Tribhovandas Bhimji Zaveri Limited (TBZ) AI Stock Analysis

Tribhovandas Bhimji Zaveri Limited

(NSE:TBZ)

Select Model

Rating:59Neutral

Price Target:INR 802.00▲(30.94% Upside)

Action:reiterated

Date:09/22/26

The overall score reflects solid revenue and profitability trends combined with a moderately leveraged balance sheet, but is held back by persistently weak and volatile cash flows that do not yet fully support the earnings trajectory. The stock’s sharp rise far above key moving averages with very stretched momentum readings adds meaningful near-term downside risk, while a mid-teens to low-20s earnings multiple and low dividend yield point to a fair rather than bargain valuation.

Positive Factors

Strong Revenue GrowthSustained revenue expansion demonstrates that TBZ has been increasing the scale of its jewellery business over several years. Continued top-line growth can support operating leverage, broaden the customer base, and provide a durable platform for future earnings growth if profitability remains controlled.

Negative Factors

Negative Cash GenerationTwo consecutive years of negative operating and free cash flow show that reported earnings are not consistently converting into cash. This can increase reliance on external funding, constrain reinvestment flexibility, and make the business more vulnerable if working-capital needs remain elevated.

Tribhovandas Bhimji Zaveri Limited (TBZ) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 40.56B
Dividend Yield: 0.41%
Average Volume (3M): 129.74K
Price to Earnings (P/E): 19.0
Beta (1Y): 1.45
Revenue Growth: 24.14%
EPS Growth: 110.35%
Country: India
Employees: 1,136
Sector: General
Sector Strength: 55
Industry: Luxury Goods

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 ext...

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 gems...

Tribhovandas Bhimji Zaveri Limited Financial Statement Overview

Summary

Financial performance is mixed: strong multi-year revenue growth, improved operating and net margins, and better returns on equity are offset by very weak cash generation, with negative operating and free cash flow in several recent years and a moderately leveraged balance sheet relying on debt-funded growth.

Income Statement

78Positive

Balance Sheet

68Positive

Cash Flow

28Negative

Financial statement breakdown
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	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	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

Technical Analysis SentimentPositive

Last Price612.50

Price Trends

50DMA548.89Positive

100DMA389.13Positive

200DMA268.26Positive

Market Momentum

MACD25.07Positive

RSI47.13Neutral

STOCH12.03Positive

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 612.50 is below the 20-day moving average (MA) of 656.79, above the 50-day MA of 548.89, and above the 200-day MA of 268.26, indicating a neutral trend. The MACD of 25.07 indicates Positive momentum. The RSI at 47.13 is Neutral, neither overbought nor oversold. The STOCH value of 12.03 is Positive, 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

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:TBZ against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:PCJEWELLER	75Outperform	INR 150.96B	15.03	―	―	29.27%	3.00%
IN:SENCO	69Neutral	INR 48.05B	8.41	―	0.34%	41.91%	165.71%
IN:TITAN	69Neutral	INR 3.95T	68.23	―	0.34%	45.05%	55.13%
IN:TBZ	59Neutral	INR 40.87B	18.98	―	0.41%	24.14%	110.35%
IN:KALYANKJIL	56Neutral	INR 515.34B	35.83	―	0.50%	45.75%	78.91%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:PNGJL	53Neutral	INR 82.77B	15.65	―	―	50.66%	63.28%

* General Sector Average

Performance Comparison

IN:TBZ and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:TBZ	Tribhovandas Bhimji Zaveri Limited	612.50	431.94	239.22%
IN:KALYANKJIL	Kalyan Jewellers India Ltd.	499.00	-14.51	-2.82%
IN:PCJEWELLER	PC Jeweller Ltd.	15.48	3.90	33.68%
IN:PNGJL	P N Gadgil Jewellers Limited	562.30	-97.00	-14.71%
IN:SENCO	Senco Gold Limited	293.15	-34.16	-10.44%
IN:TITAN	Titan Company Limited	4448.00	732.39	19.71%

Tribhovandas Bhimji Zaveri Limited Corporate Events

CCI Clears GRT Jewellers’ Majority Stake Acquisition in TBZ

Oct 13, 2026

Tribhovandas Bhimji Zaveri Limited has disclosed that GRT Jewellers (India) Private Limited has received approval from the Competition Commission of India for its proposed acquisition of a majority stake in the company. The move follows earlier discl...

Tribhovandas Bhimji Zaveri files SEBI dematerialization compliance certificate for September quarter

Oct 5, 2026

Tribhovandas Bhimji Zaveri Limited has reported that, for the quarter and half-year ended 30 September 2026, all details of securities dematerialized in accordance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 ha...

GRT Jewellers launches open offer for 25.88% stake in TBZ

Sep 15, 2026

Tribhovandas Bhimji Zaveri Limited has disclosed that it received a draft letter of offer dated September 15, 2026, issued by Axis Capital on behalf of GRT Jewellers (India) Private Limited. The document relates to an open offer to public shareholder...

TBZ Shareholders Clear All Resolutions at 19th AGM Held via Video Conferencing

Sep 10, 2026

Tribhovandas Bhimji Zaveri Limited, a legacy Mumbai-based jeweller with roots dating back to 1864, operates in India’s organised jewellery retail industry with a focus on gold and diamond products. The company is listed on NSE and BSE, and emph...

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 profit...

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.

Date of analysis: Sep 22, 2026

Tribhovandas Bhimji Zaveri Limited AI Stock Analysis