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Revenue
₹190 Cr
verification pending
Revenue YoY
38%
reported change
EBITDA
₹21 Cr
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
RBZ Jewellers reported a strong Q4 FY26 with revenue of ₹190 crore (+38% YoY) and EBITDA of ₹21 crore (+46% YoY), driven by festive demand and a shift to wholesale. EBITDA margin expanded 63 bps to 11.19%. Retail revenue grew 31% to ₹121 crore, while wholesale surged 57% to ₹67 crore. Management plans to open two large-format stores in Surat and Rajkot by Q2 FY27, requiring ₹125-150 crore inventory each, funded via debt and internal accruals. However, recent government measures to curb gold imports (customs duty hike, PM's appeal to reduce gold buying) create near-term uncertainty. Management declined to provide FY27 guidance, citing the need to assess consumer response. Key risk: potential volume decline if gold price rise and policy headwinds dampen demand, especially in the upcoming wedding season.
Colored figures show movement against the previous available record.
Guidance to track
- Large-format stores (125-150 Cr inventory each) to commence operations by Q2 FY27, funded via debt and internal accruals.
- Company plans to use GML for buying gold for new stores, maintaining weighted inventory 20-25% below market price.
- Pilot testing for daily wear jewelry in B2B segment at IGS exhibition; results expected by August 2026.
Risks flagged
- Recent customs duty hike and PM's appeal to reduce gold buying could dampen consumer demand, especially in the near term.
- Gold prices have doubled, leading to potential volume reduction across segments; management noted job-work volumes may decline.
- FY26 PAT benefited from inventory gains (~₹10-12 Cr estimated); if gold prices stabilize, such gains may not repeat.
- Opening four new stores in a challenging macro environment may face delays or lower-than-expected sales ramp-up.
Key quotes
- We are not a company who is looking forward to realize all our profits once the gold prices has gone up and jump in to sell all the gold in the market.
- There is a clear white space in Gujarat for organized jewelry retail, and we should realize this as fast as possible.
- We are optimistic but at the same time we are conservative. We are conservative in the sense that from the current market level the inventory is 20-25% conservatively kept.
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