Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · TRIB BHIMJI ZAVERI LTD · 7 November 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
TRIB BHIMJI ZAVERI LTD
NSE: TBZ · BSE: 534369
NSE: TBZ · BSE: 534369
Consumer Discretionary › Consumer Durables › Consumer Durables › Gems Jewellery And Watches
TRIB BHIMJI ZAVERI LTD
StateQ2 FY27 filed
Last close · 6 Nov 2026₹591.50
Market cap₹3.9k cr
TTM P/E · P/B · EV/EBITDA20.1 · 4.53 · 13.2
TRIB BHIMJI ZAVERI LTD is a Consumer Durables company listed on NSE. The annual-report business brief for this company has not been generated yet; the numbers below are as filed.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,844 | 2,394 | 2,299 | 2,620 | 3,203 |
| EBITDA (ex other income) | 76 | 116 | 139 | 173 | 361 |
| margin % | 4.1 | 4.9 | 6.1 | 6.6 | 11.3 |
| Owners' profit | 20 | 0 | 0 | 68 | 202 |
| EPS, as reported (₹) | 3.02 | 6.02 | 8.16 | 10.25 | 30.32 |
| ROE % · ROCE % | 3.8 · 10.3 | 7.2 · 15.2 | 9.0 · 17.8 | 10.4 · 20.3 | 24.1 · 35.6 |
| Debt / equity (x) | 0.96 | 0.87 | 0.89 | 1.07 | 0.94 |
| Cash from operations | (66) | 93 | 40 | (27) | 30 |
| Capex | (1) | (8) | (9) | (12) | (14) |
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · TRIB BHIMJI ZAVERI LTD · 7 November 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 928 | 529 | 624 | 688 | 1,061 | 830 | 841 | 705 |
| Profit before tax | 42 | 14 | 30 | 42 | 108 | 90 | 47 | 21 |
| Net profit | 30 | 9 | 22 | 32 | 81 | 68 | 34 | 14 |
| EPS (₹) | 4.48 | 1.42 | 3.37 | 4.73 | 12.08 | 10.14 | 5.08 | 2.14 |
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 4,45,000 | 63.3 | 24.37 | 54.5 | 22.8 | 23.8 | 32.3 | 14.5 |
| KALYAN JEWELLERS IND LTD | 61,009 | 42.5 | 9.67 | 24.6 | 21.4 | 22.1 | 33.0 | 6.0 |
| PC JEWELLER LTD | 15,447 | 15.3 | 1.66 | 24.4 | 5.9 | 5.9 | 3.5 | 29.4 |
| SKY GOLD AND DIAMONDS LTD | 14,681 | 37.1 | 10.32 | 35.8 | 16.5 | 19.3 | — | 7.9 |
| THANGAMAYIL JEWELLERY LTD | 12,910 | 32.9 | 8.58 | — | 9.6 | 12.0 | — | 4.5 |
| BLUESTONE JEWEL LFSTL LTD | 10,863 | 103.8 | 5.91 | 29.5 | 0.1 | 0.1 | — | 12.7 |
| P N GADGIL JEWELLERS LTD | 8,672 | 16.5 | 3.03 | 16.6 | 7.9 | 9.9 | — | 7.8 |
| ETHOS LIMITED | 7,091 | 67.4 | 4.26 | 33.4 | 5.8 | 7.0 | — | 13.3 |
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.1 | 21.7 | 13 of 29 | 57% |
| P/B | 4.5 | 2.8 | 21 of 28 | 26% |
| ROCE | 6.1 | 10.4 | 19 of 27 | 31% |
| ROE | 5.5 | 9.0 | 21 of 27 | 23% |
| Debt / Equity | 1.0 | 0.3 | 25 of 28 | 11% |
| EBITDA margin | 6.5 | 9.0 | 22 of 30 | 28% |
| Revenue growth | 2.5 | 40.8 | 25 of 26 | 4% |
| Profit growth | (54.7) | 44.1 | 25 of 26 | 4% |
| Market cap | 3947 | 2841 | 13 of 30 | 59% |
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · TRIB BHIMJI ZAVERI LTD · 7 November 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Postal ballot seeks new GRT-linked leadership after control transfer | management changes | medium | — | — |
| 4 Nov 2026 · GRT Jewellers buys 74.12% of TBZ in off-market deal | ownership changes | high | — | — |
| 3 Nov 2026 · GRT Jewellers takes 74.12% of TBZ and becomes promoter | ownership changes | high | — | — |
| 31 Oct 2026 · Three executive directors resign following change in control | management changes | high | — | — |
| 30 Oct 2026 · Binaisha Zaveri resigns as executive director effective October 30, 2026 | management changes | high | — | — |
| 30 Oct 2026 · Executive Director Raashi Shrikant Zaveri resigns effective October 30, 2026 | management changes | high | — | — |
| 30 Oct 2026 · Managing Director Shrikant Gopaldas Zaveri to resign effective October 30, 2026 | management changes | critical | — | — |
| 30 Oct 2026 · Managing Director appointed effective October 30, 2026 | management changes | high | — | — |
| 30 Oct 2026 · GRT takes TBZ control; three promoter-family executives resign and two MDs appointed | management changes | high | — | — |
| 30 Oct 2026 · GRT takes 74.12% control; TBZ board and management reshuffled | management changes | medium | — | — |
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in