margin change -2 points · 100% evidenceCapital efficiency 15.3/25 · ROCE 21.9% · Operating margin 7% · 100% evidenceValuation 10.9/20 · P/E 20.6× · PEG 0.72 · 100% evidenceRelative strength 19.5/20 · Lead over its industry 100.6% · Lead over NIFTY 500 148.9% · 1 year 237.9% · 100% evidence · 12 of 12 weeks aheadExact sum: 21.6 + 15.3 + 10.9 + 19.5 = 67.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  6. 6Khazanchi Jewellers LtdKHAZANCHI · breaking out · Most evidence points up · 71% evidence66.8out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 26.5/35 · Revenue 24.4% · Profit 100% · Operating margin change 2 points · 88% evidenceCapital efficiency 16.3/25 · ROCE 34.8% · Operating margin 7% · 100% evidenceValuation 13.4/20 · P/E 17.5× · PEG — · 50% evidenceRelative strength 10.6/20 · Lead over its industry — · Lead over NIFTY 500 6.8% · 1 year 7.3% · 25% evidence · 5 of 5 weeks aheadExact sum: 26.5 + 16.3 + 13.4 + 10.6 = 66.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  7. 7PC Jeweller LtdPCJEWELLER · breaking out · Evidence leans up · 100% evidence62.6out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 20.9/35 · Revenue 29.3% · Profit 45.7% · Operating margin change 7 points · 100% evidenceCapital efficiency 10.3/25 · ROCE 9.6% · Operating margin 29% · 100% evidenceValuation 13.2/20 · P/E 16.9× · PEG 0.32 · 100% evidenceRelative strength 18.2/20 · Lead over its industry 14.7% · Lead over NIFTY 500 54.2% · 1 year 33.2% · 100% evidence · 12 of 12 weeks aheadExact sum: 20.9 + 10.3 + 13.2 + 18.2 = 62.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  8. 8RBZ Jewellers Ltd this pageRBZJEWEL · breaking out · Evidence leans up · 96% evidence61.7out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 18.7/35 · Revenue 30.3% · Profit 54% · Operating margin change -2.3 points · 88% evidenceCapital efficiency 14.6/25 · ROCE 22% · Operating margin 14.8% · 100% evidenceValuation 16.4/20 · P/E 12.2× · PEG 0.23 · 100% evidenceRelative strength 12.0/20 · Lead over its industry -8.2% · Lead over NIFTY 500 24.1% · 1 year 16.7% · 100% evidence · 12 of 12 weeks aheadExact sum: 18.7 + 14.6 + 16.4 + 12 = 61.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.
  9. 9Titan Company LtdTITAN · losing its lead · Evidence leans up · 96% evidence56.8out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 26.0/35 · Revenue 45% · Profit 55.1% · Operating margin change 3 points · 88% evidenceCapital efficiency 14.1/25 · ROCE 20.5% · Operating margin 14% · 100% evidenceValuation 9.8/20 · P/E 67.5× · PEG 1.43 · 100% evidenceRelative strength 6.9/20 · Lead over its industry -21.5% · Lead over NIFTY 500 7.2% · 1 year 18.8% · 100% evidence · 8 of 12 weeks aheadExact sum: 26 + 14.1 + 9.8 + 6.9 = 56.8 · What this means: Earnings are strong; relative strength in its sector is -21.5% and the one-year return is 18.8%.
  10. 10Thangamayil Jewellery LtdTHANGAMAYL · quiet · Evidence leans up · 96% evidence55.3out of 100GrowthCapitalValuationRelative
    How the score adds upGrowth & earnings 25.8/35 · Revenue 83.2% · Profit 100% · Operating margin change -1 points · 88% evidenceCapital efficiency 13.6/25 · ROCE 25.5% · Operating margin 5% · 100% evidenceValuation 9.5/20 · P/E 35.3× · PEG 0.78 · 100% evidenceRelative strength 6.4/20 · Lead over its industry -20.4% · Lead over NIFTY 500 7% · 1 year 105.3% · 100% evidence · 3 of 12 weeks aheadExact sum: 25.8 + 13.6 + 9.5 + 6.4 = 55.3 · What this means: Earnings are strong; relative strength in its sector is -20.4% and the one-year return is 105.3%.
  11. 11Senco Gold LtdSENCO · quiet · Evidence leans up · 96% evidence53.0out of 100GrowthCapitalValuationRelative
  12. 12Shringar House of Mangalsutra LtdSHRINGARMS · breaking out · Evidence leans up · 73% evidence52.2out of 100GrowthCapitalValuationRelative
  13. 13P N Gadgil Jewellers LtdPNGJL · quiet · Evidence leans up · 93% evidence52.1out of 100GrowthCapitalValuationRelative
  14. 14Kalyan Jewellers India LtdKALYANKJIL · losing its lead · Evidence leans down · 96% evidence49.9out of 100GrowthCapitalValuationRelative
  15. 15Motisons Jewellers LtdMOTISONS · breaking out · Evidence leans down · 96% evidence48.0out of 100GrowthCapitalValuationRelative
  16. 16PNGS Gargi Fashion Jewellery Ltdbasing · Evidence leans down · 72% evidence48.0out of 100GrowthCapitalValuationRelative
  17. 17Bluestone Jewellery & Lifestyle LtdBLUESTONE · losing its lead · Too little evidence to rank firmly · 59% evidence46.9out of 100GrowthCapitalValuationRelative
  18. 18Manoj Vaibhav Gems N Jewellers LtdMVGJL · losing its lead · Evidence leans down · 96% evidence45.8out of 100GrowthCapitalValuationRelative
  19. 19Radhika Jeweltech LtdRADHIKAJWE · quiet · Evidence leans down · 96% evidence45.6out of 100GrowthCapitalValuationRelative
  20. 20Vaibhav Global LtdVAIBHAVGBL · quiet · Evidence leans down · 100% evidence43.7out of 100GrowthCapitalValuationRelative
  21. 21SJ Corporation Ltdbreaking out · Too little evidence to rank firmly · 57% evidence42.4out of 100GrowthCapitalValuationRelative
  22. 22Rajesh Exports LtdRAJESHEXPO · quiet · Evidence leans down · 88% evidence36.7out of 100GrowthCapitalValuationRelative
  23. 23Asian Star Company LtdASTAR · turning · Most evidence points down · 78% evidence28.4out of 100GrowthCapitalValuationRelative
  24. 24Utssav CZ Gold Jewels LtdUTSSAV · leader · Too little evidence to rank firmly · 47% evidence63.7out of 100GrowthCapitalValuationRelative
  25. 25Uday Jewellery Industries LtdToo little evidence to rank firmly · 47% evidence62.2out of 100GrowthCapitalValuationRelative
  26. 26Advit Jewels LtdRAMBHAJO · turning · Too little evidence to rank firmly · 45% evidence58.9out of 100GrowthCapitalValuationRelative
  27. 27Grover Jewells LtdGJL · Too little evidence to rank firmly · 34% evidence52.9out of 100GrowthCapitalValuationRelative
  28. 28Golkunda Diamonds & Jewellery LtdToo little evidence to rank firmly · 43% evidence45.9out of 100GrowthCapitalValuationRelative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Diamond, Gems & Jewellery, all 28 compared on one page.

