RBZ Jewellers Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript RBZ Jewellers Ltd filed with BSE on 19 May 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 Q4 FY26 revenue from operations of INR190 crores, up 38% year-on-year, with EBITDA of INR21 crores and PAT of INR12 crores. For the full year FY26, revenue stood at INR637 crores, up 20%, with EBITDA rising 43% to INR92 crores and PAT increasing 41% to INR55 crores. Management discussed plans to open new stores in Surat and Rajkot in Q2 FY27, expansion into Gandhinagar and eastern Ahmedabad, and declined to give forward guidance for FY27 citing recent gold import and customs duty announcements.
Numbers mentioned
Revenue from operations: INR190 crores (Q4 FY26)
p. 4
“For the quarter under review, revenue from operations stood at INR190 crores, registering a strong growth of 38% Y-on-Y.”
Harit Zaveri, page 4 of the filed PDF · View the filing
EBITDA: INR21 crores (Q4 FY26)
p. 4
“EBITDA for the quarter came in INR21 crores, reflecting a healthy growth of 46%, with EBITDA margins improving to 11.19%, up 63 basis points yearon-year.”
Harit Zaveri, page 4 of the filed PDF · View the filing
Profit after tax: INR12 crores (Q4 FY26)
p. 4
“Profit after tax for the quarter increased by 36% year-on-year to INR12 crores, translating the PAT margins of INR6.17 crores -- 6.17%.”
Harit Zaveri, page 4 of the filed PDF · View the filing
Revenue from operations: INR637 crores (FY26)
p. 4
“For the financial year 2026, revenue from operations stood at INR637 crores, reflecting the growth of 20% year-on-year.”
Harit Zaveri, page 4 of the filed PDF · View the filing
EBITDA: INR92 crores (FY26)
p. 4
“EBITDA for the year increased significantly by 43% to INR92 crores, with EBITDA margins improving to 14.44% and expansion of 233 basis points.”
Harit Zaveri, page 4 of the filed PDF · View the filing
Profit after tax: INR55 crores (FY26)
p. 4
“Profit after tax for the yearly increased by 41% year-on-year to INR55 crores with PAT margins at 8.61%, reflecting continued improvement in profitability and operating efficiency.”
Harit Zaveri, page 4 of the filed PDF · View the filing
Retail revenue: INR121 crores (Q4 FY26)
p. 4
“In terms of segmental performance for the quarter, retail revenue stood at INR121 crores, registering a healthy growth of 31% year-on-year.”
Harit Zaveri, page 4 of the filed PDF · View the filing
Wholesale revenue: INR67 crores (Q4 FY26)
p. 4
“Wholesale revenues stood at INR67 crores, reflecting a strong growth of 57% Y-o-Y while job work revenue stood at approximately INR1 crores.”
Harit Zaveri, page 4 of the filed PDF · View the filing
New designs launched: 730 new designs (Q4 FY26)
p. 4
“During the quarter, we launched 730 new designs averaging 8 designs per day, primarily in occasion wear segment further strengthening our product portfolio”
Harit Zaveri, page 4 of the filed PDF · View the filing
Total value of merchandise sold: INR1,251 crores (FY26)
p. 7
“So just to give you a perspective, the total amount of value of merchandise this year that we have sold is INR1,251 crores.”
Harit Zaveri, page 7 of the filed PDF · View the filing
Retail segment value of merchandise: INR408 crores (FY26)
p. 7
“The retail segment has done INR408 crores, and the B2B segment has done INR843 crores.”
Harit Zaveri, page 7 of the filed PDF · View the filing
Capacity utilization: approximately 50% or 55% (FY26)
p. 14
“The capacity utilization is approximately 50% or 55%.”
Harit Zaveri, page 14 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.
Surat and Rajkot store openings — commence operations · Q2 FY27
stated firmly by Harit Zaveri
p. 5
“both the showrooms are targeted to commence operations by quarter 2 of FY27.”
Harit Zaveri, page 5 of the filed PDF · View the filing
Third and fourth store openings — open new stores · within this calendar year
stated firmly by Harit Zaveri
p. 11
“Yes, within this calendar year.”
Harit Zaveri, page 11 of the filed PDF · View the filing
In-house daily wear production — commence certain products in-house · Q1 FY27
stated firmly by Harit Zaveri
p. 4
“Additionally, we are set to commence certain products in-house in the daily wear segment from quarter 1 FY27 with dedicated infrastructure in place.”
Harit Zaveri, page 4 of the filed PDF · View the filing
FY27 revenue and profit growth — FY27
stated as an aspiration by Harit Zaveri
p. 14
“I think in the scenarios like this, we would really not give out the guidance for this year.”
