RBZ Jewellers LimitedConsumer GoodsRBZJEWEL
Q1 FY27 concall · earnings callRBZ Jewellers Limited
RBZ Jewellers reported strong Q1 revenue growth driven by retail and is aggressively expanding its store footprint in Gujarat to transform into a retail-led brand.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | ₹121 Cr | 60% Y-o-Y | |
| EBITDA | ₹18 Cr | 39% Y-o-Y | |
| EBITDA Margin | 14.9% | — | |
| Profit After Tax | ₹9 Cr | — | |
| PAT Margin | 7.5% | — | |
| Retail Revenue | ₹78 Cr | 70% Y-o-Y | |
| Wholesale Revenue | ₹42 Cr | 47% Y-o-Y | |
| Job Work Revenue | ₹1.2 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹193.81 Cr+67.4% YoY+66.2% QoQ | ₹13.09 Cr+93.1% YoY+62.2% QoQ | ₹3.27+92.4% YoY+61.9% QoQ |
| Q2 FY25 | ₹116.60 Cr— YoY+41.5% QoQ | ₹8.07 Cr— YoY-11.1% QoQ | ₹2.02— YoY-11% QoQ |
| Q1 FY25 | ₹82.41 Cr— YoY-4.4% QoQ | ₹9.08 Cr— YoY+237.5% QoQ | ₹2.27— YoY+238.8% QoQ |
| Q4 FY24 | ₹86.17 Cr— YoY-25.6% QoQ | ₹2.69 Cr— YoY-60.3% QoQ | ₹0.67— YoY-60.6% QoQ |
| Q3 FY24 | ₹115.80 Cr— YoY— QoQ | ₹6.78 Cr— YoY— QoQ | ₹1.70— YoY— QoQ |
TL;DR
- Revenue grew 60% YoY to INR121 crores, driven by retail growth of 70% and wholesale growth of 47%.
- EBITDA grew 39% YoY to INR18 crores, with margins at 14.9%; PAT was INR9 crores.
- Four new retail stores are planned for this fiscal year, starting with Surat in Q2 and Rajkot, Maninagar, and Gandhinagar in Q3.
- Management's long-term vision is to shift the business mix to 75% retail, focusing on brand building and franchise potential.
- The company is planning a gradual shift to Gold Metal Loans to hedge gold price volatility and improve leverage.
Said on the call
“We believe that our integrated manufacturing capabilities, design expertise, governance-led approach and a growing retail presence provide a strong foundation for sustainable growth.”
From the Q&A
| Topic | What management said |
|---|---|
| Store Expansion Timeline | Management stated Surat store will launch in Q2, Rajkot, Maninagar, and Gandhinagar in Q3; large format stores require INR125-150 crores inventory, mid format INR50 crores; capex break-even targeted in one year. |
| Future Revenue Mix | Management targets a 50-50 retail/B2B mix in 1-2 years, and 75% retail in the long term, with profitability expected to come increasingly from retail. |
| Debt and GML Strategy | Debt-to-equity expected to be below 1:1 by year-end, with a long-term target of 1.5-2:1 using Gold Metal Loans (GML) at ~3.5% interest to hedge gold and improve leverage. |
| Demand and Order Book | IIJS show performance was good with order growth; July and August order kitty is full; Q2 performance is expected to be in line with projections. |
| Product Mix and Capacity | 18-carat share in B2B is expected to reach 20% by year-end; factory capacity utilization is ~50% currently but reaches 75-90% during peak seasons. |
| EBITDA Margin Pressure | Lower margins attributed to stagnant gold price (negligible inventory gain), lease amortization (INR76 lakhs), lease liability impact (INR115 lakhs), and pre-opening costs for new stores. |
| Retail Transformation Focus | Emphasis on scaling retail via brand building for future franchise potential; immediate focus is on opening large-format stores in Gujarat ahead of Navratri. |
Guidance
- Revenue growth was in line with previous quarter's guidance.
- Four new stores (Surat, Rajkot, Maninagar, Gandhinagar) are planned for launch in FY27.
- Long-term target is a revenue mix of 75% retail, 25% B2B.
- Gradual shift to Gold Metal Loans to hedge gold inventory is planned over the next few years.
- Capex break-even for new stores is targeted within one year.
Source
Summary written from the transcript filed by RBZ Jewellers Limited for the call held on 12 Aug 2026; published 21 Aug 2026, 23:32 IST.
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