Which companies are close to RBZ Jewellers in size?

RBZ Jewellers is the 23rd largest of 27 Diamond, Gems & Jewellery companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Asian Star Company, SJ Corporation and Manoj Vaibhav Gems N Jewellers. Just below it: Radhika Jeweltech, Grover Jewells and PNGS Gargi Fashion Jewellery.

Diamond, Gems & Jewellery companies close in size

  1. Asian Star Company Ltd ₹1,042 crore
  2. SJ Corporation Ltd ₹845 crore
  3. Manoj Vaibhav Gems N Jewellers Ltd ₹799 crore
  4. RBZ Jewellers Ltd ₹690 crore
  5. Radhika Jeweltech Ltd ₹686 crore
  6. Grover Jewells Ltd ₹540 crore
  7. PNGS Gargi Fashion Jewellery Ltd ₹527 crore

All 27 Diamond, Gems & Jewellery companies, largest first

Companies close in size in other industries

  1. SRIT India Ltd ₹692 crore
  2. Kronox Lab Sciences Ltd ₹691 crore · Speciality Chemicals
  3. RBZ Jewellers Ltd ₹690 crore
  4. Vascon Engineers Ltd ₹690 crore · Construction & Contracting
  5. Merritronix Ltd ₹689 crore · Electronics - Others

What else do people ask about RBZ Jewellers?

What is RBZ Jewellers's share price today?

RBZ Jewellers Ltd's share price is ₹171.38, +9.6% over the past year. The whole company is worth ₹684 Cr on the market.

In the last 52 weeks it traded between ₹110 to ₹201; today it is 68% of the way up from the low, 10.9% above its 200-day average (as of 4 November 2026).

What were RBZ Jewellers's latest quarterly results?

RBZ Jewellers Ltd reported revenue of ₹121 Cr and net profit of ₹9.1 Cr for the Jun 2026 quarter. Revenue rose 59.8% and profit rose 27.7% compared with a year earlier. Earnings per share were ₹2.27.

The operating margin was 14.8%, 2.3 percentage points lower than a year earlier (as of 4 November 2026).

What is RBZ Jewellers's market cap?

RBZ Jewellers Ltd's market capitalisation is ₹684 Cr at a share price of ₹171.38. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026).

How is RBZ Jewellers performing?

RBZ Jewellers Ltd's share price has been rising for 13 weeks. In its latest quarter, revenue rose 59.8% and profit rose 27.7% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 12 weeks running (as of 4 November 2026).

Will RBZ Jewellers's share price go up?

This page does not forecast RBZ Jewellers Ltd's share price. What it shows instead: the share price is ₹171.38, and it has been rising for 13 weeks. Its P/E of 12.1× is higher than 29% of its own last 3 years (as of 4 November 2026).

Who owns RBZ Jewellers?

Promoters own 75.0% of RBZ Jewellers Ltd, foreign institutions 0.3%, domestic institutions 0.0% and the public 24.7% (latest quarter). The biggest change over the last two years: Domestic institutions cut their stake by 1.7 percentage points over 8 quarters (as of 4 November 2026).

Where is RBZ Jewellers in its business cycle?

RBZ Jewellers Ltd's FY26 operating margin was 15.0%, against a 7-year range of 6.0% to 19.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 14.8%.

Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026).

What could break the RBZ Jewellers story?

The main question: profits are rising, but only −61% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch.

On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026).

Is RBZ Jewellers a stock worth studying right now?

What the numbers show: RBZ Jewellers Ltd's results are improving, while its P/E is near the low end of its own history over 2.8 years, higher than only 29% of past readings. The main open question: whether the cash starts to follow the profit.

Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026).

Is there a RBZ Jewellers share price forecast for 2026?

What management itself guided: Rajkot showroom to open before Diwali, with dates finalized within the week. What is changing at RBZ Jewellers, from the latest results and calls: retail rollout and customer ownership, inventory hedging and funding redesign and customer-supplied gold in job work.

What would change the story: Launches slip again or operating stores fail to cover incremental costs while company-funded inventory continues to grow.

Where does this page get RBZ Jewellers' management information?

From RBZ Jewellers' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results.

Where do these numbers come from?

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

See the plain-text version of this page.

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