Government measures to curb gold imports
Recent customs duty hike and PM's appeal to reduce gold buying could dampen consumer demand, especially in the near term.
RBZJEWEL / bear-case history
Track the concerns that keep returning.
RBZ Jewellers · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Volume decline due to high gold prices
Gold prices have doubled, leading to potential volume reduction across segments; management noted job-work volumes may decline.
Inventory gains may not recur
FY26 PAT benefited from inventory gains (~₹10-12 Cr estimated); if gold prices stabilize, such gains may not repeat.
Execution risk in retail expansion
Opening four new stores in a challenging macro environment may face delays or lower-than-expected sales ramp-up.