Harit Zaveri, page 14 of the filed PDF · View the filing
Debt-to-equity ratio — 1:1 to 1.5:1
stated as an aspiration by Harit Zaveri
p. 8
“We want to stay -- we want to keep the debt levels at 1:1 ratio ideally or 1:1 point, maybe leverage to 1.4, 1.5.”
Harit Zaveri, page 8 of the filed PDF · View the filing
GML (Gold Metal Loan) usage — this financial year
stated firmly by Harit Zaveri
p. 6
“So we will be exploring GML in this financial year perhaps for buying -- the new buying of gold that will happen for the upcoming stores.”
Harit Zaveri, page 6 of the filed PDF · View the filing
Retail expansion beyond Gujarat — medium term
stated as an aspiration by Harit Zaveri
p. 10
“There will be -- there is no -- yes. So there is a vision and aspirations, 100% are there in future to expand.”
Harit Zaveri, page 10 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 said it is too early to assess impact, as the announcement came in a low-demand period ahead of the wedding season, and they are monitoring ground-level consumer reaction.
Answered by Harit Zaveri
Asked by Uchit Shah: Will recent customs duty increase and gold import restrictions impact volumes, revenue or margins?
p. 5
“Now what we are really waiting or what we are really wanting to see is what is happening on the actual ground levels, right?”
Harit Zaveri, page 5 of the filed PDF · View the filing
Management said the total value of merchandise is a better metric than volume alone, since gold price increases distort quantity comparisons.
Answered by Harit Zaveri
Asked by Raj Shah: What is the outlook for job work volumes in FY27 given the shift to wholesale?
p. 6
“So generally, if you see the value of merchandise in job work last year and this year, you will find that there is a significant increase.”
Harit Zaveri, page 6 of the filed PDF · View the filing
Management estimated inventory gains at roughly INR10-12 crores but said they do not have an exact number currently.
Answered by Harit Zaveri
Asked by Shikhar Mundra: What was the approximate inventory gain this year due to rising gold prices?
p. 8
“But I think assuming that around INR10 crores to INR12 crores or INR10 crores to INR11 crores or INR12 crores should be an inventory gain number.”
Harit Zaveri, page 8 of the filed PDF · View the filing
Management attributed the spike to an exhibition in Bangalore and an early Akshay Tritiya causing a sales spike in late March, which has since normalized.
Answered by Harit Zaveri
Asked by Shikhar Mundra: Why did trade receivables jump from 17 to 56?
p. 9
“24th of March, there was an exhibition in Bangalore, IIJS Tritiya. And, of course, because of exhibitions, there was a spike in sales.”
Harit Zaveri, page 9 of the filed PDF · View the filing
Management declined to provide guidance for the year, citing uncertainty from recent government announcements.
Answered by Harit Zaveri
Asked by Sahil Patani: What growth is expected for top line and bottom line in FY27 given the 4 new stores?
p. 14
“There is no guidance for this year, frankly saying.”
Harit Zaveri, page 14 of the filed PDF · View the filing
Management gave approximate gross margin ranges for each segment.
Answered by Harit Zaveri
Asked by Moksh Ranka: What are the gross margin differences between retail and wholesale/B2B segments?
p. 17
“Yes, retail would be around 12% or 14% GP. Wholesale will be around 7% to 8% GP. B2B will be around 6% to 7% and 8% GP.”
Harit Zaveri, page 17 of the filed PDF · View the filing
Management said the exchange-to-new-buy ratio has remained roughly steady at 40-60%, with only a slight uptick in exchanges, but it is too early to confirm a trend.
Answered by Harit Zaveri
Asked by Rajender Passi: What trend is being seen in gold exchange versus new buying given rising prices?
p. 21
“And we see that generally 40% to 50% of the jewellery is exchanged and 40% to 50% -- or 50% to 60% is a new buy.”
Harit Zaveri, page 21 of the filed PDF · View the filing
Risks flagged
Uncertainty from recent customs duty increase and gold import restrictions on consumer demand
p. 5
“Certainly, I think these restrictions are not advantageous, but up to what level there is an impact is crucial.”
Harit Zaveri, page 5 of the filed PDF · View the filing
Prime Minister's statement discouraging gold purchases for a year could affect near-term demand
p. 12
“the Prime Minister has requested -- you all know what the announcement is. And let us see what the impact of that words are and how will it remain.”
Harit Zaveri, page 12 of the filed PDF · View the filing
Uncertainty over how gold price volatility could affect job work versus wholesale demand mix and margins
p. 7
“So -- and looking forward, we don't know whether the demand will -- is going to come from job work much or the demand is going to come from the wholesale.”
Harit Zaveri, page 7 of the filed PDF · View the filing
Potential shift toward gold exchange over new buying due to price increases
p. 20
“Now if you're telling me to show a trend, basically, we will be motivating people to exchange gold.”
Harit Zaveri, page 20 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.