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Tribhovandas Bhimji Zaveri (TBZ)₹636.15+4.89%Gems, Jewellery And Watches
In the Sep 2026 quarter (consolidated), Tribhovandas Bhimji Zaveri reported sales of ₹705 Cr, up 2.6% from Sep 2025, and net profit of ₹14.03 Cr, down 56.3% year on year. For the year to Mar 2026, sales were ₹3,202 Cr and net profit ₹202 Cr.
Company filings, consolidated accounts; latest reported quarter Sep 2026
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 741 | 507 | 596 | 567 | 929 | 529 | 624 | 688 | 1,061 | 830 | 842 | 705 |
| Expenses | 695 | 474 | 555 | 531 | 867 | 493 | 571 | 624 | 929 | 716 | 768 | 658 |
| Operating Profit | 46.05 | 30.99 | 40.99 | 34.99 | 60.03 | 36.01 | 53.03 | 63.99 | 131 | 112 | 71.99 | 46.05 |
| OPM % | 6.0% | 6.0% | 7.0% | 6.0% | 6.1% | 7.0% | 9.0% | 9.0% | 12.1% | 14.0% | 9.0% | 7.1% |
| Other Income | 1.99 | 1.99 | 0.99 | 0.99 | 0.99 | 0.99 | 1.99 | 1.99 | 1.99 | 1.99 | 1.99 | 1.99 |
| Interest | 11.99 | 13.01 | 12.99 | 12.99 | 13.01 | 17.01 | 17.99 | 16.01 | 18.99 | 15.99 | 18.98 | 18.99 |
| Depreciation | 6.01 | 5.01 | 6.01 | 6.01 | 6.01 | 7.01 | 7.02 | 8.02 | 6.01 | 8.02 | 9.01 | 8.02 |
| Profit before tax | 28.99 | 14.99 | 22.99 | 16.99 | 41.96 | 13.99 | 29.99 | 42.01 | 108 | 90.02 | 46.99 | 20.97 |
| Tax % | 26.1% | 17.1% | 27.0% | 30.1% | 28.0% | 30.1% | 24.1% | 25.1% | 26.1% | 25.1% | 27.1% | 31.1% |
| Net Profit | 21.03 | 13.03 | 17.03 | 12.03 | 30.09 | 9.02 | 22.06 | 32.09 | 81.19 | 68.12 | 34.10 | 14.03 |
| EPS (Rs) | 3.22 | 1.90 | 2.57 | 1.80 | 4.49 | 1.43 | 3.38 | 4.73 | 12.09 | 10.15 | 5.09 | 2.15 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,654 | 1,691 | 1,751 | 1,765 | 1,810 | 1,341 | 1,844 | 2,394 | 2,299 | 2,622 | 3,202 | 3,437 |
| Expenses | 1,611 | 1,616 | 1,672 | 1,680 | 1,688 | 1,215 | 1,763 | 2,268 | 2,150 | 2,439 | 2,832 | 3,072 |
| Operating Profit | 42.01 | 72.98 | 79.09 | 82.99 | 120 | 126 | 82.08 | 124 | 146 | 181 | 369 | 361 |
| OPM % | 2.6% | 4.3% | 4.5% | 4.7% | 7.0% | 9.0% | 4.4% | 5.0% | 6.0% | 7.0% | 12.0% | 10.5% |
| Other Income | 3.99 | 2.99 | 5.98 | 3.99 | 1.99 | 11.96 | 7.98 | 4.99 | 5.98 | 3.99 | 6.98 | 7.96 |
| Interest | 60.95 | 54.98 | 43.95 | 52.95 | 62.01 | 52.03 | 41.01 | 53.02 | 57.01 | 64.01 | 76.99 | 72.95 |
| Depreciation | 10.01 | 9.02 | 9.02 | 10.02 | 32.07 | 27.06 | 23.06 | 24.03 | 24.04 | 25.04 | 29.06 | 31.06 |
| Profit before tax | −25.99 | 12.01 | 32.01 | 22.99 | 27.98 | 59.94 | 25.98 | 51.99 | 71.99 | 95.95 | 270 | 266 |
| Tax % | 7.0% | −9.9% | 34.1% | 33.0% | 24.1% | 28.1% | 22.1% | 23.1% | 24.1% | 29.1% | 25.1% | — |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | −1.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — |
| Net Profit | −28.08 | 13.04 | 21.04 | 16.03 | 21.06 | 43.12 | 20.06 | 40.06 | 54.11 | 68.18 | 202 | 197 |
| EPS (Rs) | −4.14 | 1.95 | 3.20 | 2.34 | 3.22 | 6.49 | 3.03 | 6.03 | 8.17 | 10.26 | 30.33 | 29.48 |
| Dividend payout % | 0.0% | 0.0% | 24.0% | 32.0% | 31.0% | 39.0% | 33.1% | 29.0% | 21.1% | 22.0% | 8.1% | — |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 66.88 | 66.86 | 66.88 | 66.90 | 66.90 | 66.89 | 66.84 | 66.88 | 66.83 | 66.83 | 66.85 | 66.93 |
