# Tribhovandas Bhimji Zaveri share price today (Tribhovandas Bhimji Zaveri Ltd, NSE: TBZ)

> Tribhovandas Bhimji Zaveri share price today: ₹606.65 at the NSE close on 4 November 2026, up 225.7% in a year. Tribhovandas Bhimji Zaveri (NSE: TBZ) is worth ₹4,047 crore, trades at a P/E of 20.6 and has closed between ₹118.81 and ₹759.15 over the past 52 weeks. > Tribhovandas Bhimji Zaveri Ltd's share price has risen faster than its earnings: +225.7% in a year, against +195.8% for earnings per share. TBZ · Diamond, Gems & Jewellery · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/tribhovandas-bhimji-zaveri-ltd

Tribhovandas Bhimji Zaveri is one of the companies compared in a full read in the Sector Alpha newsletter: https://newsletter.sectoralpha.in/p/why-jewellery-stocks-are-beating?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹606.65 (+225.7% in a year)
- P/E: 20.6× (higher than 73% of the last 11 years)
- Revenue (Sep 2026): ₹705 Cr (+2.5% on a year ago)
- Profit (Sep 2026): ₹14.0 Cr (−56.3% on a year ago)
- Operating margin: 7.0% (−2.0 points on a year ago)
- ROCE: 22%, FY26
- ROIC: 14.4%, against a 12.0% cost of capital: +2.4 points

The main question: the share price moved +225.7% in a year while yearly earnings per share moved +195.8%. The difference came from the market paying a higher multiple. ## What is the Tribhovandas Bhimji Zaveri share price today? Tribhovandas Bhimji Zaveri Ltd's share price was ₹606.65 at the close on 4 November 2026. It has been rising for 17 weeks. That is 79.0% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹119 and ₹759, and at that close it sat 76% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 30 weeks in a row. Over the last 11 years the share price moved +1,071% while the NIFTY 500 moved +251%, 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 Tribhovandas Bhimji Zaveri this quarter? 1. Profit fell in the September 2026 quarter Profit was ₹14 crore, -56.2% on a year earlier (₹32 crore), after 5 quarters of growth. 3. Revenue up on a year earlier for 11 quarters in a row In the September 2026 quarter revenue was ₹705 crore, +2.5% on a year earlier. ## What are Tribhovandas Bhimji Zaveri's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Tribhovandas Bhimji Zaveri reported revenue of ₹705 crore, up 2.5% from ₹688 crore a year earlier, and a profit of ₹14.0 crore, down 56.2% from ₹32.0 crore. ### Tribhovandas Bhimji Zaveri results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹705 crore | ₹688 crore | +2.5% |
| Profit | ₹14.0 crore | ₹32.0 crore | −56.2% |
| Earnings per share | ₹2.14 | ₹4.72 | −54.7% |
| Operating margin | 7.0% | 9.0% | −2.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). The newest call in our records is from 8 November 2023, about July to September 2023; a call about these results is not in our records yet. (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Tribhovandas Bhimji Zaveri share price history? Tribhovandas Bhimji Zaveri closed at ₹606.65 on 4 November 2026, up 225.7% from ₹186.26 a year earlier (7 November 2025) and up 583.9% over five years. Its highest weekly close since March 2016 was ₹759.15 on 16 October 2026. ### Tribhovandas Bhimji Zaveri share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹607.80 | −0.2% |
| 1 month ago · 1 Oct 2026 | ₹623.45 | −2.7% |
| 6 months ago · 8 May 2026 | ₹154.01 | +293.9% |
| 1 year ago · 7 Nov 2025 | ₹186.26 | +225.7% |
| 3 years ago · 3 Nov 2023 | ₹127.15 | +377.1% |
| 5 years ago · 4 Nov 2021 | ₹88.70 | +583.9% |
| 10 years ago · 4 Nov 2016 | ₹78.45 | +673.3% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹51.80 | +1,071.1% |
| Highest weekly close since March 2016, also the 52-week high · 16 Oct 2026 | ₹759.15 | −20.1% |
| Lowest weekly close since March 2016 · 27 Mar 2020 | ₹18.55 | +3,170.4% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹118.81 | +410.6% |

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. (563 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on Tribhovandas Bhimji Zaveri? 4 Nov 2026: Tribhovandas Bhimji Zaveri closed at ₹606.65, down 0.2% on the week and down 2.7% on the month. Results for July to September 2026: Revenue up 2.5% and profit down 56.2% on a year earlier. ### Earlier

