RBZ Jewellers Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript RBZ Jewellers Ltd filed with BSE on 17 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
RBZ Jewellers reported Q1 FY27 revenue of INR121 crores, up 60% year-on-year, with EBITDA of INR18 crores at a 14.9% margin and PAT of INR9 crores at 7.5%. Retail revenue grew 70% year-on-year to INR78 crores while wholesale revenue grew 47%. Management discussed plans to open new stores in Surat, Rajkot, Maninagar and Gandhinagar, and described a gradual shift toward Gold Metal Loan financing for inventory.
Numbers mentioned
Revenue from operations: INR121 crores (Q1 FY27)
p. 5
“revenue from operations stood at INR121 crores registering a strong growth of 60% Y-o-Y with a revenue growth in line with the guidance shared in the previous quarter”
Harit Zaveri, page 5 of the filed PDF · View the filing
EBITDA: INR18 crores (Q1 FY27)
p. 5
“EBITDA for the quarter is INR18 crores reflecting a healthy growth of 39% Y-o-Y, with EBITDA margins coming in a healthy 14.9%”
Harit Zaveri, page 5 of the filed PDF · View the filing
PAT: INR9 crores (Q1 FY27)
p. 5
“Profit after tax for the quarter has been 28% at INR9 crores translating PAT at 7.5%”
Harit Zaveri, page 5 of the filed PDF · View the filing
Retail revenue: INR78 crores (Q1 FY27)
p. 5
“retail revenue stood at INR78 crores registering a robust 70% Y-o-Y growth”
Harit Zaveri, page 5 of the filed PDF · View the filing
Wholesale revenue growth: 47% Y-o-Y (Q1 FY27)
p. 5
“Wholesale revenue stood at 42% reflecting a strong 47% Y-o-Y growth”
Harit Zaveri, page 5 of the filed PDF · View the filing
Job work revenue: approximately INR1.2 crores (Q1 FY27)
p. 5
“Job work revenue stood at approximately INR1.2 crores”
Harit Zaveri, page 5 of the filed PDF · View the filing
Sanctioned debt: around INR300 crores
p. 7
“Given that we have a sanctioned debt of around INR300 crores”
Harit Zaveri, page 7 of the filed PDF · View the filing
Capex for Surat store: Approximately INR10 crores
p. 15
“Approximately INR10 crores is the capex incurred for Surat store”
Harit Zaveri, page 15 of the filed PDF · View the filing
Employees hired for Surat store: 52 to 60 people (Q1 FY27)
p. 15
“Approximately 52 to 60 people were hired”
Harit Zaveri, page 15 of the filed PDF · View the filing
Lease liabilities impact: INR115 lakhs (Q1 FY27)
p. 9
“the impact of lease liabilities is at INR115 lakhs”
Harit Zaveri, page 9 of the filed PDF · View the filing
Lease asset amortization: INR76 lakhs (Q1 FY27)
p. 9
“The amortization of lease assets is INR76 lakhs”
Harit Zaveri, page 9 of the filed PDF · View the filing
Inventory levels: approximately INR400 crores
p. 17
“Right now, I think the inventory is around approximately INR400 crores”
Harit Zaveri, page 17 of the filed PDF · View the filing
Job work percentage of revenue mix: 54% (Q1 FY27)
p. 7
“job work percentage right now in Quarter 1 stands at 54%”
Harit Zaveri, page 7 of the filed PDF · View the filing
Factory capacity utilization: around 50%
p. 9
“we are utilizing factory at around 50% of capacity”
Harit Zaveri, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Debt-to-equity ratio — 1.5 to 2:1 · over the period of time
stated as an aspiration by Harit Zaveri
p. 7
“Over the period of time we are wanting to gear up this to 1.5 or 2:1 debt equity ratio, wherein major leverage will be through Gold Metal Loan”
Harit Zaveri, page 7 of the filed PDF · View the filing
B2B to B2C revenue mix — 50-50 in a year or two, 75-25 (75% retail) long term · one to two years, and long term
stated as an aspiration by Harit Zaveri
p. 7
“the mix has to, I think the B2B to B2C mix has to be 50-50 or so in a year or two and in long term it will be 75-25, 75 being retail”
Harit Zaveri, page 7 of the filed PDF · View the filing
18 karat share of corporate sales mix — at least 20% · by end of this year
stated conditionally by Harit Zaveri
p. 8
“I see by the end of this year, it will be at least 20% will be of 18 caratage.”
