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Tribhovandas Bhimji Zaveri Q2 FY27 results: net profit down 54.7% to ₹14.27 crore, revenue up 2.5%
Tribhovandas Bhimji Zaveri Limited reported consolidated revenue of ₹705.35 crore in Q2 FY27, up 2.5% from Q2 FY26 but down 16.1% sequentially. EBITDA fell to ₹46.12 crore and margin narrowed to 6.5%, while net profit declined to ₹14.27 crore and basic EPS was ₹2.14.
Key points
- Consolidated revenue was ₹705.35 crore in Q2 FY27, up ₹17.52 crore or 2.5% from Q2 FY26 and down ₹135.62 crore or 16.1% from Q1 FY27.
- EBITDA was ₹46.12 crore, down ₹18.06 crore or 28.1% year on year and ₹26.19 crore or 36.2% sequentially; EBITDA margin was 6.5%.
- Net profit was ₹14.27 crore, down ₹17.26 crore or 54.7% from Q2 FY26 and ₹19.65 crore or 57.9% from Q1 FY27.
- Basic EPS was ₹2.14, compared with ₹4.73 in Q2 FY26 and ₹5.08 in Q1 FY27.
- On a standalone basis, Q2 FY27 revenue was ₹705.35 crore and profit after tax was ₹15.43 crore.
How did Tribhovandas Bhimji Zaveri perform in Q2 FY27?
Tribhovandas Bhimji Zaveri reported consolidated revenue of ₹705.35 crore for Q2 FY27, up ₹17.52 crore or 2.5% from ₹687.83 crore in Q2 FY26. Sequentially, revenue fell ₹135.62 crore or 16.1% from ₹840.97 crore in Q1 FY27. Total income was ₹707.23 crore, up ₹17.57 crore or 2.5% year on year and down ₹135.40 crore or 16.1% sequentially.
Consolidated EBITDA fell to ₹46.12 crore from ₹64.18 crore in Q2 FY26, a decline of ₹18.06 crore or 28.1%, and from ₹72.31 crore in Q1 FY27, a decline of ₹26.19 crore or 36.2%. The EBITDA margin narrowed to 6.5% from 9.3% a year earlier and 8.6% in the previous quarter, declines of 2.8 percentage points and 2.1 percentage points respectively.
Net profit was ₹14.27 crore, down ₹17.26 crore or 54.7% from ₹31.53 crore in Q2 FY26 and ₹19.65 crore or 57.9% from ₹33.92 crore in Q1 FY27. Profit before tax was ₹20.75 crore, while basic EPS was ₹2.14, compared with ₹4.73 and ₹5.08 in the respective quarters. On a standalone basis, revenue was ₹705.35 crore and profit after tax was ₹15.43 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 705.35 | 840.97 | 687.83 | +2.5% | −16.1% |
| Other income | 1.88 | 1.66 | 1.84 | +2.2% | +13.3% |
| Total expenses | 686.48 | 796 | 647.79 | +6.0% | −13.8% |
| EBITDA | 46.12 | 72.31 | 64.18 | −28.1% | −36.2% |
| EBITDA margin | 6.5% | 8.6% | 9.3% | −2.8 pp | −2.1 pp |
| Profit before tax | 20.75 | 46.64 | 41.88 | −50.5% | −55.5% |
| Tax | 6.48 | 12.72 | 10.35 | −37.4% | −49.1% |
| Net profit | 14.27 | 33.92 | 31.53 | −54.7% | −57.9% |
| EPS (₹) | 2.14 | 5.08 | 4.73 | −54.8% | −57.9% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Tribhovandas Bhimji Zaveri's costs and profit?
Total expenses rose ₹38.69 crore or 6.0% from Q2 FY26 to ₹686.48 crore, outpacing the increase in revenue. Cost of materials was the largest reported increase, rising ₹160.45 crore or 34.9% to ₹620.59 crore. Employee cost rose ₹6.28 crore or 26.8% to ₹29.73 crore, finance costs increased ₹2.75 crore or 16.7% to ₹19.23 crore, and depreciation increased ₹0.37 crore or 4.8% to ₹8.02 crore.