- 2 Sep 2026: ex-date for a dividend of ₹2.50 a share. - 8 Nov 2023: Tribhovandas Bhimji Zaveri held its results call for July to September 2023. ## What dividend does Tribhovandas Bhimji Zaveri pay? Tribhovandas Bhimji Zaveri paid ₹2.50 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.41% at the ₹606.65 close on 4 November 2026. The last was a dividend of ₹2.50 a share, ex-date 2 September 2026. ### Tribhovandas Bhimji Zaveri dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 2 Sep 2026 | ₹2.50 | Dividend |
| 2 Sep 2025 | ₹2.25 | Dividend |
| 3 Sep 2024 | ₹1.75 | Dividend |
| 6 Sep 2023 | ₹1.75 | Dividend |
| 19 Aug 2022 | not readable | Dividend |
| 8 Sep 2021 | ₹2.50 | Dividend |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Tribhovandas Bhimji Zaveri Ltd paid out 8% of its profit as dividends in FY26, and it paid a dividend in 11 of its last 13 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What did Tribhovandas Bhimji Zaveri management say on the latest results call? On the call for July to September 2023, held on 8 November 2023, Tribhovandas Bhimji Zaveri's management spoke about the quarter; the main points are below. Source: [the call transcript](https://files.tijorifinance.com/insight/india/6831/Conference Call/CC-Sep23.pdf). (From the call for July to September 2023, 8 November 2023. The July to September 2026 results are out since, so this part may be out of date until we update it.)

## What is the future of Tribhovandas Bhimji Zaveri? What is changing in the business? What is changing at Tribhovandas Bhimji Zaveri, from the latest results and calls: diamond mix expansion, showroom operating leverage and asset-light franchise rollout. - Diamond Mix Expansion. Rising diamond jewellery contribution toward 30% of sales structurally elevates blended gross margins. ⚠ estimate
- Showroom Operating Leverage. Existing retail footprint generates operating leverage as store-level throughput increases. ⚠ estimate
- Asset-Light Franchise Rollout. Transitioning toward a 50-50 company-owned and franchise store network optimizes capital efficiency. ⚠ estimate
- Formalization and Customer Acquisition. Regulatory compliance and consumer trust drive market share migration from unorganized jewelers. ✓ 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 latest results, written 22 August 2026.)

## What could change the Tribhovandas Bhimji Zaveri story? What are the risks? A sustained decline in quarterly operating margin below 6.5% across two consecutive quarters accompanied by diamond sales mix falling below 20%, which would demonstrate that recent earnings expansion was temporary inventory revaluation rather than structural retail operating leverage. ### Each change stops working if

- Diamond Mix Expansion: Consumer discretionary demand softens or consumer preferences shift toward unbranded alternatives, reducing diamond sales mix below 20%. - Showroom Operating Leverage: Same-store sales throughput declines, reversing operating leverage on fixed retail store overheads. - Asset-Light Franchise Rollout: Franchise partner acquisition slows or franchisee unit economics become unviable. - Formalization and Customer Acquisition: National retail competitors initiate aggressive localized discounting that erodes regional market share. ### The main risks

- : Fiscal 2026 operating margin of 12% sits at historical highs and may mean-revert toward mid-cycle levels. ⚠ estimate
- Working Capital Debt Expansion: Bullion inventory stocking requirements have expanded total borrowings to 886 Cr. ⚠ estimate
- Gold Price Volatility and Demand Elasticity: Sharp gold price appreciation can cause transient retail volume postponements. ⚠ estimate
- Competition from National Chains: Aggressive retail showroom expansion by large national chains intensifies local competition. ⚠ estimate

(Our read after the latest results, written 22 August 2026.)

## What to watch in Tribhovandas Bhimji Zaveri's next results? When Tribhovandas Bhimji Zaveri reports October to December 2026, these are the 5 checks that show whether the story is still on course. First: Quarterly operating profit margin falling below 7.5% in two consecutive quarters. | What to check | Why |
| --- | --- |
| Quarterly operating profit margin falling below 7.5% in two consecutive quarters. |  |
| Total balance sheet borrowings exceeding 1,050 Cr without an improvement in operating cash flow. | Working Capital Debt Expansion |
| Year-on-year quarterly revenue contraction exceeding 10% during festive periods. | Gold Price Volatility and Demand Elasticity |
| Same-store sales growth turning negative for two consecutive quarters. | Competition from National Chains |
| Gross margin contraction exceeding 150 basis points year-on-year. | Consumer Diamond Preference Evolution |

