Tribhovandas Bhimji Zaveri Ltd

NSE: TBZ BSE: 534369Retail

Incorporated in 2007, Tribhovandas Bhimji Zaveri Ltd is in the business of retail sales of ornaments made of gold, diamond, silver, platinum and precious stones[1]

₹129

52W: ₹110 — ₹218

PE 5.96 · Book ₹106 · +22% vs book

Market Cap₹863 Cr

Stock P/E5.96Price to Earnings

ROCE12.2%Return on Capital

ROE11.4%Return on Equity

Div. Yield1.78%Face Value ₹10

Strengths

+Company has delivered good profit growth of 26.6% CAGR over last 5 years
+Company has been maintaining a healthy dividend payout of 23.9%

Weaknesses

−The company has delivered a poor sales growth of 7.68% over past five years.
−Company has a low return on equity of 9.34% over last 3 years.

Shareholding Pattern

Promoters74.12%

FIIs0.26%

DIIs0%

Public25.63%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	74.12%	74.12%	74.12%	74.12%	74.12%	74.12%	74.12%	74.12%
FIIs	0.76%	0.92%▲0.2	0.6%▼0.3	0.64%▲0.0	0.55%▼0.1	0%▼0.6	0%	0.26%▲0.3
DIIs	0%	0.12%▲0.1	0.07%▼0.0	0%▼0.1	0%	0%	0%	0%
Public	25.12%	24.85%▼0.3	25.2%▲0.3	25.26%▲0.1	25.33%▲0.1	25.88%▲0.6	25.88%	25.63%▼0.3

Financial Statements

Metric	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	481	741	507	596	567	928	529	624	688	1,061
Expenses	451	696	475	554	531	867	493	573	625	929
Operating Profit	30	45	31	43	36	61	37	51	63	132
OPM %	6%	6%	6%	7%	6%	7%	7%	8%	9%	12%
Net Profit	9	21	12	18	13	30	10	21	31	82
EPS ₹	1.37	3.14	1.87	2.77	1.98	4.57	1.53	3.14	4.6	12.25

AI Insights

Revenue Trend

TTM revenue at ₹2,903Cr, up 10.8% YoY. OPM at 10%.

Debt Position

Borrowings at ₹822Cr. Debt-to-equity ratio: 1.29x. High leverage — monitor closely.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0.26% (-0.30pp change). Promoters hold 74.12%.

Margin & Efficiency

ROCE declining from 15% (Mar 2014) to 12% (Mar 2025). Working capital days: 65.

Valuation

PE 5.96x with 12.2% ROCE. Price is 22% above book value of ₹106. Dividend yield: 1.78%.