Harit Zaveri, page 8 of the filed PDF · View the filing
GML hedging of inventory — 50% next year, 75% third year · next two to three years
stated as an aspiration by Harit Zaveri
p. 16
“maybe by this fiscal year we see that can we have some portion, in next year let's say that portion really becomes more better, can it be 50% and then third year can we really make it at 75%”
Harit Zaveri, page 16 of the filed PDF · View the filing
Franchise route expansion
stated as an aspiration by Harit Zaveri
p. 18
“The whole approach for doing this exercise is to build the brand, so that tomorrow we can go onto the franchise route.”
Harit Zaveri, page 18 of the filed PDF · View the filing
Maninagar and Gandhinagar store openings — mid format stores · Q3, possibly November
stated conditionally by Harit Zaveri
p. 21
“But we are not really sure of opening it before Diwali or in the month of October.”
Harit Zaveri, page 21 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management gave store launch quarters, format sizes, inventory deployment ranges, and break-even timeline.
Answered by Management
Asked by Isha Shah: What is the timeline and investment for new store launches and expected break-even?
p. 6
“The inventory deployment in large format stores is typically around INR125 crores to INR150 crores.”
Management, page 6 of the filed PDF · View the filing
Management said the company would stay below 1:1 by year end and aims to raise leverage to 1.5-2:1 over time via GML.
Answered by Harit Zaveri
Asked by Subhi Gupta: What is the target debt-to-equity ratio given rising borrowings?
p. 7
“By the end of this financial year, we will be still below 1:1 ratio. I guess 0.8 will be debt and 1 equity.”
Harit Zaveri, page 7 of the filed PDF · View the filing
Management attributed it to stagnant gold rates reducing inventory gains, plus lease amortization, higher employee expenses and finance costs tied to the new Surat store.
Answered by Harit Zaveri
Asked by Deepesh Sancheti: Why was EBITDA margin lower despite sales growth?
p. 9
“the average gold rate has remained stagnant and thus there is negligible inventory gain in the system as of now”
Harit Zaveri, page 9 of the filed PDF · View the filing
Management explained that cash flow from retail sales will be routed through GML gradually as banks approve sub-limits.
Answered by Harit Zaveri
Asked by Deepesh Sancheti: How will the company hedge its current gold inventory using GML?
p. 11
“whatever the sales happens in retail, there will be a cash flow and that whenever we want to utilize the bank from that cash flow, it will be done via GML”
Harit Zaveri, page 11 of the filed PDF · View the filing
Management explained the gold price components (USD, dollar appreciation, customs duty) and said GML lets them arrest volatility and increase leverage capacity.
Answered by Harit Zaveri
Asked by Yash Modi: What changed in the company's thinking to now accept Gold Metal Loans versus preferring cash credit limits before?
p. 17
“If I were to arrest the gold volatility through GML, by keeping the dollar and the custom duty component separate, then I am playing a good part by just giving this 5.5% of margin”
Harit Zaveri, page 17 of the filed PDF · View the filing
Management declined to share the breakdown citing competitive reasons.
Answered by Harit Zaveri
Asked by Shikhar Mundra: Can the company share EBITDA by division (retail, wholesale, job work)?
p. 15
“right now we are not sharing it because of competitive reasons”
Harit Zaveri, page 15 of the filed PDF · View the filing
Management said they remain focused on occasion wear as it is more resilient to demand weakening than daily wear.
Answered by Management
Asked by Rajender Passi: Is the company planning to expand into daily wear jewellery given the lightweight trend among peers?
p. 20
“steady or steep increase in price makes occasion wear segment very resilient to demand, weakening of demand”
Management, page 20 of the filed PDF · View the filing
Risks flagged
Stagnant average gold rate reducing inventory gains and compressing EBITDA margin
p. 9
“the average gold rate has remained stagnant and thus there is negligible inventory gain in the system as of now”
Harit Zaveri, page 9 of the filed PDF · View the filing
Higher employee, marketing and finance costs from new store ramp-up pressuring margins
p. 10
“the stock engagement and stock planning was done, so you can see that finance cost is also a little up, in that case”
Harit Zaveri, page 10 of the filed PDF · View the filing
Volatility of gold as a commodity if inventory is held in an open position
p. 16
“if we were to, put our inventory and this amount of inventory onto, let's say in an open position, it is going to call for risk”
Harit Zaveri, page 16 of the filed PDF · View the filing
Uncertainty in timing of store openings around festive season
p. 21
“But we are not really sure of opening it before Diwali or in the month of October.”
Harit Zaveri, page 21 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.