## Which stock lists is Tribhovandas Bhimji Zaveri on? Tribhovandas Bhimji Zaveri is on one of our India lists: Gold & silver stocks. [Gold & silver stocks Group on the list: Jewellery makers and shops](https://www.sectoralpha.in/gold-stocks-india)

## Is Tribhovandas Bhimji Zaveri profitable? Tribhovandas Bhimji Zaveri Ltd earned ₹14.0 Cr of net profit in the Sep 2026 quarter, −56.3% on the same quarter a year earlier. Full-year FY26 profit was ₹202 Cr. That is 2.0% of the quarter's revenue. The same quarter a year earlier earned ₹32.0 Cr. For the full year, FY26 profit was ₹202 Cr (+197.1% on the year before). Why profit moved: revenue changed +2.5% on a year earlier and the margin moved −2.0 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed +206.0% and revenue +27.1%. 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. revenue ₹841 Cr and profit ₹34 Cr as reported. FY27-Q2. revenue ₹705 Cr and profit ₹14 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much revenue does Tribhovandas Bhimji Zaveri make, and is it growing? Tribhovandas Bhimji Zaveri Ltd reported ₹705 Cr of revenue in the Sep 2026 quarter, +2.5% on the same quarter a year earlier. That is the 11th quarter in a row with growth on the year before. Over 10 years it has grown 6.8% a year on average. The last full year, FY26, came in at ₹3,203 Cr. Why this happened. Hallmarking mandates and consumer preference for certified jewellery continue to shift market share to established heritage brands. With 45% new customer acquisition recorded in key quarters and an active wedding collection pipeline, revenue expanded 34.8% YoY in the first quarter of fiscal 2027. The last four reported quarters add to ₹3,437 Cr. FY26 revenue was ₹3,203 Cr, +22.3% on the year before. Recent pace: the last four quarters grew +27.1% on average, against 6.8% 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 +24.1%, against +19.4% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +111.8%, against +76.8% a year (accelerating). FY27-Q1. revenue ₹841 Cr and profit ₹34 Cr as reported. FY27-Q2. revenue ₹705 Cr and profit ₹14 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Tribhovandas Bhimji Zaveri keep? Tribhovandas Bhimji Zaveri Ltd's operating margin was 7.0% in the Sep 2026 quarter, 2.0 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between 2.6% and 12.0%. The latest quarter is within that range. Why the margin moved: operating margin changed −2.8 percentage points on the year while gross margin changed −1.9 points. So the drop came mostly from the gross margin, which means input costs and prices charged. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. FY27-Q1. revenue ₹841 Cr and profit ₹34 Cr as reported. FY27-Q2. revenue ₹705 Cr and profit ₹14 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## Is Tribhovandas Bhimji Zaveri's profit turning into cash? Over the last 3 years, 13% of Tribhovandas Bhimji Zaveri Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 it brought in ₹30.0 Cr of operating cash against ₹202 Cr of profit. After ₹47.0 Cr of spending on assets, free cash was −₹17.0 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 13% of profit came in as cash: the cash cycle got 54 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: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does Tribhovandas Bhimji Zaveri's cash go? Tribhovandas Bhimji Zaveri Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 226 days in FY26, down from 280 days in FY21. It spent ₹101 Cr on assets over the last 3 years. Customers take 0 days to pay, and stock sits for 249 days on average. Why this happened. Management has executed a strategic product mix shift, raising diamond jewellery sales from 20% to 30% of total revenue. Because diamond jewellery carries higher gross margins than plain gold items, this mix improvement directly raised blended gross margins above 13%, illustrating the Value Chain Climb model. At FY26 sales of ₹3,203 Cr, each day of that cycle ties up about ₹8.8 Cr, so roughly ₹1,983 Cr is tied up in the business at any time. FY26: customers took 0 days to pay and stock sat for 249 days, about 8.2 months of sales sitting as stock, for a full cycle of 226 days, shorter than FY21's 280. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 249 days. Customers pay about 0 days after that. Suppliers are paid at 24 days. Together that makes the 226-day cycle. Spending on assets: ₹101 Cr over the last 3 years, against ₹78.