RBZ Jewellers LimitedConsumer GoodsRBZJEWEL
Q1 FY27 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 | INR121 crores | 60% Y-o-Y | |
| EBITDA | INR18 crores | 39% Y-o-Y | |
| EBITDA Margin | 14.9% | — | |
| Profit After Tax | INR9 crores | — | |
| PAT Margin | 7.5% | — | |
| Retail Revenue | INR78 crores | 70% Y-o-Y | |
| Wholesale Revenue | INR42 crores | 47% Y-o-Y | |
| Job Work Revenue | INR1.2 crores | — |
Financials
| 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.