RBZ Jwellers is designs, manufacturers & distributes of gold jewellery in India, specializing in Antique Bridal Gold Jewellery.
Job Work & Wholesale Segment - Designs and manufactures a wide range of Antique Bridal Gold Jewellery sell it on a wholesale and job work basis to national retailers.The manufacturing space is around 24,000 square feet .
Production capacity is 1,700 to 2,000 kgs of gold per year.
The company is a strategic vendor partner to Titan.
Client List -
•Malabar
•Joyalukkas
•Senco
•Bhima Jewellers
•Kalamandir (West)
•P N Gadgil (West)
The company is not looking to pursue business with Aditya Birla Group (Indriya) at the moment, as they are well-placed with their existing clients, including Titan, Malabar, and Joyalukkas.
Retail Presence – “Harit Zaveri”
RBZ Jewellers operates a retail showroom under the brand name “Harit Zaveri”, which is a well-established player in Ahmedabad, Gujarat. The showroom offers bridal, occasional, and daily wear jewellery across various price ranges. Our retail showroom spread over 11,667 sq. ft.
Industry Transition: Unorganized to Organized - Retail Jewellry sector is 40% organized and 60% Unorganized.
Only 15% of retail manufacturing is organized, compared to 40% in the retail sector.
Established Leadership Since 2008 -
RBZ Jewellers Private Limited was incorporated in 2008.
1.RAJENDRAKUMAR KANTILAL ZAVERI, Promoter, the Chairman & Managing Director.
2.HARIT RAJENDRAKUMAR ZAVERI, Joint Managing Director and CFO.
Hedging Policy
Job Work: Around 50% to 60% of RBZ’s business involves job work services, where they receive gold directly from outside sources and provide services.
Gold Volume Hedging: For the 40% of the business that involves selling gold, RBZ generally purchases gold on the same day to hedge against price fluctuations
Gold Metal Loan (GML): As of February 2025, RBZ was not in the Gold Metal Loan business as they are not a prominent retailer. If RBZ were to get into GML, and there was a fluctuation in price, they would have to support it with additional limits to banks and additional margins to banks, which would create a different scenario because they would have to dilute stock and convert that stock into currency for providing the margins to banks.
Weighted Average Principle: RBZ follows a weighted average principle when it comes to inventory valuation.
SAP Software Adoption: RBZ Jewellers has migrated from its legacy software to SAP. Because of the software, RBZ will be able to trace out every batch of procurement that has been done. SAP allows for better controls in auditing and accounting.
Segment-Wise Volume & Revenue Breakdown
As of Q3FY25
B2B Volume - 70% & Revenue - 45% ; Margin - Low
B2C Volume - 30% & Revenue - 55% ; Margin - High
Growth & Expansion Plans Timeline
Retail Space Expansion -
in Q3Fy24 - announced 3300 sq.ft addition by August or October.
in Q3Fy25 - added 3,000 square feet for admin work.
No new Store addition -
RBZ Jewellers expects its Ahmedabad retail showroom to generate INR500 crores to INR600 crores in revenue.
By FY27, RBZ Jewellers is expected to generate INR400-500 crores of retail revenue.
Manufacturing Expansion -
in Q3Fy24 - foresee 5X Capacity in future
in Q4Fy24 - foresee 5X Capacity in future
in Q1Fy25 - foresee 5X Capacity in future
in Q2Fy24 - The addition of new manufacturing facilities is on hold.
in Q3Fy24 - The company does not foresee the need for additional capacity.
Volume Guidance
Q3FY24 - The company is targeting a volume of 1200 kg in FY24 & They expect volumes to grow to 1600-1650 kg in 2025.
But In FY24, RBZ Jewellers produced 1,115 kg of gold.
Q4FY25 - The company aims for a volume growth of around 1500 kg.
Q1FY25 - Maintains guidance.
Q2FY25 - The company aims for volumes of around 1,200 to 1,300 kilos due to the high price of gold.
Q3FY25 - Maintains guidance.
Revenue Guidance
in Q3FY24 - The company projects a top line of ₹340-350 crores for FY24 & aims to double the balance sheet by FY26. By FY27, the company expects total revenue to reach approximately ₹800 crores.
In FY24, Total topline was 327 Cr.
in Q4FY24 - Top line of around INR600 crores for FY25.
in Q1FY25 - The company anticipates a turnover of around INR500 crores to INR600 crores, likely closer to the INR600 crores mark.
in Q2FY25 - Reaffirmed its revenue guidance of INR500 crores to INR600 crores
in Q3FY25 - The company revised its top line guidance to INR520 crores to INR535 crores.
PAT Guidance
in Q1FY25 - The company is on track for INR35 crores of PAT.
Company maintains the guidance throughout the year and confident of achieving even surpassing the levels.
Financial Performance
Sales Growth 3yrs - 45%
PAT Growth 3Yrs - 32%
Sales Growth 2yrs - 13.91%
PAT Growth 2Yrs - 25.36%
Valuation
Assuming PAT of 36Cr for FY25, PE - 17X
Assuming PAT of 44Cr for FY26, PE - 13.9X
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