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹0.0 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is Tribhovandas Bhimji Zaveri's P/E ratio, and how does it compare with its own history? Tribhovandas Bhimji Zaveri Ltd's P/E is 20.6×, near the high end of its own history: higher than 73% of past readings. Its usual P/E (the middle reading) is 16.5×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +195.8% while the price moved +225.7%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +46.9% a year; about +29.4% a year came from earnings growth and about +17.5 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Tribhovandas Bhimji Zaveri share price assume? Worked out from its price on 27 August 2026, Tribhovandas Bhimji Zaveri Ltd's share price assumed profit growth of about 1.6% a year. Today its P/E is 20.6×, higher than 73% of its own last 11 years. This is a one-day reading, taken on 27 August 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 Tribhovandas Bhimji Zaveri business getting better or worse? Tribhovandas Bhimji Zaveri Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 35.3%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the Tribhovandas Bhimji Zaveri story, and has it been checked? Tribhovandas Bhimji Zaveri Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: MID EXPANSION. Our read, 22 August 2026. From the numbers. From the price. Price stage 2, week 17, above its 200-day line, relative strength falling. From the research. Where they disagree. What is proven. What is not proven yet. A sustained decline in quarterly operating margin below 6.5% across two consecutive quarters accompanied by diamond sales mix falling below 20%, which would demonstrate that recent earnings expansion was temporary inventory revaluation rather than structural retail operating leverage. What would change our mind. A sustained decline in quarterly operating margin below 6.5% across two consecutive quarters accompanied by diamond sales mix falling below 20%, which would demonstrate that recent earnings expansion was temporary inventory revaluation rather than structural retail operating leverage. The test written in advance. A sustained decline in quarterly operating margin below 6.5% across two consecutive quarters accompanied by diamond sales mix falling below 20%, which would demonstrate that recent earnings expansion was temporary inventory revaluation rather than structural retail operating leverage. Measured by: the thesis as written as stated by the next result. The test written in advance. The test written in advance. Working Capital Debt Expansion. Measured by: Working Capital Debt Expansion Total balance sheet borrowings exceeding 1,050 Cr without an improvement in operating cash flow. by the next result. What the company does. Operating margins expanded from 6% in fiscal 2024 to 12% in fiscal 2026, lifting annual net profit from 54 Cr to 202 Cr. Working capital absorption of 201 Cr in fiscal 2026 reflects bullion inventory scaling across 37 retail showrooms rather than structural cash leakage. What the surface reading misses. The research reads it further: Trailing net earnings of 202 Cr reflect peak operating margins of 12%. What the surface reading misses. The surface reading is: Annual revenue expanded 22.2% YoY to 3,203 Cr in FY26 from 2,620 Cr in FY25, indicating accelerating top-line growth across retail showrooms. The research reads it further: Revenue growth was accompanied by higher operating profit expansion (104% YoY to 369 Cr), reflecting retail operating leverage as showroom throughput expanded without proportional fixed cost inflation. Lever 2 · Value-added mix: building. Rising diamond jewellery contribution toward 30% of sales structurally elevates blended gross margins. What proves it keeps working: Diamond Mix Expansion. It stops working if Consumer discretionary demand softens or consumer preferences shift toward unbranded alternatives, reducing diamond sales mix below 20%. Lever 1 · Operating leverage: building. Existing retail footprint generates operating leverage as store-level throughput increases. What proves it keeps working: Showroom Operating Leverage. It stops working if Same-store sales throughput declines, reversing operating leverage on fixed retail store overheads. Lever 5 · Regulatory approval: building. Regulatory compliance and consumer trust drive market share migration from unorganized jewelers. What proves it keeps working: Formalization and Customer Acquisition. It stops working if National retail competitors initiate aggressive localized discounting that erodes regional market share. Sources: our stock research file (22 August 2026) · quarterly results through Sep 2026. The story check is re-scored every results season; the record below never changes. ## How much does Tribhovandas Bhimji Zaveri earn on its capital? Tribhovandas Bhimji Zaveri Ltd earned a ROCE of 22% in FY26. That is up from a low of 3% in FY16. Its return on capital used (ROIC) is 2.4 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 6.3% net margin and 1.52× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 6.3% net margin × 1.52× asset turnover × 2.51× leverage (assets divided by equity) ≈ 24.0% 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: 14.4% − 12.0% = +2.4 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 14.4% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 16.7%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Tribhovandas Bhimji Zaveri have too much debt? Tribhovandas Bhimji Zaveri Ltd has total debt of ₹984 Cr against shareholder equity of ₹871 Cr as of Sep 2026, so its debt is 1.13× its equity. Year by year, that ratio went from 1.11 in FY22 to 1.06 in FY26. Keep that borrowing in mind when reading the returns on this page. Why this happened. With showroom capital expenditure standardized at 2 to 3 Cr per unit and payback cycles of 2 to 3 years, expanding revenue across established stores diluted fixed occupancy and administrative costs, lifting operating profit margins from 7% in fiscal 2025 to 12% in fiscal 2026. ## What is the Tribhovandas Bhimji Zaveri shareholding pattern? No group of Tribhovandas Bhimji Zaveri Ltd's owners changed its stake by a full percentage point over the last two years. Domestic institutions moved +0.1 points over the same period, to 0.