TBZ
T B Z share price & financials
- Price
- ₹188.88
- Market cap
- ₹3.5k Cr
- Sector
- Consumer Durables
What T B Z does
Tribhovandas Bhimji Zaveri Limited (TBZ - The Original) designs, manufactures and retails gold, diamond, platinum and stone-studded jewellery through its own branded showrooms and a smaller franchise network across India. It sources bullion from banks, jewellery exchange/buyback and bullion dealers, and cut-and-polished diamonds from DTC site holders, then processes gold through a nationwide network of contracted vendors and manufactures diamond jewellery in-house at its Kandivali (Mumbai) facility, which also does gold refining and jewellery-component manufacturing. Revenue is earned through direct retail sale of jewellery collections spanning plain gold, studded diamonds, temple jewellery, platinum and lightweight/contemporary lines, with roughly two-thirds of sales tied to wedding and occasion purchases.
Segments
- Jewellery retail
- Total stores
- 37
- Cities present in
- 28
- States present in
- 13
- Total retail area
- ~1,00,000+ sq. ft.
- Large-format stores (>2,000 sq. ft.)
- 33
- Small-format stores (<=2,000 sq. ft.)
- 4
Quarterly results
Q1 FY27: revenue up 34.8%, net profit up 54.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 567 | 928 | 529 | 624 | 688 +21% | 1,061 +14% | 830 +57% | 841 +35% |
| EBITDA | 35 | 60 | 36 | 53 | 64 +83% | 131 +118% | 112 +211% | 72 +36% |
| Net profit | 12 | 30 | 9 | 22 | 32 +167% | 81 +170% | 68 +656% | 34 +55% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +181.4% 1Y
1Y: ₹187.06 on 10 Sept 2025 → ₹526.3. High ₹555.3 (8 Sept 2026), low ₹111.51 (30 Mar 2026).
Financials, as filed
Revenue grew 10.2% a year over 3 years, FY23 to FY26. Operating margin widened to 11.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.4k Cr | ₹2.3k Cr | ₹2.6k Cr | ₹3.2k Cr |
| Operating profit | ₹116 Cr | ₹139 Cr | ₹172 Cr | ₹360 Cr |
| Operating margin | 4.8% | 6.0% | 6.6% | 11.2% |
| Interest | ₹45 Cr | ₹50 Cr | ₹56 Cr | ₹69 Cr |
| Depreciation | ₹24 Cr | ₹23 Cr | ₹25 Cr | ₹29 Cr |
| Net profit | ₹40 Cr | ₹54 Cr | ₹68 Cr | ₹203 Cr |
| Net margin | 1.7% | 2.3% | 2.6% | 6.3% |
| Cash from operations | ₹93 Cr | ₹40 Cr | ₹-27 Cr | ₹30 Cr |
| Free cash flow | ₹86 Cr | ₹31 Cr | ₹-39 Cr | ₹16 Cr |
| ROCE | 9.0% | 11.0% | 12.0% | 22.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹67 Cr | ₹67 Cr | ₹67 Cr | ₹67 Cr | ₹67 Cr | ₹67 Cr |
| Reserves | ₹456 Cr | ₹461 Cr | ₹494 Cr | ₹535 Cr | ₹629 Cr | ₹771 Cr |
| Borrowings | ₹438 Cr | ₹588 Cr | ₹575 Cr | ₹614 Cr | ₹822 Cr | ₹886 Cr |
| Other liabilities | ₹254 Cr | ₹341 Cr | ₹339 Cr | ₹243 Cr | ₹522 Cr | ₹378 Cr |
| Total liabilities | ₹1.2k Cr | ₹1.5k Cr | ₹1.5k Cr | ₹1.5k Cr | ₹2.0k Cr | ₹2.1k Cr |
| Fixed assets | ₹140 Cr | ₹152 Cr | ₹159 Cr | ₹151 Cr | ₹171 Cr | ₹183 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹1.1k Cr | ₹1.3k Cr | ₹1.3k Cr | ₹1.3k Cr | ₹1.9k Cr | ₹1.9k Cr |
| Total assets | ₹1.2k Cr | ₹1.5k Cr | ₹1.5k Cr | ₹1.5k Cr | ₹2.0k Cr | ₹2.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +0.92 pp while the public trimmed −0.92 pp. The shareholder count shrank 6% to 50,689.
- Promoters
- 74.1%
- FIIs
- 1.5%
- Public
- 24.4%
Since Jun 2025
- FIIs +0.92 pp
- Public −0.92 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 74.1%, FIIs 0.9%, Public 24.9%.Dec '23: Promoters 74.1%, FIIs 1.8%, Public 24.1%.Mar '24: Promoters 74.1%, FIIs 1.0%, Public 24.9%.Jun '24: Promoters 74.1%, FIIs 0.8%, Public 25.1%.Sep '24: Promoters 74.1%, FIIs 0.9%, DIIs 0.1%, Public 24.9%.Dec '24: Promoters 74.1%, FIIs 0.6%, DIIs 0.1%, Public 25.2%.Mar '25: Promoters 74.1%, FIIs 0.6%, Public 25.3%.Jun '25: Promoters 74.1%, FIIs 0.6%, Public 25.3%.Sep '25: Promoters 74.1%, Public 25.9%.Dec '25: Promoters 74.1%, Public 25.9%.Mar '26: Promoters 74.1%, FIIs 0.3%, Public 25.6%.Jun '26: Promoters 74.1%, FIIs 1.5%, Public 24.4%.
Who is on the register
Named in the Jun 2026 filing
Every holder of T B Z above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Shrikant Gopaldas Zaveri | 50.06% | unchanged |
| Binaisha Shrikant Zaveri | 7.92% | unchanged |
| Raashi Shrikant Zaveri | 6.85% | unchanged |
| Bindu Shrikant Zaveri | 5.24% | unchanged |
| Tribhovandas Bhimji Zaveri (Tbz) Private Limited | 2.02% | unchanged |
| Tribhovandas Bhimji Zaveri Jewellers (Mumbai) Priv | 2.02% | unchanged |
| Vijaykumar Chhotabhai Kalidas Patel | 1.03% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse T B Z
Guides on how to read this kind of business and the numbers that matter.