| Reserves | 397 | 369 | 389 | 410 | 417 | 414 | 456 | 460 | 494 | 535 | 590 | 771 |
| Borrowings | 589 | 652 | 550 | 570 | 607 | 638 | 439 | 589 | 576 | 616 | 794 | 887 |
| Other Liabilities | 236 | 209 | 186 | 175 | 334 | 350 | 254 | 340 | 338 | 243 | 319 | 377 |
| Total Liabilities | 1,290 | 1,297 | 1,192 | 1,220 | 1,424 | 1,469 | 1,215 | 1,457 | 1,475 | 1,460 | 1,770 | 2,102 |
| Fixed Assets | 108 | 109 | 103 | 103 | 111 | 174 | 140 | 152 | 159 | 151 | 164 | 183 |
| CWIP | 4.99 | 0.00 | 1.99 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.99 | 0.00 | 0.99 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Assets | 1,177 | 1,188 | 1,088 | 1,117 | 1,313 | 1,295 | 1,075 | 1,305 | 1,316 | 1,309 | 1,605 | 1,919 |
| Inventories | 1,115 | 1,127 | 1,028 | 1,022 | 1,180 | 1,182 | 985 | 1,204 | 1,224 | 1,198 | 1,462 | 1,773 |
| Trade receivables | 1.01 | 1.01 | 2.01 | 23.03 | 26.05 | 3.01 | 3.01 | 2.01 | 2.01 | 16.04 | 4.01 | 3.01 |
| Cash & equivalents | 34.10 | 39.15 | 32.09 | 38.16 | 40.12 | 41.13 | 40.11 | 45.16 | 46.17 | 50.15 | 98.30 | 102 |
| Total Assets | 1,290 | 1,297 | 1,192 | 1,220 | 1,424 | 1,469 | 1,215 | 1,457 | 1,475 | 1,460 | 1,770 | 2,102 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 15.03 | 14.04 | 153 | 42.11 | 32.09 | 149 | 231 | −66.21 | 93.25 | 40.08 | −27.06 | 30.08 |
| Cash from investing activity | 26.01 | −11.01 | 0.00 | −9.01 | −21.01 | −5.99 | 5.01 | −1.99 | −7.01 | −7.01 | −44.99 | −10.01 |
| Cash from financing activity | −46.87 | −1.99 | −154 | −26.88 | −15.96 | −147 | −232 | 70.80 | −86.73 | −28.90 | 84.65 | −16.95 |
| Net cash flow | −7.02 | 1.01 | −2.01 | 6.02 | −4.02 | −4.01 | 3.01 | 2.01 | 0.00 | 4.01 | 13.05 | 2.01 |
| Capex | 12.83 | 9.71 | 7.48 | 9.20 | 14.98 | 3.08 | 1.15 | 1.08 | 7.72 | 9.44 | 11.93 | 14.10 |
| Free cash flow | 2.01 | 4.01 | 146 | 32.03 | 17.03 | 146 | 230 | −67.05 | 86.16 | 31.03 | −39.06 | 16.01 |
| CFO / OP % | 29.0% | 35.0% | 208.0% | 61.0% | 51.0% | 133.0% | 196.0% | −70.0% | 82.0% | 40.0% | −1.0% | 26.0% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 0 | 0 | 0 | 5 | 5 | 1 | 1 | 0 | 0 | 3 | 0 | 0 |
| Inventory days | 246 | 292 | 261 | 265 | 307 | 293 | 326 | 276 | 214 | 223 | 241 | 249 |
| Days payable | 23 | 23 | 19 | 23 | 50 | 47 | 45 | 45 | 35 | 19 | 26 | 23 |
| Cash conversion cycle | 221 | 268 | 240 | 245 | 260 | 245 | 279 | 229 | 177 | 204 | 214 | 225 |
| Working capital days | 61 | 63 | 66 | 67 | 66 | 64 | 105 | 75 | 63 | 73 | 65 | 74 |
| ROCE % | 8.0% | 3.0% | 6.0% | 7.0% | 7.0% | 8.0% | 11.0% | 6.0% | 9.0% | 11.0% | 12.0% | 22.0% |
For the Sep 2026 quarter, Tribhovandas Bhimji Zaveri reported sales of ₹705 Cr, up 2.6% year on year and net profit of ₹14.03 Cr, down 56.3% year on year. The operating margin was 7.1%.
Tribhovandas Bhimji Zaveri's sales for the year to Mar 2026 were ₹3,202 Cr; over the last twelve months they were ₹3,437 Cr.
Net profit for the year to Mar 2026 was ₹202 Cr, and ₹197 Cr over the last twelve months. Earnings per share over the same trailing period were ₹29.48.
Tribhovandas Bhimji Zaveri reported borrowings of ₹887 Cr at Mar 2026, against cash and equivalents of ₹102 Cr.
Cash from operations was ₹30.08 Cr in the year to Mar 2026; after capital spending, free cash flow was ₹16.01 Cr.