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: −0.5 points over 8 quarters, to 0.5%; Domestic institutions: +0.1 points over 8 quarters, to 0.3%; Promoters: +0.0 points over 8 quarters, to 74.1%. ## How far is Tribhovandas Bhimji Zaveri from balance-sheet trouble? For Tribhovandas Bhimji Zaveri 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. ## How does Tribhovandas Bhimji Zaveri rank in its industry? 67.3 out of 100, rank 5 of 28 in Diamond, Gems & Jewellery, with 100% of the evidence available. Tribhovandas Bhimji Zaveri Ltd scores 67.3 out of 100 against the 28 companies it is compared with in Diamond, Gems & Jewellery, ranking 5. 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: 21.6 + 15.3 + 10.9 + 19.5 = 67.3. 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 Tribhovandas Bhimji Zaveri compared with? Tribhovandas Bhimji Zaveri ranks 5 of 28 Diamond, Gems & Jewellery companies on the 4-Factor Sector Score, with 67.3 out of 100. 1. [D.P. Abhushan Ltd](https://www.sectoralpha.in/stocks/dp-abhushan-ltd) DPABHUSHAN · leader · Most evidence points up · 96% evidence 72.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.5/35 · Revenue 30.8% · Profit 94.3% · Operating margin change 1 points · 88% evidence Capital efficiency 19.0/25 · ROCE 39.6% · Operating margin 11% · 100% evidence Valuation 12.1/20 · P/E 18.5× · PEG 0.74 · 100% evidence Relative 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 ahead Exact 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. [Sky Gold & Diamonds Ltd](https://www.sectoralpha.in/stocks/sky-gold-diamonds-ltd) SKYGOLD · leader · Most evidence points up · 100% evidence 71.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.1/35 · Revenue 73.1% · Profit 100% · Operating margin change 1 points · 100% evidence Capital efficiency 18.8/25 · ROCE 26.9% · Operating margin 8% · 100% evidence Valuation 6.9/20 · P/E 34.1× · PEG 1.71 · 100% evidence Relative 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 ahead Exact 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. [PNGS Reva Diamond Jewellery Limited](https://www.sectoralpha.in/stocks/pngs-reva-diamond-jewellery-limited) PNGSREVA · breaking out · Most evidence points up · 63% evidence 70.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 39.2/43.75 · Revenue 100% · Profit 100% · Operating margin change 5 points · 100% evidence Capital efficiency 19.0/31.25 · ROCE 22% · Operating margin 24% · 100% evidence Valuation 12.2/25 · P/E 20.8× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact 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. [Shanti Gold International Ltd](https://www.sectoralpha.in/stocks/shanti-gold-international-ltd) SHANTIGOLD · breaking out · Most evidence points up · 71% evidence 67.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.1/35 · Revenue 100% · Profit 100% · Operating margin change -3 points · 83% evidence Capital efficiency 18.5/25 · ROCE 33.9% · Operating margin 10% · 76% evidence Valuation 10.9/20 · P/E 12.2× · PEG n/a · 15% evidence Relative strength 15.3/20 · Lead over its industry 1.1% · Lead over NIFTY 500 35% · 1 year 24% · 100% evidence · 12 of 12 weeks ahead Exact 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. Tribhovandas Bhimji Zaveri Ltd this page TBZ · leader · Most evidence points up · 100% evidence 67.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.6/35 · Revenue 24.1% · Profit 100% · Operating margin change -2 points · 100% evidence Capital efficiency 15.3/25 · ROCE 21.9% · Operating margin 7% · 100% evidence Valuation 10.9/20 · P/E 20.6× · PEG 0.72 · 100% evidence Relative 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 ahead Exact 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. [Khazanchi Jewellers Ltd](https://www.sectoralpha.in/stocks/khazanchi-jewellers-ltd) KHAZANCHI · breaking out · Most evidence points up · 71% evidence 66.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.5/35 · Revenue 24.4% · Profit 100% · Operating margin change 2 points · 88% evidence Capital efficiency 16.3/25 · ROCE 34.8% · Operating margin 7% · 100% evidence Valuation 13.4/20 · P/E 17.5× · PEG n/a · 50% evidence Relative strength 10.6/20 · Lead over its industry n/a · Lead over NIFTY 500 6.8% · 1 year 7.3% · 25% evidence · 5 of 5 weeks ahead Exact 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. [PC Jeweller Ltd](https://www.sectoralpha.in/stocks/pc-jeweller-ltd) PCJEWELLER · breaking out · Evidence leans up · 100% evidence 62.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.9/35 · Revenue 29.3% · Profit 45.7% · Operating margin change 7 points · 100% evidence Capital efficiency 10.3/25 · ROCE 9.6% · Operating margin 29% · 100% evidence Valuation 13.2/20 · P/E 16.9× · PEG 0.32 · 100% evidence Relative 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 ahead Exact 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. [RBZ Jewellers Ltd](https://www.sectoralpha.in/stocks/rbz-jewellers-ltd) RBZJEWEL · breaking out · Evidence leans up · 96% evidence 61.