Other expenses rose ₹1.64 crore or 3.8% from ₹43.07 crore in Q2 FY26 to ₹44.71 crore. Other income increased ₹0.04 crore or 2.2% to ₹1.88 crore, while there was no exceptional item in either quarter. Tax expense declined ₹3.87 crore or 37.4% from ₹10.35 crore to ₹6.48 crore.
Against Q1 FY27, cost of materials rose ₹251.84 crore or 68.3% and other expenses increased ₹7.51 crore or 20.2%. Employee cost rose ₹1.56 crore or 5.5%, finance costs rose ₹0.48 crore or 2.6%, and depreciation fell ₹0.56 crore or 6.5%. Other income increased ₹0.22 crore or 13.3%, and there was no exceptional item.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 620.59 | 460.14 | +160.45 | +34.9% |
| Employee cost | 29.73 | 23.45 | +6.28 | +26.8% |
| Finance costs | 19.23 | 16.48 | +2.75 | +16.7% |
| Depreciation | 8.02 | 7.65 | +0.37 | +4.8% |
| Other expenses | 44.71 | 43.07 | +1.64 | +3.8% |
| Total expenses | 686.48 | 647.79 | +38.69 | +6.0% |
| Other income | 1.88 | 1.84 | +0.04 | +2.2% |
| Tax | 6.48 | 10.35 | −3.87 | −37.4% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue rose ₹234.50 crore or 17.9% to ₹1,546.33 crore from ₹1,311.83 crore in H1 FY26. Total income increased ₹234.46 crore or 17.8% to ₹1,549.87 crore from ₹1,315.41 crore.
Profit before tax for H1 FY27 fell ₹4.28 crore or 6.0% to ₹67.39 crore from ₹71.67 crore. Net profit declined ₹5.84 crore or 10.8% to ₹48.19 crore from ₹54.03 crore, while basic EPS fell ₹0.88 or 10.9% to ₹7.22 from ₹8.10.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,546 | 1,312 | +17.9% |
| Profit before tax | 67.39 | 71.67 | −6.0% |
| Net profit | 48.19 | 54.03 | −10.8% |
| EPS (₹) | 7.22 | 8.10 | −10.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹2,223.04 crore, up from ₹2,101.99 crore at 31 March 2026. Total equity was ₹870.73 crore, compared with ₹838.15 crore, while borrowings increased from ₹785.70 crore to ₹854.47 crore. Cash fell from ₹27.16 crore to ₹10.51 crore.
Inventories rose from ₹1,772.94 crore at 31 March 2026 to ₹1,880.93 crore at 30 September 2026. Trade receivables increased from ₹2.99 crore to ₹5.18 crore, while trade payables fell from ₹170.41 crore to ₹143.62 crore.
For H1 FY27, operating cash flow was negative ₹17.30 crore, compared with ₹27.60 crore in H1 FY26. Investing cash flow was negative ₹2.80 crore against negative ₹16.64 crore, financing cash flow was positive ₹3.45 crore against negative ₹28.45 crore, and capital expenditure was ₹7.00 crore compared with ₹8.16 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,223 | 2,102 |
| Total equity | 870.73 | 838.15 |
| Borrowings | 854.47 | 785.70 |
| Cash and equivalents | 10.51 | 27.16 |
| Inventories | 1,881 | 1,773 |
| Trade receivables | 5.18 | 2.99 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −17.30 | 27.60 |
| Cash from investing | −2.80 | −16.64 |
| Cash from financing | 3.45 | −28.45 |
| Capital expenditure | 7 | 8.16 |
Source: Company's results filing (XBRL).
How has Tribhovandas Bhimji Zaveri done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters. It reached a recent high of ₹1,061.42 crore in Q3 FY26 before declining to ₹829.70 crore in Q4 FY26, rising to ₹840.97 crore in Q1 FY27 and easing to ₹705.35 crore in Q2 FY27.
