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Tribhovandas Bhimji Zaveri Limited
(TBZ)
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Rating:57Neutral
Price Target:
₹565.00
▲(244.30% Upside)
Action:Reiterated
Date:09/06/26
The score is held back primarily by weak and worsening cash flow (negative OCF/FCF in the last two years) alongside rising leverage, despite strong top-line growth and improved FY2026 profitability. Technicals show a strong uptrend but are heavily overextended, increasing near-term risk. Valuation looks reasonable on P/E but is not meaningfully supported by yield.
Positive Factors
Strong revenue growth
Revenue growth from 13.4B in FY2021 to 32.0B in FY2026, including 15.6% YoY growth, indicates sustained demand and expanding sales scale. A larger revenue base can support broader operating leverage, strengthen market reach, and provide a durable platform for future earnings growth.
Negative Factors
Negative cash generation
Operating cash flow and free cash flow turned negative in both FY2025 and FY2026, reversing earlier positive performance. This weakens cash conversion from reported profits and may increase funding needs, particularly if the business must support growth while internally generated cash remains insufficient.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth
Revenue growth from 13.4B in FY2021 to 32.0B in FY2026, including 15.6% YoY growth, indicates sustained demand and expanding sales scale. A larger revenue base can support broader operating leverage, strengthen market reach, and provide a durable platform for future earnings growth.
Read all positive factors
Tribhovandas Bhimji Zaveri Limited (TBZ) vs. iShares MSCI India ETF (INDA)
Market Cap
₹34.68B
Dividend Yield0.46%
Average Volume (3M)199.66K
Price to Earnings (P/E)17.3
Beta (1Y)1.45
Revenue Growth29.14%
EPS Growth189.45%
CountryIN
Employees1,136
SectorGeneral
Sector StrengthN/A
IndustryLuxury Goods
Share Statistics
EPS (TTM)32.03
Shares Outstanding66,730,620
10 Day Avg. Volume383,402
30 Day Avg. Volume199,656
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.89
Price to Sales (P/S)0.23
P/FCF Ratio-15.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Tribhovandas Bhimji Zaveri Limited Business Overview & Revenue Model
Company Description
Tribhovandas Bhimji Zaveri Limited (TBZ) is an Indian jewelry firm engaged in the comprehensive process of designing, manufacturing, retailing, and selling a diverse range of ornaments, with its primary operations centered in India. The company's ...
How the Company Makes Money
TBZ makes money mainly by selling jewellery and related products to end customers. Its core revenue stream comes from retail sales of gold jewellery and diamond/studded jewellery, where earnings are driven by (i) the value of precious metals and g...
Tribhovandas Bhimji Zaveri Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 34.20B | 32.03B | 26.25B | 22.99B | 23.93B | 18.44B |
| Gross Profit | 5.10B | 4.51B | 3.78B | 3.17B | 3.01B | 2.39B |
| EBITDA | 3.86B | 3.68B | 1.77B | 1.42B | 1.19B | 802.58M |
| Net Income | 2.14B | 2.02B | 683.88M | 544.27M | 401.90M | 201.82M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 21.02B | 17.69B | 14.59B | 14.75B | 14.57B |
| Cash, Cash Equivalents and Short-Term Investments | 1.02B | 1.02B | 982.13M | 496.69M | 454.91M | 452.73M |
| Total Debt | 0.00 | 8.86B | 7.92B | 6.14B | 5.75B | 5.88B |
| Total Liabilities | -8.38B | 12.64B | 11.12B | 8.57B | 9.15B | 9.29B |
| Stockholders Equity | 8.38B | 8.38B | 6.57B | 6.02B | 5.60B | 5.28B |
Cash Flow | ||||||
| Free Cash Flow | 194.38M | -472.69M | -388.13M | 302.34M | 854.40M | -672.83M |
| Operating Cash Flow | 275.97M | -331.48M | -268.54M | 396.89M | 931.69M | -661.97M |
| Investing Cash Flow | -166.37M | -153.10M | -450.42M | -65.75M | -66.11M | -20.92M |
| Financing Cash Flow | -284.50M | 506.45M | 849.44M | -291.86M | -867.24M | 707.66M |
Tribhovandas Bhimji Zaveri Limited Technical Analysis
Positive
164.10
Price Trends
279.93
Positive
219.07
Positive
186.75
Positive
Market Momentum
62.61
Negative
90.15
Negative
100.00
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TBZ, the sentiment is Positive. The current price of 164.1 is below the 20-day moving average (MA) of 325.78, below the 50-day MA of 279.93, and below the 200-day MA of 186.75, indicating a bullish trend. The MACD of 62.61 indicates Negative momentum. The RSI at 90.15 is Negative, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:TBZ.
Tribhovandas Bhimji Zaveri Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹609.84B | 44.07 | ― | 0.25% | 45.75% | 78.91% | |
64 Neutral | ₹135.36B | 13.66 | ― | 0.64% | 36.47% | -8.71% | |
61 Neutral | ₹59.78B | 10.38 | ― | 0.27% | 41.91% | 165.71% | |
60 Neutral | ₹4.43T | 76.70 | ― | 0.30% | 45.05% | 55.13% | |
57 Neutral | ₹34.68B | 17.34 | ― | 0.46% | 29.14% | 189.45% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹91.18B | 19.11 | ― | ― | 47.77% | 76.71% |
* General Sector Average
IN:TBZ
Tribhovandas Bhimji Zaveri Limited
545.70
358.19
191.02%
IN:KALYANKJIL
Kalyan Jewellers India Ltd.
612.45
112.25
22.44%
IN:PCJEWELLER
PC Jeweller Ltd.
13.53
0.18
1.35%
IN:PNGJL
P N Gadgil Jewellers Limited
627.80
31.65
5.31%
IN:SENCO
Senco Gold Limited
361.75
-23.51
-6.10%
IN:TITAN
Titan Company Limited
4,999.85
1,382.27
38.21%
Tribhovandas Bhimji Zaveri Limited Corporate Events
TBZ Reports Strong Unaudited Q1 FY27 Results, Maintains Profit Momentum
Aug 12, 2026
Tribhovandas Bhimji Zaveri Limited has published its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, showing total income from operations of about ₹840.97 crore. The results indicate continued pro...
Tribhovandas Bhimji Zaveri Closes Trading Window Ahead of Q1 FY27 Results
Jun 26, 2026
Tribhovandas Bhimji Zaveri Limited has announced the closure of its trading window for designated and connected persons, as well as their immediate relatives, in line with SEBI’s Prohibition of Insider Trading Regulations, 2015. The window w...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.