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.7/35 · Revenue 30.3% · Profit 54% · Operating margin change -2.3 points · 88% evidence Capital efficiency 14.6/25 · ROCE 22% · Operating margin 14.8% · 100% evidence Valuation 16.4/20 · P/E 12.2× · PEG 0.23 · 100% evidence Relative 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 ahead Exact 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. [Titan Company Ltd](https://www.sectoralpha.in/stocks/titan-company-ltd) TITAN · losing its lead · Evidence leans up · 96% evidence 56.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.0/35 · Revenue 45% · Profit 55.1% · Operating margin change 3 points · 88% evidence Capital efficiency 14.1/25 · ROCE 20.5% · Operating margin 14% · 100% evidence Valuation 9.8/20 · P/E 67.5× · PEG 1.43 · 100% evidence Relative 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 ahead Exact 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. [Thangamayil Jewellery Ltd](https://www.sectoralpha.in/stocks/thangamayil-jewellery-ltd) THANGAMAYL · quiet · Evidence leans up · 96% evidence 55.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.8/35 · Revenue 83.2% · Profit 100% · Operating margin change -1 points · 88% evidence Capital efficiency 13.6/25 · ROCE 25.5% · Operating margin 5% · 100% evidence Valuation 9.5/20 · P/E 35.3× · PEG 0.78 · 100% evidence Relative 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 ahead Exact 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. [Senco Gold Ltd](https://www.sectoralpha.in/stocks/senco-gold-ltd) SENCO · quiet · Evidence leans up · 96% evidence 53.0 out of 100 Growth Capital Valuation Relative
12. [Shringar House of Mangalsutra Ltd](https://www.sectoralpha.in/stocks/shringar-house-of-mangalsutra-ltd) SHRINGARMS · breaking out · Evidence leans up · 73% evidence 52.2 out of 100 Growth Capital Valuation Relative
13. [P N Gadgil Jewellers Ltd](https://www.sectoralpha.in/stocks/p-n-gadgil-jewellers-ltd) PNGJL · quiet · Evidence leans up · 93% evidence 52.1 out of 100 Growth Capital Valuation Relative
14. [Kalyan Jewellers India Ltd](https://www.sectoralpha.in/stocks/kalyan-jewellers-india-ltd) KALYANKJIL · losing its lead · Evidence leans down · 96% evidence 49.9 out of 100 Growth Capital Valuation Relative
15. [Motisons Jewellers Ltd](https://www.sectoralpha.in/stocks/motisons-jewellers-ltd) MOTISONS · breaking out · Evidence leans down · 96% evidence 48.0 out of 100 Growth Capital Valuation Relative
16. [PNGS Gargi Fashion Jewellery Ltd](https://www.sectoralpha.in/stocks/pngs-gargi-fashion-jewellery-ltd) basing · Evidence leans down · 72% evidence 48.0 out of 100 Growth Capital Valuation Relative
17. [Bluestone Jewellery & Lifestyle Ltd](https://www.sectoralpha.in/stocks/bluestone-jewellery-lifestyle-ltd) BLUESTONE · losing its lead · Too little evidence to rank firmly · 59% evidence 46.9 out of 100 Growth Capital Valuation Relative
18. [Manoj Vaibhav Gems N Jewellers Ltd](https://www.sectoralpha.in/stocks/manoj-vaibhav-gems-n-jewellers-ltd) MVGJL · losing its lead · Evidence leans down · 96% evidence 45.8 out of 100 Growth Capital Valuation Relative
19. [Radhika Jeweltech Ltd](https://www.sectoralpha.in/stocks/radhika-jeweltech-ltd) RADHIKAJWE · quiet · Evidence leans down · 96% evidence 45.6 out of 100 Growth Capital Valuation Relative
20. [Vaibhav Global Ltd](https://www.sectoralpha.in/stocks/vaibhav-global-ltd) VAIBHAVGBL · quiet · Evidence leans down · 100% evidence 43.7 out of 100 Growth Capital Valuation Relative
21. [SJ Corporation Ltd](https://www.sectoralpha.in/stocks/sj-corporation-ltd) breaking out · Too little evidence to rank firmly · 57% evidence 42.4 out of 100 Growth Capital Valuation Relative
22. [Rajesh Exports Ltd](https://www.sectoralpha.in/stocks/rajesh-exports-ltd) RAJESHEXPO · quiet · Evidence leans down · 88% evidence 36.7 out of 100 Growth Capital Valuation Relative
23. [Asian Star Company Ltd](https://www.sectoralpha.in/stocks/asian-star-company-ltd) ASTAR · turning · Most evidence points down · 78% evidence 28.4 out of 100 Growth Capital Valuation Relative
24. [Utssav CZ Gold Jewels Ltd](https://www.sectoralpha.in/stocks/utssav-cz-gold-jewels-ltd) UTSSAV · leader · Too little evidence to rank firmly · 47% evidence 63.7 out of 100 Growth Capital Valuation Relative
25. Uday Jewellery Industries Ltd Too little evidence to rank firmly · 47% evidence 62.2 out of 100 Growth Capital Valuation Relative
26. [Advit Jewels Ltd](https://www.sectoralpha.in/stocks/advit-jewels-ltd) RAMBHAJO · turning · Too little evidence to rank firmly · 45% evidence 58.9 out of 100 Growth Capital Valuation Relative
27. [Grover Jewells Ltd](https://www.sectoralpha.in/stocks/grover-jewells-ltd) GJL · Too little evidence to rank firmly · 34% evidence 52.9 out of 100 Growth Capital Valuation Relative
28. [Golkunda Diamonds & Jewellery Ltd](https://www.sectoralpha.in/stocks/golkunda-diamonds-jewellery-ltd) Too little evidence to rank firmly · 43% evidence 45.9 out of 100 Growth Capital Valuation Relative

