Tribhovandas Bhimji Zaveri LimitedQ2 FY27 Results & Financial Update
Tribhovandas Bhimji Zaveri Limited: Q2 FY27 consolidated results and company financials – revenue ₹705.35 Cr, PAT ₹14.27 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Tribhovandas Bhimji Zaveri Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Tribhovandas Bhimji Zaveri Limited reported consolidated revenue from operations of INR 705.35 crore for the second quarter ended September 30, 2026, alongside total income of INR 707.23 crore.
Profit before tax (PBT) for Q2 FY27 stood at INR 20.75 crore, while profit after tax (PAT) was recorded at INR 14.27 crore, translating to basic and diluted earnings per share (EPS) of INR 2.14 for the quarter.
Sequentially, operations experienced a moderation compared to the preceding quarter ended June 30, 2026 (Q1 FY27), where revenue from operations was INR 840.97 crore and PAT stood at INR 33.92 crore, reflecting typical inter-quarter retail seasonality.
Total expenses for the quarter were supported by disciplined operational outlays, with finance costs recorded at INR 19.23 crore, depreciation and amortization expense at INR 8.02 crore, and tax expenses totaling INR 6.48 crore.
Other income contributed INR 1.88 crore to the top line, while interest income added INR 2.51 crore during the period under review.
The company accounted for provisions amounting to INR 12.74 crore in the consolidated results for the quarter.
The reported PAT margin for Q2 FY27 stood at approximately 2.02%, reflecting the cost structures and operating environment characteristic of the organized retail jewellery segment during the quarter.
Tribhovandas Bhimji Zaveri Limited reported consolidated revenue from operations of INR 705.35 crore for Q2 FY27, reflecting a sequential contraction compared to the preceding quarter (Q1 FY27 revenue of INR 840.97 crore).
01 · Business model
What does Tribhovandas Bhimji Zaveri do?
Tribhovandas Bhimji Zaveri Limited (TBZ) is an established and trusted player in the Indian retail jewellery sector, specializing in the design, manufacture, and retail of gold, diamond, platinum, and precious stone jewellery.
The company operates through a network of company-owned and franchisee retail showrooms across multiple states in India, serving a diverse retail consumer base ranging from daily wear buyers to high-net-worth wedding purchasers.
TBZ derives its primary revenue from retail counter sales of fine jewellery, leveraging its long-standing brand heritage, intricate craftsmanship, and customer trust built over decades of operation.
The business model relies on maintaining optimal retail inventory across stores, managing working-capital facilities to fund precious metal holdings, and responding to seasonal consumer demand cycles such as festive and wedding buying periods.
02 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹705.35 Cr | ₹840.97 Cr |
| Total income | ₹707.23 Cr | ₹842.63 Cr |
| Profit before tax | ₹20.75 Cr | ₹46.64 Cr |
| Profit after tax | ₹14.27 Cr | ₹33.92 Cr |
| EPS | ₹2.14 | ₹5.08 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 2.0% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 2.9% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹1.88 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue for Q2 FY27 was recorded at INR 705.35 crore, driven by counter sales across the company's retail showroom network.
Total income reached INR 707.23 crore, bolstered by other income of INR 1.88 crore and interest income of INR 2.51 crore.
Revenue is driven by consumer demand across gold, diamond, and precious stone jewellery, with seasonal spikes typically tied to the Indian wedding and festive calendar.
What drove margins
Finance costs of INR 19.23 crore reflected the capital-intensive nature of jewellery retail and working-capital utilization.
Depreciation and amortization expense stood at INR 8.02 crore, while tax expenses were recorded at INR 6.48 crore for the quarter.
The company recognized provisions totaling INR 12.74 crore during the quarter, influencing bottom-line profitability.
Provisions of INR 12.74 crore and depreciation of INR 8.02 crore contributed to the cost base, compressing net margins to 2.02% for the quarter.
04 · Items worth noticing
The line items that can distort a quick read
The company recorded provisions amounting to INR 12.74 crore for the quarter ended September 30, 2026.
The company reported provisions of INR 12.74 crore during the quarter.
05 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations moved from INR 840.97 crore in Q1 FY27 to INR 705.35 crore in Q2 FY27.
PAT moderated from INR 33.92 crore in Q1 FY27 to INR 14.27 crore in Q2 FY27, with EPS adjusting from INR 5.08 to INR 2.14.
Revenue from operations moved from INR 840.97 crore in Q1 FY27 to INR 705.35 crore in Q2 FY27, while PAT moved from INR 33.92 crore to INR 14.27 crore over the same period.
06 · Key Q&A
The quarter, answered directly
What does Tribhovandas Bhimji Zaveri do?
Tribhovandas Bhimji Zaveri Limited (TBZ) is an established and trusted player in the Indian retail jewellery sector, specializing in the design, manufacture, and retail of gold, diamond, platinum, and precious stone jewellery.
What is the clearest takeaway from Q2 FY27?
Tribhovandas Bhimji Zaveri Limited reported consolidated revenue from operations of INR 705.35 crore for the second quarter ended September 30, 2026, alongside total income of INR 707.23 crore.
What drove revenue or demand?
Revenue for Q2 FY27 was recorded at INR 705.35 crore, driven by counter sales across the company's retail showroom network.
What mattered most for margins or profitability?
Finance costs of INR 19.23 crore reflected the capital-intensive nature of jewellery retail and working-capital utilization.
What should the next disclosure help confirm?
Monitor subsequent quarter performance for demand pickup during key Indian festival and wedding shopping periods.
07 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
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Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
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Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
08 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Festive and Wedding Season Offtake: Monitor subsequent quarter performance for demand pickup during key Indian festival and wedding shopping periods.
- 02
Working Capital and Debt Utilization: Track finance costs and inventory levels across upcoming quarters in relation to precious metal price movements.
- 03
Upcoming Festive and Wedding Season Demand: Monitor subsequent quarter disclosures for volume pick-up driven by the major Indian festive and wedding buying seasons.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.