Tribhovandas Bhimji Zaveri Limited is an India-based jewelry company, specializing in the retail sales of ornaments made of gold, diamond, silver, platinum, and precious stones. Founded in 1864 in Mumbai, India, TBZ boasts a 150-year legacy as a family-run Indian jewelry business.
The company has established itself as a pioneer in the Indian jewelry industry through several groundbreaking innovations. TBZ was the first to introduce 100% BIS hallmarked 22 karat gold jewelry, certified solitaire diamonds, and a lifetime buyback scheme on gold and diamond jewelry. It also pioneered the concept of lightweight precious jewelry, offering handcrafted gold, diamond, jadau, and platinum jewelry for various occasions, as well as contemporary designs for daily wear.
The Company operates approximately 32 showrooms across 12 states in India, with 29 being company-operated and the rest franchise stores. Tribhovandas Bhimji Zaveri recently announced the opening of its 36th store and 6th franchise store in Rourkela, Odisha. The company has strategic expansion plans, with 5 to 8 new franchisee locations currently underway.
TBZ's product categories are diverse, including plain gold, diamond studded, precious and semi-precious stone studded, lightweight and contemporary, temple jewelry, plain and diamond studded platinum, colored stone studded in gold, and solitaires. Their product range encompasses necklaces, bangles, bracelets, pendants, mangal sutra, earrings, rings, and various other items.
The company offers an extensive range of jewelry collections designed to cater to diverse customer preferences. Key collections include Bespoke, Leela, Navya, HUES, Kavya, Svara, and Maya. The Bespoke collections, for instance, focus on traditional jewelry designs inspired by Indian traditions, weddings, and festivities.
To cater to regional tastes and global trends, the company offers a wide variety of jewelry sourced from across India and various parts of the world such as Italy, Turkey, and Thailand. They also provide customization services for individual customer needs.
Tribhovandas Bhimji Zaveri operates a state-of-the-art manufacturing facility in Kandivali, Mumbai. This facility has an annual capacity to process approximately 200,000 carats of diamond jewelry (double shift), refine 4,000 kg of gold, and manufacture 4,500 kg of gold jewelry components. Its advanced testing facilities ensure stringent quality standards, high levels of productivity, and operational efficiency.
The market capitalization of Tribhovandas Bhimji Zaveri Ltd (TBZ) stands at ₹1,303.92 Crore as of 9th July 2025. The company reported mixed financial results in recent quarters, showcasing strong annual performance for FY 2025 but facing challenges in Q4 FY 2025.
- Net Profit: Rose 25.65% to Rs 68.39 crore in the year ended March 2025, compared to Rs 54.43 crore in FY 2024.
- Sales: Increased 13.97% to Rs 2,619.86 crore in the year ended March 2025, from Rs 2,298.79 crore in FY 2024.
- Net Profit: Declined 24.74% to Rs 9.49 crore in the quarter ended March 2025, against Rs 12.61 crore in Q4 FY 2024.
- Sales: Rose 4.41% to Rs 528.83 crore in the quarter ended March 2025, compared to Rs 506.47 crore in Q4 FY 2024.
- Net Profit: Rose 39.37% to Rs 29.88 crore in the quarter ended December 2024, against Rs 21.44 crore in Q3 FY 2024.
- Sales: Rose 25.21% to Rs 927.81 crore in the quarter ended December 2024, compared to Rs 740.99 crore in Q3 FY 2024.
- Market Capitalization: ₹1,303.92 Crore (as of 9th July 2025)
- PE Ratio: 18.19
- PB Ratio: 2.10
- Dividend Yield: 1.15%
- Promoter Holding: 74.1%
- Dividend: The Board recommended a final dividend of Rs 2.25 per equity Share (22.5%) on May 22, 2025, subject to shareholder approval.
While the company has a strong legacy, it has shown a low return on equity of 9.28% over the last 3 years and a modest sales growth of 7.68% over the past five years. Operational challenges, particularly in Q4 FY 2025, led to TBZ reporting its first profit drop in ten quarters on May 22, 2025. This 24.7% decline in net profit to 94.9 million rupees was primarily attributed to rising bullion prices, which increased raw material costs and consequently total expenses by 4.8%, despite a 4.5% increase in revenue.
Management remains optimistic about the Indian economy's growth potential, expecting it to support future revenue. However, they emphasize a cautious approach to expansion, prioritizing profitability over aggressive growth. As consumer preferences continue to shift towards diamond-studded jewelry, the company aims for a same-store sales growth of 15% to 20% in FY '25, reinforcing its commitment to quality and customer relationships.
Shrikant G Zaveri serves as the Chairman and Company Secretary for Tribhovandas Bhimji Zaveri Ltd. Promoter Holding stands at a strong 74.1%. The company has also made recent management appointments, including Rakesh Pant as President - Retail Sales & Operations (Senior Management Personnel), effective June 3, 2025.
The company continues to focus on strengthening its market position in India's organized jewelry retail sector while maintaining its commitment to quality, innovation, and customer satisfaction, hallmarks of its 150-year legacy.