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](https://www.sectoralpha.in/sectors/diamond-gems-jewellery), all 28 compared on one page. ## Which companies are close to Tribhovandas Bhimji Zaveri in size? Tribhovandas Bhimji Zaveri is the 10th largest of 27 Diamond, Gems & Jewellery companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: P N Gadgil Jewellers, D.P. Abhushan and Senco Gold. Just below it: Shringar House of Mangalsutra, Vaibhav Global and Rajesh Exports. ### Diamond, Gems & Jewellery companies close in size

1. [P N Gadgil Jewellers Ltd](https://www.sectoralpha.in/stocks/p-n-gadgil-jewellers-ltd) ₹8,222 crore
2. [D.P. Abhushan Ltd](https://www.sectoralpha.in/stocks/dp-abhushan-ltd) ₹4,990 crore
3. [Senco Gold Ltd](https://www.sectoralpha.in/stocks/senco-gold-ltd) ₹4,803 crore
4. Tribhovandas Bhimji Zaveri Ltd ₹4,056 crore
5. [Shringar House of Mangalsutra Ltd](https://www.sectoralpha.in/stocks/shringar-house-of-mangalsutra-ltd) ₹2,638 crore
6. [Vaibhav Global Ltd](https://www.sectoralpha.in/stocks/vaibhav-global-ltd) ₹2,633 crore
7. [Rajesh Exports Ltd](https://www.sectoralpha.in/stocks/rajesh-exports-ltd) ₹2,412 crore