Net profit and EBITDA margin also moved lower in the latest quarter. Profit peaked at ₹80.63 crore in Q3 FY26 and was ₹67.64 crore in Q4 FY26, before falling to ₹33.92 crore in Q1 FY27 and ₹14.27 crore in Q2 FY27. EBITDA margin reached 13.5% in Q4 FY26, declined to 8.6% in Q1 FY27 and ended at 6.5%.
How did Tribhovandas Bhimji Zaveri shares react?
The filing appeared after market hours. TBZ was unchanged during the first 5, 15 and 30 minutes after publication, then fell 5.4% on the reaction day from its pre-results close of ₹677.70 to ₹641.35. By the next day's close, the stock was down 5.9% from the pre-results close, and by the fifth session it was down 10.5%.
The median move for other Gems Jewellery And Watches stocks was down 0.1% on the reaction day, up 0.4% by the next day and up 1.3% by the fifth session. TBZ therefore underperformed the industry median by 5.3 percentage points on the reaction day, 6.4 percentage points by the next day and 11.8 percentage points by the fifth session. The nearest market index, Nifty Microcap 250, was up 0.1% on the reaction day and 0.7% by the next day.
Earlier reaction-day moves were mixed: TBZ fell 15.6% on 11 August 2026 and rose 19.8% on 27 May 2026. The stock also moved 2.1% on 20 January 2026, fell 0.3% on 14 November 2025, fell 8.0% on 6 August 2025 and fell 7.3% on 22 May 2025.
| After the filing | Stock | Gems Jewellery And Watches median |
|---|---|---|
| 5 minutes | +0.0% | |
| 15 minutes | +0.0% | |
| 30 minutes | +0.0% | |
| Reaction day | −5.4% | −0.1% |
| Next day | −5.9% | +0.4% |
| 5 days | −10.5% | +1.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 11 August 2026 | −15.6% |
| 27 May 2026 | +19.8% |
| 20 January 2026 | +2.1% |
| 14 November 2025 | −0.3% |
| 6 August 2025 | −8.0% |
| 22 May 2025 | −7.3% |
| 11 February 2025 | +5.5% |
| 12 November 2024 | −6.4% |
Source: MarketPing price-reaction measurement.
How did other Gems Jewellery And Watches companies do?
Eleven other Gems Jewellery And Watches companies filed results for the quarter as of 4 November 2026. Their median revenue growth was 45.1%, compared with Tribhovandas Bhimji Zaveri's 2.5% year-on-year revenue growth. All 11 peers grew faster than the company, while none grew more slowly than the company.
Profit was compared across 11 peers, and nine reported higher profit. The peer revenue-growth figures and counts exclude Tribhovandas Bhimji Zaveri itself and cover the companies in the industry group that had filed results for this quarter.
| Tribhovandas Bhimji Zaveri revenue growth (YoY) | +2.5% |
|---|---|
| Median of 11 other Gems Jewellery And Watches companies | +45.1% |
| Companies with slower revenue growth than Tribhovandas Bhimji Zaveri | 0 of 11 |
| Companies with faster revenue growth than Tribhovandas Bhimji Zaveri | 11 of 11 |
| Companies whose net profit rose | 9 of 11 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Tribhovandas Bhimji Zaveri's revenue in Q2 FY27?
Revenue from operations was ₹705.35 crore, up 2.5% from ₹687.83 crore in Q2 FY26 (consolidated).
Did Tribhovandas Bhimji Zaveri make a profit in Q2 FY27?
Yes. Net profit was ₹14.27 crore, against a net profit of ₹31.53 crore in Q2 FY26.
What was Tribhovandas Bhimji Zaveri's EPS in Q2 FY27?
Basic earnings per share were ₹2.14, against ₹4.73 in Q2 FY26.
How did Tribhovandas Bhimji Zaveri shares react to the Q2 FY27 results?
On the reaction day the stock moved −5.4% from the previous close; the median Gems Jewellery And Watches stock moved −0.1%.
When did Tribhovandas Bhimji Zaveri announce its Q2 FY27 results?
On 27 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half-Year Ended 30Th September, 2026 (BSE, 20 October 2026) · PDF
- Outcome of Board Meeting (NSE, 27 October 2026) · PDF
- Outcome of Board Meeting (NSE, 27 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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