MUMBAI: All that glitters is gold at least for TBZ. Tribhovandas Bhimji Zaveri Limited (TBZ), the iconic Indian jeweller, began FY26 on a shiny note, reporting a 13.4 per cent year-on-year rise in profit after tax (PAT) to Rs 209.44 million for the quarter ended 30 June 2025. The performance came riding on the back of festive campaigns, curated premium collections, and expanding footprint in key metros and emerging markets.
Revenue from operations for Q1 FY26 rose 4.7 per cent to Rs 6,240.07 million, up from Rs 5,962.43 million in Q1 last year. What sparkled more than sales, though, was efficiency gross profit rose a gleaming 17.4 per cent to Rs 1,008.43 million, buoyed by better product mix and procurement smarts. Gross margin jumped 176 basis points (bps) to 16.16 per cent.
EBITDA for the quarter clocked in at Rs 514.08 million, a 20.7 per cent YoY rise, while EBITDA margin improved 110 bps to 8.24 per cent, reflecting operational discipline even as new stores came online. Profit before tax stood at Rs 282.39 million, up 13.8 per cent from Rs 248.16 million in the same quarter last year.
PAT margin ticked up 27 bps to 3.37 per cent. Basic and diluted earnings per share (EPS) rose to Rs 3.14, up from Rs 2.77 in Q1 FY25.
On a consolidated basis, TBZ’s performance was equally gilded. Consolidated PAT came in at Rs 224.97 million, up from Rs 170.48 million a year ago. Total income stood at Rs 6,257.44 million, with total expenses at Rs 5,959.49 million. Operating costs remained largely under control despite higher material costs and finance charges.
The company’s strategy leaning into occasion-led campaigns and premium designs seems to be paying off. Inventory changes shaved off Rs 3,176.57 million in costs, and labour charges were kept at Rs 507.27 million. Finance costs stood at Rs 1,767.28 million, and depreciation rose marginally to Rs 741.76 million.
In a market known for volatility and sentiment-driven buying, TBZ has managed to strike the right chord with customers while keeping its financials glittering. The strong start to FY26, marked by both topline growth and margin expansion, sets the tone for the quarters ahead especially as the festive and wedding season approaches.
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