[All 27 Diamond, Gems & Jewellery companies, largest first](https://www.sectoralpha.in/sectors/diamond-gems-jewellery#all-companies)

### Companies close in size in other industries

1. [Shilchar Technologies Ltd](https://www.sectoralpha.in/stocks/shilchar-technologies-ltd) ₹4,091 crore · Capital Goods - Transformers
2. [Mahindra Logistics Ltd](https://www.sectoralpha.in/stocks/mahindra-logistics-ltd) ₹4,090 crore · Logistics - Warehousing/Supply Chain
3. Tribhovandas Bhimji Zaveri Ltd ₹4,056 crore
4. [PTC India Ltd](https://www.sectoralpha.in/stocks/ptc-india-ltd) ₹4,031 crore · Trading
5. [Thomas Cook (India) Ltd](https://www.sectoralpha.in/stocks/thomas-cook-indialtd) ₹4,023 crore · E-Commerce - Platform - Travel

## What else do people ask about Tribhovandas Bhimji Zaveri? ### What is Tribhovandas Bhimji Zaveri's share price today? Tribhovandas Bhimji Zaveri Ltd's share price is ₹606.65, +225.7% over the past year. The whole company is worth ₹4,047 Cr on the market. In the last 52 weeks it traded between ₹119 to ₹759; today it is 76% of the way up from the low, 79.0% above its 200-day average (as of 4 November 2026). ### What were Tribhovandas Bhimji Zaveri's latest quarterly results? Tribhovandas Bhimji Zaveri Ltd reported revenue of ₹705 Cr and net profit of ₹14.0 Cr for the Sep 2026 quarter. Revenue rose 2.5% and profit fell 56.3% compared with a year earlier. Earnings per share were ₹2.14. The operating margin was 7.0%, 2.0 percentage points lower than a year earlier (as of 4 November 2026). ### What is Tribhovandas Bhimji Zaveri's market cap? Tribhovandas Bhimji Zaveri Ltd's market capitalisation is ₹4,047 Cr at a share price of ₹606.65. 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 Tribhovandas Bhimji Zaveri performing? Tribhovandas Bhimji Zaveri Ltd's share price has been rising for 17 weeks. In its latest quarter, revenue rose 2.5% and profit fell 56.3% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 30 weeks running (as of 4 November 2026). ### Will Tribhovandas Bhimji Zaveri's share price go up? This page does not forecast Tribhovandas Bhimji Zaveri Ltd's share price. What it shows instead: the share price is ₹606.65, and it has been rising for 17 weeks. Its P/E of 20.6× is higher than 73% of its own last 11 years (as of 4 November 2026). ### Who owns Tribhovandas Bhimji Zaveri? Promoters own 74.1% of Tribhovandas Bhimji Zaveri Ltd, foreign institutions 0.5%, domestic institutions 0.3% and the public 25.2% (latest quarter). No group of owners changed its stake by a full point over the last two years (as of 4 November 2026). ### Does Tribhovandas Bhimji Zaveri have too much debt? Yes, Tribhovandas Bhimji Zaveri Ltd has a lot of debt: its debt is 1.06× its equity, and its operating profit is 5 times its interest bill. FY26 borrowings were ₹886 Cr against equity of ₹838 Cr. Keep that borrowing in mind when reading the returns on this page (as of 4 November 2026). ### Where is Tribhovandas Bhimji Zaveri in its business cycle? Tribhovandas Bhimji Zaveri Ltd's FY26 operating margin was 12.0%, against a 13-year range of 2.6% to 12.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 7.0%. 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 Tribhovandas Bhimji Zaveri story? The main question: the share price moved +225.7% in a year while yearly earnings per share moved +195.8%. The difference came from the market paying a higher multiple. 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 Tribhovandas Bhimji Zaveri a stock worth studying right now? What the numbers show: Tribhovandas Bhimji Zaveri Ltd's share price has risen faster than its earnings: +225.7% in a year, against +195.8% for earnings per share. The main open question: whether earnings grow into a price that has already moved. 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 Tribhovandas Bhimji Zaveri share price forecast for 2026? What is changing at Tribhovandas Bhimji Zaveri, from the latest results and calls: diamond mix expansion, showroom operating leverage and asset-light franchise rollout. What would change the story: A sustained decline in quarterly operating margin below 6.5% across two consecutive quarters accompanied by diamond sales mix falling below 20%, which would demonstrate that recent earnings expansion was temporary inventory revaluation rather than structural retail operating leverage. ## Lists

- Gold & silver stocks: https://www.sectoralpha.in/gold-stocks-india

This is research, not advice. We’re not SEBI-registered.